EX-99.2 4 brhc10050202_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

 Supplemental Information  Fourth Quarter 2022 
 

 Table of Contents  Page  Company Highlights  4  Financial Information  9  Debt & Capitalization  21  Leasing Activity & Asset Management  26  NAV Component Summary  29  Property Information  31  Portfolio Characteristics  36  Notes & Definitions  56  2 
 

 Company Highlights 
 

 High-Quality Portfolio of Office & Industrial Properties  Net-Leased to a Diversified Pool of Creditworthy Tenants6  $4.5B  Enterprise Value  81  Properties  19.9M  Square Feet  24  States  23%/59%/18%  Industrial/Office/ Other1  95.5%  Leased  7.1 Years  WALT2  61.5%  Investment Grade3  BBB-  Avg. Credit Rating4  2.0%  Avg. Annual Rent Escalations5  1 Based on annualized base rents. | 2 Leased percentage and WALT (Weighted Average Lease Term) calculations are based on annualized base rents. | 3 Ratings are of those tenants, guarantors and/or non-guarantor parents of tenants that have received ratings from a Nationally Recognized Statistical Rating Organization (“NRSRO”) approved by the U.S. Securities and Exchange Commission (e.g., Moody’s Investors Service, Inc., S&P Global Ratings and/or Fitch Ratings Inc.) or a non-NRSRO credit rating (e.g., a Bloomberg’s default risk rating) that management believes is generally equivalent to an NRSRO rating. | 4 Average credit rating of tenants, guarantors or non-guarantor parents that are rated by a third party. | 5 Weighted average rental increase is based on the remaining term of each lease, excluding leases that expire within one year. | 6 Peakstone Realty Trust has no affiliation, connection or association with and is not sponsored or approved by the tenants of its properties. Peakstone Realty Trust has not approved or sponsored its tenants or their products and services. All product and company names, logos and slogans are the trademarks or service marks of their respective owners.  Office Industrial  Company Snapshot  As of December 31, 2022  4 
 

 (Unaudited, USD in thousands)  Number of Properties  Economic Occupancy  Total Rentable Square Feet  WALT (years)  Annualized Base Rents  Investment Grade Credit  (% of Annualized  Base Rents)4  Industrial1  21  100.0 %  9,650,000  6.7 $  52,553  53.8 %  Office2   39 98.3 6,452,400 8.5 131,387 69.1   TOTAL / WEIGHTED AVERAGE INDUSTRIAL AND OFFICE   60 99.3 % 16,102,400 8.0 183,940 64.7 %  Other3   21 75.4 3,787,300 3.1 40,002 46.7   TOTAL / WEIGHTED AVERAGE PORTFOLIO5  81  94.8 %  19,889,700  7.1 $  223,942  61.5 %  4  1 The Industrial segment consists of high-quality, well-located industrial properties with modern specifications.  2 The Office segment consists of newer, high-quality, and business-essential office properties.  3 The Other segment consists of vacant and non-core properties, together with other properties in the same cross-collateralized loan pools. This segment includes properties that are either non-stabilized, leased to tenants with shorter lease terms or are being evaluated for repositioning, re-leasing or potential sale.  4 Ratings are of those tenants, guarantors and/or non-guarantor parents of tenants that have received ratings from a NRSRO approved by the U.S. Securities and Exchange Commission (e.g., Moody’s Investors Service, Inc., S&P Global Ratings and/or Fitch Ratings Inc.)  or a non-NRSRO credit rating (e.g., a Bloomberg’s default risk rating) that management believes is generally equivalent to an NRSRO rating.  5 Includes approximately 9K of square feet occupied by building amenities that do not generate net rents (e.g., health clubs and management offices).  Wholly Owned Portfolio  As of December 31, 2022 
 

 Leverage3  4  Leasing Activity  39.2%  Net Debt (Pro Rata Share) to Enterprise Value  $0.75  AFFO Per Share1, 3  ~100%  Rent Collections  $75.9 million  Total Revenues3  Liquidity2, 3  The Company signed one new lease totaling 98,000 square feet and one early seven year lease renewal for 226,000 square feet.  94.8%  Average Economic  Occupancy  Transaction Activity3  On December 22, 2022, the Company sold one property located in Birmingham, Alabama for total proceeds of approximately $33.3 million, less transaction costs and other credits, and recorded a loss of approximately $0.8 million.  On December 27, 2022, the Company sold a majority interest in five properties for a total proceeds of approximately $170.4 million, less transaction costs and other credits, and recorded a loss of approximately $43.0 million. In connection with the sale, the Company purchased additional interest in the unconsolidated joint venture.  1 Per share data represents basic and diluted, including the impact of the Company's one-for-nine reverse stock split.  2 See section "Debt & Capitalization" for liquidity calculation.  3 Unaudited.  4th Quarter 2022 Highlights  Net (Loss) Income Per  Share1, 3  $(6.34)  Leased  $436.0 million 95.5% 
 

 Subsequent Events Highlights  Subsequent to Year-Ended December 31, 2022 (Unaudited)  4  On January 6, 2023, the Company sold one property located in Irvine, California for a total proceeds of approximately $40.0 million, less closing costs and other credits, and recorded a gain of approximately $18.7 million.  On February 16, 2023, the Company sold one property located in Clinton, South Carolina for approximately $19.3 million, less closing costs and other credits, and recorded a gain of approximately $7.1 million.  On March 2, 2023, the Company sold one property located in Herndon, Virginia for approximately $110.3 million, less closing costs and other credits, and recorded a gain of approximately $4.8 million.  On March 6, 2023, the Company repaid the outstanding balance of $19.1 million related to the HealthSpring mortgage loan that was maturing in April 2023.  On March 21, 2023, the Company extended the maturity date, including extension options, of its revolving credit facility to January 2026, subject to, among other things, the Company completing a listing of its common shares on the New York Stock Exchange. In connection with the extension, the Company prepaid the outstanding principal balance ($400,000,000) of its 2024 Term Loan. 
 

 Financial Information 
 

 1 Includes shares of common stock and limited partnership units.  2 Includes approximately 9K of square feet occupied by building amenities (e.g., health clubs and management offices).  3 Includes impact of the Company's one-for-nine reverse stock split.  10  Selected Financial Data  (Unaudited, USD in thousands, except per share metrics)  12/31/2022  9/30/2022  For the Quarter Ended 6/30/2022  3/31/2022  12/31/2021  SELECTED FINANCIAL DATA  Net income per share  $  (6.34)  $  (3.08)  $  (2.00)  $  —  $  0.03  FFO per share - basic and diluted1  $  (3.09)  $  0.68  $  1.43  $  1.34  $  1.42  AFFO per share - basic and diluted1  $  0.75  $  1.08  $  1.57  $  1.41  $  1.52  Interest expense  $  16,501  $  24,283  $  22,366  $  21,666  $  21,425  Operating margin  78.9 %  76.0  %  78.2  %  77.5  %  76.1 %  Normalized EBITDAre  $  57,924  $  64,350  $  86,861  $  80,230  $  80,602  Adjusted EBITDA  $  42,553  $  67,968  $  84,151  $  77,046  $  81,706  WHOLLY OWNED PORTFOLIO STATISTICS  Rentable Square Feet 2  19,889,700  21,058,200  29,159,400  29,157,000  29,157,000  Economic Occupancy  94.8  %  95.1  %  92.7  %  93.4  %  93.8  %  Leased (based on portfolio square feet)  95.5  %  95.6  %  93.0  %  93.9  %  94.5  %  CAPITALIZATION  Outstanding Common Shares3  35,999,898  36,007,433  36,082,283  36,079,527  36,070,902  Weighted average number of common shares outstanding - basic and diluted3  35,999,203  36,081,363  36,079,905  36,071,465  36,022,888  Outstanding OP Units3  3,537,654  3,537,654  3,537,654  3,537,654  3,537,654  Series A Preferred Shares  5,000,000  5,000,000  5,000,000  5,000,000  5,000,000  Total Consolidated Debt  $ 1,489,803  $ 1,491,689  $ 2,536,910  $ 2,539,316  $ 2,541,515  Total Cash, Cash Equivalents and Restricted Cash  $ 237,944  $ 87,883  $ 222,293  $ 203,303  $ 186,140 
 

 Selected Financial Data (continued)  (Unaudited, USD in thousands, except per share metrics)  12/31/20221  9/30/20222  For the Quarter Ended 6/30/20222  3/31/20222  12/31/20211  REVENUES BY SEGMENT  Industrial  $  15,945  $  15,095  $  14,807  $  15,500  $  14,997  Office   45,643    72,128    93,494    85,846    88,307   Industrial and Office Total   61,588    87,223    108,301    101,346    103,304   Other   14,305    14,107    14,772    14,843    15,821   Total Revenues   $ 75,893    $ 101,330    $ 123,073    $ 116,189    $ 119,125   NOI BY SEGMENT  Industrial  $  13,564  $  13,389  $  13,111  $  13,413  $  13,173  Office   37,320    54,374    72,793    66,493    66,983   Industrial and Office Total   50,884    67,763    85,904    79,906    80,156   Other   8,998    9,291    10,307    10,168    10,523   Total NOI   $ 59,882    $ 77,054    $ 96,211    $ 90,074    $ 90,679   CASH NOI BY SEGMENT  Industrial  $  13,300  $  12,846  $  12,798  $  13,112  $  12,946  Office   32,723    52,782    70,903    64,537    65,604   Industrial and Office Total   46,023    65,628    83,701    77,649    78,550   Other   8,626    8,336    9,678    9,490    13,038   Total Cash NOI   $ 54,649    $ 73,964    $ 93,379    $ 87,139    $ 91,588   10  1See "Non-GAAP Financial Measures " on page 13 for reconciliations of NOI to Cash NOI for the periods 12/31/2022 and 12/31/2021.  2See "Notes and Definitions" on page 60 for reconciliations of NOI to Cash NOI for the interim periods 9/30/2022, 6/30/2022, and 12/31/2021. 
 

 Operating income  (28,706)  13,817  (48,634)  27,178  24,777  OTHER INCOME (EXPENSES)  Interest expense  (16,501)  (24,283)  (22,366)  (21,666)  (21,425)  Other income (loss), net  (181)  89  (54)  101  1,289  Extinguishment of debt  —  (13,249)  —  —  Net loss from investment in unconsolidated entities  (9,993)  —  —  —  —  Loss from disposition of assets, net  (43,767)  (95,513)  —  —  —  Goodwill impairment provision  (135,270)  —  —  —  —  Transaction expenses   (13,724)   (234)   (5,545)   (2,883)   (966)  NET (LOSS) INCOME  (248,142)  (119,373)  (76,599)  2,730  3,675  Distributions to redeemable preferred shareholders  (2,516)  (2,516)  (2,516)  (2,516)  (2,516)  Net loss (income) attributable to noncontrolling interests   22,071    10,710    6,952    (19)   (102)  Net (loss) income attributable to controlling interests  (228,587)  (111,179)  (72,163)  195  1,057  Distributions to redeemable noncontrolling interests attributable to common stockholders   (45)   (45)   (44)   (44)   (45)  NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS   $ (228,632)   $ (111,224)   $ (72,207)   $ 151    $ 1,012   NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS PER BASIC & DILUTED SHARE   $ (6.34)   $ (3.08)   $ (2.00)   $ —    $ 0.03   WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC & DILUTED   35,999,203    36,081,363    36,079,905    36,071,465    36,022,888   Consolidated Statement of Operations  (Unaudited, USD in thousands, except per share metrics)  12/31/2022  9/30/2022  For the Quarter Ended 6/30/2022  3/31/2022  12/31/2021  REVENUES  Rental income  $  75,893  $  101,330  $  123,073  $  116,189  $  119,125  OPERATING EXPENSES  Property operating expense  9,357  13,716  14,335  15,043  16,687  Property tax expense  6,065  9,737  11,482  10,033  10,708  Property management fees to non-affiliates  589  823  1,045  1,039  1,051  General and administrative expenses  11,706  9,772  8,892  9,523  10,350  Corporate operating expenses to affiliates  284  140  416  510  630  Depreciation and amortization  35,275  42,628  59,980  52,863  54,922  Real estate impairment provision   41,323    10,697    75,557    —    —   Total operating expenses   104,599    87,513    171,707    89,011    94,348   10 
 

