Expansion of IOS Portfolio
Peakstone Realty Trust expanded its Industrial Outdoor Storage (IOS) portfolio with two acquisitions totaling approximately $52 million, including a 27-acre property in Atlanta and a 9.2-acre property in Port Charlotte, Florida, fully leased with average annual rent escalations.
Increase in IOS ABR
The company increased its IOS Annual Base Rent (ABR) by over 25% since the beginning of the year, driven by acquisitions and successful lease renewals.
Progress in Office Asset Sales
Peakstone sold 11 office properties for a total of $216 million year-to-date, significantly reducing the Office segment's share of net book value to 35%.
Improved Industrial Segment Performance
Same-store cash NOI increased 9.3% in the Industrial segment compared to the same quarter last year.
Strong Liquidity Position
The company reported total liquidity of approximately $356 million, including a cash balance of $264 million, providing flexibility for future operations.