Peakstone Realty Trust

Revenue Concentration

The tables below present the Company’s revenue concentrations for its Industrial segment based on Annualized Base Rent (“ABR”), as defined below.

ABR is calculated as the monthly contractual base rent for leases that have commenced as of the end of the quarter, excluding rent abatements, multiplied by 12 months and deducting base year operating expenses for gross and modified leases, unless otherwise specified. For leases in effect at the end of any quarter that provide for rent abatement during the last month of that quarter, the Company used the monthly contractual base rent payable following expiration of the abatement period.

By State:

The percentage of ABR by state for the Company’s Industrial segment as of December 31, 2025 is presented as follows (dollars in thousands):

State · ABR(unaudited) · Number ofProperties · Percentage of ABR

Georgia · 12,523 · 14 · 16.0

Florida · 11,474 · 11 · 14.7

Illinois · 9,582 · 4 · 12.3

Ohio · 8,130 · 3 · 10.4

California · 7,789 · 1 · 10.0

Pennsylvania · 5,312 · 6 · 6.8

Texas · 4,155 · 9 · 5.3

Virginia · 3,957 · 5 · 5.1

South Carolina · 2,611 · 5 · 3.3

New Jersey · 2,570 · 6 · 3.3

Subtotal · 68,103 · 64 · 87.2

All Others (1) · 10,043 · 12 · 12.8

Total · 78,146 · 76 · 100.0

(1)“All Others” account for less than 2.6% of total ABR on an individual basis.

By Industry:

The percentage of ABR by industry for the Company’s Industrial segment as of December 31, 2025 is presented as follows (dollars in thousands):

Industry (1) · ABR(unaudited) · Number ofLessees · Percentage of ABR

Capital Goods · 25,791 · 28 · 33.0

Consumer Discretionary Distribution & Retail · 20,164 · 4 · 25.8

Consumer Durables & Apparel · 8,001 · 2 · 10.2

Transportation · 7,641 · 14 · 9.8

Food, Beverage & Tobacco · 5,380 · 2 · 6.9

Commercial & Professional Services · 4,130 · 6 · 5.3

Materials · 3,448 · 2 · 4.4

Automobiles & Components · 2,845 · 2 · 3.6

Real Estate Management & Development · 746 · 1 · 1.0

Total · 78,146 · 61 · 100.0

(1) Industry classification based on the Global Industry Classification Standard.

Top Ten Tenants:

Tenant · ABR(unaudited) · Percentage of ABR

Amazon · 10,147 · 13.0

RH · 7,789 · 10.0

3M Company · 5,202 · 6.7

Samsonite · 4,666 · 6.0

PepsiCo · 3,360 · 4.3

Shaw · 3,335 · 4.3

Huntington Ingalls · 2,667 · 3.4

United Rentals · 2,278 · 2.9

Maxim Crane · 2,051 · 2.6

Pepsi Bottling Ventures · 2,020 · 2.6

Subtotal · 43,515 · 55.8

All Others (1) · 34,631 · 44.2

Total · 78,146 · 100.0

(1) “All Others” account for less than 2.5% of ABR on an individual basis.

Lease Expirations:

The tables below provide a summary of upcoming lease expirations in our Industrial segment, excluding unexercised renewal options and early termination rights.

As of December 31, 2025, the lease expirations by ABR in our leases for the Industrial segment are presented as follows (dollars in thousands):

Year of Lease Expiration (1) · ABR(unaudited) · Percentage of Annualized Base Rent

2026 · 6,911 · 8.8

2027 · 5,577 · 7.1

2028 · 12,531 · 16.0

2029 · 9,317 · 11.9

2030 · 13,650 · 17.5

2031 · 13,130 · 16.8

2032 · 4,292 · 5.5

2033 · 7,283 · 9.3

2034 · 1,934 · 2.5

2035 · 1,302 · 1.7

>2035 · 2,219 · 2.9

Total · 78,146 · 100.0

As of December 31, 2025, the Company’s Industrial segment includes both IOS properties, which are leased on a usable-acre basis, and Traditional Industrial properties, which are leased on a square-footage basis. The tables below present lease expirations for each category.