 Consolidated Balance Sheet  (Unaudited, USD in thousands)  12/31/2022  9/30/2022  As of 6/30/2022  3/31/2022  12/31/2021  ASSETS  Cash and cash equivalents  $  233,180  $  75,838  $  202,655  $  184,209  $  168,618  Restricted cash  4,764  12,045  19,638  19,094  17,522  Real estate  Land  327,408  380,998  573,306  584,291  584,291  Building and improvements  2,631,965  2,865,548  4,029,828  4,107,554  4,104,782  Tenant origination and absorption cost  535,889  598,662  853,542  876,324  876,324  Construction in progress   1,994    2,795    4,581    3,081    4,763   TOTAL REAL ESTATE  3,497,256  3,848,003  5,461,257  5,571,250  5,570,160  Less accumulated depreciation and amortization   (644,639)   (682,814)   (1,066,176)   (1,044,790)   (993,323)  Total Real estate, net  2,852,617  3,165,189  4,395,081  4,526,460  4,576,837  Investments in unconsolidated entities  178,647  194,485  —  —  —  Intangible assets, net  33,861  35,281  40,179  41,784  43,100  Deferred rent  79,572  81,156  111,507  112,195  108,896  Deferred leasing costs, net  26,507  26,268  48,835  43,422  44,505  Goodwill  94,678  229,948  229,948  229,948  229,948  Due from affiliates  —  226  226  276  271  Right of use asset  35,453  35,894  39,997  40,362  39,482  Interest rate swap asset  41,404  42,724  21,905  17,133  3,456  Other assets  31,877  35,347  39,045  35,435  40,382  Real estate assets and other assets held for sale, net   20,816    —    —    —    —   TOTAL ASSETS   $ 3,633,376    $ 3,934,401    $ 5,149,016    $ 5,250,318    $ 5,273,017   10 
 

 Consolidated Balance Sheet (continued)  (Unaudited, USD in thousands)  12/31/2022  9/30/2022  As of 6/30/2022  3/31/2022  12/31/2021  LIABILITIES AND EQUITY  Debt, net  $  1,485,402  $  1,486,783  $  2,529,228  $  2,531,067  $  2,532,377  Restricted reserves  627  7,150  8,417  8,465  8,644  Interest rate swap liability  —  —  —  4,926  25,108  Distributions payable  12,402  12,111  12,078  12,393  12,396  Due to affiliates  1,458  1,636  1,690  2,532  2,418  Intangible liabilities, net  20,658  22,989  27,420  29,175  30,626  Lease liability  46,519  46,598  52,244  52,088  50,896  Accrued expenses and other liabilities   80,175    85,096    110,815    103,669    109,121   TOTAL LIABILITIES  1,647,241  1,662,363  2,741,892  2,744,315  2,771,586  Perpetual convertible preferred shares  125,000  125,000  125,000  125,000  125,000  Noncontrolling interests subject to redemption  3,812  3,812  4,671  4,671  4,768  STOCKHOLDERS’ EQUITY  Common Stock  36  325  325  325  36  Additional paid-in capital  2,948,600  2,952,618  2,954,932  2,953,256  2,952,261  Cumulative distributions  (1,036,678)  (1,007,957)  (979,028)  (950,635)  (922,562)  Accumulated earnings  (269,926)  (41,293)  69,927  142,134  141,983  Accumulated other comprehensive loss   40,636    40,097    21,078    12,204    (18,708)  TOTAL STOCKHOLDERS’ EQUITY  1,682,668  1,943,790  2,067,234  2,157,284  2,153,010  Noncontrolling interests   174,655    199,436    210,219    219,048    218,653   TOTAL EQUITY   1,857,323    2,143,226    2,277,453    2,376,332    2,371,663   TOTAL LIABILITIES AND EQUITY   $ 3,633,376    $ 3,934,401    $ 5,149,016    $ 5,250,318    $ 5,273,017   10 
 

 For the Quarter Ended 12/31/2022  For the Quarter Ended 12/31/2021  (Unaudited, USD in thousands)  Industrial  Office  Industrial and Office Total  Other  Total Portfolio  Industrial  Office  Industrial and Other Total  Other  Total Portfolio  Revenue  $  15,945 $  45,643  $ 61,588  $ 14,305  $ 75,893  Operating Property Expense  (1,083)  (5,071)  (6,154)  (3,203)  (9,357)  Property Tax Expense  (1,235)  (2,940)  (4,175)  (1,890)  (6,065)  Management Fees (Non-Affiliate)   (63)   (312)  (375)   (214)  (589)  TOTAL NOI  13,564  37,320  50,884  8,998  59,882  NON-CASH ADJUSTMENTS:  Straight Line Rent  (135)  (4,784)  (4,919)  264  (4,655)  In-Place Lease Amortization  (93)  (702)  (795)  (128)  (923)  Deferred Termination Income  (36)  —  (36)  (508)  (544)  Deferred Ground Lease  —  433  433  —  433  Other Intangible Amortization  —  377  377  —  377  Inducement Amortization   —    79   79   —   79  TOTAL CASH NOI   $ 13,300    $ 32,723   $ 46,023   $   8,626   $ 54,649  $ 14,997  $ 88,307  $ 103,304  $ 15,821  $ 119,125  (716)  (12,752)  (13,468)  (3,219)  (16,687)  (1,045)  (7,819)  (8,864)  (1,844)  (10,708)   (63) (753)  (816)   (235)  (1,051)  13,173  66,983  80,156  10,523  90,679  (139)  (2,640)  (2,779)  141  (2,638)  (88)  (199)  (287)  (404)  (691)  —  498  498  2,779  3,277  —  516  516  (1)  515  —  377  377  —  377   —    69   69   —   69   $ 12,946    $ 65,604   $ 78,550   $   13,038   $ 91,588  Non-GAAP Financial Measures  10  NOI and Cash NOI Quarter Ended 
 

 For the Year Ended 12/31/2022  For the Year Ended 12/31/2021  (Unaudited, USD in thousands)  Industrial  Office  Industrial and Office Total  Other  Total Portfolio  Industrial  Office  Industrial and Office Total  Other  Total Portfolio  Revenue  $  61,347 $  297,110  $ 358,457  $ 58,028  $ 416,485  Operating Property Expense  (3,319) (38,200)  (41,519)  (10,932)  (52,451)  Property Tax Expense  (4,299) (25,593)  (29,892)  (7,425)  (37,317)  Management Fees (Non-Affiliate)   (252) (2,350)  (2,602)   (894)  (3,496)  TOTAL NOI  53,477 230,967  284,444  38,777  323,221  NON-CASH ADJUSTMENTS:  Straight Line Rent  (1,018) (12,207)  (13,225)  634  (12,591)  In-Place Lease Amortization  (369) (1,346)  (1,715)  (490)  (2,205)  Deferred Termination Income  (39) —  (39)  (2,779)  (2,818)  Deferred Ground Lease  — 1,945  1,945  6  1,951  Other Intangible Amortization  — 1,495  1,495  —  1,495  Inducement Amortization   — 537   537   —   537  TOTAL CASH NOI   $ 52,051 $ 221,391   $ 273,442   $   36,148   $ 309,590  $ 59,320  $ 340,265  $ 399,585  $ 60,287  $ 459,872  (3,197)  (47,027)  (50,224)  (11,035)  (61,259)  (3,734)  (30,073)  (33,807)  (7,441)  (41,248)   (266) (2,910)  (3,176)   (890)  (4,066)  52,123  260,255  312,378  40,921  353,299  (1,700)  (12,171)  (13,871)  312  (13,559)  (343)  (231)  (574)  (749)  (1,323)  —  —  —  2,779  2,779  —  2,066  2,066  (5)  2,061  —  1,252  1,252  1  1,253   —    278   278   —   278   $ 50,080    $ 251,449   $ 301,529   $   43,259   $ 344,788  Non-GAAP Financial Measures (continued)  10  NOI and Cash NOI Year Ended 
 

 1 The decrease in same store quarter-to-date Cash NOI of $5.7 million is primarily driven by a $3.2 million decrease in cash termination income quarter over quarter.  Non-GAAP Financial Measures (continued)  For the Quarter Ended For the Year Ended  (Unaudited, USD in thousands)  12/31/2022  12/31/2021  12/31/2022  12/31/2021  CASH NOI ALLOCATION  Industrial  $  13,300  $  12,946  $  52,051  $  50,080  Office   32,723    65,604    221,391    251,449   Industrial and Office Total   $ 46,023    $ 78,550    $ 273,442    $ 301,529   Other   8,626    13,038    36,148    43,259   TOTAL CASH NOI   $ 54,649    $ 91,588    $ 309,590    $ 344,788   SAME STORE CASH NOI ADJUSTMENTS  Recently acquired properties  —  —  (56,044)  (45,360)  Recently disposed properties  (3,960)  (35,117)  (93,296)  (140,269)  Operating Partnership   10    5    32    27   TOTAL SAME STORE CASH NOI ADJUSTMENTS   (3,950)    (35,112)   (149,308)    (185,602)  TOTAL SAME STORE CASH NOI   $ 50,699    $ 56,476    $ 160,282    $ 159,186   SAME STORE CASH NOI  Industrial  $  13,298  $  12,982  $  48,734  $  47,648  Office   28,763    30,443    77,743    70,028   Industrial and Office Total   $ 42,061    $ 43,425    $ 126,477    $ 117,676   Other   8,638    13,051    33,805    41,510   TOTAL SAME STORE CASH NOI   $ 50,699    $ 56,476    $ 160,282    $ 159,186   Change in Same Store Cash NOI ($)1  $ (5,777)  $ 1,096  Change in Same Store Cash NOI (%)1  (10.2)%  0.7 %  NUMBER OF SAME STORE PROPERTIES  81  63  TOTAL SAME STORE SQUARE FEET  19,889,600  16,853,900  SAME STORE ECONOMIC OCCUPANCY  94.8 %  93.9 %  10  Same Store NOI and Cash NOI 
 

 FFO  $  (119,478)  $  29,561  $  59,027  $  55,681  $  58,687  Distribution to redeemable preferred shareholders   (2,515)   (2,516)   (2,516)   (2,516)   (2,516)  FFO attributable to common stockholders and limited partners   $ (121,993)   $ 27,045    $ 56,511    $ 53,165    $ 56,171   Reconciliation of FFO to AFFO:  FFO attributable to common stockholders and limited partners  $  (121,993)  $  27,045  $  56,511  $  53,165  $  56,171  Revenues in excess of cash received, net  (5,199)  (3,521)  (3,389)  (3,298)  639  Amortization of share-based compensation  3,433  2,698  1,685  1,757  1,752  Deferred rent - ground lease  433  490  511  517  516  Amortization of above/(below) market rent, net  (923)  (436)  (432)  (414)  (691)  Unrealized loss (gain) on investments  15  22  68  90  (5)  Amortization of debt premium/(discount), net  103  103  102  101  103  Amortization of below tax benefit amortization  377  377  372  368  377  Amortization of ground leasehold interests  (98)  (95)  (90)  (89)  (91)  Amortization of deferred financing costs  993  920  840  791  809  Company's share of amortization of deferred financing costs- unconsolidated entity  3,740  —  —  —  —  Amortization of lease inducements  79  105  284  69  69  Company's share of revenues in excess of cash received (straight-line rents) - unconsolidated entity  (257)  —  —  —  —  Company's share of amortization of above market rent - unconsolidated entity  (58)  —  —  —  —  Write-off of transaction costs  —  —  10  18  3  Write-off of reserve liability  —  —  —  —  (1,166)  Employee separation expense  —  —  2  70  777  Loss on debt breakage costs — write-off of deferred financing costs  —  1,771  —  —  —  Transaction expenses  13,724  234  5,545  2,883  966  Impairment provision, goodwill  135,270  —  —  —  —  Debt breakage costs   —    13,249    —    —    —   AFFO available to common stockholders and limited partners   $ 29,639    $ 42,962    $ 62,019    $ 56,029    $ 60,229   FFO per share, basic and diluted   $ (3.09)   $ 0.68    $ 1.43    $ 1.34    $ 1.42   AFFO per share, basic and diluted   $ 0.75    $ 1.08    $ 1.57    $ 1.41    $ 1.52   10  Non-GAAP Financial Measures (continued)  FFO and AFFO  (Unaudited, USD in thousands, except per share metrics)  12/31/2022  9/30/2022  For the Quarter Ended  6/30/2022  3/31/2022  12/31/2021  Reconciliation of Net Income to Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)  GAAP NET (LOSS) INCOME  $  (248,142)  $  (119,373)  $  (76,599)  $  2,730  $  3,675  Depreciation of building and improvements  22,336  26,268  32,494  32,093  33,035  Amortization of leasing costs and intangibles  13,037  16,456  27,575  20,858  21,977  Impairment provision, real estate  41,323  10,697  75,557  —  —  Equity interest of depreciation of building and improvements - unconsolidated entities  4,643  —  —  —  —  Loss from disposition of assets, net  43,767  95,513  —  —  —  Company's share of loss on sale of unconsolidated entity   3,558    —    —    —    —  
 

