Peakstone Realty Trust(PKST) - 2023 Q4 - Earnings Call Transcript

This lease was executed simultaneously with the early termination of the former lease with Parallon, which was scheduled to expire in March 2025. We collected a termination fee from Parallon of just under $1 million, which offset 30% of the out of pocket costs associated with the new Spectrum lease. The new lease includes 3% annual rent escalations and was executed at a 6% GAAP and negative 3% cash re-leasing spread compared to Parallon expiring rent at termination. We also completed a 9.4 year lease commen ...