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Jun 30, 2024
Peakstone Q2 2024 Earnings Report
Announced financial results for the quarter ended June 30, 2024, successfully extended credit facility, and completed 546,000 square feet of leasing during the first half of 2024.
Key Takeaways
Peakstone Realty Trust reported revenue of approximately $56.0 million and a net loss of approximately $(4.1) million for the second quarter of 2024. The company successfully amended its credit facility, extending debt maturities and lowering borrowing costs, providing a solid foundation for growth. Same Store Cash NOI increased by 1.7% compared to the same quarter last year.
Revenue of approximately $56.0 million.
Net loss of approximately $(4.1) million; net loss attributable to common shareholders of approximately $(3.8) million, or $(0.11) per basic and diluted share.
Same Store Cash Net Operating Income (“Same Store Cash NOI”) of approximately $44.2 million, a 1.7% increase compared to the same quarter last year.
Successfully amended credit facility subsequent to quarter-end, extending debt maturities and lowering borrowing costs.
Revenue by Segment
Forward Guidance
The Company improved its financial flexibility and solidified its long-term debt profile by amending and extending its credit facility.
Positive Outlook
- Extended maturity of revolving credit facility to January 31, 2026.
- Extended maturity of $547 million revolver to July 2028 as part of credit facility amendment.
- Extended maturity of $210 million term loan to July 2028 as part of credit facility amendment.
- Weighted average effective interest rate of 3.67% inclusive of current $750 million floating to fixed SOFR interest rate swaps maturing on July 1, 2025.
- Fixed Rate Debt (%) 100%
Challenges Ahead
- There are no negatives in the provided text.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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