Peakstone Realty Trust Enters Credit Agreement

TL;DR

Peakstone Realty Trust just signed a new credit agreement, locking in financing.

AI Summary

On July 25, 2024, Peakstone Realty Trust entered into a material definitive agreement, specifically a credit agreement, which creates a direct financial obligation. The company, formerly known as Griffin Realty Trust, is headquartered at 1520 E. Grand Avenue, El Segundo, CA 90245.

Why It Matters

This filing indicates Peakstone Realty Trust has secured new financing, which could impact its operational capacity and financial flexibility.

Risk Assessment

Risk Level: low — The filing reports on a standard credit agreement, which is a routine financial activity for a REIT.

Key Players & Entities

• Peakstone Realty Trust (company) — Registrant
• Griffin Realty Trust (company) — Former company name
• 1520 E. Grand Avenue, El Segundo, CA 90245 (location) — Principal executive offices
• July 25, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common shares, $0.001 par value per share PKST New York S
• $400,000,000 — ipal balance of the 2025 Term Loan from $400,000,000 to $210,000,000, and the maturity date
• $210,000,000 — the 2025 Term Loan from $400,000,000 to $210,000,000, and the maturity date of the reduced 2
• $750,000,000 — unt under the Revolver was reduced from $750,000,000 to $547,000,000, which amount is calcul
• $547,000,000 — volver was reduced from $750,000,000 to $547,000,000, which amount is calculated based on th
• $1.3 billion — gregate (for a maximum facility size of $1.3 billion). The interest rate with respect to dr
• $550,000,000 — st rate swaps with a notional amount of $550,000,000. These swaps become effective July 1, 2

Filing Documents

• ef20033111_8k.htm (8-K) — 46KB
• ef20033111_ex10-1.htm (EX-10.1) — 1120KB
• ef20033111_ex99-1.htm (EX-99.1) — 13KB
• image00001.jpg (GRAPHIC) — 4KB
• 0001140361-24-034503.txt ( ) — 1538KB
• pkst-20240725.xsd (EX-101.SCH) — 4KB
• pkst-20240725_lab.xml (EX-101.LAB) — 21KB
• pkst-20240725_pre.xml (EX-101.PRE) — 16KB
• ef20033111_8k_htm.xml (XML) — 4KB

01

Item 1.01. Entry into a Material Definitive Agreement. On July 25, 2024, Peakstone Realty Trust's (the "Company") operating partnership, PKST OP, L.P. (the "Operating Partnership"), as "Borrower", KeyBank National Association, as administrative agent (the "Agent") and the lending institutions which are party thereto, entered into that certain Eighth Amendment to Second Amended and Restated Credit Agreement (the "Eighth Amendment"), which amends the Operating Partnership's existing Second Amended and Restated Credit Agreement, dated as of April 30, 2019 (as previously amended, the "Credit Agreement", and as amended by the Eighth Amendment, the "Amended Credit Agreement"). The Company and certain of its subsidiaries guarantee the obligations of the Operating Partnership under the Amended Credit Agreement. Capitalized terms used but not defined herein have the meaning given to them in the Eighth Amendment or the Amended Credit Agreement, as applicable. The Eighth Amendment provides, in part, the following: Using cash on hand, the Operating Partnership reduced the outstanding principal balance of the 2025 Term Loan from $400,000,000 to $210,000,000, and the maturity date of the reduced 2025 Term Loan was extended to July 25, 2028 (now, the "2028 Term Loan"); The maturity date of the Operating Partnership's revolving line of credit ("Revolver") was extended by four years from the closing date of the Eighth Amendment to July 25, 2028; The maximum commitment amount under the Revolver was reduced from $750,000,000 to $547,000,000, which amount is calculated based on the Company's reported financial statements for June 30, 2024; The Eighth Amendment also provides the option, subject to obtaining additional commitments from lenders and satisfying certain other customary conditions, to increase the commitments under the Revolver, to increase the outstanding principal balance under existing term loans and/or incur new term loans by up to approximately $400,000,000 in the

03

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant The information included, or incorporated by reference, in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this

03 of this Current Report on Form 8-K

Item 2.03 of this Current Report on Form 8-K.

01

Item 7.01 Regulation FD Disclosure. On July 29, 2024, the Company issued a press release announcing the entry into the Eighth Amendment as described above in Item 1.01 of this Current Report on Form 8-K. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information contained or incorporated in this Item 7.01, including the press release furnished herewith as Exhibit 99.1, shall not be deemed "filed" 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, nor shall it be deemed to be 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, except as shall be expressly set forth by specific reference in such a filing.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 10.1 Eighth Amendment to Second Amended and Restated Credit Agreement, dated as of July 25, 2024, by and among PKST OP, L.P., the lending institutions party thereto as lenders and KeyBank National Association, as administrative agent. 99.1 Press Release, dated July 29, 2024. 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: July 29, 2024 By: /s/ Javier F. Bitar Javier F. Bitar Chief Financial Officer and Treasurer

View Full Filing

View this 8-K filing on SEC EDGAR