 Non-GAAP Financial Measures (continued)  EBITDA, EBITDAre, Normalized EBITDAre & Adjusted EBITDA (per the credit facility)  (Unaudited, USD in thousands)  12/31/2022  9/30/2022  For the Quarter Ended  6/30/2022  3/31/2022  12/31/2021  Reconciliation of Net (loss) income to EBITDAre  Net (loss) income  $  (248,142)  $  (119,373)  $  (76,599)  $  2,730  $  3,675  Interest  16,501  24,283  22,366  21,666  21,425  Depreciation and amortization   35,275    42,628    59,980    52,863    54,922   EBITDA  (196,366)  (52,462)  5,747  77,259  80,022  Loss on sales of real estate, net  43,767  95,513  —  —  —  Extinguishment of debt  —  13,249  —  —  —  (Gain)/loss on investment in unconsolidated entity  9,993  —  —  —  —  Impairment provision, real estate  41,323  10,697  75,557  —  —  Proportion share of adjustments for unconsolidated entities   5,121    —    —    —    —   EBITDAre  (96,162)  66,997  81,304  77,259  80,022  Adjustment for acquisitions and dispositions  (2,578)  (2,881)  —  —  —  Write-off of transaction costs  —  —  10  18  3  Employee separation expense  —  —  2  70  777  Write-off of reserve liability  —  —  —  —  (1,166)  Adjustment for joint venture acquisition  7,670  —  —  —  —  Impairment provision, goodwill  135,270  —  —  —  —  Transaction expenses   13,724    234    5,545    2,883    966   Normalized EBITDAre  57,924  64,350  86,861  80,230  80,602  Reconciliation of Normalized EBITDAre to Adjusted EBITDA (per the credit facility)  Amortization of deferred financing costs  993  2,691  840  791  809  Amortization of debt premium/(discount), net  103  103  102  101  103  Amortization of above/(below) market rent, net  (923)  (436)  (432)  (414)  (690)  Amortization of other Intangibles  377  377  372  331  377  Income taxes  174  251  142  368  338  Property management fees to non-affiliates  589  823  1,045  1,039  1,051  Deferred rent  (4,765)  (3,031)  (2,879)  (2,782)  1,154  Adjustment to Interest  (1,096)  613  (932)  (1,636)  (1,071)  Adjustment for write-off of transaction costs  —  —  (10)  (18)  (3)  Adjustment for unconsolidated joint venture  (12,791)  —  —  —  —  Reversal of adjustment for acquisitions and dispositions  2,578  2,881  —  —  —  Less: Capital reserves   (610)   (654)   (958)   (964)   (964)  Adjusted EBITDA (per the credit facility)   $ 42,553    $ 67,968    $ 84,151    $ 77,046    $ 81,706   10 
 

 Industrial  $  358  0.6 %  $  —  — %  $  —  — %  $  —  — %  $  52  0.1 %  Office   776 1.3    409 0.6    882 0.9    1,082 1.2    1,230 1.4   Total Industrial and Office   $ 1,134 1.9 %   $ 409 0.6 %   $ 882 0.9 %   $ 1,082 1.2 %   $ 1,282 1.5 %  Other   12 —    2 —    — —    1 —    450 0.4   Total Maintenance Capital Expenditures   $ 1,147 1.9 %   $ 411 0.6 %   $ 882 0.9 %   $ 1,083 1.2 %   $ 1,732 1.9 %  Value Enhancing Expenditures by segment:  Industrial  $  —  — %  $  5,879  7.9 %  $  8  — %  $  2  — %  $  —  — %  Office   1,799 3.0    — —    2,714 2.8    414 0.5    286 0.3   Total Industrial and Office   $ 1,799 3.0 %   $ 5,879 7.9 %   $ 2,722 2.8 %   $ 416 0.5 %   $ 286 0.3 %  Other   548 0.9    1,926 2.6    — —    781 0.9    106 0.1   Total Value Enhancing Expenditures   $ 2,347 3.9 %   $ 7,727 10.5 %   $ 2,722 2.8 %   $ 1,197 1.4 %   $ 391 0.4 %  Total Capital Expenditures   $ 3,494 5.8 %   $ 8,138 11.1 %   $ 3,604 3.7 %   $ 2,280 2.6 %   $ 2,123 2.3 %  10  Capital Expenditures Summary (Cash Basis)  (Unaudited, USD in thousands)  12/31/2022  % of NOI1  9/30/2022  % of NOI1  For the Quarter Ended 6/30/2022 % of NOI1  3/31/2022  % of NOI1  12/31/2021  % of NOI1  Maintenance Capital Expenditures by segment:  1 Represents percentage of capital expenditures compared to segment NOI 
 

 Debt & Capitalization 
 

 1 Excludes the impact of fixed-rate swaps. | 2 Represents the SOF rate as of 12/31/22, plus spread of 1.40% (Term Loans) or 1.45% and 0.1% index. (Revolver Loan). The SOF rate as of December 31, 2022 (effective date) was 4.30%, which is included in the rates. As of 9/28/22, the Secured Overnight Financing Rate ("SOFR") replaced LIBOR as the applicable reference rate for our variable rate debt. | 3 The revolving loan has a maturity date of September 30, 2023 and can be extended by a series of additional three month extension options (December 30, 2023, March 30, 2024 and June 30, 2024, respectively) which can be utilized if certain conditions are met and upon payment of an extension fee. | 4 Common equity: 35,999,898 shares and OP Units: 3,537,654 @ $66.78 NAV per share (reflects the Company's one-for-nine reverse stock split). | 5 Percentage of floating-rate debt includes impact of fixed-rate swaps. | 6 Total outstanding balance Includes one letter of credit for approximately $2.4 million. | 7 Net debt is presented since PKST has no obligation to contribute capital to the unconsolidated joint venture and has no guarantee requirement related to the debt of the unconsolidated joint venture.  Net Debt (pro rata share) + Series A Preferred Equity  / TEV  41.9 %  Consolidated Debt less cash and cash equivalents /  Total  Gross Real  Estate  35.6 %  Net Debt / Adjusted EBITDA 7.4x  Net Debt + Series A Preferred Equity / Adjusted EBITDA 8.1x  Net Debt (pro rata share) / Normalized EBITDAre 7.7x  Net Debt (pro rata share) + Series A Preferred Equity / Normalized EBITDAre 8.2x  Unsecured Debt / TEV 20.9 %  Unsecured properties / Total properties (based on net rents) 58.3 %  Unsecured properties / Total properties (based on acquisition price) 64.9 %  Percentage of Floating-Rate Debt  5  13.4 %  Total Enterprise Value Debt Ratios  Rate1 Term1 Net Debt (pro rata share) / TEV  39.2 %  Liquidity  TOTAL REVOLVER BORROWING BASE COMMITMENTS $ 1,155,208  SECURED DEBT  Fixed-Rate Mortgages  4.48%  4.37  $ 539,803  Total Secured Debt  539,803  UNSECURED DEBT 2  2024 Term Loan  5.80%  1.3  400,000  2025 Term Loan  5.80%  3.0  400,000  2026 Term Loan  5.80%  3.3  150,000  Revolver Loan 3  5.85%  1.8  —  Total Unsecured Debt  950,000  TOTAL CONSOLIDATED DEBT  1,489,803  Less: Cash & cash equivalents - excl. restricted (233,180)  NET DEBT7  1,256,621  Unconsolidated Debt - pro rata share  525,704  NET DEBT (PRO RATA SHARE)  1,782,325  Series A Preferred Equity  125,000  Common Equity & OP Units 4  2,640,318  TOTAL ENTERPRISE VALUE (TEV)   $ 4,547,643   Borrowing base availability (60% leverage)  $ 1,155,208  Outstanding - term loan 6  (950,000)  Outstanding - letters of credit 6  (2,358)  REVOLVER REMAINING AVAILABLE CAPACITY   $ 202,850   Cash and cash equivalents (excl. restricted)  $ 233,180  Revolver remaining capacity  202,850  TOTAL LIQUIDITY   $ 436,030   Market Capitalization & Liquidity Overview  21  As of December 31, 2022  (Unaudited, USD in thousands) 
 

 12/31/2022  9/30/2022  As of 6/30/2022  3/31/2022  12/31/2021  (Unaudited, USD in thousands)  SECURED FIXED-RATE DEBT  Mortgage borrowings on wholly owned portfolio $ 539,803 $ 541,689 $ 1,013,410 $ 1,015,816 $ 1,018,015   Total Secured Fixed-Rate Debt 539,803 541,689 1,013,410 1,015,816 1,018,015  UNSECURED FLOATING-RATE DEBT  Revolving Credit Facility:  Revolver Loan  —  —  373,500  373,500  373,500  2023 Term Loan  —  —  200,000  200,000  200,000  2024 Term Loan  400,000  400,000  400,000  400,000  400,000  2025 Term Loan  400,000  400,000  400,000  400,000  400,000  2026 Term Loan   150,000 150,000 150,000 150,000 150,000   Total Unsecured Floating-Rate Debt   950,000 950,000 1,523,500 1,523,500 1,523,500   TOTAL CONSOLIDATED DEBT   $ 1,489,803 $ 1,491,689 $ 2,536,910 $ 2,539,316 $ 2,541,515   Net Debt (pro rata share) to Enterprise Value ratio  39.2 %  40.4 %  45.7 %  41.1 %  41.3 %  Fixed charge coverage (pro rata share)1  2.0x  2.2x  3.4x  3.3x  3.1x  Fixed charge coverage (consolidated)  2.2x  2.2x  3.4x  3.3x  3.1x  Unsecured leverage ratio  20.9 %  21.0 %  30.0 %  26.6 %  26.5 %  Interest coverage ratio (pro rata share)1  2.2x  2.7x  3.9x  3.9x  4.0x  Interest coverage ratio (consolidated)  2.8x  2.7x  3.9x  3.9x  4.0x  21  1Joint venture reporting commenced in Q4'22 due to Office Joint Venture forming in Q3'22 and one quarter reporting lag.  Debt Summary 
 

 (Unaudited, USD in thousands)  Collateral  SECURED DEBT  Interest Rate  Maturity Date  Outstanding Balance  INDUSTRIAL AND OFFICE  HealthSpring4  4.18%  4/6/2023  $  19,107  Samsonite  6.08%  9/1/2023  17,998  Pepsi Bottling Ventures Loan  3.69%  10/1/2024  17,836  BOA/KeyBank Loan 1  4.32%  5/1/2028   250,000   Total Industrial and Office 304,941   OTHER  Highway 94 Loan  3.75%  8/1/2024  $  12,740  AIG Loan II 2  4.15%  11/1/2025  122,328  AIG Loan 3  4.96%  2/1/2029   99,794   Total Other 234,862   Total Consolidated Secured Debt $ 539,803   1 The BOA KeyBank portfolio includes the following properties: IGT, 3M, Amazon, and Southern Company.  2 The AIG II portfolio includes the following properties: Owens Corning, Westgate II (Wood Group), Administrative Offices of the Pennsylvania Courts, Wyndham Worldwide, MGM Corporate Center, and Hitachi Astemo  3 The AIG portfolio includes the following properties: Northrop Grumman, Schlumberger, Raytheon Technologies, Avnet, and 30 Independence.  4 On March 6, 2023, the Company repaid the outstanding balance of $19.1 million related to the HealthSpring mortgage loan that was maturing in April 2023.  21  Secured Debt Schedule  As of December 31, 2022 
 

