# EDGAR Filing Document

**Accession Number:** 0001600626
**File Stem:** 0001600626-25-000066
**Filing Date:** 2025-8
**Character Count:** 108292
**Document Hash:** 2938e4bae92852655c27a120ffe8a8d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001600626-25-000066.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001600626-25-000066

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Peakstone Realty Trust
- **CENTRAL INDEX KEY:** 0001600626
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 464654479
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41686
- **FILM NUMBER:** 251194532

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 310-606-3200

**MAIL ADDRESS:**
- **STREET 1:** 1520 EAST GRAND AVENUE
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Griffin Realty Trust
- **DATE OF NAME CHANGE:** 20230120

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Griffin Realty Trust, Inc.
- **DATE OF NAME CHANGE:** 20210701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Griffin Capital Essential Asset REIT, Inc.
- **DATE OF NAME CHANGE:** 20190710

?xml version='1.0' encoding='ASCII'? pkst-20250807

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form 8-K** 

 **Current Report** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): August 7, 2025**

**Peakstone Realty Trust** 

(Exact name of registrant as specified in its charter)

**Commission File Number: 001-41686**

---

| | |
|:---|:---|
| **Maryland** | **46-4654479** |
| (State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |

---

**1520 E. Grand Avenue, El Segundo, CA 90245**

(Address of principal executive offices, including zip code)

**(310) 606-3200** 

(Registrant's telephone number, including area code)

**None**

(Former name or former address, if changed since last report)

**Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:**

**[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)**

**[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)**

**[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))**

**[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))** 

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **<u>____________________</u>** | **<u>_________________</u>** | **<u>____________________</u>** |
| Common shares, $0.001 par value per share | PKST | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

------

**Item 2.02.**&nbsp;&nbsp;&nbsp;&nbsp;**Results of Operations and Financial Condition**

On August 7, 2025, Peakstone Realty Trust (the "Registrant") issued a press release and supplemental information discussing the Registrant's financial results and operations for the quarter June 30, 2025. Copies of the press release and supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are each incorporated by reference herein.

The information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, is being furnished pursuant to Item 2.02 and shall not be deemed "filed" for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information under this Item 2.02 in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

**Item 9.01.**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits**

**(d) Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](pkst991-earningsreleasex63.htm)</u> | <u>[Press Release (Earnings), dated August 7, 2025](pkst991-earningsreleasex63.htm)</u> |
| <u>[99.2](pkstsupplemental-6302025.htm)</u> | <u>[Supplemental Information, dated](pkstsupplemental-6302025.htm)[A](pkstsupplemental-6302025.htm)[ugust](pkstsupplemental-6302025.htm)[7](pkstsupplemental-6302025.htm)[, 2025](pkstsupplemental-6302025.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**Signature(s)** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **Peakstone Realty Trust** |
| Date: August 7, 2025 | By: | /s/ Javier F. Bitar |
|  |  | Javier F. Bitar |
|  |  | Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Peakstone Realty Trust Reports**

**Second Quarter 2025 Results**

*- Accelerating Shift to an Industrial REIT -*

 *- Continued Growth in the Industrial Outdoor Storage ("IOS") Subsector -*

*- Sold $216 Million of Office Properties Since the Start of 2025 -*

**El Segundo, Calif. (August 7, 2025)** - Peakstone Realty Trust (the "Company") (NYSE: PKST), a real estate investment trust that is focused on owning and operating industrial assets, with a strategic emphasis on industrial outdoor storage, today announced its financial results for the quarter ended June 30, 2025.

"We continue to make strong progress in our transformation to an industrial REIT focused on IOS, with industrial assets now representing approximately 65% of the net book value of our real estate assets," said Michael Escalante, CEO. "This momentum reflects disciplined execution across several core strategies — including IOS growth through acquisitions and leasing, the full monetization of our office portfolio, and continued leverage reduction. During and subsequent to quarter end, we translated these strategies into tangible results: we expanded our IOS footprint with two acquisitions, fully leased an IOS redevelopment property, completed $182 million in office sales, and improved our leverage to 6.6x, down from 7.0x at the end of the first quarter. Based on our experience and consistent execution of office dispositions over the past three years, we expect the pace of sales to accelerate. The Board of Trustees has set the dividend to a level that aligns with the anticipated cash flow profile of our industrial segment, establishing a foundation as we continue to scale IOS. We are confident in our ability to execute on our business plan and remain focused on generating long-term value for shareholders."

**<u>Financial Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of approximately $54.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of approximately $(286.8) million; net loss attributable to common shareholders of approximately $(265.3) million, or $(7.22) per basic and diluted share. Net loss for the quarter was driven primarily by a $286.1 million non-cash impairment, largely attributable to 18 office properties. The impairment was a result of shortened anticipated hold periods and the estimated selling prices of these properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core Funds from Operations ("Core FFO") of $0.60 per basic and diluted share/unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Funds from Operations ("AFFO") of $0.61 per basic and diluted share/unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 6.3% increase in Same Store Cash Net Operating Income ("Same Store Cash NOI") to approximately $35.6 million compared to the same quarter last year.

------

**<u>Portfolio</u>**

As of June 30, 2025, the Company's portfolio was comprised of 94 properties, consisting of 89 operating properties and five redevelopment properties (those designated for redevelopment or repositioning) reported in two segments – Industrial and Office.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>PORTFOLIO OVERVIEW</u>** | **<u>PORTFOLIO OVERVIEW</u>** | **<u>PORTFOLIO OVERVIEW</u>** | **<u>PORTFOLIO OVERVIEW</u>** | **<u>PORTFOLIO OVERVIEW</u>** | **<u>PORTFOLIO OVERVIEW</u>** | **<u>PORTFOLIO OVERVIEW</u>** |
| | **Number of<br>Properties** | **Occupancy Percentage<br>(based on rentable square feet)** | **Occupancy Percentage<br>(based on usable acres)** | **WALT<br>(in years)** | **ABR<br>($ in thousands)** | **Percentage of<br>ABR** |
| &nbsp;&nbsp;**Industrial** | **70** | **100.0%** | **99.6%** | **5.1** | **$74898** | **44.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating | 65 |  |  | 5.1 | $74898 | 44.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IOS | 46 |  | 99.6% | 4.4 | $24453 | 14.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional Industrial | 19 | 100.0% |  | 5.5 | $50445 | 30.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Redevelopment | 5 |  |  |  |  | —% |
| &nbsp;&nbsp;**Office** | **24** | **98.6%** |  | **6.3** | **$93098** | **55.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating | 24 | 98.6% |  | 6.3 | $93098 | 55.4% |
| **Portfolio Total / Weighted-Average** | **94** | **99.5%** | **99.6%** | **5.8** | **$167996** | **100.0%** |

---

**<u>Acquisition Activity</u>**

***Industrial Segment***:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to quarter-end, the Company acquired the following two IOS properties for $52.4 million:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ A 27.0 usable acre IOS property located in Smyrna, GA for approximately $42.0 million. The property was 100% leased at closing to two tenants, with a 5.0 year WALT and 3.8% average annual rent escalations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ A 9.2 usable acre IOS property located in Port Charlotte, FL for approximately $10.4 million. The property was 100% leased at closing to three tenants, with a 6.8-year WALT and 3% average annual rent escalations.

**<u>Leasing Activity</u>**

***Industrial Segment:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to quarter-end, the Company executed a new, 2.5-year, full-site lease for 7.5 usable acres at an IOS redevelopment property in Savannah, GA. This lease, which includes 4% annual rent escalations, was executed and commenced subsequent to quarter-end.

**<u>Disposition Activity</u>**

***Office Segment***:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, the Company sold seven properties totaling 836,500 square feet for approximately $158 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to quarter-end, the Company sold two properties totaling 178,700 square feet for approximately $24 million.

------

**<u>Financial Results for the Second Quarter</u>**

***Revenue***

Total revenue was approximately $54.0 million compared to $56.0 million for the same quarter last year.

***Net Loss Attributable to Common Shareholders***

Net loss attributable to common shareholders was approximately $(265.3) million, or $(7.22) per basic and diluted share, compared to net loss attributable to common shareholders of approximately $(3.8) million, or $(0.11) per basic and diluted share, for the same quarter last year.

***Core FFO and AFFO***

Core FFO was approximately $23.8 million, or $0.60 per basic and diluted share/unit, compared to $25.6 million, or $0.65 per basic and diluted share/unit, for the same quarter last year.

AFFO was approximately $24.3 million, or $0.61 per basic and diluted share/unit, compared to $27.6 million, or $0.70 per basic and diluted share/unit, for the same quarter last year.

***Same Store Cash NOI***

Same Store Cash NOI was approximately $35.6 million compared to $33.5 million for the same quarter last year, an increase of 6.3%.

---

| | | |
|:---|:---|:---|
| **Segment** | **Same Store Cash NOI** <br>**(USD in Thousands)** | **% Change vs Q2 2024** |
| **Industrial** | $12549 | 9.3% |
| &nbsp;&nbsp;IOS |  |  |
| &nbsp;&nbsp;Traditional Industrial | $12549 | 9.3% |
| **Office** | $23079 | 4.7% |
| **Total / Weighted-Average** | **$35628** | **6.3%** |

---

**<u>Balance Sheet</u>**

Below is a table showing select balance sheet metrics.

---

| | |
|:---|:---|
| **Metric ($ in millions, unless otherwise noted)** | **Balance Sheet<br>As of June 30, 2025** |
| Total Debt | $1260.3 |
| Cash and Cash Equivalents | $264.4 |
| Net Debt | $995.9 |
| Available Revolver Capacity | $91.4 |
| Total Liquidity | $355.8 |
| Weighted Average Debt Maturity | 3.0 years |
| Fixed Rate Debt, including Swaps (%) | 88% |
| SOFR Interest Rate Swaps (Wtd. Avg. Rate) | $750mm through 7/1/25 at 1.97% <sup>1</sup> |
| Total Wtd. Avg. Effective Interest Rate (including Swaps) | 4.38% <sup>2</sup> |
| Net Debt to Adjusted EBITDAre | 6.4x |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>The Company previously entered into forward-starting, floating to fixed interest rate swaps with a notional amount of $550.0 million. These swaps became effective July 1, 2025, and mature July 1, 2029 and have the effect of converting SOFR to a weighted average fixed rate of 3.58%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The Company's total weighted average effective interest rate (including swaps) was 5.47% after giving effect to new interest rate swaps as described in footnote (1).

------

**<u>Dividends</u>**

The Company paid a dividend for the second quarter in the amount of $0.225 per common share on July 17, 2025 to holders of record of the Company's common shares on June 30, 2025.

The Board of Trustees approved a dividend for the quarter ended September 30, 2025 in the amount of $0.10 per common share that is payable on October 17, 2025 to holders of record of the Company's common shares on September 30, 2025.

