Peakstone Realty Trust reports Q1 core FFO 62c, consensus 59c

Reports Q1 revenue $57.0M, one estimate $58.13M.”We are making meaningful progress in our strategic shift to an industrial REIT, with growth in the industrial outdoor storage sector as a key component of our long-term plan,” said Michael Escalante, CEO. “This quarter, we advanced our strategy through strong leasing performance and successful execution of office sales. We fully leased our largest IOS redevelopment site, driving a 10% quarter-over-quarter increase in IOS annualized base rent and reinforcing both the quality of our IOS portfolio and demand it continues to attract. Year-to-date, we have completed over $144 million of office property dispositions, further strengthening our balance sheet and reducing leverage. We remain committed to maintaining-or potentially accelerating-this pace of office sales through year-end as we continue to reposition the portfolio. While we recognize that macroeconomic and capital markets conditions may continue to evolve, we are well-positioned to adapt and execute on these sales. Looking ahead, we believe that placing more emphasis on the IOS subsector will be a key driver of long-term value for shareholders.”