 $37,105  $—  $430,576  $522,328  $99,794  2023  2024  2025  2026  2027  2028  2029  (Unaudited, USD in thousands)  Statistics (Including Effect of Swaps)  Fixed  Floating  Total  Amount  $1,289,803  $200,000  $1,489,803  Percentage of Total Debt  87%  13%  100%  W.A. Term Remaining (Yrs)  3.1  3.0  3.1  W.A. Interest Rate (%)  4.0%  5.9%  4.1%  7  $250,000  8  $122,3284  $400,0005  $400,000(A)  1  12,740 2  17,836 3  Debt Maturity Schedule (Including Effect of Interest Rate Swaps) As of December 31, 2022  $150,0006  (A)  9 9  2024 Term Loan 2025 and 2026 Term loans Mortgage loans (Industrial and Office) Mortgage loans (Other) Revolver  1 Represents the Samsonite and HealthSpring (paid off subsequent to year-end) mortgage loans. | 2 Represents the Highway 94 loan. | 3 Represents the Pepsi Bottling Ventures mortgage loan. | 4 Represents the AIG II mortgage loan. | 5 Represents the 2025 Term Loan.  | 6 Represents the 2026 Term Loan. | 7 Represents the BOA/KeyBank Loan. | 8 Represents the AIG Loan. | 9 Principal repayments on the individual mortgages do not include the net debt premium/(discount) of $0.24 million and deferred financing costs of $(4.6) million.  (A): Subsequent to year-end, the Company extended the maturity date, including extension options, of its revolving credit facility to January 2026 and prepaid its $400 million 2024 Term Loan by drawing on the revolving credit facility.  21 
 

 Leasing Activity & Asset Management 
 

 NEW LEASES  530 Great Circle Road  Nashville, TN  1/1/2024  12/31/2038   — 2   98,352    $ 21.59 $ 76.97 $ 21.50 $ 18.22 18 %  New leases total / weighted average   —    98,352    $ 21.59 $ 76.97 $ 21.50 $ 18.22 18 %  RENEWAL LEASES  Wood Group  Houston, TX  1/1/2027  12/31/2033   7.0    226,287    $ 10.39 $ 40.00 $ 26.50 $ 26.55 — %  Total renewal (office) - leases/weighted average   7.0    226,287    $ 10.39 $ 40.00 $ 26.50 $ 26.55 — %  NEW AND RENEWAL LEASES  Tenant / Property  Location  New Lease Start New Lease Date Expiration Date  Term (Yrs)  Square Feet  Leasing Commissions $/ SF  Tenant Improvement  $/SF  Starting Net Rent/ SF  Prior Net Rent/  SF1  Net Rent Change From Prior Lease  OFFICE LEASING  INDUSTRIAL LEASING  NEW LEASES  None  New leases total / weighted average  RENEWAL LEASES  None  Total renewal (industrial) - leases/weighted average   Total / weighted average 9.4 324,639 $ 13.78 $ 51.20 $ 24.99 $ 24.03 4 %  Tenant  26  Location  TERMINATIONS/CONTRACTIONS  Previous Lease Expiration Date Termination Date  Square Feet  Termination Income  None  1 Prior Net Rents/SF from new leases represent the rents of the previous in place tenant.  2 Lease restricts certain disclosures.  Leasing Activity - Executed Leases  For the Quarter-Ended December 31, 2022 
 

 1 Occupancy changes reflect leasing activity commencing during the quarter.  2 Expiring square footage includes square footage for tenants who have signed renewal leases.  3 Retention rate: Renewal leases divided by expiring square footage.  26  For the Quarter-Ended  12/31/2022  9/30/2022  6/30/2022  3/31/2022  12/31/2021  PORTFOLIO SQUARE FOOTAGE CHANGES  Total square feet at beginning of period  21,057,700  29,159,000  29,157,000  29,157,000  29,157,000  Acquisitions  —  —  —  —  —  Dispositions  (1,168,700)  (8,101,300)  —  —  —  Remeasurements / other   700    —    2,000    —    —   Total square feet at end of period   19,889,700    21,057,700    29,159,000    29,157,000    29,157,000   OCCUPANCY CHANGES 1  Occupied square feet beginning of period / Occupancy Rate 20,030,200  /  95.1 %  27,023,400 /  92.7 %  27,223,000  /  93.4 %  27,340,800 /  93.8 %  27,525,200  /  94.4 %  Expirations:  Expiring square footage —  (453,200)  (335,200)  (83,600)  (184,400)  2  Lease terminations   (70,300)   (32,000)   (135,030)   (124,400)   (7,500)  Total expirations  (70,300)  (485,200)  (470,230)  (208,000)  (191,900)  Leases commencing:  Renewal leases  —  —  72,200  6,100  —  2  New leases  58,800  362,100  190,900  84,100  —  Expansion leases  —  —  7,500  —  7,500  Other   —    —    —    —    —   Total leasing activity  58,800  362,100  270,600  90,200  7,500  Occupied acquired square feet  —  —  —  —  —  Occupied disposed square feet   (1,169,400)   (6,870,100)   —    —    —   Total occupancy activity from acquisitions & dispositions  (1,169,400)  /  100 %  (6,870,100)  —  —  —  Other occupancy activity   700    —    —    —    —   Total occupancy activity   (1,180,200)   (6,993,200)   (199,630)   (117,800)   (184,400)  Occupied square feet at end of period / Occupancy Rate   18,850,000   /  94.8 %   20,030,200 /  95.1 % 27,023,400 /  92.7 % 27,223,000 /  93.4 % 27,340,800   /  93.8 %  Retention3  —%  —%  22%  7%  —%  Leasing Activity – Economic Occupancy Summary 
 

 NAV Component Summary 
 

 29  Annualized Base Rents  Balance Sheet Components (cont'd)  ABR  Percentage of Leased Square Feet  LIABILITIES  Industrial  Revolving credit facility and term loans1  $  950,000  Investment grade $ 28,253 27.0 %  Mortgages payable1  540,000  WHOLLY OWNED PORTFOLIO   $ 223,942    95.5 %  Balance Sheet Components  Real Estate Net Book Value  NON-OPERATING, NON-COMMERCIAL REAL ESTATE ASSETS  REAL ESTATE NET BOOK VALUE  Sub-investment grade  17,302  14.4  Accrued tenant improvements  620  Unrated credit   6,998    7.2   Prepaid tenant rent  12,399   52,553    48.6   Real estate taxes payable  6,296  Office  Restricted reserves  627  Investment grade  90,848  22.0  Deferred compensation  8,913  Sub-Investment grade  34,444  9.0  Distributions payable  12,402  Unrated credit   6,095    1.5   Interest payable  13,654  131,387  32.4  Other liabilities   25,950         TOTAL LIABILITIES   $ 1,570,861   Industrial and Office Total   $ 183,940    81.0 %  SERIES A PREFERRED SHARES  $ 125,000  Other  Investment grade  $ 18,698  9.6 %  COMMON SHARES + OP UNITS OUTSTANDING  39,538,000  Sub-investment grade  19,922  4.6  Unrated credit   1,382    0.3    $ 40,002    14.5 %  Cash and cash equivalents  $ 233,180  Industrial  $ 637,298  Restricted cash  4,764  Office   1,735,181   Construction in progress  1,994  Industrial and Office Total   2,372,479   Investments in unconsolidated entities  178,647  Other   512,873   Goodwill/operating company  94,678  WHOLLY OWNED PORTFOLIO   $ 2,885,352   Cash - surrender value (DCP)  12,442  Tenant rent receivable  1,814  Prepaid insurance  2,744  Swap assets  41,404  Other assets   14,877   TOTAL NON-OPERATING, NON-COMMERCIAL REAL ESTATE ASSETS   $ 586,544   1 Excludes debt premium and deferred financing costs.  NAV Components  As of December 31, 2022  (Unaudited, USD in thousands) 
 

 Property Information 
 

 3  Industrial  3M  1650 Macom Drive  Chicago  IL  978,100  Single Tenant  100.0 %  Warehouse  2016  3.8  2.2 %  4  Industrial  Samsonite  10480 Yeager Road  Jacksonville  FL  817,700  Single Tenant  100.0 %  Warehouse  2008  1.9  1.8 %  5  Industrial  Shaw Industries  445 Northport Parkway  Savannah  GA  1,001,500  Single Tenant  100.0 %  Warehouse  2018  10.3  1.5 %  6  Industrial  PepsiCo  8060 State Road 33 North  Tampa  FL  605,400  Single Tenant  100.0 %  Warehouse  2018  5.6  1.4 %  7  Industrial  Amcor  975 West Main Street  Cleveland  OH  586,700  Single Tenant  100.0 %  Manufacturing  1997  9.8  1.2 %  8 Industrial Amazon (Arlington Heights) 1455 West Cellular Drive Chicago IL 182,900 Single Tenant 100.0 % Warehouse 2020 — 4 1.1 %  9 Industrial  Fox Head 5  16752 Armstrong Avenue  Irvine  CA  81,600  Single Tenant  100.0 %  Industrial/R&D  2012  5.0  1.0 %  10 Industrial  Renfro 6  1702 Springdale Drive  Clinton  SC  566,600  Single Tenant  100.0 %  Warehouse  1986  0.5  1.0 %  11 Industrial  Pepsi Bottling Ventures  390 Business Park Drive  Winston-Salem  NC  526,300  Single Tenant  100.0 %  Warehouse  2008  9.6  0.8 %  12 Industrial  Roush Industries  333/777 Republic Drive  Detroit  MI  169,200  Single Tenant  100.0 %  Industrial/R&D  2000  5.9  0.7 %  13 Industrial  Berry Global  1515 Franklin Boulevard  Chicago  IL  193,700  Single Tenant  100.0 %  Manufacturing  2003  10.0  0.7 %  14 Industrial  OceanX  6390 Commerce Court  Columbus  OH  312,000  Single Tenant  100.0 %  Warehouse  2015  6.6  0.7 %  15 Industrial  Atlas Copco  3301 Cross Creek Parkway  Detroit  MI  120,000  Single Tenant  100.0 %  Industrial/R&D  2014  2.8  0.6 %  16 Industrial  Huntington Ingalls (500 W. Park Lane)  500 West Park Lane  Hampton Roads  VA  258,300  Single Tenant  100.0 %  Warehouse  1999  5.0  0.6 %  17 Industrial  Huntington Ingalls (300 W. Park Lane)  300 West Park Lane  Hampton Roads  VA  257,200  Single Tenant  100.0 %  Warehouse  2000  5.0  0.6 %  18 Industrial  ZF WABCO  8225 Patriot Boulevard  Charleston  SC  145,200  Single Tenant  100.0 %  Warehouse  2016  10.7  0.5 %  19 Industrial  TransDigm  110 Algonquin Parkway  Northern New Jersey  NJ  114,300  Single Tenant  100.0 %  Manufacturing  1986  5.3  0.5 %  20 Industrial  Hopkins  428 Peyton Street  Emporia  KS  320,800  Single Tenant  100.0 %  Manufacturing  2000  14.0  0.4 %  21 Industrial  Fidelity Building Services  25 Loveton Circle  Baltimore  MD   54,800   Single Tenant   100.0 %  Industrial/R&D  1981   12.0    0.3 %  INDUSTRIAL TOTAL  9,650,000  100.0 %  6.7  $  52,553  Address  Property Market  Property State  Building Square Feet  Property Sub Type  Renovated  Year Built/  1, 3  Property WALT  % of Total ABR  825 Rogers Road  Stockton/Modesto  CA  1,501,400  Warehouse  2015  7.7  3.3 %  11999 National Road  Columbus  OH  856,300  Tenancy Type % Leased2  Single Tenant 100.0 %  Single Tenant 100.0 %  Warehouse  2016  —  4  2.7 %  Year shown is either the year built or year substantially renovated.  Total calculated as a weighted average based on rentable square feet.  Total calculated as a weighted average based on ABR.  Lease restricts certain disclosures.  Sold in January 2023  Sold in February 2023  31  Property List  As of December 31, 2022  USD in thousands, except annualized base rents / SF metrics  Segment Property/Tenant Name  Industrial RH  Industrial Amazon (Etna) 
 