**<u>Second Quarter 2025 Earnings Webcast</u>**

The Company will host a webcast to present the second quarter 2025 results on Thursday, August 7, 2025 at 5:00 p.m. Eastern Time. To access the webcast, please visit <u>https://investors.pkst.com/investors/events-and-presentations/events/event-details/2025/Second-Quarter-2025-Earnings-Call/default.aspx</u> at least ten minutes prior to the scheduled start time to register and install any necessary software. A replay of the webcast will be available on the Company's website shortly after the initial presentation. To access by phone, please use the following dial-in numbers. For domestic callers, please dial 1-877-407-9716; for international callers, please dial 1-201-493-6779.

**<u>About Peakstone Realty Trust</u>**

Peakstone Realty Trust (NYSE: PKST) is a real estate investment trust that is executing a strategic transition to an industrial REIT, targeting growth in the industrial outdoor storage ("IOS") sector. As part of this strategy, PKST is actively reshaping its portfolio by divesting its office assets and growing its IOS platform, positioning the company to drive long-term value creation.

Additional information is available at <u>www.pkst.com</u>.

**Investor Relations:**

<u>ir@pkst.com</u>

------

**Cautionary Statement Regarding Forward-Looking Statements**

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.

The forward-looking statements contained in this document reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: general economic and financial conditions; political uncertainty in the U.S.; the impact of tariffs and global trade disruptions on us and our tenants; market volatility; inflation; any potential recession or threat of recession; interest rates; disruption in the debt and banking markets; concentration in asset type; tenant concentration, geographic concentration, and the financial condition of our tenants; whether we are able to monitor the credit quality of our tenants and/or their parent companies and guarantors; competition for tenants and competition with sellers of similar properties if we elect to dispose of our properties; our access to, and the availability of capital; whether we will be able to repay debt and comply with our obligations under our indebtedness; the attractiveness of industrial and/or office assets; whether we will be successful in renewing leases or selling an applicable property, as leases expire; whether we will re-lease available space above or at current market rental rates; future financial and operating results; our ability to manage cash flows; our ability to manage expenses, including as a result of tenant failure to maintain our net-leased properties; dilution resulting from equity issuances; expected sources of financing, including the ability to maintain the commitments under our revolving credit facility, and the availability and attractiveness of the terms of any such financing; legislative and regulatory changes that could adversely affect our business; changes in zoning, occupancy and land use regulations and/or changes in their applicability to our properties; cybersecurity incidents or disruptions to our or our third party information technology systems; our ability to maintain our status as a real estate investment trust (a "REIT") within the meaning of Section 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code") and our Operating Partnership as a partnership for U.S. federal income tax purposes; our future capital expenditures, operating expenses, net income or loss, operating income, cash flow and developments and trends of the real estate industry; whether we will be successful in the pursuit of our business plans, objectives, expectations and intentions, including any acquisitions, investments, or dispositions, including our acquisition of industrial outdoor storage assets ("IOS"); our intention to sell all of our remaining office properties and the anticipated timing of, and the impact on our business (including our leverage) from, such divestment; our ability to meet budgeted or stabilized returns on our redevelopment projects within expected time frames, or at all; whether we will succeed in our investment objectives; any fluctuation and/or volatility of the trading price of our common shares; risks associated with our dependence on key personnel whose continued service is not guaranteed; and other factors, including those risks disclosed in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission.

While forward-looking statements reflect our good faith beliefs, assumptions and expectations, they are not guarantees of future performance. The forward-looking statements speak only as of the date of this document.

------

We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this document, except as required by applicable law. We caution investors not to place undue reliance on any forward-looking statements, which are based only on information currently available to us.

**Notice Regarding Non-GAAP Financial Measures:** In addition to U.S. GAAP financial measures, this document contains and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the Appendix if the reconciliation is not presented on the page in which the measures are published.

------

**PEAKSTONE REALTY TRUST**

**CONSOLIDATED BALANCE SHEETS**

**(Unaudited; in thousands, except units and share amounts)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Cash and cash equivalents | $264392 | $146514 |
| Restricted cash | 8319 | 7696 |
| Real estate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | 392592 | 450217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building and improvements | 1456832 | 1952742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-place lease intangible assets | 270355 | 380599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | 1673 | 1017 |
| Total real estate | 2121452 | 2784575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: accumulated depreciation and amortization | (415188) | (520527) |
| Total real estate, net | 1706264 | 2264048 |
| Assets held for sale, net | 6945 |  |
| Above-market lease and other intangible assets, net | 15626 | 28015 |
| Deferred rent receivable | 54514 | 60371 |
| Deferred leasing costs, net | 11209 | 13865 |
| Goodwill | 68373 | 68373 |
| Right-of-use lease assets | 32161 | 32967 |
| Interest rate swap asset, at fair value |  | 15974 |
| Other assets | 22767 | 38409 |
| Total assets | $2190570 | $2676232 |
| **LIABILITIES AND EQUITY** |  |  |
| Debt, net | $1246767 | $1344619 |
| Interest rate swap liability, at fair value | 4625 |  |
| Distributions payable | 8560 | 8477 |
| Below-market lease and other intangible liabilities, net | 42222 | 46976 |
| Right-of-use lease liabilities | 46734 | 46887 |
| Accrued expenses and other liabilities | 65177 | 77251 |
| Liabilities held for sale | 248 |  |
| Total liabilities | $1414333 | $1524210 |
| Commitments and contingencies (Note 13) |  |  |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares, $0.001 par value; 800,000,000 shares authorized; 36,789,879 and 36,733,327 shares outstanding in the aggregate as of June 30, 2025 and December 31, 2024, respectively | 37 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 3022396 | 3016804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative distributions | (1126045) | (1109215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | (1152961) | (838279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (3121) | 15874 |
| Total shareholders' equity | 740306 | 1085221 |
| Noncontrolling interests | 35931 | 66801 |
| Total equity | 776237 | 1152022 |
| Total liabilities and equity | $2190570 | $2676232 |

---

------

**PEAKSTONE REALTY TRUST**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited; in thousands, except share and per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental income | $54026 | $55952 | $110997 | $115179 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property operating expense | 4714 | 6017 | 9359 | 13106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property tax expense | 3920 | 4513 | 8047 | 9023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 8449 | 9116 | 17001 | 18796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate operating expenses to related parties | 141 | 169 | 281 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate impairment provision | 286126 | 6505 | 338083 | 7881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 23370 | 22998 | 48809 | 46413 |
| Total expenses | 326720 | 49318 | 421580 | 95555 |
| (Loss) income before other income (expenses) | (272694) | 6634 | (310583) | 19624 |
| Other income (expenses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (15135) | (15845) | (31112) | (31994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 2335 | 5167 | 3469 | 9213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain from disposition of assets | (1066) | (57) | (1545) | 9120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment provision |  |  |  | (4594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction expenses | (200) |  | (391) |  |
| Net (loss) income | (286760) | (4101) | (340162) | 1369 |
| Net loss (income) attributable to noncontrolling interests | 21460 | 333 | 25479 | (112) |
| Net (loss) income attributable to common shareholders | $(265300) | $(3768) | $(314683) | $1257 |
| **Basis and diluted earnings per common share:** |  |  |  |  |
| Net (loss) income attributable to common shareholders per share, basic and diluted | $(7.22) | $(0.11) | $(8.57) | $0.03 |
| Weighted-average number of common shares outstanding - Basic and Diluted | 36748176 | 36349950 | 36737067 | 36329485 |

---

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**PEAKSTONE REALTY TRUST**

**Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations**

**(Unaudited; in thousands except share and per share amounts)**

We use Funds from Operations ("FFO"), Core Funds from Operation ("Core FFO") and Adjusted Funds from Operations ("AFFO") as supplemental financial measures of our performance. These measures are used by management as supplemental financial measures of operating performance. We do not use these measures as, nor should they be considered to be, alternatives to net earnings computed under GAAP, as indicators of our operating performance, as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs.

The summary below describes the way we use of these measures, provides information regarding why we believe these measures are meaningful supplemental measures of performance and reconciles these measures from net income or loss, the most directly comparable GAAP measures.

***FFO***

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). FFO is defined as net income or loss computed in accordance with GAAP, excluding gains (losses) from sales of depreciable real estate assets, impairment losses of depreciable real estate assets, real estate related depreciation and amortization and after adjustments for unconsolidated joint ventures. FFO is used to facilitate meaningful comparisons of operating performance between periods and among other REITs, primarily because it excludes the effect of real estate depreciation and amortization and net gains (losses) from real estate sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, FFO can help facilitate comparisons of operating performance between periods and among other REITs. It should be noted, however, that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do, making comparisons less meaningful.

***Core FFO***

We compute Core FFO by adjusting FFO, as defined by NAREIT, to exclude certain items such as goodwill impairment, gain or loss from the extinguishment of debt, unrealized gains or losses on derivative instruments, transaction costs, lease termination fees, and other items not related to ongoing operating performance of our properties. We believe that Core FFO is a useful supplemental measure in addition to FFO because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. As with FFO, our reported Core FFO may not be comparable to Core FFO as defined by other REITs.

***AFFO***

AFFO is presented in addition to Core FFO. AFFO further adjusts Core FFO for certain other non-cash items, including straight-line rent adjustment, amortization of share-based compensation, deferred rent, amortization of in-place lease valuation and other non-cash transactions. We believe AFFO provides a useful supplemental measure of our operating performance and is useful in comparing our operating performance with other REITs that may not be involved in similar transactions or activities resulting in the aforementioned adjustments. As with Core FFO, our reported AFFO may not be comparable to AFFO as defined by other REITs.

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Our calculation of FFO, Core FFO, and AFFO is presented in the following table for the three and six months ended June 30, 2025 and 2024 (dollars in thousands, except per share amounts):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income | $(286760) | $(4101) | $(340162) | $1369 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of building and improvements | 15718 | 15424 | 32865 | 30988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of leasing costs and intangibles | 7748 | 7671 | 16136 | 15618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment provision, real estate | 286126 | 6505 | 338083 | 7881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) from disposition of assets | 1066 | 57 | 1545 | (9120) |
| FFO | 23898 | 25556 | 48467 | 46736 |
| FFO attributable to common shareholders and limited partners <sup>(1)</sup> | $23898 | $25556 | $48467 | $46736 |
| **Reconciliation:** |  |  |  |  |
| FFO attributable to common shareholders and limited partners <sup>(1)</sup> | $23898 | $25556 | $48467 | $46736 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment provision, goodwill |  |  |  | 4594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on investments | (73) | (47) | (50) | (236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee separation expense |  | 59 | 32 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction expenses | 200 |  | 391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease termination adjustments | 83 |  | (292) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other activities adjustment | (276) | 69 | (98) | 69 |
| Core FFO attributable to common shareholders and noncontrolling interests | $23832 | $25637 | $48450 | $51222 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustment | (968) | (1819) | (2118) | (2645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of share-based compensation | 1737 | 2379 | 3189 | 3811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred rent - ground lease | 423 | 399 | 846 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of above/(below) market rent, net | (2108) | (372) | (3969) | (631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt premium/(discount), net | (146) | 20 | (290) | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of ground leasehold interests | (97) | (97) | (192) | (194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of below tax benefits | 372 | 372 | 741 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 1226 | 1044 | 2438 | 2094 |
| AFFO available to common shareholders and limited partners | $24271 | $27563 | $49095 | $55343 |
| FFO per share/unit, basic and diluted | $0.60 | $0.65 | $1.22 | $1.18 |
| Core FFO per share/unit, basic and diluted | $0.60 | $0.65 | $1.22 | $1.30 |
| AFFO per share/unit, basic and diluted | $0.61 | $0.70 | $1.24 | $1.40 |
| Weighted-average common shares outstanding - basic and diluted shares | 36748176 | 36349950 | 36737067 | 36329485 |
| Weighted-average OP Units outstanding <sup>(1)</sup> | 2972545 | 3215665 | 2981006 | 3217246 |
| Weighted-average common shares and OP Units outstanding - basic and diluted FFO/AFFO | 39720721 | 39565615 | 39718073 | 39546731 |

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(1)Represents weighted-average outstanding OP Units that are owned by unitholders other than Peakstone Realty Trust. Represents the noncontrolling interest in the Operating Partnership.

