Peakstone Realty TrustPKST
Peakstone Realty Trust Debt Disclosure
Debt
As of December 31, 2025 and 2024, the Company’s consolidated debt consisted of the following (dollars in thousands):
| Carrying Value | ||||||||||||||||||||||||||||||||
| December 31, | ||||||||||||||||||||||||||||||||
| 2025 | 2024 | Contractual Interest Rate | Effective Interest Rate (1) | Loan Maturity (2) | ||||||||||||||||||||||||||||
| Secured Debt | ||||||||||||||||||||||||||||||||
BOA II Loan(3) | $ | 90,610 | $ | 250,000 | 4.32% | 4.37% | May 2028 | |||||||||||||||||||||||||
Georgia Mortgage Loan(4) | 37,722 | 37,722 | 5.31% | 5.31% | November 2029 | |||||||||||||||||||||||||||
Illinois Mortgage Loan(5) | 23,000 | 23,000 | 6.51% | 6.60% | November 2029 | |||||||||||||||||||||||||||
Florida Mortgage Loan(6) | 49,604 | 49,604 | 5.48% | 5.48% | May 2032 | |||||||||||||||||||||||||||
| Total Secured Debt | 200,936 | 360,326 | 5.08% | |||||||||||||||||||||||||||||
Unsecured Debt(7) | ||||||||||||||||||||||||||||||||
Revolving Loan(8) | — | 465,000 | SOF Rate + 1.80% | 5.56% (8) | July 2028 (8) | |||||||||||||||||||||||||||
2026 Term Loan(9) | — | 150,000 | —% | —% | — (9) | |||||||||||||||||||||||||||
2028 Term Loan I(10) | 110,000 | 210,000 | SOF Rate + 1.75% | 5.51% | July 2028 (10) | |||||||||||||||||||||||||||
2028 Term Loan II (11) | 175,000 | 175,000 | SOF Rate + 1.75% | 5.51% | October 2028 (11) | |||||||||||||||||||||||||||
| Total Unsecured Debt | 285,000 | 1,000,000 | 5.51% | |||||||||||||||||||||||||||||
| Total Debt | 485,936 | 1,360,326 | 5.33% | |||||||||||||||||||||||||||||
| Unamortized Deferred Financing Costs, Premiums, and Discounts, net | (11,930) | (15,707) | ||||||||||||||||||||||||||||||
| Total Debt, net | $ | 474,006 | $ | 1,344,619 | ||||||||||||||||||||||||||||
(1)The Effective Interest Rate is calculated on a weighted average basis, using the Actual/360 interest method (where applicable), and is inclusive of the Company's floating to fixed interest rate swaps maturing on July 1, 2029 and have the effect of converting the applicable Secured Overnight Financing Rate (SOFR) to a weighted average fixed rate of 3.58%. The Effective Interest Rate is calculated based on the face value of debt outstanding (i.e., excludes debt premium/discount and debt financing costs). When adjusting for the effect of amortization of discounts/premiums and deferred financing costs, and excluding the impact of interest rate swaps, the Company’s weighted average effective interest rate was 5.56%.
(2)Reflects the loan maturity dates as of December 31, 2025.
(3)The BOA II Loan has a fixed rate of interest and was originally secured by four properties. In August 2025 and December 2025, the Company paid down, in the aggregate, $159.4 million of the outstanding principal balance of its BOA II Loan using proceeds from the disposition of two Office Discontinued Operations Properties located in Birmingham, Alabama and Las Vegas, Nevada. In connection with the paydowns, the Company recognized and recorded $1.2 million within “Loss from discontinued operations” in the accompanying consolidated statement of operations. As of December 31, 2025, the BOA II Loan is secured by two Industrial segment properties located in Chicago, Illinois and Columbus, Ohio.
(4)The Georgia Mortgage Loan has a fixed-rate of interest and is secured by a property in Savannah, Georgia.
(5)The Illinois Mortgage Loan has a fixed-rate of interest and is secured by a property in Chicago, Illinois.
(6)The Florida Mortgage Loan has a fixed-rate of interest and is secured by a property in Jacksonville, Florida.