 23  Office  Keurig Dr. Pepper (53 South Avenue)  53 South Avenue  Boston  MA  280,600  Single Tenant  100.0 %  Office  2014  6.9  3.9%  24  Office  Freeport McMoRan  333 N. Central Ave  Phoenix  AZ  249,000  Single Tenant  99.0 %  Office  2010  4.4  3.5%  25  Office  Amazon  13820 Sunrise Valley Drive  Herndon  VA  269,900  Single Tenant  100.0 %  Office  2020  9.3  3.5%  26  Office  Maxar Technologies  1300 West 120th Avenue  Denver  CO  430,000  Single Tenant  100.0 %  Office  2002  7.5  3.4%  27  Office  Terraces at Copley Point  5887 Copley Drive  San Diego  CA  201,700  Multi-Tenant  100.0 %  Office  2009  5.4  3.1%  28  Office  LPL (1055 & 1060 LPL Way)  1055 & 1060 LPL Way  Charlotte  SC  307,200  Single Tenant  100.0 %  Office  2016  13.8  2.6%  29  Office  Travel & Leisure, Co.  14 Sylvan Way  Northern New Jersey  NJ  203,500  Single Tenant  100.0 %  Office  2013  6.7  2.6%  30  Office  Wood Group (Westgate III)  17325 Park Row  Houston  TX  226,300  Single Tenant  100.0 %  Office  2014  11.0  2.5%  31  Office  IGT  6355 South Buffalo Drive  Las Vegas  NV  222,300  Single Tenant  100.0 %  Office  2008  8.0  2.3%  32  Office  International Paper  1740 International Drive  Memphis  TN  238,600  Single Tenant  100.0 %  Office  2015  7.0+  4  2.2%  33  Office  onsemi (5701 N. Pima Road)  5701 N. Pima Road  Phoenix  AZ  133,400  Single Tenant  100.0 %  Office  2017  —  4  1.5%  34  Office  Zoetis  10 Sylvan Way  Northern New Jersey  NJ  125,700  Single Tenant  100.0 %  Office  2016  —  4  1.4%  35  Office  McKesson (5801 N. Pima Road)  5801 North Pima Road  Phoenix  AZ  124,900  Single Tenant  100.0 %  Office  2019  —  4  1.3%  36  Office  McKesson (5601 N. Pima Road)  5601 North Pima Road  Phoenix  AZ  138,200  Single Tenant  100.0 %  Office  2017  —  4  1.3%  37  Office  40 Wight  40 Wight Avenue  Baltimore  MD  132,200  Single Tenant  93.0 %  Office  2017  9.8  1.3%  38  Office  York Space Systems (East Village)  6060 South Willow Drive  Denver  CO  138,100  Single Tenant  100.0 %  Office/R&D  2020  9.0  1.3%  39  Office  Corteva Agriscience  8501 NW 62nd Ave  Des Moines  IA  184,300  Single Tenant  100.0 %  Office/Lab  2014  3.9  1.3%  40  Office  Keurig Dr. Pepper (63 South Avenue)  63 South Avenue  Boston  MA  150,700  Single Tenant  100.0 %  Office/Lab/R&D  2013  6.9  1.2%  41  Office  LPL (1040 LPL Way)  1040 LPL Way  Charlotte  SC  144,400  Single Tenant  100.0 %  Office  2016  13.8  1.2%  42  Office  Toshiba TEC  3901 South Miami Boulevard  Raleigh/Durham  NC  200,800  Single Tenant  100.0 %  Office  2016  5.3  1.2%  43  Office  Mercury Systems  50 Minuteman Road  Boston  MA  145,300  Single Tenant  100.0 %  Office/Lab  1997  9.3  1.1%  Address  Property Market  Property State  Building Square Feet  Tenancy Type Leased %2  Property Sub Type  Renovated  Year Built/  1,3  WALT  Property  3  % of Total ABR  22 Office Southern Company 3525 & 3535 Colonnade Parkway  Birmingham  AL  669,400  Single Tenant  100.0 % Office  2018  21.2  4.0%  Property List (continued)  31  As of December 31, 2022  USD in thousands, except annualized base rents / SF metrics  Segment Property / Tenant Name  Year shown is either the year built or year substantially renovated.  Total calculated as a weighted average based on rentable square feet.  Total calculated as a weighted average based on ABR.  Lease restricts certain disclosures.  Amazon was sold in March 2023. 
 

 45  Office  Avnet (Phoenix)  2211 S 47th Street  Phoenix  AZ  176,400  Single Tenant 100.0 %  Office  1997 3.7  1.0 %  46  Office  PPG  400 Bertha Lamme Drive  Pittsburgh  PA  118,000  Single Tenant 100.0 %  Office  2010 8.0  1.0 %  47  Office  MISO  720 City Center Drive  Indianapolis  IN  133,400  Single Tenant 100.0 %  Office  2016 5.3  0.9 %  48  Office  Amentum (Heritage III)  13500 Heritage Parkway  Dallas/Fort Worth  TX  119,000  Single Tenant 100.0 %  Office  2006 —  4  0.9 %  49  Office  Draeger Medical Systems  Six Tech Drive  Boston  MA  128,400  Single Tenant 100.0 %  Office/Lab  2020 8.5  0.8 %  50  Office  Fresenius Medical Care  3355 Earl Campbell Pkwy  Tyler  TX  81,000  Single Tenant 100.0 %  Office  2016 8.8  0.8 %  51  Office  Cigna (500 Great Circle Road)  500 Great Circle Road  Nashville  TN  72,200  Single Tenant 100.0 %  Office  2012 4.5  0.6 %  52  Office  Cigna (Express Scripts)  501 Ronda Court  Pittsburgh  PA  70,500  Single Tenant 100.0 %  Office/Data Center  2015 2.5  0.6 %  53  Office  AT&T (14500 NE 87th Street)  14500 NE 87th Street  Seattle/Puget Sound  WA  60,000  Single Tenant 100.0 %  Office/Data Center  1995 4.7  0.6 %  54  Office  AT&T (14520 NE 87th Street)  14520 NE 87th Street  Seattle/Puget Sound  WA  59,800  Single Tenant 100.0 %  Office/Data Center  1995 4.7  0.6 %  55  Office  Parallon  6451 126th Avenue North  Tampa  FL  83,200  Single Tenant 100.0 %  Office  2013 2.2  0.6 %  56  Office  Tech Data  19031 Ridgewood Parkway  San Antonio  TX  58,000  Single Tenant 100.0 %  Office  2014 1.9  0.4 %  57  Office  Rapiscan Systems  23 Frontage Road  Boston  MA  64,200  Single Tenant 100.0 %  Office/Lab  2014 4.4  0.4 %  58  Office  136 & 204 Capcom  136 & 204 Capcom Avenue  Raleigh/Durham  NC  63,000  Multi Tenant 100.0 %  Office/R&D  2010 3.2  0.4 %  59  Office  AT&T (14560 NE 87th Street)  14560 NE 87th Street  Seattle/Puget Sound  WA  36,000  Single Tenant 100.0 %  Office/Data Center  1995 4.7  0.4 %  60  Office  530 Great Circle Road  530 Great Circle Road  Nashville  TN   98,400   Single Tenant 100.0 %  Office/Lab  2011 —   4  — %  OFFICE TOTAL  6,452,400  99.8 %  7.5  $ 131,387  31  Property Market  Property State  Building Square Feet  Renovated WALT  Year Built/ Property  1, 3 3  % of Total ABR  Platteville  CO  114,500  Tenancy Type % Leased2 Property Sub Type  Single Tenant 100.0 % Office  2013  10.8  1.0 %  Year shown is either the year built or year substantially renovated.  Total calculated as a weighted average based on rentable square feet.  Total calculated as a weighted average based on ABR.  Lease restricts certain disclosures.  Property List (continued)  As of December 31, 2022  USD in thousands, except annualized base rents / SF metrics  Segment Property/Tenant Name Address  44 Office Occidental Petroleum 501 North Division Street 
 

 Address  Property Market  Property State  Building Square Feet  Tenancy Type  %  Leased  2  Property Sub- Type  Renovated  Year Built/  1 3  WALT  Property  3  % of Total ABR  61 Other Wyndham Hotels & Resorts 22 Sylvan Way  Northern New Jersey NJ  249,400  Single Tenant  100.0 % Office  2009  6.7  3.2 %  62  Other  Wood Group (Westgate II)  17320 Katy Freeway  Houston  TX  186,300  Single Tenant  100.0 %  Office  2014  1.3  2.0 %  63  Other  Schlumberger  1200 Enclave Parkway  Houston  TX  149,700  Single Tenant  98.3 %  Office  1999  —  4  1.6 %  64  Other  Level 3 (ParkRidge One)  10475 Park Meadows Drive  Denver  CO  166,700  Single Tenant  100.0 %  Office  1999  —  4  1.5 %  65  Other  Raytheon Technologies  2730 West Tyvola Road  Charlotte  NC  198,900  Single Tenant  100.0 %  Office  1999  —  4  1.4 %  66  Other  Hitachi Energy USA  500 West Highway 94  Jefferson City  MO  660,000  Single Tenant  100.0 %  Manufacturing  1972  1.7  1.2 %  67  Other  Avnet (Chandler)  6700 West Morelos Place  Phoenix  AZ  231,500  Single Tenant  100.0 %  Industrial/R&D  2008  —  4  1.2 %  68  Other  Franklin Center  6841 Benjamin Franklin Drive  Baltimore  MD  202,500  Multi-Tenant  55.0 %  Office  2008  3.6  1.2 %  69  Other  KBR  345 Bob Heath Drive  Huntsville  AL  120,000  Single Tenant  100.0 %  Office  2013  0.7  0.9 %  70  Other  30 Independence  30 Independence Boulevard  Northern New Jersey  NJ  207,300  Multi-Tenant  52.0 %  Office  2020  8.4  0.8 %  71  Other  Northrop Grumman  4065 Colonel Glenn Highway  Cincinnati/Dayton  OH  99,200  Single Tenant  100.0 %  Office  2012  1.7  0.7 %  72  Other  MGM Corporate Center (880 Grier Drive)  880 Grier Drive  Las Vegas  NV  81,000  Single Tenant  100.0 %  Office  1988  1.7  0.6 %  73  Other  Hitachi Astemo  9296 Intermodal North Court  Columbus  OH  304,600  Single Tenant  100.0 %  Warehouse  2014  2.2  0.5 %  74  Other  MGM Corporate Center (840 Grier Drive)  840 Grier Drive  Las Vegas  NV  60,500  Single Tenant  100.0 %  Office  1997  1.7  0.4 %  75  Other  Administrative Office of Pennsylvania Courts  5035 Ritter Road  Harrisburg  PA  56,600  Single Tenant  100.0 %  Office/Data Center  1988  1.5  0.3 %  76  Other  Owens Corning  4535 Enterprise Drive Northwest  Charlotte  NC  61,200  Single Tenant  100.0 %  Manufacturing  1998  2.0  0.2 %  77  Other  MGM Corporate Center (950 Grier Drive)  950 Grier Drive  Las Vegas  NV  26,800  Single Tenant  100.0 %  Office  1989  1.7  0.1 %  78  Other  Gold Pointe Corp Ctr Bldg C  11971 Foundation Place  Sacramento  CA  145,900  Single Tenant  3.0 %  Office  2002  —  — %  79  Other  Quebec Court II  5800 South Quebec Street  Denver  CO  157,300  Single Tenant  — %  Office  1980  —  — %  80  Other  Park Meadows Corporate Center II  10002 Park Meadows Drive  Denver  CO  70,300  Single Tenant  — %  Office  2000  —  — %  81  Other  Crosspoint  20022 North 31st Avenue  Phoenix  AZ   351,600   Multi-Tenant   8.0 %  Office  2021 —   4  — %  OTHER TOTAL   3,787,300    75.4 %   3.1   $ 40,002  TOTAL CONSOLIDATED PORTFOLIO   19,889,700    95.5 %   7.1   $ 223,942  31  Property List (continued)  As of December 31, 2022  USD in thousands, except annualized base rents / SF metrics  Segment Property / Tenant Name  Year shown is either the year built or year substantially renovated.  Total calculated as a weighted average based on rentable square feet.  Total calculated as a weighted average based on ABR.  Lease restricts certain disclosures. 
 