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**PEAKSTONE REALTY TRUST**

**Net Operating Income, including Cash and Same Store Cash NOI**

**(Unaudited; in thousands)**

Net operating income ("NOI") is a non-GAAP financial measure calculated as net income or loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, excluding general and administrative expenses, interest expense, depreciation and amortization, impairment of real estate, impairment of goodwill, gains or losses on early extinguishment of debt, gains or losses on sales of real estate, investment income or loss, termination income and equity in earnings of any unconsolidated real estate joint ventures. NOI on a cash basis ("Cash NOI") is NOI adjusted to exclude the effect of straight-line rent and amortization of acquired above- and below-market lease intangibles adjustments required by GAAP. Cash NOI for our Same Store portfolio ("Same Store Cash NOI") is Cash NOI for properties held for the entirety of all periods presented, with an adjustment for lease termination fees to provide a better measure of actual cash basis rental growth for our Same Store portfolio. We believe that NOI, Cash NOI and Same-Store Cash NOI are helpful to investors as additional measures of operating performance because we believe they help both investors and management to understand the core operations of our properties excluding corporate and financing-related costs and non-cash depreciation and amortization. NOI, Cash NOI and Same Store Cash NOI are unlevered operating performance metrics of our properties and allow for a useful comparison of the operating performance of individual assets or groups of assets. These measures thereby provide an operating perspective not immediately apparent from GAAP income from operations or net income (loss). In addition, NOI, Cash NOI and Same Store Cash NOI are considered by many in the real estate industry to be useful starting points for determining the value of a real estate asset or group of assets. Because NOI, Cash NOI and Same Store Cash NOI exclude depreciation and amortization and capture neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of NOI, Cash NOI and Same Store Cash NOI as measures of our performance is limited. Therefore, NOI, Cash NOI and Same Store Cash NOI should not be considered as alternatives to net income or loss, as computed in accordance with GAAP. NOI, Cash NOI and Same Store Cash NOI may not be comparable to similarly titled measures of other companies.

Our calculation of each of NOI, Cash NOI and Same Store Cash NOI is presented in the following table for the three and six months ended June 30, 2025 and 2024 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of Net (Loss) Income to Total NOI** |  |  |  |  |
| Net (loss) income | $(286760) | $(4101) | $(340162) | $1369 |
| General and administrative expenses | 8449 | 9116 | 17001 | 18796 |
| Corporate operating expenses to related parties | 141 | 169 | 281 | 336 |
| Real estate impairment provision | 286126 | 6505 | 338083 | 7881 |
| Depreciation and amortization | 23370 | 22998 | 48809 | 46413 |
| Interest expense | 15135 | 15845 | 31112 | 31994 |
| Other (income) expense, net | (2335) | (5167) | (3469) | (9213) |
| Loss (gain) from disposition of assets | 1066 | 57 | 1545 | (9120) |
| Goodwill impairment provision |  |  |  | 4594 |
| Transaction expenses | 200 |  | 391 |  |
| **Total NOI** | $**45392** | $**45422** | $**93591** | $**93050** |
| **Cash NOI Adjustments** |  |  |  |  |
| **Industrial Segment:** |  |  |  |  |
| Industrial NOI | $21073 | $12854 | $41887 | $25369 |
| Straight-line rent | (930) | (1277) | (1882) | (1881) |
| Amortization of acquired lease intangibles | (1955) | (96) | (3669) | (191) |
| Deferred termination income | 83 |  | 360 |  |
| **Industrial Cash NOI** | 18271 | 11481 | 36696 | 23297 |
| **Office Segment:** |  |  |  |  |
| Office NOI | 24319 | 27328 | 51704 | 54843 |
| Straight-line rent | (36) | (716) | (236) | (1405) |
| Amortization of acquired lease intangibles | (153) | (130) | (300) | (256) |
| Deferred termination income |  |  | (652) |  |
| Deferred ground/Office lease | 423 | 425 | 846 | 859 |
| Other intangible amortization | 372 | 372 | 740 | 745 |
| **Office Cash NOI** | 24925 | 27279 | 52102 | 54786 |
| **Other Segment:** |  |  |  |  |
| Other NOI |  | 5240 |  | 12838 |
| Straight-line rent |  | 174 |  | 641 |
| Amortization of acquired lease intangibles |  | (146) |  | (184) |
| Deferred ground/Office lease |  | (26) |  | (45) |
| **Other Cash NOI** |  | 5242 |  | 13250 |
| **Total Cash NOI** | $**43196** | $**44002** | $**88798** | $**91333** |
| **Same Store Cash NOI Adjustments** |  |  |  |  |
| Industrial Cash NOI | $18271 | $11481 | $36696 | $23297 |
| Cash NOI for recently acquired properties | (5722) |  | (11648) |  |
| **Industrial Same Store Cash NOI** | 12549 | 11481 | 25048 | 23297 |
| Office Cash NOI | 24925 | 27279 | 52102 | 54786 |
| Cash NOI for recently disposed | (1846) | (5238) | (6300) | (10863) |
| **Office Same Store Cash NOI** | 23079 | 22041 | 45802 | 43923 |
| Other Cash NOI |  | 5242 |  | 13250 |
| Cash NOI for recently disposed |  | (5242) |  | (13250) |
| **Other Same Store Cash NOI** |  |  |  |  |
| **Total Same Store Cash NOI** | $**35628** | $**33522** | $**70850** | $**67220** |

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**PEAKSTONE REALTY TRUST**

**EBITDA, EBITDAre, and Adjusted EBITDAre**

**(Unaudited; in thousands)**

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use EBITDA, EBITDAre and Adjusted EBITDAre , collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate our operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP.

We believe excluding items that neither relate to the ordinary course of business nor reflect our underlying business performance or that other companies, including companies in our industry, frequently exclude from similar non-GAAP measures enables us and our investors to compare our underlying business performance from period to period. Accordingly, we believe these adjustments facilitate a useful evaluation of our current operating performance and comparison to our past operating performance and provide investors with additional means to evaluate cost and expense trends. In addition, we also believe these adjustments enhance comparability of our financial performance and are similar measures that are widely used by analysts and investors as a means of evaluating a company's performance.

There are a number of limitations related to our non-GAAP measures. Some of these limitations are that these measures, to the extent applicable, exclude: (i) historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures; (ii) depreciation and amortization, a non-cash expense, where the assets being depreciated and amortized may have to be replaced in the future and these measures do not reflect cash capital expenditure requirements for such replacements; (iii) interest expense, net, or the cash requirements necessary to service interest or principal payments on our indebtedness, which reduces cash available to us; (iv) share-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; (v) provision for income taxes, which may represent a reduction in cash available to us; and (vi) certain other items that we believe are not indicative of the performance of our portfolio. In addition, other companies, including companies in our industry, may calculate these non-GAAP measures or similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our disclosure of non-GAAP measures as a tool for comparison.

Because of these and other limitations, you should consider these non-GAAP measures along with other financial performance measures, including our financial results prepared in accordance with GAAP.

***EBITDA***

EBITDA is defined as earnings before interest, tax, depreciation and amortization.

***EBITDAre***

EBITDAre is defined by The National Association of Real Estate Investment Trusts ("NAREIT") as follows: (a) GAAP net income or loss, plus (b) interest expense, plus (c) income tax expense, plus (d) depreciation and amortization plus/minus (e) losses and gains on the disposition of depreciated property, including losses/gains on change of control, plus (f) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, plus (g) adjustments to reflect the entity's share of EBITDAre of consolidated affiliates.

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***Adjusted EBITDAre***

Adjusted EBITDAre is defined as EBITDAre modified to exclude items such as acquisition-related expenses, employee separation expenses, stock-based compensation expenses, and other items that we believe are not indicative of the performance of our portfolio. We also include an adjustment to reflect a full period of net operating income on the operating properties we acquire during the quarter and to remove net operating income on properties we dispose of during the quarter (in each case, as if such acquisition or disposition, as applicable, had occurred on the first day of the quarter). The adjustment for acquisitions is based on our estimate of the net operating income we would have received from such property if it had been owned for the full quarter; however, the net operating income we actually receive from such properties in future quarters may differ based on our experience operating such properties subsequent to closing of the acquisitions. We may also exclude the annualizing of other large transaction items such as termination income recognized during the quarter.

Our reconciliation of Net loss to Adjusted EBITDAre is presented in the following table for the three months ended June 30, 2025 (dollars in thousands):

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| | |
|:---|:---|
| | **Three Months Ended June 30,** |
| | **2025** |
| **Reconciliation of Net loss to Adjusted EBITDAre** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(286760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 15135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 23370 |
| **EBITDA** | $(248255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss from disposition of assets | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment provision, real estate | 286126 |
| **EBITDAre** | $38937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for dispositions | (1882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease termination adjustment | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction expenses | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment to exclude other activities | (276) |
| **Adjusted EBITDAre** | $**38799** |

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**PEAKSTONE REALTY TRUST**

**Appendix**

**Annualized Base Rent, Net Debt, Occupancy, and WALT Definitions**

"Annualized Base Rent" or "ABR" is calculated as the monthly contractual base rent for leases that have commenced as of the end of the quarter, excluding rent abatements, multiplied by 12 months and deducting base year operating expenses for gross and modified leases, unless otherwise specified. For leases in effect at the end of any quarter that provide for rent abatement during the last month of that quarter, the Company used the monthly contractual base rent payable following expiration of the abatement period.

"Net Debt" is total debt (excluding deferred financing costs and debt premiums/discounts) less cash and cash equivalents (excluding restricted cash).

"Occupancy" is the leased square footage or usable acres, as applicable, under leases that have commenced as of the end of the quarter. "Occupancy Percentage" is total applicable Occupancy divided by the total applicable leasable square footage or usable acres.

"WALT" is the weighted average lease term in years (excluding unexercised renewal options and early termination rights) based on Annualized Base Rent.

