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Commercial real estate

Peakstone Realty Trust Announces Successful Closing of $907 Million Unsecured Credit Facility

Strategic Insights

— 1 min read

Peakstone Realty Trust, a real estate investment trust, has successfully closed an amended and extended $907 million unsecured credit facility. The new facility, led by KeyBank, National Association, BofA Securities, Inc., and other top-tier banks, underscores the strength of the company's balance sheet and high-quality portfolio. With a weighted average effective rate of 3.67%, Peakstone is well-positioned for future growth opportunities, according to CEO Javier Bitar.

Key Takeaways:

  • The amended credit facility features a $907 million unsecured credit facility, comprising a $547 million revolver with an extended maturity of July 2028, a $210 million term loan with an extended maturity of July 2028, and a $150 million term loan with an unchanged maturity in April 2026.
  • The facility includes interest rate swaps covering the entire outstanding balance, resulting in a weighted average effective rate of 3.67%.
  • The banks involved in the facility are KeyBank, National Association, BofA Securities, Inc., Wells Fargo Securities, LLC, Truist Securities, and Fifth Third Bank, National Association, among others.
  • Peakstone Realty Trust is an internally managed real estate investment trust that owns and operates a high-quality portfolio of single-tenant industrial and office properties.
  • The company's assets are situated in high-growth, strategic coastal and sunbelt markets and are leased to creditworthy tenants under long-term net lease agreements.

Statistics:

  • $907 million: The total size of the amended and extended unsecured credit facility.
  • $547 million: The size of the revolver with an extended maturity of July 2028.
  • $210 million: The size of the term loan with an extended maturity of July 2028.
  • 3.67%: The weighted average effective rate inclusive of SOFR interest rate swaps.
  • $750 million: The entire outstanding balance covered by the interest rate swaps.
  • July 2028: The extended maturity date for the $547 million revolver and the $210 million term loan.
  • April 2026: The unchanged maturity date for the $150 million term loan.

Sources:

  • Businesswire.com, "Peakstone Realty Trust Announces Successful Closing of $907 Million Unsecured Credit Facility" (July 28, 2024)
  • Peakstone Realty Trust's official website, pkst.com
  • Peakstone Realty Trust's 10-K filing with the U.S. Securities and Exchange Commission (2023)
  • Various sources cited within the Businesswire article (sources provided verbatim)

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