(7)The Contractual Interest Rate for the Company’s unsecured debt uses the applicable SOFR. As of December 31, 2025, the applicable rates were 3.66% (SOFR, as calculated per the credit facility), plus spreads of 1.80% (Revolving Loan), 1.75% (2028 Term Loan I) and 1.75% (2028 Term Loan II) and a 0.1% index.
(8)The Revolving Loan was paid down to zero in December 2025.
(9)The 2026 Term Loan was paid off in full in December 2025.
(10)The Company repaid $100.0 million of the 2028 Term Loan I in December 2025 and as a result the Company recognized and recorded $0.2 million within “Loss on extinguishment of debt” in the accompanying consolidated statement of operations.
(11)The 2028 Term Loan II has a contractual maturity of October 31, 2027. We have a one-year option to extend the maturity date to October 31, 2028, subject to certain conditions.
Second Amended and Restated Credit Agreement
As of December 31, 2025, the Second Amended and Restated Credit Agreement dated as of April 30, 2019 as amended by the following documents (collectively, the “Second Amended and Restated Credit Agreement”): First Amendment to the Second Amended and Restated Credit Agreement dated as of October 1, 2020 (the “First Amendment”), Second Amendment to the Second Amended and Restated Credit Agreement dated as of December 18, 2020 (the “Second Amendment”), Third Amendment to the Second Amended and Restated Credit Agreement dated as of July 14, 2021 (the “Third Amendment”), Fourth Amendment to the Second Amended and Restated Credit Agreement dated as of April 28, 2022 (the “Fourth
Amendment”), Fifth Amendment to the Second Amended and Restated Credit Agreement dated as of September 28, 2022 (the “Fifth Amendment”), Sixth Amendment to the Second Amended and Restated Credit Agreement dated as of November 30, 2022 (the “Sixth Amendment”), Seventh Amendment to the Second Amended and Restated Credit Agreement dated as of March 21, 2023 (the “Seventh Amendment”), Eighth Amendment to the Second Amended and Restated Credit Agreement dated as of July 25, 2024 (the “Eighth Amendment”) and Ninth Amendment to the Second Amended and Restated Credit Agreement dated as of October 31, 2024 (the “Ninth Amendment”) and Tenth Amendment to the Second Amended and Restated Credit Agreement dated as of December 19, 2025 (the “Tenth Amendment”), with KeyBank National Association (“KeyBank”) as administrative agent, and a syndicate of lenders, provided the Operating Partnership, as the borrower, with a $832.0 million credit facility (with the right to elect to increase total commitments to $1.3 billion) consisting of (i) a $547.0 million senior unsecured revolving credit facility (the “Revolving Credit Facility”), under which the Operating Partnership has no amounts currently drawn (the “Revolving Loan”), (ii) a $110.0 million senior unsecured term loan maturing in July 2028 (the “2028 Term Loan I”) and (iii) a $175.0 million senior unsecured term loan maturing in October 2028, assuming the one-year extension option is exercised (the “2028 Term Loan II” and together with the Revolving Loan and the 2028 Term Loan I, the “KeyBank Loans”). The Second Amended and Restated Credit Agreement also provides the option, subject to obtaining additional commitments from lenders and certain other customary conditions, to increase the commitments under the Revolving Credit Facility, to increase the existing term loans and/or incur new term loans by up to an additional $468.0 million in the aggregate. As of December 31, 2025, the available undrawn capacity under the Revolving Credit Facility, was $240.7 million.
Debt Covenant Compliance
Pursuant to the terms of the Company's mortgage loans and the KeyBank Loans, the Operating Partnership, in consolidation with the Company, is subject to certain loan compliance covenants. Pursuant to the Tenth Amendment to the Second Amended and Restated Credit Agreement, certain terms related to debt covenants in the Second Amended and Restated Credit Agreement were modified. The Company was in compliance with all of its debt covenants as of December 31, 2025.
The following summarizes the future scheduled principal repayments of all loans as of December 31, 2025 per the loan terms discussed above:
| As of December 31, 2025 | |||||
| 2028 | $ | 375,610 | |||
| 2029 | 60,722 | ||||
| Thereafter | 49,604 | ||||
| Total principal | 485,936 | ||||
| Unamortized debt premium/(discount) | 496 | ||||
| Unamortized deferred loan costs | (12,426) | ||||
| Total | $ | 474,006 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2017 | Mar 9, 2018 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.