Expansion of IOS Portfolio
Peakstone Realty Trust expanded its IOS portfolio with two acquisitions totaling approximately $52 million, including properties in Atlanta and Port Charlotte, Florida. The leases have a weighted average term of 5 to 6.8 years with 3% to 3.8% average annual escalations.
Increase in Industrial Segment NOI
Same-store cash NOI increased by 9.3% in the Industrial segment, contributing to an overall increase of 6.3% compared to the same quarter last year.
Significant Office Asset Sales
Peakstone sold 11 office properties year-to-date for a total of $216 million, reducing the Office segment to just 35% of the net book value of real estate assets.
Successful IOS Redevelopment
A redevelopment project in Savannah was completed, resulting in a 2.5-year lease with over $0.5 million in incremental ABR and 4% annual rent escalations.