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• Realty Income (O) for office and industrial properties.
• W. P. Carey (WPC) but focused on single-tenant office and industrial properties.

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• Leasing Commercial Real Estate: Providing income-producing commercial properties, predominantly under long-term net lease agreements, for businesses to occupy.
• Commercial Real Estate Portfolio Management: Strategically acquiring, managing, and disposing of commercial properties to maintain a high-quality portfolio and generate stable rental income.

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Peakstone Realty Trust (PKST) is a real estate investment trust (REIT) that primarily owns and operates office properties. As such, its major customers are the tenant companies and entities that lease office space in its buildings.

Based on their Q3 2023 Investor Presentation, the following are some of Peakstone Realty Trust's major customers (tenants), along with their symbols if they are public companies:

• State of Illinois
• KPMG LLP
• Bank of America Corporation (Symbol: BAC)
• Motorola Solutions, Inc. (Symbol: MSI)
• Northern Trust Corporation (Symbol: NTRS)
• Willis Towers Watson (Symbol: WTW)
• Microsoft Corporation (Symbol: MSFT)
• JPMorgan Chase Bank, N.A. (Part of JPMorgan Chase & Co., Symbol: JPM)
• Deloitte
• BMO Harris Bank N.A. (Part of Bank of Montreal, Symbol: BMO)

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• Griffin Realty Advisor, LLC

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Michael Escalante, Chief Executive Officer, President and Trustee
Michael Escalante has been the Chief Executive Officer, President, and a Trustee of Peakstone Realty Trust since its creation in 2019, following the merger of Griffin Capital Essential Asset REIT, Inc. and Griffin Capital Essential Asset REIT II, Inc. He was part of the executive team responsible for founding both GCEAR REITs. Prior to joining Griffin Capital Company, LLC (GCC) in 2006 as its Chief Investment Officer, Michael founded Escalante Property Ventures, LLC, a real estate investment management firm. He also held various positions, including Executive Vice President, Portfolio Management and Capital Transactions, at Trizec Properties, Inc., a former publicly traded office REIT, and worked in acquisitions, asset management, and portfolio management at the Yarmouth Group, an international real estate investment advisor. His career demonstrates a pattern of managing structured real estate investment vehicles and working with institutional capital.

Javier Bitar, Chief Financial Officer and Treasurer
Javier Bitar serves as the Chief Financial Officer and Treasurer of Peakstone Realty Trust. He joined the company in June 2016. He has a direct personal stake in the company, with his beneficial ownership in Peakstone Realty Trust increasing to 108,507 shares following a stock acquisition in December 2024 as part of a long-term incentive plan initially awarded through Griffin Capital LLC in 2018. His involvement with Griffin Capital LLC and his role at Peakstone Realty Trust indicate experience with institutional real estate investment structures.

Nina Momtazee Sitzer, Chief Operating Officer & Chief Legal Officer
Nina Momtazee Sitzer is the Chief Operating Officer and Chief Legal Officer of Peakstone Realty Trust. She also serves as the Secretary for the company.

Cindy Mai, Chief Accounting Officer
Cindy Mai holds the position of Chief Accounting Officer at Peakstone Realty Trust. She joined the company in November 2024.

Travis Bushman, Managing Director of Asset Management
Travis Bushman is a Managing Director of Asset Management at Peakstone Realty Trust.

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Key Risks to Peakstone Realty Trust (PKST)

Peakstone Realty Trust (PKST) faces several significant risks as it navigates a strategic transformation of its business. The company's key challenges primarily stem from its ongoing pivot from an office-centric real estate investment trust (REIT) to one focused on industrial outdoor storage (IOS) assets.

1. Strategic Transition from Office to Industrial REIT and Execution Risks: Peakstone Realty Trust is undergoing a significant and ambitious strategic shift to reposition itself as an industrial-focused REIT, particularly in the industrial outdoor storage segment. This involves divesting its substantial portfolio of office properties while acquiring and developing industrial assets. This transition presents considerable execution risks, as evidenced by significant non-cash impairment charges on office properties and a 56% dividend cut to preserve capital. As of September 2025, office assets still represented a notable portion of the company's annualized base rent (ABR), and the successful divestiture of these assets without negatively impacting net income, debt, or dividends remains a critical challenge. Periods of uncertainty and instability can arise from such large-scale transitions, affecting investor sentiment and trust performance.
2. High Leverage and Debt Profile: The company carries a high level of leverage, with a reported net debt/EBITDA of 6.6x and total debt around $1.3 billion. While Peakstone is focused on reducing its debt, the ongoing transition, which involves asset sales and targeted industrial investments, could continue to strain its cash position. Increased debt costs, particularly with unsecured debt reaching 5.75%, also contribute to a complex debt profile, although potential interest rate cuts could offer some relief.
3. Financial Performance and Profitability Concerns: Peakstone Realty Trust has experienced a decline in net asset value and is projected to remain unprofitable over the next three years. The company reported a substantial net loss in Q2 2025, primarily due to a $286.1 million non-cash impairment charge on 18 office properties. Revenue is also forecast to decline over the next three years. Historically, the company, formerly Griffin Realty Trust, faced investor complaints alleging misrepresentation of the REIT as a conservative, low-risk investment. The suspension of share redemption and distribution programs in the past has also raised concerns among shareholders regarding liquidity.

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The most significant clear emerging threat to Peakstone Realty Trust is the ongoing, structural reduction in demand for traditional office space driven by the widespread and permanent adoption of remote and hybrid work models.