 Portfolio Characteristics 
 

 1 Weighted average rental increase is based on the remaining term of each lease as of December 31, 2022. Excludes leases with remaining term less than one year.  Lease Escalation Frequency  Annually  % Annualized Base Rents  86.3%  Growth Rate 1  2.1%  Every 5 Years  10.2  0.6  Other Frequencies  2.0  4.1  No Escalations   1.5   —  PORTFOLIO TOTAL / WEIGHTED AVERAGE   100.0%    2.0%   Wtd. Avg. Annual  Rent Growth  As of December 31, 2022  Annually 84.9%  Every 5 Years  11.0%  Other Frequencies 2.5%  No Escalations 2.0%  Annually 89.0%  Other Frequencies 4.4%  No Escalations 6.6%  Annually 92.6%  Every 5 Years  7.4%  Annually 83.4%  36  Every 5 Years  14.9%  Other 1.7%  Industrial  Industrial and Office  Office  Other 
 

 Tenant/Major Tenant  Rating1  Top 10 Tenants  % of Annualized Base Rents2  WALT (years)  1 Amazon3  AA  7.3%  8.9  2 Keurig Dr. Pepper  BBB  5.1  6.9  3 Wood Group USA4  HY65  4.5  6.6  4 Southern Company Services  BBB+  4.0  21.2  5 LPL  Baa36  3.8  13.8  6 Freeport McMoRan  Baa26  3.5  4.4  7 Maxar Technologies  B+  3.4  7.5  8 RH  Ba36  3.3  7.7  9 Wyndham Hotels & Resorts  BB-  3.2  6.7  10 McKesson  BBB+   2.7    5.8   Top 10 Total/Average Lease Term   40.8%    9.1   Investment Grade Rating of:  Tenant Profile  Tenant 30.8 %  Guarantor 12.5   Number of Tenants 74  Average Square Footage Leased per Tenant 254,736  Tenant/Guarantor 43.3  Parent 18.2   Average Annualized Base Rents per Sq Ft - Office $20.36  Average Annualized Base Rents per Sq Ft - Industrial $5.45  Total Investment Grade 61.5 %  Average Annualized Base Rents per Sq Ft - Other $10.56  Weighted Average Credit Rating BBB-  Weighted Average Lease Term (WALT) 7.1  Tenant Concentration: Consolidated  As of December 31, 2022  36  1 Represents S&P ratings of tenants, guarantors, or non-guarantor parent entities, issued at http://www.spgglobal.com, unless otherwise noted.  2 Based on annualized base rents by tenant as compared to consolidated total.  3 Represents the combined base rental revenue for the three properties (one sold subsequent to year end).  4 Represents the combined base rental revenue for two properties.  5 Represents a rating issued by Bloomberg services.  6 Represents a rating issued by Moody's at http://www.moodys.com. 
 

 Tenant/Major Tenant  Rating1  Top 10 Tenants  % of Annualized Base Rents2  WALT (years)  1 Amazon  AA  8.9%  8.9  2 Keurig Dr. Pepper  BBB  6.2  5.3  3 Southern Company  BBB+  4.9  21.2  4 LPL  Baa34  4.6  13.8  5 Freeport McMoran  Baa24  4.3  4.4  6 Maxar Technologies  B+  4.1  7.5  7 RH  Ba34  4.0  7.7  8 McKesson  BBB+  3.2  5.8  9 Travel & Leisure, Co.  BB-  3.1  6.7  10 Wood Group  HY63   3.0    11.0   Top 10 Total/Average Lease Term   46.3%    9.4   Investment Grade Rating of:  Tenant Profile  Tenant 32.1 %  Guarantor 13.7   Number of Tenants 54  Average Square Footage Leased per Tenant 296,159  Tenant/Guarantor 45.8  Parent 18.9   Average Annualized Base Rents per Sq Ft: Industrial and Office $11.42 Weighted Average Lease Term (WALT) 8.0  Total Investment Grade 64.7 %  Weighted Average Credit Rating BBB  Tenant Concentration: Industrial and Office  As of December 31, 2022  36  1 Represents S&P ratings of tenants, guarantors, or non-guarantor parent entities, issued at http://www.spgglobal.com, unless otherwise noted.  2 Based on annualized base rents by tenant for industrial and office segments.  3 Represents a rating issued by Bloomberg services.  4 Represents a rating issued by Moody's at http://www.moodys.com. 
 

 Tenant/Major Tenant  Rating1  Top 10 Tenants  % of Annualized Base Rents2  WALT (years)  1 Amazon  AA  16.1%  8.6  2 RH  Ba34  14.0  7.7  3 3M Company  A+  9.3  3.8  4 Samsonite  Ba24  7.7  1.9  5 Shaw Industries  AA  6.3  10.3  6 PepsiCo  A+  6.0  5.6  7 Amcor  BBB  5.1  9.8  8 Huntington Ingalls  BBB-  4.8  5.0  9 Fox Head6  BB  4.2  5.0  10 Renfro Corporation6  NR   4.1    0.5   Top 10 Total/Average Lease Term   77.6%    6.3   Investment Grade Rating of:  Tenant Profile  Tenant 9.3 %  Guarantor 18.7   Number of Tenants 19  Average Square Footage Leased per Tenant 507,895  Tenant/Guarantor 28.0  Parent 25.8   Average Annualized Base Rents per Sq Ft: Industrial $5.45  Weighted Average Lease Term (WALT) 6.7  Total Investment Grade 53.8 %  Weighted Average Credit Rating BBB  Tenant Concentration: Industrial  As of December 31, 2022  36  1 Represents S&P ratings of tenants, guarantors, or non-guarantor parent entities, issued at http://www.spgglobal.com, unless otherwise noted.  2 Based on annualized base rents by tenant for industrial segment.  3 Represents a rating issued by Bloomberg services.  4 Represents a rating issued by Moody's at http://www.moodys.com.  5 Indicates that the tenant is not rated by the major credit agencies used.  6 Assets were sold subsequent to year-end December 31, 2022. 
 

 Tenant/Major Tenant  Rating1  Top 10 Tenants  % of Annualized Base Rents2  WALT (years)  1 Keurig Dr. Pepper  BBB  8.7%  6.9  2 Southern Company Services  BBB+  6.9  21.2  3 LPL  Baa33  6.5  13.8  4 Freeport McMoRan  Baa23  6.0  4.4  5 Amazon  AA  6.0  9.3  6 Maxar Technologies  B+  5.7  7.5  7 McKesson  BBB+  4.5  5.7  8 Wyndham Hotels & Resorts  BB-  4.4  6.7  9 Wood Group  HY64  4.2  11.0  10 IGT  BB+   3.8    8.0   Top 10 Total/Average Lease Term   56.7%    9.8   Investment Grade Rating of:  Tenant Profile  Tenant 41.2 %  Number of Tenants 35  Guarantor 11.8   Average Square Footage Leased per Tenant 181,217  Tenant/Guarantor 53.0  Parent 16.1   Total Investment Grade 69.1 %  Average Annualized Base Rents per Sq Ft: Office $20.36  Weighted Average Lease Term (WALT) 8.5  Weighted Average Credit Rating BBB  Tenant Concentration: Office  As of December 31, 2022  36  1 Represents S&P ratings of tenants, guarantors, or non-guarantor parent entities, issued at http://www.spgglobal.com, unless otherwise noted.  2 Based on annualized base rents by tenant for office segment.  3 Represents a rating issued by Moody's at http://www.moodys.com.  4 Represents a rating issued by Bloomberg services. 
 

 Industry Concentration: Consolidated  As of December 31, 2022  36  Industry  Top 10 Industries  % of Annualized Base Rents1  Top 20 Sub-Industries  Sub-Industry  % of Annualized Base Rents1  1 Capital Goods  15.3 %  1 Aerospace & Defense  10.3 %  2 Consumer Services  9.5  2 Soft Drinks  7.3  3 Materials  8.8  3 Internet & Direct Marketing Retail  7.3  4 Food, Beverage & Tobacco  7.3  4 Oil & Gas Equipment & Services  6.1  5 E-Commerce  7.3  5 Hotels, Resorts & Cruise Lines  5.8  6 Energy  7.1  6 Health Care Services  4.1  7 Health Care Equipment & Services  6.2  7 Renewable Electricity  4.0  8 Commercial & Professional Services  5.5  8 Investment Banking & Brokerage  3.8  9 Consumer Durables & Apparel  5.2  9 Copper  3.5  10 Utilities   4.9   10 Paper Packaging  3.4  Top 10 total   77.1 %  11 Casinos & Gaming  3.3  All others  22.9 %  12 Commercial & Professional Services  3.3  13 Homefurnishing Retail  3.3  14 Apparel, Accessories & Luxury Goods  2.8  15 Technology Distributors  2.6  16 Integrated Telecommunication Services  2.6  17 Industrial Conglomerates  2.2  18 IT Consulting & Other Services  2.0  19 Textiles  1.5  20 Alternative Carriers   1.5   Top 20 total   80.7 %  All others  19.3 %  1 Based on annualized base rents for wholly owned portfolio. 
 

 Industry Concentration: Industrial and Office  As of December 31, 2022  2  Materials  10.8  3  Food, Beverage & Tobacco  8.9  4  E-Commerce  8.9  5  Health Care Equipment & Services  7.5  6  Consumer Durables & Apparel  6.4  7  Utilities  6.0  8  Consumer Services  5.9  9  Commercial & Professional Services  5.2  10  Retailing  5.2  Top 10 total 78.7 %  All others 21.3 %  36  2  Soft Drinks  8.9  3  Internet & Direct Marketing Retail  8.9  4  Health Care Services  5.0  5  Renewable Electricity  4.9  6  Investment Banking & Brokerage  4.6  7  Copper  4.3  8  Paper Packaging  4.1  9  Commercial & Professional Services  4.0  10  Homefurnishing Retail  4.0  11  Apparel, Accessories & Luxury Goods  3.4  12  Integrated Telecommunication Services  3.2  13  Hotels, Resorts & Cruise Lines  3.1  14  Oil & Gas Equipment & Services  3.0  15  Casinos & Gaming  2.7  16  Industrial Conglomerates  2.7  17  Textiles  1.8  18  Semiconductors  1.8  19  Technology Distributors  1.7  20  Pharmaceuticals  1.7  Top 20 total 83.7 %  All others 16.3 %  Top 10 Industries  Top 20 Sub-Industries  Industry  % of Annualized Base Rents1  Sub-Industry  % of Annualized Base Rents1  1 Capital Goods  13.9 %  1 Aerospace & Defense  9.9 %  1 Based on annualized base rents for the industrial and office segments. 
 