Year of Lease Expiration (1) · ABR(unaudited, in thousands) · Percentage of Annualized Base Rent · Number ofLeases · Approx. Usable Acres · ABR(per usable acre) (2) · Annualized Net Effective Base Rent(per usable acre) (3)

2026 · 1,709 · 5.4 · 5 · 21 · 80,995 · 73,172

2027 · 5,577 · 17.5 · 14 · 71 · 78,771 · 80,743

2028 · 4,685 · 14.7 · 9 · 89 · 52,759 · 53,688

2029 · 3,055 · 9.6 · 7 · 46 · 66,996 · 65,468

2030 · 5,861 · 18.4 · 10 · 68 · 86,065 · 80,872

2031 · 4,255 · 13.3 · 5 · 70 · 60,960 · 64,488

2032 · 2,272 · 7.1 · 4 · 23 · 98,355 · 123,407

2033 · 1,235 · 3.9 · 2 · 20 · 61,750 · 68,750

2034 · 1,934 · 6.1 · 1 · 37 · 52,270 · 70,324

2035 · 1,302 · 4.0 · 3 · 14 · 93,669 · 93,285

>2035 · — · — · — · — · — · —

Vacant · — · — · — · 10 · — · —

Redevelopment properties (4) · — · — · — · 38 · — · —

Total · 31,885 · 100.0 · 60 · 507 · 69,588 · 72,324

(2)ABR (per usable acre) is calculated as (i) ABR divided by (ii) usable acreage under lease as of the end of the quarter.

(3)Annualized Net Effective Base Rent (per usable acre) is calculated as (i) the contractual base rent for leases that have commenced as of the end of the quarter calculated on a straight-line basis, including amortization of rent abatements, but without regard to tenant improvement allowances and leasing commissions, and deducting base year operating expenses for gross and modified gross leases, unless otherwise specified, multiplied by 12 months divided by (ii) usable acreage under lease as of the end of the quarter. Rent abatements include rent credits that are granted from time to time in connection with unused tenant improvement allowances.

(4)Represents unleased space at redevelopment properties.