Evidence for this threat includes:

• Widespread corporate announcements and implementation of permanent hybrid and remote work policies, leading to companies reducing their physical office footprints.
• Significantly elevated office vacancy rates across major markets, consistently remaining above pre-pandemic levels, indicating a fundamental shift in demand rather than a cyclical downturn.
• Continued low office utilization rates, even in buildings where employees are encouraged to return, suggesting that even occupied space is not being used as intensively as before.
• Peakstone Realty Trust's own strategic actions, including a rebranding and an announced strategic review of its office portfolio (which constitutes a substantial portion of its assets), exploring options like divestitures. This internal acknowledgement highlights the material impact of these trends on its core business.
• A "flight to quality" trend in the office market, where newer, highly-amenitized buildings may still attract tenants, but older, less flexible, or less ideally located office properties (which are common in REIT portfolios) face increasing obsolescence, difficulty in re-leasing, and declining valuations.

This trend is fundamentally altering the value proposition and demand for the asset class PKST heavily relies on, akin to how streaming services disrupted the physical media rental business.

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Data Centers:

The U.S. data center market size by investment was valued at USD 208.38 billion in 2024 and is expected to reach USD 308.83 billion by 2030. The market size is for the U.S. region.

Industrial Properties:

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Office Properties:

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Peakstone Realty Trust (PKST) is undergoing a significant strategic transition, aiming to become an industrial-only real estate investment trust with a strong emphasis on the industrial outdoor storage (IOS) sector. This strategic shift is expected to be the primary catalyst for future revenue growth over the next 2-3 years. The key drivers include:

1. Expansion and Development in Industrial Outdoor Storage (IOS): Peakstone Realty Trust is actively acquiring and developing industrial outdoor storage properties. This segment is identified as a key component of the company's long-term plan and a primary target for growth. For example, in Q2 2025, the industrial outdoor storage platform demonstrated robust growth, with same-store cash net operating income (NOI) increasing by 9.3%. Additionally, in Q1 2025, the company fully leased its largest IOS redevelopment site, leading to a 10% quarter-over-quarter increase in IOS annualized base rent (ABR). This expansion into high-demand IOS properties is a crucial driver for future revenue.
2. Increased Rents and Positive Re-leasing Spreads in the Industrial Segment: The company is achieving positive leasing outcomes and increasing rents within its existing industrial portfolio. In Q3 2024, Peakstone executed a 10-year lease extension for a 121,000 square foot industrial property with a 41% GAAP and 20% cash re-leasing spread, and annual rent escalations were increased to 3%. The industrial segment's same-store cash NOI increased by 9.3% in Q2 2025, further indicating strong organic growth from existing and re-leased properties. These favorable leasing terms and rent escalations are expected to contribute to consistent revenue growth.
3. Strategic Disposition of Office Assets and Capital Reallocation: Peakstone is systematically divesting its office properties to reallocate capital into its higher-growth industrial and IOS segments. While the sale of office assets may initially impact overall revenue, this strategic move is designed to create long-term value and fuel growth in the industrial portfolio. The company sold seven office properties for $158 million through Q2 2025 and completed over $144 million in office property dispositions year-to-date in Q1 2025. This ongoing transition is central to repositioning the company for sustained revenue growth from its focused industrial strategy.

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Share Repurchases

• Griffin Realty Trust suspended its share redemption program in October 2021.
• The company's share redemption program was suspended effective March 7, 2023, and was set to automatically terminate upon its listing on the NYSE.
• Peakstone Realty Trust did not repurchase any shares during the three months ended March 31, 2025.

Share Issuance

• In 2021, Griffin Realty Trust finalized a stock-for-stock merger transaction with Cole Office & Industrial REIT Inc., increasing its total asset valuation to approximately $5.8 billion and expanding its portfolio to over 120 properties.
• In March 2023, the company implemented a 1-for-9 reverse share split across all classes of its common shares as part of its preparations for listing on the NYSE.
• As of November 3, 2025, there were 36,790,867 common shares outstanding.

Inbound Investments

• No information is available regarding large strategic investments made directly in Peakstone Realty Trust by third-party strategic partners or private equity firms. Unsolicited tender offers by third parties to purchase shares from existing shareholders were observed for Griffin Realty Trust.

Outbound Investments

• Peakstone Realty Trust is executing a strategic transition to an industrial REIT, actively divesting non-core office properties to acquire industrial outdoor storage (IOS) assets.
• In the third quarter of 2025, the company acquired three IOS properties for approximately $57.7 million. These acquisitions included a $42.0 million property in Smyrna, GA, a $10.4 million property in Port Charlotte, FL, and a $5.3 million property in Fort Pierce, FL.
• In 2022, Griffin Realty Trust sold a majority interest in a five-property office portfolio consisting of six buildings, totaling approximately 1.1 million square feet, for $170.4 million. Proceeds were used to reduce debt and execute the company's strategic monetization plan.

Capital Expenditures

• Peakstone Realty Trust is focused on deploying capital towards its strategic transition to an industrial REIT, including the acquisition and redevelopment of industrial outdoor storage (IOS) properties.
• The company plans to use cash flow generated from its properties, including proceeds from dispositions, to fund normal operating expenses, debt service, and capital expenditures, including possible acquisitions or investments.
• The company anticipates potential increased capital expenditures to improve energy efficiency and reduce carbon emissions of its properties to comply with future regulations.