Peakstone Realty Trust(US:PKST)2024-02-22 21:08Financial Performance - Total revenue for Q4 2023 was approximately $63.1 million, down from $75.9 million in Q4 2022, while full-year revenue was approximately $254.3 million compared to $416.5 million in 2022[7]. - Net loss attributable to common shareholders for Q4 2023 was approximately $(19.9) million, or $(0.55) per share, compared to a net loss of $(228.6) million, or $(6.34) per share, in Q4 2022[8]. - Total Net Operating Income (NOI) for Q4 2023 was $50.33 million, down from $59.88 million in Q4 2022, representing a decrease of approximately 26.5%[39]. - Funds From Operations (FFO) attributable to common shareholders and limited partners was $11.33 million in Q4 2023, compared to a loss of $121.99 million in Q4 2022[36]. - Adjusted Funds From Operations (AFFO) for Q4 2023 was approximately $31.7 million, or $0.80 per share, compared to $29.6 million, or $0.75 per share, in Q4 2022[11]. - Cash NOI for the year ended December 31, 2023, was $196.03 million, down from $309.59 million in 2022, indicating a decline of approximately 36.5%[39]. Operational Metrics - Same Store Cash Net Operating Income (NOI) for Q4 2023 was approximately $48.2 million, a 4.5% increase from $46.2 million in Q4 2022[12]. - The portfolio was 96.4% leased as of December 31, 2023, with a weighted average remaining lease term of approximately 6.5 years[5]. - The company completed 1.05 million square feet of new leases and lease extensions in Q4 2023, with weighted-average GAAP and cash releasing spreads of 26% and 9%, respectively[5]. - Total Same Store Cash NOI for the period was $48,238,000, an increase from $46,181,000 in the previous period, representing a growth of 4.5%[40]. - Office Same Store Cash NOI reached $27,330,000, up from $25,919,000, indicating a year-over-year increase of 5.4%[40]. - Other Same Store Cash NOI increased to $8,423,000 from $8,109,000, reflecting a growth of 3.9%[40]. Liquidity and Capital Structure - The company ended 2023 with total liquidity of approximately $551 million, consisting of $392 million in cash and $159 million of available undrawn capacity under its revolving credit facility[13]. - The leverage ratio improved to 6.2x from 7.7x based on Net Debt to Normalized EBITDAre[5]. - Cash and cash equivalents increased from $233,180 in 2022 to $391,802 in 2023, an increase of approximately 68%[26]. - Total liabilities decreased from $1,647,241 in 2022 to $1,585,912 in 2023, a decline of about 3.7%[26]. - The company's accumulated deficit increased from $269,926 in 2022 to $827,854 in 2023, reflecting a significant increase in losses[26]. - The company’s total shareholders' equity decreased from $1,682,668 in 2022 to $1,112,084 in 2023, a decline of approximately 33.8%[26]. Asset Management - The company sold 11 properties for gross proceeds of $336 million in 2023, with a net gain of $29.2 million from these sales[10]. - Total assets decreased from $3,633,376 in 2022 to $2,789,625 in 2023, a decline of approximately 23.3%[26]. - The company reported a real estate impairment provision of $25,373 for Q4 2023, down from $35,275 in Q4 2022; for the full year, the provision increased significantly from $127,577 in 2022 to $409,512 in 2023[28]. - The company reported a goodwill impairment provision of $16.03 million for Q4 2023, consistent with the $135.27 million recorded in Q4 2022[39]. Dividend and Shareholder Returns - The company paid a dividend of $0.225 per common share for the fourth quarter, payable on January 17, 2024[16]. - The weighted average number of common shares outstanding for Q4 2023 was 36,054,940, slightly up from 35,999,203 in Q4 2022[28]. - Weighted-average common shares outstanding for basic and diluted EPS increased slightly to 36,054,940 in Q4 2023 from 35,999,203 in Q4 2022[36]. Expense Management - Total expenses for Q4 2023 were $61,972, a decrease of 40.5% compared to $104,425 in Q4 2022; for the full year, total expenses increased from $451,930 in 2022 to $618,258 in 2023, an increase of 36.7%[28]. - The company incurred transaction expenses of $412,000 in Q4 2023, a decrease from $13.72 million in Q4 2022[39].