## Exhibit 99.2

![](pkstsupplemental-6302025001.jpg)

Supplemental Information Second Quarter 2025 1

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![](pkstsupplemental-6302025002.jpg)

2 Cautionary Statement Regarding Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward- looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The forward-looking statements contained in this document reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: general economic and financial conditions; political uncertainty in the U.S.; the impact of tariffs and global trade disruptions on us and our tenants; market volatility; inflation; any potential recession or threat of recession; interest rates; disruption in the debt and banking markets; concentration in asset type; tenant concentration, geographic concentration, and the financial condition of our tenants; whether we are able to monitor the credit quality of our tenants and/or their parent companies and guarantors; competition for tenants and competition with sellers of similar properties if we elect to dispose of our properties; our access to, and the availability of capital; whether we will be able to repay debt and comply with our obligations under our indebtedness; the attractiveness of industrial and/or office assets; whether we will be successful in renewing leases or selling an applicable property, as leases expire; whether we will re-lease available space above or at current market rental rates; future financial and operating results; our ability to manage cash flows; our ability to manage expenses, including as a result of tenant failure to maintain our net-leased properties; dilution resulting from equity issuances; expected sources of financing, including the ability to maintain the commitments under our revolving credit facility, and the availability and attractiveness of the terms of any such financing; legislative and regulatory changes that could adversely affect our business; changes in zoning, occupancy and land use regulations and/or changes in their applicability to our properties; cybersecurity incidents or disruptions to our or our third party information technology systems; our ability to maintain our status as a real estate investment trust (a "REIT") within the meaning of Section 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code") and our Operating Partnership as a partnership for U.S. federal income tax purposes; our future capital expenditures, operating expenses, net income or loss, operating income, cash flow and developments and trends of the real estate industry; whether we will be successful in the pursuit of our business plans, objectives, expectations and intentions, including any acquisitions, investments, or dispositions, including our acquisition of industrial outdoor storage assets ("IOS"); our intention to sell all of our remaining office properties and the anticipated timing of, and the impact on our business (including our leverage) from, such divestment; our ability to meet budgeted or stabilized returns on our redevelopment projects within expected time frames, or at all; whether we will succeed in our investment objectives; any fluctuation and/or volatility of the trading price of our common shares; risks associated with our dependence on key personnel whose continued service is not guaranteed; and other factors, including those risks disclosed in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. While forward-looking statements reflect our good faith beliefs, assumptions and expectations, they are not guarantees of future performance. The forward-looking statements speak only as of the date of this document. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this document, except as required by applicable law. We caution investors not to place undue reliance on any forward-looking statements, which are based only on information currently available to us. Notice Regarding Non-GAAP Financial Measures In addition to U.S. GAAP financial measures, this document contains and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in this document.

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![](pkstsupplemental-6302025003.jpg)

3 **Table of Contents** Page Portfolio Overview 4 Financial Information - Entire Portfolio 7 Debt & Capitalization 18 Components of Net Asset Value 22 Portfolio Characteristics: Industrial 24 Redevelopment Properties 30 Capital Expenditures 32 Portfolio Characteristics: Office 34 Notes & Definitions 38

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![](pkstsupplemental-6302025004.jpg)

Portfolio Overview 4

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![](pkstsupplemental-6302025005.jpg)

5 PORTFOLIO OVERVIEW Segment Number of Properties Occupancy Percentage (based on rentable square feet) Occupancy Percentage (based on usable acres) WALT (years)1 ABR ($ in thousands) % of ABR Industrial 70 100.0% 99.6% 5.1 $74,898 44.6% Operating 65 — — 5.1 $74,898 44.6% Industrial Outdoor Storage (IOS)2 46 — 99.6% 4.4 $24,453 14.6% Traditional Industrial3 19 100.0% — 5.5 $50,445 30.0% Redevelopment 5 — — — — — Office4 24 98.6% — 6.3 $93,098 55.4% Operating 24 98.6% — 6.3 $93,098 55.4% PORTFOLIO TOTAL / WEIGHTED AVERAGE 94 99.5% 99.6% 5.8 $167,996 100.0% Portfolio Overview As of June 30, 2025 1 Weighted average based on ABR. 2 Low-coverage assets with enhanced yard space designed for the display, movement and storage of materials and equipment. 3 Traditional industrial assets, including distribution, warehouse and light manufacturing properties. 4 Office, R&D and data center properties. As of June 30, 2025, our portfolio is comprised of 94 properties, consisting of 89 Operating Properties and 5 Redevelopment Properties reported in two segments - Industrial and Office.

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![](pkstsupplemental-6302025006.jpg)

6 2025 Transactions Summary $ in thousands 2025 DISPOSITIONS Period Office Segment Dispositions Square Feet Gross Sales Price Gain (Loss) Quarter Ended March 31, 2025 1 2 251,200 $34,031 $(479) Quarter Ended June 30, 2025 2 7 836,500 158,400 (1,066) Six Months Ended June 30, 2025 9 1,087,700 $192,431 $(1,545) 1 Consisted of Office segment properties located in Hunt Valley, MD and Fort Worth, TX. 2 Consisted of Office segment properties located in Fort Mill, SC (2); North Huntingdon, PA; Wake Forest, NC (2); Cranberry Township, PA; and Carmel, IN.

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![](pkstsupplemental-6302025007.jpg)

Financial Information - Entire Portfolio 7

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![](pkstsupplemental-6302025008.jpg)

8 1 Calculated based on weighted-average number of common shares outstanding - basic and diluted. 2 Calculated based on total weighted-average number of common shares outstanding - basic and diluted plus weighted-average number of outstanding OP Units. FFO, Core FFO, and AFFO are non-GAAP financial measures. See slide 15 for reconciliation. 3 Represents OP Units that are owned by unitholders other than Peakstone Realty Trust. Represents the noncontrolling interest in the Operating Partnership. (Unaudited, USD in thousands, except per share metrics) For the Quarter Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 SELECTED FINANCIAL DATA Net (loss) income attributable to common shareholders per share - basic and diluted1 $(7.22) $(1.35) $0.35 $(0.67) $(0.11) FFO per share/unit - basic and diluted2 $0.60 $0.62 $0.74 $0.58 $0.65 Core FFO per share/unit - basic and diluted2 $0.60 $0.62 $0.63 $0.61 $0.65 AFFO per share/unit - basic and diluted2 $0.61 $0.62 $0.65 $0.65 $0.70 Interest expense $15,135 $15,978 $15,916 $14,140 $15,845 Adjusted EBITDAre $38,799 $41,231 $42,607 $39,965 $43,430 CAPITALIZATION Cash and Cash Equivalents $264,392 $204,017 $146,514 $241,550 $446,800 Restricted Cash $8,319 $7,973 $7,696 $25,181 $14,496 Total Consolidated Debt $1,260,326 $1,360,326 $1,360,326 $1,183,018 $1,413,999 Common shares outstanding 36,789,879 36,762,170 36,733,327 36,377,254 36,370,740 OP Units outstanding3 2,958,485 2,969,147 2,987,687 3,209,153 3,215,665 Total common shares & OP Units outstanding 39,748,364 39,731,317 39,721,014 39,586,407 39,586,405 Weighted-average common shares outstanding - basic and diluted 36,748,176 36,726,154 36,444,348 36,374,407 36,349,950 Weighted-average OP Units outstanding3 2,972,545 2,989,355 3,164,838 3,211,894 3,215,665 Total Weighted-average common shares outstanding - basic and diluted & OP Units outstanding 39,720,721 39,715,509 39,609,186 39,586,301 39,565,615 Select Financial Data - Entire Portfolio

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![](pkstsupplemental-6302025009.jpg)

9 For the Quarter Ended (Unaudited, USD in thousands) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 REVENUE Industrial Segment IOS $9,372 $8,975 $5,464 $— $— Traditional Industrial 15,008 15,058 14,981 14,918 14,554 Total Industrial Segment 24,380 24,033 20,445 14,918 14,554 Office Segment 29,646 32,938 33,318 33,234 32,991 Other Segment1 — — 4,171 6,808 8,407 Total Revenue $54,026 $56,971 $57,934 $54,960 $55,952 NOI2 Industrial Segment IOS $8,155 $7,926 $4,848 $— $— Traditional Industrial 12,918 12,886 12,762 12,698 12,854 Total Industrial Segment 21,073 20,812 17,610 12,698 12,854 Office Segment 24,319 27,388 27,549 27,447 27,328 Other Segment1 — — 2,283 3,714 5,240 Total NOI $45,392 $48,200 $47,442 $43,859 $45,422 CASH NOI2 Industrial Segment IOS $5,722 $5,924 $4,105 $— $— Traditional Industrial 12,549 12,499 11,577 11,131 11,481 Total Industrial Segment 18,271 18,423 15,682 11,131 11,481 Office Segment 24,925 27,181 29,490 27,410 27,279 Other Segment1 — — 2,526 3,652 5,242 Total Cash NOI $43,196 $45,604 $47,698 $42,193 $44,002 Select Financial Data - Entire Portfolio (continued) 1 Other segment eliminated as of 12/31/2024. 2 NOI and Cash NOI are non-GAAP financial measures. See slide 13 for reconciliations of NOI and Cash NOI for the quarters ending 6/30/2025 and 6/30/2024 and slide 53 for reconciliations of NOI and Cash NOI for the interim periods ending 3/31/2025, 12/31/2024, and 9/30/2024.

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![](pkstsupplemental-6302025010.jpg)

10 For the Quarter Ended (Unaudited, USD in thousands, except per share metrics) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 REVENUES Rental income $54,026 $56,971 $57,934 $54,960 $55,952 EXPENSES Property operating expense 4,714 4,644 6,138 6,815 6,017 Property tax expense 3,920 4,127 4,354 4,286 4,513 General and administrative expenses 8,449 8,553 9,056 9,122 9,116 Corporate operating expenses to related parties 141 141 141 141 169 Depreciation and amortization 23,370 25,439 25,826 22,742 22,998 Real estate impairment provision 286,126 51,957 2,538 42,894 6,505 Total expenses 326,720 94,861 48,053 86,000 49,318 (Loss) income before other income (expenses) (272,694) (37,890) 9,881 (31,040) 6,634 OTHER INCOME (EXPENSES) Interest expense (15,135) (15,978) (15,916) (14,140) (15,845) Gain (loss) on extinguishment of debt — — 10,973 (508) — Other income, net 2,335 1,136 1,678 3,592 5,167 (Loss) gain from disposition of assets (1,066) (479) 13,123 16,125 (57) Goodwill impairment provision — — (5,680) — — Transaction expenses (200) (190) (243) (578) — NET (LOSS) INCOME (286,760) (53,401) 13,816 (26,549) (4,101) Net loss (income attributable to noncontrolling interests 21,460 4,019 (1,104) 2,154 333 Net loss (income attributable to controlling interests (265,300) (49,382) 12,712 (24,395) (3,768) NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $(265,300) $(49,382) $12,712 $(24,395) $(3,768) NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS - BASIC & DILUTED SHARE $(7.22) $(1.35) $0.35 $(0.67) $(0.11) WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC & DILUTED 36,748,176 36,726,154 36,444,348 36,374,407 36,349,950 Consolidated Statement of Operations

