Peakstone Realty Trust reported its financial results for the fourth quarter and full year ended December 31, 2024, on February 20, 2025. The company's strategic shift towards industrial assets continued, with industrial annualized base rent (ABR) reaching nearly 40% of total ABR. This progress was supported by the acquisition of a $490 million industrial outdoor storage (IOS) portfolio in the fourth quarter.
For the fourth quarter, total revenue was approximately $57.9 million, a decrease from $63.1 million in the same period last year, primarily due to strategic dispositions. Net income attributable to common shareholders was $12.7 million, or $0.35 per basic and diluted share, a significant improvement from a net loss of $(19.9) million, or $(0.55) per share, in Q4 2023. Adjusted Funds From Operations (AFFO) for the quarter was $25.6 million, or $0.65 per share, down from $31.7 million, or $0.80 per share, in the prior year.
Full year 2024 results showed total revenue of $228.1 million, compared to $254.3 million in 2023. The net loss attributable to common shareholders for the full year was $(10.4) million, or $(0.30) per share, a substantial reduction from a loss of $(557.9) million, or $(15.50) per share, in 2023. Full year AFFO was $106.6 million, or $2.69 per share, compared to $118.1 million, or $2.99 per share, in the previous year.
The company divested $317 million of non-core assets in 2024, including all assets in its Other segment, further streamlining its portfolio. Leasing activity for the year included 837,400 square feet of new leases and extensions, achieving weighted average releasing spreads of 32% (GAAP) and 23% (cash). Same Store Cash NOI for the total portfolio increased to $39.0 million in Q4 2024 and $154.9 million for the full year 2024.
As of December 31, 2024, total debt, net, stood at $1,213.8 million, with a net debt to Normalized EBITDAre ratio of 7.5x. The company had $146.5 million in cash and cash equivalents. Peakstone also highlighted the successful amendment and extension of its credit facility in July 2024, which improved its capital structure.
The Board of Trustees approved a dividend of $0.225 per common share for the quarter ended March 31, 2025, maintaining the previous payout. This dividend is payable on April 17, 2025, to shareholders of record on March 31, 2025.
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