Peakstone Realty Trust Secures New $175 Million Term Loan; Appoints New Chief Accounting Officer

Peakstone Realty Trust recently announced that its operating partnership, PKST OP, L.P., has entered into a Ninth Amendment to its Second Amended and Restated Credit Agreement. This amendment includes the addition of a new $175.0 million senior unsecured term loan called the New 2027 Term Loan. The loan, maturing on October 31, 2027, allows for interest-only payments due quarterly and offers an extension option. The interest rate is currently set at SOFR + 1.75%. Peakstone Realty Trust, along with certain subsidiaries, will guarantee obligations under the Amended Credit Agreement.

In another significant development, Cindy (Qiyan) Mai has been appointed as the Chief Accounting Officer of the company, effective November 4, 2024. Mai brings a wealth of experience to the role, having served in various financial positions at reputable organizations. The appointment comes with an offer letter detailing her compensation, which includes an annual base salary of $300,000 and additional performance-based incentives.

Furthermore, the company’s subsidiaries secured mortgage loans from Principal Life Insurance Company for various properties. The loans have fixed interest rates ranging from 5.31% to 6.51% per annum, and the properties serve as collateral for the loans. The Operating Partnership provided environmental indemnity and guarantees in connection with these mortgage loans.

These financial updates are disclosed in the recent Form 8-K filing by Peakstone Realty Trust. For a comprehensive understanding of the details, interested parties are encouraged to refer directly to the filed documents.

The company’s Chief Financial Officer and Treasurer, Javier F. Bitar, signed off on the report as of November 4, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Peakstone Realty Trust’s 8K filing here.

Peakstone Realty Trust Company Profile

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Peakstone Realty Trust (NYSE: PKST) is an internally managed, real estate investment trust (REIT) that owns and operates a high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office properties. These assets are generally leased to creditworthy tenants under long-term net lease agreements with contractual rent escalations.

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