 Industry Concentration: Industrial  As of December 31, 2022  2  Capital Goods  20.9  3  E-Commerce  16.1  4  Retailing  14.0  5  Food, Beverage & Tobacco  9.6  6  Materials  7.9  7  Automobiles & Components  5.0  8  Commercial & Professional Services  4.1  Top 8 total 100.0 %  All others — %  36  2  Homefurnishing Retail  14.0  3  Apparel, Accessories & Luxury Goods  11.8  4  Soft Drinks  9.6  5  Industrial Conglomerates  9.3  6  Aerospace & Defense  6.9  7  Textiles  6.3  8  Paper Packaging  5.1  9  Leisure Products  4.2  10  Diversified Support Services  4.2  11  Auto Components  3.2  12  Metal & Glass Containers  2.8  13  Industrial Machinery  2.6  14  Construction Machinery & Heavy Trucks  2.1  15  Auto Parts & Equipment  1.8  Top 15 total 100.0 %  All others — %  Top 8 Industries  Top 15 Industries  Industry  % of Annualized Base Rents1  Sub-Industry  % of Annualized Base Rents1  1 Consumer Durables & Apparel  22.4 %  1 Internet & Direct Marketing Retail  16.1 %  1 Based on annualized base rents for industrial segment. 
 

 Industry Concentration: Office  As of December 31, 2022  2  Capital Goods  11.1  3  Health Care Equipment & Services  10.5  4  Food, Beverage & Tobacco  8.7  5  Utilities  8.4  6  Consumer Services  8.2  7  Diversified Financials  6.6  8  E-Commerce  6.0  9  Energy  6.0  10  Commercial & Professional Services  5.6  Top 10 total 83.0 %  All others 17.0 %  36  2  Soft Drinks  8.7  3  Health Care Services  6.9  4  Renewable Electricity  6.9  5  Investment Banking & Brokerage  6.5  6  Copper  6.0  7  Internet & Direct Marketing Retail  6.0  8  Commercial & Professional Services  5.6  9  Integrated Telecommunication Services  4.5  10  Hotels, Resorts & Cruise Lines  4.4  11  Oil & Gas Equipment & Services  4.2  12  Casinos & Gaming  3.8  13  Paper Packaging  3.8  14  Semiconductors  2.5  15  Technology Distributors  2.4  16  Pharmaceuticals  2.4  17  Fertilizers & Agricultural Chemicals  2.2  18  Technology Hardware, Storage & Peripherals  2.0  19  Oil & Gas Exploration & Production  1.8  20  Home Improvement Retail  1.7  Top 20 total  93.4  All others 6.6 %  Top 10 Industries  Top 20 Sub-Industries  Industry  % of Annualized Base Rents1  Sub-Industry  % of Annualized Base Rents1  1 Materials  11.9 %  1 Aerospace & Defense  11.1 %  1 Based on annualized base rents for office segment. 
 

 Geographic Distribution (% of Annualized Base Rents1)  Market Concentration: Consolidated  As of December 31, 2022  (USD in thousands)  Top 10 Markets (% of Annualized Base Rents)  Markets  Annualized Base Rents  % of Annualized Base Rents1  1  Phoenix  $  22,069  9.9 %  2  Northern New Jersey  18,862  8.4  3  Boston  16,673  7.4  4  Denver  13,758  6.1  5  Houston  13,593  6.1  6  Charlotte  12,039  5.4  7  Birmingham  9,043  4.0  8  Chicago  8,764  3.9  9  Columbus  8,729  3.9  10 Washington, DC   7,861    3.5   Top 10 total   $ 131,391    58.6 %  9.9%  36  8.4%  8.1%  7.4%  7.3%  7.2%  5.8%  5.3%  5.0%  4.6%  31.0%  Arizona  New Jersey  Texas  Massachusetts  California  Colorado  Ohio  South Carolina  Alabama  Virginia  All Others  1 Based on annualized base rents for wholly owned portfolio. 
 

 Geographic Distribution (% of Annualized Base Rents1)  Market Concentration: Industrial and Office  As of December 31, 2022  (USD in thousands)  Top 10 Markets (% of Annualized Base Rents)  Markets  Annualized Base Rents  % of Annualized Base Rents1  1  Phoenix  $  19,345  10.5 %  2  Boston  16,673  9.1  3  Denver  10,436  5.7  4  Northern New Jersey  9,913  5.4  5  Birmingham  9,043  4.9  6  Chicago  8,764  4.8  7  Charlotte  8,552  4.6  8  Washington, DC  7,861  4.3  9  Columbus  7,557  4.1  10 Stockton/Modesto   7,340   4.0  Top 10 total   $ 105,484   57.4 %  10.5%  36  9.1%  8.9%  6.9%  6.4%  5.6%  5.6%  5.5%  5.4%  4.9%  31.1%  Arizona  Massachusetts  California  Colorado  South Carolina  Virginia  Ohio  Texas  New Jersey  Alabama  All Others  1 Based on annualized base rents for the industrial and office segments. 
 

 Geographic Distribution (% of Annualized Base Rents1)  Market Concentration: Industrial  As of December 31, 2022  (USD in thousands)  Markets  Top 10 Markets (% of Annualized Base Rents)  Annualized Base Rents  % of Annualized Base Rents1  1 Chicago  $  8,764  17.0 %  2  Columbus  7,557  14.0  3  Stockton/Modesto  7,340  14.0  4  Jacksonville  4,054  8.0  5  Savannah  3,335  6.0  6  Tampa  3,143  6.0  7  Detroit  3,019  6.0  8  Cleveland  2,662  5.0  9  Hampton Roads  2,513  5.0  10  Orange County   2,201   4.0  Top 10 total   $ 44,588   85.0 %  19.4%  36  18.2%  16.7%  13.7%  6.3%  6.3%  5.7%  4.8%  3.6%  2.1%  3.2%  Ohio  California  Illinois  Florida  Georgia  South Carolina  Michigan  Virginia  North Carolina  New Jersey  All Others  1 Based on annualized base rents for industrial segment. 
 

 Geographic Distribution (% of Annualized Base Rents1)  Market Concentration: Office  As of December 31, 2022  (USD in thousands)  Top 10 Markets (% of Annualized Base Rents)  Markets  Annualized Base Rents  % of Annualized Base Rents1  1  Phoenix  $  19,345  15.0 %  2  Boston  16,673  13.0  3  Denver  10,436  8.0  4  Birmingham  9,043  7.0  5  Northern New Jersey  8,822  7.0  6  Charlotte  8,552  7.0  7  Washington, DC  7,861  6.0  8  San Diego  6,909  5.0  9  Houston  5,544  4.0  10 Las Vegas   5,041   4.0  Top 10 total   $ 98,226   76.0 %  14.7%  12.7%  9.7%  1 Based on annualized base rents for office segment.  48  7.7%  6.9%  6.7%  6.5%  6.0%  5.3%  4.9%  Arizona  Massachusetts  Colorado  Texas  Alabama  New Jersey  South Carolina  Virginia  California  Tennessee 
 

 Lease Expirations: Consolidated  As of December 31, 2022  (USD in thousands)  1 Based on annualized base rents for wholly owned portfolio.  2 Vacant square footage includes three properties.  $24,003  $9,242  $12,567  $14,179  $20,990  $33,887  $25,786  $19,322  $6,583  2023 2024 2025  2026  2027  2028  2029  2030  2031  >2032  >2032 7 12 1 20 5,223,800 57,383 25.8  Vacant 2   — —    — —    896,600    — —   Totals   21 42    24 87    19,887,100 3   $ 223,942 100.0%   Lease Maturity Schedule (by Annualized Base Rents)  $57,383  3 Excludes approximately 2K of SF related to cafes.  49  Expiring Leases  Year  Industrial  Office  Other  Total  Approx. Square Feet  Annualized Base Rents  % of Annualized Base  Rents1  2023  1  1  1  3  746,600  $  6,583  2.9%  2024  1  1  9  11  2,357,400  24,003  10.7  2025  1  3  3  7  869,400  9,242  4.1  2026  1  2  1  4  1,449,100  12,567  5.6  2027  —  7  —  7  570,700  14,179  6.3  2028  6  3  5  14  2,233,700  20,990  9.4  2029  1  6  1  8  1,565,800  33,887  15.1  2030  1  3  3  7  2,385,100  25,786  11.5  2031  2  4  —  6  1,588,900  19,322  8.6 
 

 Lease Expirations: Industrial and Office  As of December 31, 2022  (USD in thousands)  Lease Maturity Schedule (by Annualized Base Rents)  $4,473  $5,036  $4,583  $9,974  2023  2024  2025  2026  2027  2028  2029  2030  2031  >2032  1 Based on annualized base rents for the industrial and office segments.  50  $14,179  $18,266  $26,622  $24,404  $19,322  $57,081  Expiring Leases  Year  Industrial  Office  Approx. Square Feet  Annualized Base Rents  % of Annualized Base Rents1  2023  1  1  626,600  $  4,473  2.4%  2024  1  1  875,700  5,036  2.7%  2025  1  3  304,700  4,583  2.5%  2026  1  2  1,338,800  9,974  5.4%  2027  —  7  570,700  14,179  7.7%  2028  6  3  1,958,400  18,266  9.9%  2029  1  6  1,316,400  26,622  14.5%  2030  1  3  2,311,700  24,404  13.3%  2031  2  4  1,588,900  19,322  10.5%  >2032  7  12  5,199,100  57,081  31.0%  Vacant 1   —    — 11,500    —    —   Totals   21    42 16,102,500    $ 183,940    100.0%  
 

 Lease Expirations: Industrial  As of December 31, 2022  (USD in thousands)  Lease Maturity Schedule (by Annualized Base Rents)  $2,161  51  $4,054  $1,354  $4,902  $—  $10,613  $1,482  $7,340  $8,451  $12,196  2025  2026  2027  2028  2029  2030  2031  >2032  Expiring Leases  Year  Leases  Approx. Square Feet  Annualized Base Rents  % of Annualized Base Rents1  2023  1  566,600  $  2,161  4.1 %  2024  1  817,700  4,054  7.7 %  2025  1  120,000  1,354  2.6 %  2026  1  978,100  4,902  9.3 %  2027  —  —  —  — %  2028  6  1,486,000  10,613  20.2 %  2029  1  312,000  1,482  2.8 %  2030  1  1,501,400  7,340  14.0 %  2031  2  1,039,200  8,451  16.1 %  >2032  7  2,829,000  12,196  23.2 %  Vacant   —    —    —    — %  Totals   21    9,650,000    $ 52,553    100.0 %  2023 2024  1 Based on annualized base rents for industrial segment. 
 

 Lease Expirations: Office  As of December 31, 2022  (USD in thousands)  Lease Maturity Schedule (by Annualized Base Rents)  $2,312  52  $982  $3,229  $5,072  $14,179  $7,653  $25,140  $17,064  $10,871  $44,885  2025  2026  2027  2028  2029  2030  2031  >2032  Expiring Leases  Year  Leases  Approx. Square Feet  Annualized Base Rents  % of Annualized Base Rents1  2023  1  60,000  $  2,312  1.8 %  2024  1  58,000  982  0.7 %  2025  3  184,700  3,229  2.5 %  2026  2  360,700  5,072  3.9 %  2027  7  570,700  14,179  10.8 %  2028  3  472,400  7,653  5.8 %  2029  6  1,004,400  25,140  19.1 %  2030  3  810,300  17,064  13.0 %  2031  4  549,700  10,871  8.3 %  >2032  12  2,370,100  44,885  34.1 %  Vacant   —    11,500    —    — %  Totals   42    6,452,500    $ 131,387    100.0 %  2023 2024  1 Based on annualized base rents for office segment. 
 

 Portfolio Concentrations: Other  As of December 31, 2022  (USD in thousands)  Lease Maturity Schedule (by Annualized Base Rents1)  $18,967  $4,659  $2,593  $—  $2,724  $7,265  $1,382  $—  $302  2026  2027  2028  2029  2030  2031  >2032  2024  9  1,481,700  18,967  47.4  2025  3  564,700  4,659  11.6  2026  1  110,300  2,593  6.5  2027  —  —  —  —  2028  5  275,300  2,724  6.8  2029  1  249,400  7,265  18.2  2030  3  73,400  1,382  3.5  2031  —  —  —  —  >2032  1  24,700  302  0.7  Vacant   —    885,000    —    —   Totals   24    3,784,500    $ 40,002    100.0 %  52  Expiring Leases  Year  Total  Approx. Square Feet  Annualized Base Rents  % of Annualized Base Rents1  2023  1  120,000 $  2,110  5.3 %  $2,110  2023 2024 2025  1 Based on annualized base rents by expiring leases for other segment. 
 