• We may be unable to identify, source or complete acquisitions on acceptable terms entirely.
• We may not be able to control the extent of warranties and indemnities we may be required to provide when disposing of properties.
• Property ownership through joint ventures and partnerships could limit control of those investments, which could adversely affect our ability to manage such properties and related business.
• We may not be able to effectively monitor the credit quality, or identify material changes in the credit quality, of tenants and/or their parent companies and guarantors, as applicable.
• We may own or invest in special use single tenant properties, and, as such, it may be difficult to re-lease or sell these properties, which could have a material adverse effect on us.
• We may not be able to produce reliable forecasts or forward-looking guidance due to limited resources, shorter lease terms and the credit profile of our tenants, which could weaken investor confidence, reduce our valuation, and have a material adverse effect on us.
• We depend on current key personnel for our future success, and the loss of such personnel or inability to attract and retain personnel could harm our business and the loss of services of one or more members of our executive management team, or our inability to attract and retain highly qualified personnel, could adversely affect our business, diminish our investment opportunities and weaken our business relationships with lenders, business partners, companies that may lease or guarantee our properties and other industry participants, any of which could have a material adverse effect on us.
• If global market and economic conditions deteriorate, including as a result of geopolitical conflicts, political uncertainties in the U.S. and volatility in credit and financial markets, it could have a material adverse effect on us.
• The outbreak of a highly infectious or contagious disease or declaration of a pandemic, epidemic or other health crises could have a material adverse effect on us.
• If we fail to maintain effective internal controls over financial reporting, we could severely inhibit our ability to accurately and timely report our financial condition, results of operations or cash flows, which in turn could have a material adverse effect on us.
• Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
• Our operating results will be affected by economic and regulatory changes, including changes in national, regional and/or local economic conditions, that have an adverse impact on the real estate market in general, and we cannot provide any assurance that we will be profitable or that we will realize growth in the value of the real estate we own and/or are invested in.
• If we suffer losses that are not covered by insurance or that are in excess of insurance coverage, it could have a material adverse effect on us.
• Costs of complying with governmental laws, ordinances and regulations, including those relating to environmental conditions, zoning, state and local fire and life safety requirements, the ADA and climate change, may have a material adverse effect on us.
• Our investment in industrial properties exposes us to extensive zoning, occupancy and land use regulations.
• Inability to effectively and rapidly adopt the use of artificial intelligence could have a material adverse effect on us, including on our ability to compete.
• If we sell properties by providing financing to purchasers, defaults by the purchasers could have a material adverse effect on us.
• We are subject to risks from climate change and natural disasters such as earthquakes and severe weather conditions.
• Risks Related to Debt Financing
• As of December 31, 2025, we had $485.9 million of indebtedness outstanding, which requires substantial cash flow to service, subjects us to risk of default, which could have a material adverse effect on us.
• Our unsecured credit facility and certain of our secured indebtedness contain, and any other future indebtedness we incur may contain, various restrictive covenants and the failure to comply with those covenants could have a material adverse effect on us.
• We may finance properties with prepayment lock-out provisions, which may prohibit us from selling such properties, require us to maintain specified debt levels for a period of years on such properties, and/or require us to spend additional capital in the form of prepayment penalties and defeasance costs in order to sell such properties.
• We have broad authority to incur debt, and our indebtedness could have a material adverse effect on us.
• We expect to need additional funding to fund future investments.
• We have incurred, and intend to continue to incur, indebtedness secured by our properties. If we are unable to make our debt payments when required, a lender could foreclose on the property or properties securing such debt, which could have a material adverse effect on us.
• Increases in interest rates could increase the amount of our debt payments and adversely affect our ability to pay dividends to shareholders or otherwise have a material adverse effect on us.
• Failure to hedge effectively against interest rate changes may adversely affect our business, financial condition, results of operations, ability to pay dividends to our shareholders or otherwise have a material adverse effect on us.
• U.S. Federal Income Tax Risks
• Failure to continue to qualify as a REIT would adversely affect our operations and our ability to pay dividends because we would incur additional tax liabilities, which could have a material adverse effect on us.
• To qualify as a REIT, and to avoid the payment of U.S. federal income and excise taxes and maintain our REIT status, we may be forced to borrow funds, use proceeds from the issuance of securities, or sell assets to pay dividends, which may result in our distributing amounts that may otherwise be used for our operations, which could have a material adverse effect on us.
• If certain of our subsidiaries, including our Operating Partnership, fail to maintain their respective statuses as a partnership or disregarded entity, as applicable, for U.S. federal income tax purposes, we could cease to qualify as a REIT and suffer other adverse consequences.
• In certain circumstances, even if we qualify as a REIT, we and our subsidiaries may be subject to certain federal, state, and other income taxes, which would reduce our cash available to pay dividends to our shareholders and could have a material adverse effect on us.
• The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions that would be treated as sales for U.S. federal income tax purposes.
• Complying with the REIT requirements may cause us to forgo otherwise attractive opportunities, which could have a material adverse effect on us.
• To the extent our dividends represent a return of capital for tax purposes, a shareholder could recognize an increased capital gain upon a subsequent sale of the shareholder’s common shares.
• Partnership tax audit rules could have a material adverse effect on us.
• Legislative or regulatory tax changes related to REITs could materially and adversely affect our business.
• Risks Related to Our Common Shares
• The price of our common shares may experience volatility. In addition, limited trading volume may depress the market price of our common shares and make it difficult for investors to sell their shares and less attractive to new investors to purchase our common shares.
• We may change our dividend policy.
• Our shareholders are subject to the risk that our business and operating plans may change.
• Increases in market interest rates may result in a decrease in the value of our common shares.
• The future issuance of common shares or the resale of outstanding common shares could adversely affect the market price of our common shares.
• Risks Related to Our Conflicts of Interest
• Conflicts of interest may exist or could arise in the future between the interests of our shareholders and the interests of holders of OP Units, which may impede business decisions that could otherwise have benefitted our shareholders.
• Certain of our executive officers own an interest in an incentive compensation plan controlled by our former Executive Chairman and pursuant to which they may be entitled to receive substantial payments, which could create the appearance of a conflict of interest between the interest of the Company and the interests of these executive officers.
• Risks Related to Our Corporate Structure
• Our declaration of trust contains certain ownership limits with respect to our shares.
• Certain provisions of Maryland law could inhibit changes in control, which may discourage third parties from conducting a tender offer or seeking other change of control transactions that might involve a premium price for our shares or that our shareholders might otherwise believe to be in their best interest.
• Our rights and the rights of our shareholders to recover claims against our officers and trustees are limited, which could reduce our shareholders’ and our recovery against them if they cause us to incur losses.
• Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain actions and proceedings that may be initiated by our shareholders.
• General Risks
• Cybersecurity risks and cyber incidents or the failure to comply with laws and regulations concerning data privacy and security may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and information technology systems, and/or damage to our business relationships, any of which could have a material adverse effect on us.
• Increased environmental, social and governance scrutiny and changing expectations from stakeholders may impose additional costs and expose us to new risks.
• We may be subject to litigation relating to our business, which could have a material adverse effect on us and could result in significant defense costs and potentially significant judgments against us.
• Risks Related to the Proposed Mergers
• The announcement and pendency of the transactions contemplated by the Merger Agreement may have an adverse effect on our business, financial condition and results of operations.
• The consummation of the proposed Mergers is subject to certain closing conditions, including, among others, the approval of the Company Merger by our shareholders, some or all of which may not be satisfied or completed within the expected timeframe, if at all.
• We may not complete the proposed Mergers within the timeframe anticipated or at all, which could adversely affect our business, financial condition, results of operations and the market price of our common shares.
• In certain instances, the Merger Agreement requires us to pay a termination fee to Parent, which could affect the decisions of a third party considering making an alternative acquisition proposal.
• We may be the target of securities class action and derivative lawsuits which could result in substantial costs and may delay or prevent the proposed Mergers from being completed.
• We have incurred and will incur a number of non-recurring costs associated with the proposed Mergers.