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![](pkstsupplemental-6302025011.jpg)

11 Consolidated Balance Sheet 1Restricted cash is presented on the consolidated balance sheet and consists primarily of reserves that the Company funded as required by the applicable agreements with certain lenders in conjunction with debt financing or transactions. As of (Unaudited, USD in thousands) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 ASSETS Cash and cash equivalents $264,392 $204,017 $146,514 $241,550 $446,800 Restricted cash1 8,319 7,973 7,696 25,181 14,496 Real estate Land 392,592 434,618 450,217 212,312 225,330 Building and improvements 1,456,832 1,769,397 1,952,742 1,836,900 1,942,591 In-place lease intangible assets 270,355 343,153 380,599 370,946 394,728 Construction in progress 1,673 1,434 1,017 1,017 1,069 Total real estate 2,121,452 2,548,602 2,784,575 2,421,175 2,563,718 Less: accumulated depreciation and amortization (415,188) (493,812) (520,527) (554,820) (581,421) Total real estate, net 1,706,264 2,054,790 2,264,048 1,866,355 1,982,297 Assets held for sale, net 6,945 108,886 — 36,456 2,730 Above-market lease and other intangible assets, net 15,626 26,381 28,015 27,603 28,281 Deferred rent receivable 54,514 54,570 60,371 65,511 65,289 Deferred leasing costs, net 11,209 12,834 13,865 16,842 18,117 Goodwill 68,373 68,373 68,373 74,052 74,052 Right-of-use lease assets 32,161 32,565 32,967 33,369 33,771 Interest rate swap asset, at fair value — 4,570 15,974 12,042 22,710 Other assets 22,767 20,238 38,409 45,373 42,172 TOTAL ASSETS $2,190,570 $2,595,197 $2,676,232 $2,444,334 $2,730,715

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![](pkstsupplemental-6302025012.jpg)

12 Consolidated Balance Sheet (continued) As of (Unaudited, USD in thousands) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 LIABILITIES AND EQUITY Debt, net $1,246,767 $1,345,686 $1,344,619 $1,168,010 $1,408,517 Interest rate swap liability, at fair value 4,625 713 — 10,255 — Distributions payable 8,560 8,565 8,477 8,436 8,486 Below-market lease and other intangible liabilities, net 42,222 44,771 46,976 13,884 14,552 Right-of-use lease liabilities 46,734 46,708 46,887 46,860 46,934 Accrued expenses and other liabilities 65,177 69,958 77,251 63,451 65,543 Lianilities held for sale 248 — — 1,267 92 TOTAL LIABILITIES 1,414,333 1,516,401 1,524,210 1,312,163 1,544,124 SHAREHOLDERS' EQUITY Common Shares 37 37 37 37 37 Additional paid-in capital 3,022,396 3,019,703 3,016,804 2,996,900 2,994,303 Cumulative distributions (1,126,045) (1,117,625) (1,109,215) (1,100,893) (1,092,609) Accumulated earnings (1,152,961) (887,661) (838,279) (850,992) (826,597) Accumulated other comprehensive income (3,121) 4,698 15,874 2,791 21,986 TOTAL SHAREHOLDERS' EQUITY 740,306 1,019,152 1,085,221 1,047,843 1,097,120 Noncontrolling interests 35,931 59,644 66,801 84,328 89,471 TOTAL EQUITY 776,237 1,078,796 1,152,022 1,132,171 1,186,591 TOTAL LIABILITIES AND EQUITY $2,190,570 $2,595,197 $2,676,232 $2,444,334 $2,730,715

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![](pkstsupplemental-6302025013.jpg)

13 For the Quarter Ended (Unaudited, USD in thousands) 6/30/2025 6/30/2024 Net (loss) income $(286,760) $(4,101) General and administrative expenses 8,449 9,116 Corporate operating expenses to related parties 141 169 Real estate impairment provision 286,126 6,505 Depreciation and amortization 23,370 22,998 Interest expense 15,135 15,845 Other income, net (2,335) (5,167) Net loss (gain) from disposition of assets 1,066 57 Transaction expenses 200 — Total NOI 45,392 45,422 Non-GAAP Financial Measures Reconciliation of Net Income (Loss) to Total NOI Quarter Ended

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![](pkstsupplemental-6302025014.jpg)

14 For the Quarter Ended For the Quarter Ended 6/30/2025 6/30/2024 (Unaudited, USD in thousands) IOS Traditional Industrial Total Industrial Segment Office Segment Entire Portfolio IOS Traditional Industrial Total Industrial Segment Office Segment Other Segment1 Entire Portfolio Revenue $9,372 $15,008 $24,380 $29,646 $54,026 $— $14,554 $14,554 $32,991 $8,407 $55,952 Operating Property Expense (487) (915) (1,402) (3,312) (4,714) — (685) (685) (3,442) (1,890) (6,017) Property Tax Expense (730) (1,175) (1,905) (2,015) (3,920) — (1,015) (1,015) (2,221) (1,277) (4,513) TOTAL NOI 8,155 12,918 21,073 24,319 45,392 — 12,854 12,854 27,328 5,240 45,422 NON-CASH ADJUSTMENTS: Straight Line Rent (703) (227) (930) (36) (966) — (1,277) (1,277) (716) 174 (1,819) In-Place Lease Amortization (1,813) (142) (1,955) (153) (2,108) — (96) (96) (130) (146) (372) Deferred Termination Income 83 — 83 — 83 — — — — — Deferred Ground/Office Lease — — — 423 423 — — — 425 (26) 399 Other Intangible Amortization — — — 372 372 — — — 372 — 372 TOTAL CASH NOI $5,722 $12,549 $18,271 $24,925 $43,196 $— $11,481 $11,481 $27,279 $5,242 $44,002 Non-GAAP Financial Measures (continued) NOI and Cash NOI - By Segment Quarter Ended 1 Other segment eliminated as of 12/31/2024.

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![](pkstsupplemental-6302025015.jpg)

15 For the Quarter Ended (Unaudited, USD in thousands) 6/30/2025 6/30/2024 CASH NOI ALLOCATION IOS $5,722 $— Traditional Industrial 12,549 11,481 Total Industrial Segment $18,271 $11,481 Office Segment 24,925 27,279 � Other Segment — 5,242 TOTAL CASH NOI $43,196 $44,002 SAME STORE CASH NOI ADJUSTMENTS �� Adjustment for acquired properties (5,722) — Adjustment for disposed properties (1,846) (10,480) � Lease termination and other non-recurring adjustments — — Inducement adjustment — — TOTAL SAME STORE CASH NOI ADJUSTMENTS (7,568) (10,480) TOTAL SAME STORE CASH NOI $35,628 $33,522 SAME STORE CASH NOI IOS $— $— Traditional Industrial 12,549 11,481 Total Industrial Segment1 $12,549 $11,481 Office Segment 23,079 22,041 TOTAL SAME STORE CASH NOI $35,628 $33,522 Change in Same Store Cash NOI ($) $2,106 Change in Same Store Cash NOI (%) 6.3 % NUMBER OF SAME STORE PROPERTIES 43 TOTAL SAME STORE SQUARE FEET 13,274,800 SAME STORE ECONOMIC OCCUPANCY 99.5 % Non-GAAP Financial Measures (continued) Cash NOI and Same Store Cash NOI - By Segment 1 The following items contributed to the increase in Same Store Cash NOI in the Industrial segment: (i) commencement of rent for the extension term at our Jacksonville property, and (ii) the expiration of a rent abatement at our Jacksonville property that was in effect during the prior year quarter.

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![](pkstsupplemental-6302025016.jpg)

16 For the Quarter Ended (Unaudited, USD in thousands, except per share metrics) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Reconciliation of Net (Loss) Income to Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO) NET (LOSS) INCOME $(286,760) $(53,401) $13,816 $(26,549) $(4,101) Depreciation of building and improvements 15,718 17,147 17,699 15,504 15,424 Amortization of leasing costs and intangibles 7,748 8,387 8,225 7,336 7,671 Impairment provision, real estate 286,126 51,957 2,538 42,894 6,505 Net loss (gain) from disposition of assets 1,066 479 (13,123) (16,125) 57 FFO $23,898 $24,569 $29,155 $23,060 $25,556 FFO attributable to common shareholders and noncontrolling interests1 $23,898 $24,569 $29,155 $23,060 $25,556 Reconciliation: FFO attributable to common shareholders and noncontrolling interests1 $23,898 $24,569 $29,155 $23,060 $25,556 Impairment provision, goodwill — — 5,680 — — (Gain) loss on extinguishment of debt — — (10,973) 508 — Unrealized loss (gain) on investments (73) 23 90 (230) (47) Employee separation expense — 32 299 — 59 Transaction expenses 200 190 243 578 — Lease termination adjustments 83 (375) 107 — — Other activities and adjustments (276) 178 252 43 69 Core FFO attributable to common shareholders and noncontrolling interests1 $23,832 $24,617 $24,853 $23,959 $25,637 Straight-line rent adjustment (968) (1,150) (2,010) (2,197) (1,819) Amortization of share-based compensation 1,737 1,452 2,059 2,025 2,379 Deferred rent - ground lease 423 423 423 423 399 Amortization of above/(below) market rent, net (2,108) (1,862) (1,332) (269) (372) Amortization of debt premium/(discount), net (146) (144) (36) 12 20 Amortization of ground leasehold interests (97) (96) (98) (98) (97) Amortization of below tax benefits 372 368 377 377 372 Amortization of deferred financing costs 1,226 1,212 1,206 1,457 1,044 Amortization of lease inducements — — 127 — — AFFO available to common shareholders and noncontrolling interests1 $24,271 $24,820 $25,569 $25,689 $27,563 FFO per share/unit, basic and diluted $0.60 $0.62 $0.74 $0.58 $0.65 Core FFO per share/unit, basic and diluted $0.60 $0.62 $0.63 $0.61 $0.65 AFFO per share/unit, basic and diluted $0.61 $0.62 $0.65 $0.65 $0.70 Weighted-average common shares outstanding - basic and diluted shares 36,748,176 36,726,154 36,444,348 36,374,407 36,349,950 Weighted-average OP Units outstanding1 2,972,545 2,989,355 3,164,838 3,211,894 3,215,665 Weighted-average common shares and OP Units outstanding - basic and diluted FFO/Core FFO/AFFO 39,720,721 39,715,509 39,609,186 39,586,301 39,565,615 Non-GAAP Financial Measures (continued) FFO, Core FFO, and AFFO 1 Represents weighted-average outstanding OP Units that are owned by unitholders other than Peakstone Realty Trust. Represents the noncontrolling interest in the Operating Partnership.

