Peakstone Realty Trust · Q3 2022 earnings

Briefing

Reported a net loss due to the net loss on disposition of assets, primarily driven by the Office Portfolio Sale, but the portfolio demonstrated resilience amidst challenging conditions.

Griffin Realty Trust reported a decrease in revenue and a net loss for the quarter ended September 30, 2022. Revenue decreased by 15.9% to $101.3 million, and net loss attributable to common stockholders was $(111.2) million, compared to a net income of $2.5 million in the same quarter last year. The company completed the sale of a majority interest in a 41-property office portfolio and used the proceeds to pay down approximately $1.0 billion of outstanding debt.

• Revenue decreased 15.9% to $101.3 million compared to the same quarter last year.
• Net loss attributable to common stockholders was $(111.2) million, compared to $2.5 million for the same quarter last year.
• AFFO available to common stockholders and limited partners was $0.12 per basic and diluted share.
• Completed the sale of a majority interest in a 41-property portfolio for approximately $1.1 billion and paid down approximately $1.0 billion of outstanding debt.

Headline financials

Revenue & EPS history

The strategic monetization plan aims to provide liquidity and maximize stockholder value amid challenging capital markets.