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![](pkstsupplemental-6302025017.jpg)

17 For the Quarter Ended (Unaudited, USD in thousands) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Reconciliation of Net (loss) income to Adjusted EBITDAre Net (loss) income $(286,760) $(53,401) $13,816 $(26,549) $(4,101) Interest expense 15,135 15,978 15,916 14,140 15,845 Depreciation and amortization 23,370 25,439 25,826 22,742 22,998 EBITDA (248,255) (11,984) 55,558 10,333 34,742 Net loss (gain) from disposition of assets 1,066 479 (13,123) (16,125) 57 Impairment provision, real estate 286,126 51,957 2,538 42,894 6,505 EBITDAre 38,937 40,452 44,973 37,102 41,304 Adjustment for acquisitions — — 3,081 — — Adjustment for dispositions (1,882) (520) (2,285) (248) 200 Employee separation expense — 32 299 — 59 Share-based compensation expense 1,737 1,452 2,059 2,025 2,379 Impairment provision, goodwill — — 5,680 — — Extinguishment of debt — — (10,973) 508 — Lease termination adjustment 83 (375) 107 — — Transaction expenses 200 190 243 578 — Adjustment to exclude other activities (276) — (577) — (512) Adjusted EBITDAre $38,799 $41,231 $42,607 $39,965 $43,430 Net Debt1 $995,934 $1,156,309 $1,213,812 $941,468 $967,199 Net Debt / Adjusted EBITDAre 6.4 7.0 7.1 5.9 5.6 Non-GAAP Financial Measures (continued) EBITDA, EBITDAre, Adjusted EBITDAre 1 Net debt is a non-GAAP financial measure. See slide 19 for a reconciliation to total debt as of 6/30/2025 and slide 42 for reconciliations to total debt for all other periods.

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![](pkstsupplemental-6302025018.jpg)

Debt & Capitalization 18

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![](pkstsupplemental-6302025019.jpg)

19 (Unaudited, USD in thousands, except for shares) Capitalization Liquidity Contractual Interest Rate Effective Interest Rate1 Remaining Term MAXIMUM CREDIT FACILITY CAPACITY $1,082,000 SECURED DEBT Fixed-Rate Secured Debt 4.72% 4.77% 3.6 $360,326 Maximum Availability (per credit facility) $991,389 TOTAL SECURED DEBT 360,326 Less: Outstanding Terms Loans (535,000) UNSECURED DEBT2 MAXIMUM REVOLVER AVAILABILITY $456,389 2026 Term Loan 5.79% 3.51% 0.8 150,000 Less: Outstanding Revolver (365,000) 2028 Term Loan I 6.14% 3.87% 3.1 210,000 Add: Cash and cash equivalents (excl. restricted) 264,392 2028 Term Loan II 6.14% 3.87% 3.3 175,000 TOTAL LIQUIDITY $355,781 Revolving Loan 6.19% 4.89% 3.1 365,000 Total Unsecured Debt 6.10% 4.22% 2.8 900,000 Debt Metrics Net Debt / Adjusted EBITDAre 6.4x TOTAL DEBT 4.38% 3.0 1,260,326 Net Debt / Total Gross Real Estate 46.9% Less: Cash and cash equivalents (excl. restricted cash) (264,392) Unsecured Debt / Total Gross Real Estate 58.8% NET DEBT $995,934 Percentage of Floating-Rate Debt4 11.9% Percentage of Fixed-Rate Debt4 88.1% COMMON SHARES & OP UNITS OUTSTANDING Common Shares Outstanding 36,789,879 Key Debt Covenants5 OP Units Outstanding3 2,958,485 Required Covenant COMMON SHARES & OP UNITS OUTSTANDING 39,748,364 Maximum Consolidated Leverage Ratio No greater than 60% 47.34% Minimum Consolidated Fixed Charge Coverage Ratio No less than 1.50 2.62 Maximum Total Secured Debt Ratio No greater than 40% 13.50% Minimum Unsecured Interest Coverage Ratio No less than 2.00 3.18 Maximum Unsecured Leverage Ratio No greater than 60% 41.86% Capitalization, Liquidity & Debt Overview As of June 30, 2025 4 Includes impact of $750.0 million floating to fixed interest rate swaps which matured on July 1, 2025. 5 Represents a summary of certain financial covenants for our unsecured debt as of June 30, 2025. The covenants are required by our credit facility and tested on a quarterly basis. Our actual performance for each covenant is calculated based on the definitions set forth in the credit facility agreement. 1 The Effective Interest Rate is calculated on a weighted average basis, using the Actual/360 interest method (where applicable), and for unsecured debt, is inclusive of the Company's $750.0 million floating to fixed interest rate swaps which matured on July 1, 2025, which have the effect of converting SOFR to a weighted average fixed rate of 1.97% (Note: The Company entered into forward-starting, floating to fixed interest rate swaps with a notional amount of $550.0 million. These swaps became effective July 1, 2025, and mature July 1, 2029 and have the effect of converting SOFR to a weighted average fixed rate of 3.58%). The Effective Interest Rate is calculated based on the face value of debt outstanding (i.e., excludes debt premium/discount and debt financing costs). 2The Contractual Interest Rate for the Company's unsecured debt uses the applicable Secured Overnight Financing Rate ("SOFR" or SOF rate"). As of June 30, 2025, The applicable rates were 4.29% (SOFR, as calculated per the credit facility), plus spreads of 1.40% (2026 Term Loan), 1.75% (2028 Term Loan I), 1.75% (2028 Term Loan II) and 1.80% (Revolving Loan) and a 0.1% index. 3 Represents outstanding OP Units that are owned by unitholders other than Peakstone Realty Trust. Represents the noncontrolling interest in the Operating Partnership.

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![](pkstsupplemental-6302025020.jpg)

20 (Unaudited, USD in thousands) SECURED DEBT Fixed-Rate Secured Debt Contractual Interest Rate Maturity Date Outstanding Balance BOA II Loan1 4.32% May 2028 $250,000 Georgia Mortgage Loan2 5.31% Nov 2029 37,722 Illinois Mortgage Loan3 6.51% Nov 2029 23,000 Florida Mortgage Loan4 5.48% May 2032 49,604 Weighted-Average 4.72% Total Consolidated Secured Debt $360,326 Consolidated Secured Debt Schedule As of June 30, 2025 1 The BOA II Loan is secured by four properties, which are located in Chicago, Illinois; Columbus, Ohio; Las Vegas, Nevada; and Birmingham, Alabama. 2 The Georgia Mortgage Loan is secured by a property in Savannah, Georgia. 3 The Illinois Mortgage Loan is secured by a property in Chicago, Illinois. 4 The Florida Mortgage Loan is secured by a property in Jacksonville, Florida.

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![](pkstsupplemental-6302025021.jpg)

21 1 Represents face value of debt outstanding (i.e., excludes debt premium/discount and debt financing costs). 2 Represents the 2026 Term Loan. 3 Represents the outstanding balance of the Revolving Loan. 4 Represents the 2028 Term Loan I and 2028 Term Loan II. 5 Represents the BOA II Loan. 6 Represents the Georgia and Illinois Mortgage Loans. 7 Represents the Florida Mortgage Loan. $141,194(1) $200,000(3) $400,000(5) Consolidated Debt Maturities 60,722 49,604$250,000 $150,000 $385,000 $365,000 Mortgage Loans 2026 and 2028 Term Loans Revolving Loan 2025 2026 2027 2028 2029 Thereafter (1) $250,000 4 2 Consolidated Debt Maturity Schedule As of June 30, 2025 $210, 0005 1 65 4 3 7

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Components of Net Asset Value 22

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23 (Unaudited, USD in thousands) Annualized Base Rent Balance Sheet Components (cont'd) ABR Percentage of ABR LIABILITIES TOTAL Industrial �� Credit facility2 $900,000 IOS $24,453 14.6 % Mortgages payable2 360,326 Traditional Industrial 50,445 30.0 % Distributions payable 8,560 74,898 44.6 % Interest swap liability 4,625 Due to related parties 526 Office 93,098 55.4 % Interest payable 15,744 Prepaid tenant rent 7,861 TOTAL PORTFOLIO $167,996 100 % Deferred compensation 9,980 Real estate taxes payable 3,044 Property operating expense payable 1,348 Balance Sheet Components Accrued construction in progress 22 NON-OPERATING, NON-COMMERCIAL REAL ESTATE ASSETS TOTAL Accrued tenant improvements 1,189 � Cash and cash equivalents $264,392 Other liabilities 25,463 Restricted cash 8,319 TOTAL LIABILITIES $1,338,688 � Goodwill 68,373 � Tenant rent receivable 457 COMMON SHARES + OP UNITS OUTSTANDING3 $39,748,364 Cash - surrender value (DCP) 10,413 Prepaid insurance 3,197 Other assets 8,700 Real Estate Value TOTAL NON-OPERATING, NON-COMMERCIAL REAL ESTATE ASSETS $363,851 TOTAL REAL ESTATE, NET INDUSTRIAL OFFICE TOTAL Total Real Estate $1,280,046 841,406 $2,121,452 Total Accumulated Depreciation and Amortization (203,587) (211,601) (415,188) TOTAL REAL ESTATE, NET 1,076,459 629,805 1,706,264 Assets Held for Sale, Net — 6,765 6,765 TOTAL REAL ESTATE VALUE $1,076,459 $636,570 $1,713,029 Allocation by Segment 63 % 37 % 100 % Components of Net Asset Value - Entire Portfolio As of June 30, 2025 1 Weighted average based on ABR. 2 Represents face value of debt outstanding (i.e., excludes debt premium/discount and debt financing costs). 3 Represents outstanding OP Units that are owned by unitholders other than the Peakstone Realty Trust. Represents the noncontrolling interest in the Operating Partnership.

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24 Portfolio Characteristics: Industrial Segment

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![](pkstsupplemental-6302025025.jpg)

25 65 Properties 19 States 32 Markets 5.1 Years WALT1 1 Weighted average based on ABR for Industrial segment. Industrial National Footprint - Operating Portfolio As of June 30, 2025 46 IOS 19 Traditional Industrial

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![](pkstsupplemental-6302025026.jpg)

26 Top 10 Tenants Tenant/Major Tenant % of ABR1 WALT (years)2 1 Amazon2 13.4% 6.1 2 RH 10.2 5.2 3 3M Company 6.8 1.3 4 Samsonite 6.0 4.4 5 PepsiCo 4.5 3.1 6 Shaw Industries 4.5 7.8 7 Amcor 3.7 7.3 8 Huntington Ingalls 3.6 2.5 9 United Rentals 3.0 3.3 10 Maxim Crane 2.7 6.2 Top 10 Total/Average Lease Term 58.4% 4.8 Tenant Concentration: Industrial Segment As of June 30, 2025 1 Weighted average based on ABR for Industrial segment. 2 Represents three properties leased to this tenant.

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27 Industry Concentration: Industrial Segment As of June 30, 2025 Top 8 Industries Top 20 Sub-Industries Industry % of ABR1 Sub-Industry % of ABR1 1 Capital Goods 29.5 % 1 Broadline Retail 13.4 % 2 Consumer Discretionary Distribution & Retail 26.5 2 Trading Companies & Distributors 11.1 3 Consumer Durables & Apparel 10.5 3 Homefurnishing Retail 10.2 4 Transportation 9.7 4 Soft Drinks & Non-alcoholic Beverages 7.1 5 Materials 8.4 5 Industrial Conglomerates 6.8 6 Food, Beverage & Tobacco 7.1 6 Apparel, Accessories & Luxury Goods 6.0 7 Commercial & Professional Services 4.7 7 Metal, Glass & Plastic Containers 5.7 8 Automobiles & Components 3.6 8 Aerospace & Defense 5.1 � Top 8 total 100.0 % 9 Diversified Support Services 4.7 All others — % 10 Textiles 4.5 ���11 Automotive Retail 2.9 12 Cargo Ground Transportation 2.4 ���13 Automotive Parts & Equipment 2.4 14 Marine Transportation 2.3 15 Forest Products 2.3 16 Industrial Machinery & Supplies & Components 2.3 17 Air Freight & Logistics 2.3 18 Passenger Ground Transportation 1.9 19 Building Products 1.8 20 Construction Machinery & Heavy Transportation Equipment 1.6 Top 20 total 96.8 % ��� All others 3.2 % 1 Based on ABR for Industrial segment.

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![](pkstsupplemental-6302025028.jpg)

28 Geographic Distribution by State (% of ABR1) Market Concentration: Industrial Segment As of June 30, 2025 (USD in thousands) Top 10 Markets (% of ABR)1 Markets ABR % of ABR1 1 Chicago $9,430 12.6 % 2 Columbus 7,816 10.4 3 Stockton/Modesto 7,637 10.2 4 Savannah 5,088 6.8 5 Philadelphia 5,080 6.8 6 Jacksonville 4,762 6.4 7 Tampa 3,627 4.8 8 Hampton Roads 3,491 4.7 9 Atlanta 3,218 4.3 10 Detroit 3,192 4.3 Top 10 total $53,341 71.3 % All others 21,557 28.7 Total $74,898 100.0 % 14.4% 12.8% 12.6% 11.1% 10.2% 7.0% 5.3% 4.7% 4.3% 3.4% 14.2% Ohio Florida Illinois Georgia California Pennsylvania Virginia Texas Michigan South Carolina All Others 1 Based on ABR for Industrial segment.

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![](pkstsupplemental-6302025029.jpg)

29 Lease Data: Industrial Segment As of June 30, 2025 (USD in thousands) Lease Expiration Schedule (by ABR%)1 6.8% 10.4% 8.1% 10.2% 11.7% 6.3% 8.1% 5.9% 3.2% 5.9% 5.9% 2.8% 2.3% 5.1% 3.0% 1.6% 2.3% IOS Traditional Industrial 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2034 —% 20% Lease Expirations Year Leases Approx. Square Feet Approx. Usable Acres ABR % of ABR1 2025 1 — 9 $336 0.4% 2026 8 978,100 29 7,504 10.0 2027 12 — 62 4,397 5.9 2028 13 1,290,100 91 12,237 16.3 2029 7 1,129,700 37 8,151 10.9 2030 5 1,501,400 21 9,374 12.5 2031 5 1,039,200 64 12,548 16.8 2032 6 1,113,000 23 6,995 9.3 2033 5 1,340,400 20 7,259 9.7 2034 1 — 37 1,741 2.3 >2034 4 609,900 — 4,356 5.9 Vacant — — 2 — — Redevelopment Properties2 — — 45 — — Totals 67 9,001,800 440 $74,898 100% 1 Based on ABR for Industrial segment. 2 Represents unleased space at Redevelopment Properties. 0.4% Average Annual Rent Escalations 3.0% IOS 2.1% Traditional Industrial 2.4% Total Industrial

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![](pkstsupplemental-6302025030.jpg)

Redevelopment Properties 30

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31 Redevelopment Properties As of June 30, 2025 CURRENT REDEVELOPMENT Property Name Segment Location Projected Usable Acres1 Leased Percentage as of Quarter-End Occupancy Percentage as of Quarter-End 1 175 Container Road Industrial Savannah, GA 8 - - 2 2687-2691 McCollum Parkway Industrial Kennesaw, GA 4 - - 3 1922 River Road Industrial Burlington, NJ 6 - - 4 511 Neck Road Industrial Burlington, NJ 9 - - Total / Weighted Average 27 - % - % 1 Represents the estimated usable acres of the project upon completion of redevelopment work. FUTURE REDEVELOPMENT Property Name Segment Location Leased Percentage as of Quarter-End Occupancy Percentage as of Quarter-End 1 2750 Bethlehem Pike Industrial Hatifeld, PA — —

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Capital Expenditures 32

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33 For the Quarter Ended INDUSTRIAL SEGMENT - OPERATING PORTFOLIO 6/30/20251 % of NOI2 3/31/20251 % of NOI2 12/31/20241 % of NOI2 9/30/20241 % of NOI2 IOS Value Enhancing Capital Expenditures $275 0.6 % $— — % $— — % $— — % Maintenance Capital Expenditures — — — — — — — — Total IOS Capital Expenditures $275 0.6 % $— — % $— — % $— — % TRADITIONAL INDUSTRIAL Value Enhancing Capital Expenditures $— — % $— — % $73 0.2 % $— — % Maintenance Capital Expenditures — — — — 166 0.3 — — Total Traditional Industrial Capital Expenditures $— — % $— — % $239 0.5 % $— — % TOTAL INDUSTRIAL SEGMENT - OPERATING PORTFOLIO $275 0.6 % $— — % $239 0.5 % $— — % Capital Expenditures (Cash Basis) 1 Represents USD in thousands. 2 Represents percentage of capital expenditures compared to consolidated NOI. 3 For tenant improvement allowances and/or leasing commissions related to existing leases. For the Quarter Ended REDEVELOPMENT PROPERTIES 6/30/20251 3/31/20251 12/31/20241 9/30/20241 Total Capital Expenditures $1,560 $186 $— $— For the Quarter Ended OFFICE SEGMENT - OPERATING PORTFOLIO 6/30/20251 % of NOI2 3/31/20251 % of NOI2 12/31/20241 % of NOI2 9/30/20241 % of NOI2 Tenant Improvements $818 1.9 % $891 1.8 % $— — % $1,542 3.1 % Leasing Commissions — — 261 0.5 — — — — TOTAL OFFICE SEGMENT - OPERATING PORTFOLIO3 $818 1.9 % $1,152 2.3 % $— — % $1,542 3.1 %

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34 Portfolio Characteristics: Office Segment

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35 Top 10 Tenants Tenant/Major Tenant % of ABR1 WALT (years)2 1 Keurig Dr. Pepper 12.8% 4.4 2 Southern Company Services 10.3 18.7 3 Maxar 8.5 5.0 4 Freeport McMoRan 8.5 1.9 5 McKesson 6.9 3.3 6 Travel & Leisure, Co. 6.5 4.2 7 IGT 5.7 5.5 8 International Paper Company 5.6 4.7 9 Guild Mortgage Company 5.5 5.4 10 AT&T 4.1 2.2 Top 10 Total/Average Lease Term 74.4% 6.1 Tenant Concentration: Office Segment As of June 30, 2025 1 Based on ABR for Office segment. 2 Weighted average based on ABR.

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36 Geographic Distribution by State (% of ABR1) Market Concentration: Office Segment As of June 30, 2025 (USD in thousands) Top 10 Markets (% of ABR) Markets ABR % of ABR1 1 Phoenix $20,458 22.0 % 2 Boston 12,865 13.8 3 Denver 11,086 11.9 4 Birmingham 9,597 10.3 5 Northern New Jersey 9,273 10.0 6 Las Vegas 5,308 5.7 7 Memphis 5,234 5.6 8 San Diego 5,160 5.5 9 Seattle/Puget Sound 3,794 4.1 10 Nashville 3,711 4.0 Top 10 total $86,486 92.9 % All others 6,612 7.1 Total $93,098 100.0 % 22.0% 14.5% 13.8% 10.3% 10.0% 9.6% 5.7% 5.5% 4.1% 3.0% 1.5% Arizona Colorado Massachusetts Alabama New Jersey Tennessee Nevada California Washington North Carolina All Others 1 Based on ABR for Office segment.

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37 Lease Expirations: Office Segment As of June 30, 2025 (USD in thousands) Lease Maturity Schedule (by ABR%)1 0.1% 2.9% 15.2% 6.4% 26.2% 19.7% 5.7% 4.9% 2.6% —% 16.3% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2034 —% 25% Expiring Leases Year Leases Approx. Square Feet ABR % of ABR1 2025 1 2,500 $66 0.1% 2026 1 176,400 2,690 2.9 2027 6 538,700 14,132 15.2 2028 2 339,000 5,991 6.4 2029 5 885,400 24,396 26.2 2030 3 810,300 18,310 19.7 2031 1 222,300 5,308 5.7 2032 2 220,900 4,556 4.9 2033 1 114,500 2,442 2.6 2034 — — — — >2034 3 903,000 15,207 16.3 Vacant — 60,000 — — Totals 25 4,273,000 $93,098 100.0% 1 Based on ABR for Office segment.

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Notes & Definitions 38

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39 Notes & Definitions ABR (Annualized Base Rent) "Annualized Base Rent" or "ABR" is calculated as the monthly contractual base rent for leases that have commenced as of the end of the quarter, excluding rent abatements, multiplied by 12 months and deducting base year operating expenses for gross and modified leases, unless otherwise specified. For leases in effect at the end of any quarter that provide for rent abatement during the last month of that quarter, the Company used the monthly contractual base rent payable following expiration of the abatement period. Average Annual Rent Escalations "Average Annual Rent Escalations" is defined as weighted average rental increase based on the remaining term of each lease, excluding i) unexercised renewal options and early termination rights and ii) leases that expire within one year. Cash and cash equivalents "Cash and cash equivalents" represent all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. Cash Rent Change "Cash Rent Change" is calculated as the percentage change between cash rents for new/renewal leases and the expiring cash rents of comparable leases for the same space, excluding any rent abatements. We do not calculate Cash Rent Change for lease comparisons if either lease involved has any of the following characteristics, as we believe such leases do not provide a reliable basis for comparison: (i) the lease is for space that has never been leased under our ownership, (ii) the lease is for space that has been redeveloped or repositioned, (iii) the lease has a structure that is not comparable to the other lease or (iv) the lease term is less than 12 months. EBITDA, EBITDAre and Adjusted EBITDAre To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use EBITDA, EBITDAre and Adjusted EBITDAre, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate our operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non- GAAP financial measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. We believe excluding items that neither relate to the ordinary course of business nor reflect our underlying business performance or that other companies, including companies in our industry, frequently exclude from similar non-GAAP measures enables us and our investors to compare our underlying business performance from period to period. Accordingly, we believe these adjustments facilitate a useful evaluation of our current operating performance and comparison to our past operating performance and provide investors with additional means to evaluate cost and expense trends. In addition, we also believe these adjustments enhance comparability of our financial performance and are similar measures that are widely used by analysts and investors as a means of evaluating a company's performance.

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40 Notes & Definitions (continued) EBITDA, EBITDAre and Adjusted EBITDAre (Cont.) There are a number of limitations related to our non-GAAP measures. Some of these limitations are that these measures, to the extent applicable, exclude: (i) historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures; (ii) depreciation and amortization, a non-cash expense, where the assets being depreciated and amortized may have to be replaced in the future and these measures do not reflect cash capital expenditure requirements for such replacements; (iii) interest expense, net, or the cash requirements necessary to service interest or principal payments on our indebtedness, which reduces cash available to us; (iv) share-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; (v) provision for income taxes, which may represent a reduction in cash available to us; and (vi) certain other items that we believe are not indicative of the performance of our portfolio. In addition, other companies, including companies in our industry, may calculate these non-GAAP measures or similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our disclosure of non-GAAP measures as a tool for comparison. Because of these and other limitations, these non-GAAP measures should be considered along with other financial performance measures, including our financial results prepared in accordance with GAAP. EBITDA EBITDA is defined as earnings before interest, tax, depreciation and amortization. EBITDAre EBITDAre is defined by The National Association of Real Estate Investment Trusts ("NAREIT") as follows: (a) GAAP net income or loss, plus (b) interest expense, plus (c) income tax expense, plus (d) depreciation and amortization plus/minus (e) losses and gains on the disposition of depreciated properties, including losses/ gains on change of control, plus (f) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, plus (g) adjustments to reflect the entity's share of EBITDAre of consolidated affiliates. Adjusted EBITDAre Adjusted EBITDAre is defined as EBITDAre modified to exclude items such as acquisition-related expenses, employee separation expenses, stock-based compensation expenses, and other items that we believe are not indicative of the performance of our portfolio. We also include an adjustment to reflect a full period of net operating income on the operating properties we acquire during the quarter and to remove net operating income on properties we dispose of during the quarter (in each case, as if such acquisition or disposition, as applicable, had occurred on the first day of the quarter). The adjustment for acquisitions is based on our estimate of the net operating income we would have received from such property if it had been owned for the full quarter; however, the net operating income we actually receive from such properties in future quarters may differ based on our experience operating such properties subsequent to closing of the acquisitions. We may also exclude the annualizing of other large transaction items such as termination income recognized during the quarter.

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41 Notes & Definitions (continued) Funds from Operations ("FFO"), Core Funds from Operations ("Core FFO"), and Adjusted Funds from Operations ("AFFO") We use Funds from Operations ("FFO"), Core Funds from Operation ("Core FFO") and Adjusted Funds from Operations ("AFFO") as supplemental financial measures of our performance. These measures are used by management as supplemental financial measures of operating performance. We do not use these measures as, nor should they be considered to be, alternatives to net earnings computed under GAAP, as indicators of our operating performance, as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs. The summary below describes the way we use of these measures, provides information regarding why we believe these measures are meaningful supplemental measures of performance and reconciles these measures from net income or loss, the most directly comparable GAAP measures. FFO We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). FFO is defined as net income or loss computed in accordance with GAAP, excluding gains (losses) from sales of depreciable real estate assets, impairment losses of depreciable real estate assets, real estate related depreciation and amortization and after adjustments for unconsolidated joint ventures. FFO is used to facilitate meaningful comparisons of operating performance between periods and among other REITs, primarily because it excludes the effect of real estate depreciation and amortization and net gains (losses) from real estate sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, FFO can help facilitate comparisons of operating performance between periods and among other REITs. It should be noted, however, that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do, making comparisons less meaningful. Core FFO We compute Core FFO by adjusting FFO, as defined by NAREIT, to exclude certain items such as goodwill impairment, gain or loss from the extinguishment of debt, unrealized gains or losses on derivative instruments, transaction costs, lease termination fees, and other items not related to ongoing operating performance of our properties. We believe that Core FFO is a useful supplemental measure in addition to FFO because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. As with FFO, our reported Core FFO may not be comparable to Core FFO as defined by other REITs. AFFO AFFO is presented in addition to Core FFO. AFFO further adjusts Core FFO for certain other non-cash items, including straight-line rent adjustment, amortization of share-based compensation, deferred rent, amortization of in-place lease valuation and other non-cash transactions. We believe AFFO provides a useful supplemental measure of our operating performance and is useful in comparing our operating performance with other REITs that may not be involved in similar transactions or activities. As with Core FFO, our reported AFFO may not be comparable to AFFO as defined by other REITs.

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42 Notes & Definitions (continued) GAAP Rent Change "GAAP Rent Change" is calculated as the percentage change between GAAP rents for new/renewal leases and the expiring GAAP rents of comparable leases for the same space. We do not calculate GAAP Rent Change for lease comparisons if either lease involved has any of the following characteristics, as we believe such leases do not provide a reliable basis for comparison: (i) the lease is for space that has never been leased under our ownership, (ii) the lease is for space that has been redeveloped or repositioned, (iii) the lease has a structure that is not comparable to the other lease or (iv) the lease term is less than 12 months. Net Debt "Net Debt" is total debt (excluding deferred financing costs and debt premiums/discounts) less cash and cash equivalents (excluding restricted cash). See below for reconciliations of total debt to net debt for 6/30/2025, 3/31/2025, 12/31/2024, 9/30/2024, and 6/30/2024, respectively. Net Operating Income (NOI), Cash NOI, and Same Store Cash NOI Net operating income ("NOI") is a non-GAAP financial measure calculated as net income or loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, excluding general and administrative expenses, interest expense, depreciation and amortization, impairment of real estate, impairment of goodwill, gains or losses on early extinguishment of debt, gains or losses on sales of real estate, investment income or loss, termination income and equity in earnings of any unconsolidated real estate joint ventures. NOI on a cash basis ("Cash NOI") is NOI adjusted to exclude the effect of straight-line rent and amortization of acquired above- and below-market lease intangibles adjustments required by GAAP. Cash NOI for our Same Store portfolio ("Same Store Cash NOI") is Cash NOI for properties held for the entirety of all periods presented, with an adjustment for lease termination fees to provide a better measure of actual cash basis rental growth for our Same Store portfolio. We believe that NOI, Cash NOI and Same-Store Cash NOI are helpful to investors as additional measures of operating performance because we believe they help both investors and management to understand the core operations of our properties excluding corporate and financing-related costs and non-cash depreciation and amortization. NOI, Cash NOI and Same Store Cash NOI are unlevered operating performance metrics of our properties and allow for a useful comparison of the operating performance of individual assets or groups of assets. These measures thereby provide an operating perspective not immediately apparent from GAAP income from operations or net income (loss). In addition, NOI, Cash NOI and Same Store Cash NOI are considered by many in the real estate industry to be useful starting points for determining the value of a real estate asset or group of assets. Because NOI, Cash NOI and Same Store Cash NOI exclude depreciation and amortization and capture neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of NOI, Cash NOI and Same Store Cash NOI as measures of our performance is limited. Therefore, NOI, Cash NOI and Same Store Cash NOI should not be considered as alternatives to net income or loss, as computed in accordance with GAAP. NOI, Cash NOI and Same Store Cash NOI may not be comparable to similarly titled measures of other companies. As of quarter 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Total Debt $1,260,326 $1,360,326 $1,360,326 $1,183,018 $1,413,999 Less: Cash and cash equivalents (excl. restricted cash) (264,392) (204,017) (146,514) (241,550) (446,800) Net Debt $995,934 $1,156,309 $1,213,812 $941,468 $967,199

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43 Notes & Definitions (continued) Occupancy or Occupancy Percentage "Occupancy" is the leased square footage or usable acres, as applicable, under leases that have commenced as of the end of the quarter. "Occupancy Percentage" is total applicable Occupancy divided by the total applicable leasable square footage or usable acres. Operating Partnership "Operating Partnership" refers to our operating partnership, PKST OP, L.P., which owns directly and indirectly all of the Company's assets. OP Units "OP Units" represent the outstanding common units of limited partnership interest in the Operating Partnership. Operating Property or Operating Portfolio "Operating Property" is any property not classified as a Redevelopment Property. "Operating Portfolio" refers to all Operating Properties. Per Share "Per Share" data represents amounts calculated based on the weighted-average number of basic and diluted common shares outstanding. Per Share/Unit "Per Share/Unit" data represents amounts calculated based on (i) the weighted-average number of basic and diluted common shares outstanding plus (ii) the weighted-average number of OP Units outstanding (that are owned by unitholders other than Peakstone Realty Trust). This metric is used in FFO and AFFO calculations. Redevelopment Property "Redevelopment Property" is a property where we intend to undertake "repositioning/redevelopment work" including (i) making capital improvements to enhance its functionality, (ii) removing existing structures, (iii) building a new facility from the ground up, and/or (iv) converting the property to a different use. A Redevelopment Property will be moved to the Operating Portfolio upon the earlier of (i) achieving 90% Occupancy of the intended use or (ii) 12 months after completion of the repositioning/redevelopment work. "Redevelopment Portfolio" refers to all Redevelopment Properties. Same Store "Same store" portfolio means properties which were held for a full period compared to the same period in the prior year. WALT "WALT" is the weighted average lease term in years (excluding unexercised renewal options and early termination rights) based on Annualized Base Rent.

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44 Notes & Definitions (continued) The table below represents a reconciliation of NOI to Cash NOI for the interim periods presented in the "Selected Financial Data" on slide 9. For the Quarter Ended 3/31/2025 12/31/2024 9/30/2024 (Unaudited, USD in thousands) IOS Traditional Industrial Total Industrial Office Total Portfolio IOS Traditional Industrial Total Industrial Office Other Total Portfolio Total Industrial Office Other Total Portfolio Revenue $8,975 $15,058 $24,033 $32,938 $56,971 $5,464 $14,981 $20,445 33,318 $4,171 $57,934 $14,918 33,234 $6,808 $54,960 Operating Property Expense (270) (1,001) (1,271) (3,373) (4,644) (137) (1,038) (1,175) (3,594) (1,369) (6,138) (854) (3,928) (2,033) (6,815) Property Tax Expense (779) (1,171) (1,950) (2,177) (4,127) (479) (1,181) (1,660) (2,175) (519) (4,354) (1,366) (1,859) (1,061) (4,286) TOTAL NOI 7,926 12,886 20,812 27,388 48,200 4,848 12,762 17,610 27,549 2,283 47,442 12,698 27,447 3,714 43,859 NON-CASH ADJUSTMENTS: Straight Line Rent (705) (246) (951) (199) (1,150) (536) (1,041) (1,577) (579) 147 (2,009) (1,473) (706) (18) (2,197) In-Place Lease Amortization (1,574) (141) (1,715) (147) (1,862) (1,026) (144) (1,170) (129) (33) (1,332) (94) (129) (46) (269) Deferred Termination Income 277 — 277 (652) (375) 819 — 819 1,851 — 2,670 — — — — Deferred Ground/Office Lease — — — 423 423 — — — 421 2 423 — 421 2 423 Other Intangible Amortization — — — 368 368 — — — 377 — 377 — 377 — 377 Inducement Amortization — — — — — — — — — 127 127 — — — — TOTAL CASH NOI $5,924 $12,499 $18,423 $27,181 $45,604 $4,105 $11,577 $15,682 $29,490 $2,526 $47,698 $11,131 $27,410 $3,652 $42,193

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