 Geographic Distribution (% of Annualized Base Rents1)  Portfolio Concentrations: Other (continued)  As of December 31, 2022  (USD in thousands)  Top 10 Markets (% of Annualized Base Rents)  Markets  Annualized Base Rents  % of Annualized Base Rents1  1  Northern New Jersey  $  8,949  22.4 %  2  Houston  8,049  20.1  3  Charlotte  3,487  8.7  4  Denver  3,322  8.3  5  Jefferson City  2,798  7.0  6  Phoenix  2,724  6.8  7  Baltimore  2,593  6.5  8  Las Vegas  2,417  6.0  9  Huntsville  2,110  5.3  10 Dayton   1,632   4.1  Top 10 total   $ 38,081   95.2 %  22.4%  52  20.1%  8.7%  8.3%  7.0%  7.0%  6.8%  6.5%  6.0%  5.3%  New Jersey  Texas  North Carolina  Colorado  Ohio  Missouri  Arizona  Maryland  Nevada  Alabama  1 Based on annualized base rents for other segment. 
 

 Notes & Definitions 
 

 Notes & Definitions  ABR (Annualized Base Rents)  56  “Annualized base rents” or “ABR” means the contractual base rent before abatements and deducting base year operating expenses for gross and modified gross leases as of December 31, 2022, unless otherwise specified, multiplied by 12 months. For properties in our portfolio that had rent abatements as of December 31, 2022, we used the monthly contractual base rent payable following expiration of the abatement.  Adjusted EBITDA  Adjusted EBITDA means an amount, as defined in the Company's credit facility agreement, derived from (a) net income before (b) interest, taxes, depreciation and amortization (EBITDA), plus (c) acquisition fees and expenses, (d) asset and property management fees, (e) straight-line rents and in-place lease amortization for the period, further adjusted for (f) acquisitions that have closed during the period, (g) certain reserves for capital expenditures, and (f) excluding activity relating to any partnership to the extent we are not a general partner and to the extent we are not liable for the associated indebtedness.  EBITDA  EBITDAre  Earnings before interest, tax, depreciation and amortization.  The National Association of Real Estate Investment Trusts ("NAREIT") has defined EBITDAre as follows: (a) GAAP Net Income plus (b) interest expense plus (c) income tax expense plus (d) depreciation and amortization plus/minus (e) losses and gains on the disposition of depreciated property, including losses/gains on change of control plus (f) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate. Adjustments to reflect the entity's share of EBITDAre of consolidated affiliates.  Normalized EBITDAre  We use Normalized EBITDAre as a non-GAAP supplemental performance measure to evaluate the operating performance of the Company. Normalized EBITDAre, as defined by the Company, represents EBITDAre (as defined by NAREIT), modified to exclude nonroutine items such as acquisition-related expenses, employee separation expenses and other non-routine costs. Normalized EBITDAre also omits the Normalized EBITDAre impact of properties sold during the period and extrapolate the operations of acquired properties to estimate a full quarter of ownership. We may also exclude the annualizing of large transaction items such as termination income recognized during the quarter. Management believes these adjustments to reconcile to Normalized EBITDAre provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. Therefore, Normalized EBITDAre should not be considered as an alternative to net income, as computed in accordance with GAAP. Normalized EBITDAre may not be comparable to similarly titled measures of other companies.  Economic Occupancy  Leases effective as of the reporting date.  Fixed Charge Coverage  Adjusted EBITDA annualized divided by sum of principal paid and due, interest expense, and cash dividends on preferred stock. 
 

 Notes & Definitions (continued)  56  Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO")  Our reported results are presented in accordance with GAAP. We also disclose FFO and AFFO both of which are non-GAAP financial measures. We believe these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.  We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). FFO is defined as net income or loss computed in accordance with GAAP, excluding extraordinary items, as defined by GAAP, and gains and losses from sales of depreciable real estate assets, adding back impairment write-downs of depreciable real estate assets, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated partnerships, joint ventures and preferred distributions. Because FFO calculations exclude such items as depreciation and amortization of depreciable real estate assets and gains and losses from sales of depreciable real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), they facilitate comparisons of operating performance between periods and between other REITs. As a result, the Company believes that the use of FFO, together with the required GAAP presentations, provides a more complete understanding of the Company's performance relative to its competitors and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. It should be noted, however, that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than the Company does, making comparisons less meaningful.  Additionally, the Company uses AFFO as a non-GAAP financial measure to evaluate the Company's operating performance. AFFO excludes non-routine and certain non-cash items such as revenues in excess of cash received, amortization of share-based compensation net, deferred rent, amortization of in-place lease valuation, acquisition-related costs, financed termination fee, net of payments received, gain or loss from the extinguishment of debt, [unrealized gains (losses) on derivative instruments,] write-off transaction costs and other one-time transactions. FFO and AFFO have been revised to include amounts available to both common shareholders and limited partners for all periods presented.  AFFO is a measure used among the Company's peer group. The Company also believes that AFFO is a recognized measure of sustainable operating performance by the REIT industry. Further, the Company believes AFFO is useful in comparing the sustainability of its operating performance with the sustainability of the operating performance of other real estate companies. 
 

 Notes & Definitions (continued)  Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO") - cont.  56  Management believes that AFFO is a beneficial indicator of its ongoing portfolio performance and ability to sustain its current distribution level. More specifically, AFFO isolates the financial results of the Company's operations. AFFO, however, is not considered an appropriate measure of historical earnings as it excludes certain significant costs that are otherwise included in reported earnings. Further, since the measure is based on historical financial information, AFFO for the period presented may not be indicative of future results or the Company's future ability to make or sustain distributions. By providing FFO and AFFO, the Company presents information that assists investors in aligning their analysis with management’s analysis of long-term operating activities.  For all of these reasons, the Company believes the non-GAAP measures of FFO and AFFO, in addition to net income (loss) are helpful supplemental performance measures and useful to investors in evaluating the performance of the Company's real estate portfolio. However, a material limitation associated with FFO and AFFO is that they are not indicative of the Company's cash available to fund distributions since other uses of cash, such as capital expenditures at the Company's properties and principal payments of debt, are not deducted when calculating FFO and AFFO. The use of AFFO as a measure of long-term operating performance on value is also limited if the Company does not continue to operate under its current business plan as noted above. FFO and AFFO should not be viewed as a more prominent measure of performance than net income (loss) and each should be reviewed in connection with GAAP measurements.  Neither the SEC, NAREIT, nor any other applicable regulatory body has opined on the acceptability of the adjustments contemplated to adjust FFO in order to calculate AFFO and its use as a non-GAAP performance measure. In the future, NAREIT may decide to standardize the allowable exclusions across the REIT industry, and the Company may have to adjust the calculation and characterization of this non-GAAP measure.  Investment Grade  NAV  Investment grade companies means companies (e.g., a tenant or a guarantor or non-guarantor parent of a tenant) that have received an investment grade credit rating from a NRSRO approved by the U.S. Securities and Exchange Commission (e.g., Moody’s Investors Service, Inc., S&P Global Ratings and/or Fitch Ratings Inc.) or a company with a non-NRSRO credit rating (e.g., Bloomberg’s default risk rating) that management believes is generally equivalent to an NRSRO investment grade rating; management can provide no assurance as to the comparability of these ratings methodologies or that any particular rating for a company is indicative of the rating that a single NRSRO would provide in the event that it rated all companies for which the Company provides credit ratings; to the extent such companies are rated only by non-NRSRO ratings providers, such ratings providers may use methodologies that are different and less rigorous than those applied by NRSROs; moreover, because PKST provides credit ratings for some companies that are non-guarantor parents of Company's tenants, such credit ratings may not be indicative of the creditworthiness of the relevant tenants.  Net asset value. This represents the fair value of our assets less liabilities divided by total shares and OP units outstanding.  Net Debt  Total debt less cash and cash equivalents (excluding restricted cash).  Net Debt (pro rata share)  Total debt plus unconsolidated debt (pro rata share), less cash and cash equivalents (excluding restricted cash).  Net Rent  Net rent is based on (a) the contractual base rental payments assuming the lease requires the tenant to reimburse us for certain operating expenses or the property is self-managed by the tenant and the tenant is responsible for all, or substantially all, of the operating expenses; or (b) contractual rent payments less certain operating expenses that are our responsibility for the 12-month period subsequent to December 31, 2022 and includes assumptions that may not be indicative of the actual future performance of a property, including the assumption that the tenant will perform its obligations under its lease agreement during the next 12 months. 
 

 Notes & Definitions (continued)  Store Cash NOI  Net Operating Income (NOI), Cash NOI, and Same NOI is a non-GAAP measure which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as total revenue from  real estate operations less property expenses, which includes operating property expenses, property tax expenses and management fees. Net operating income on a cash basis (“Cash NOI”) is net operating income adjusted to exclude the effect of straight-line rent and amortization of acquired above- and below- market lease intangibles adjustments required by GAAP. Net operating income on a cash basis for our Same-Store portfolio (“Same-Store Cash NOI”) is Cash NOI for properties held for the entirety of all periods presented. We believe that NOI, Cash NOI and Same-Store Cash NOI are helpful to investors as additional measures of operating performance because we believe they help both investors and management to understand the core operations of our properties excluding corporate and financing-related costs and non-cash depreciation and amortization. NOI, Cash NOI and Same-Store Cash NOI are unlevered operating performance metrics of our properties and allow for a useful comparison of the operating performance of individual assets or groups of assets. These measures thereby provide an operating perspective not immediately apparent from GAAP income from operations or net income. In addition, NOI, Cash NOI and Same-Store Cash NOI are considered by many in the real estate industry to be useful starting points for determining the value of a real estate asset or group of assets.  The table below represents a reconciliation of NOI to Cash NOI for the interim periods presented in the "Selected Financial Data" on page 9.  9/30/2022  For the Quarter Ended 6/30/2022  3/31/2022  (Unaudited, USD in thousands)  Industrial  Office  Other  Total Portfolio  Industrial  Office  Other  Total Portfolio  Industrial  Office  Other  Total Portfolio  Revenue  $  15,095 $  72,128 $  14,107  $ 101,330  $  14,807 $  93,494 $  14,772  $ 123,073  $  15,500 $  85,846 $  14,843 $  116,189  Operating Property Expense  (638)  (10,301)  (2,777)  (13,716)  (602)  (11,377)  (2,356)  (14,335)  (996)  (11,451)  (2,596)  (15,043)  Property Tax Expense  (1,005)  (1,031)  Management Fees (Non-Affiliate)   (63)  (6,906) (1,826) (9,737)   (547) (213) (823)   (63)  (8,578) (1,873) (11,482)   (746) (236) (1,045)  (1,028) (7,159) (1,846) (10,033)   (63) (743) (233) (1,039)   TOTAL NOI  13,389  54,374 9,291 77,054  13,111  72,793 10,307 96,211  13,413 66,493 10,168 90,074  NON-CASH ADJUSTMENTS:  Straight Line Rent  (456)  (2,239)  (68)  (2,763)  (211)  (2,666)  245  (2,632)  (215)  (2,518)  192  (2,541)  In-Place Lease Amortization  (87)  (220)  (129)  (436)  (102)  (213)  (117)  (432)  (86)  (211)  (116)  (413)  Deferred Termination Income  —  —  (758)  (758)  —  —  (758)  (758)  —  —  4  4  Deferred Ground Lease  —  490  —  490  —  510  1  511  —  512  (758)  (246)  Other Intangible Amortization  —  Inducement Amortization  377 — 377   — — — —   — 372 — 372   — 107 — 107   — 368 — 368   — (107) — (107)   TOTAL CASH NOI   $ 12,846 $ 52,782 $ 8,336 $ 73,964    $ 12,798 $ 70,903 $ 9,678 $ 93,379    $ 13,112 $ 64,537 $ 9,490 $ 87,139   56 
 

 Notes & Definitions (continued)  Operating Margin  56  NOI/Revenue.  Real Estate Net Book Value  Real Estate Net Book Value represents total real estate and intangible assets, net of accumulated depreciation and amortization and intangible liabilities.  Same Store  Same store portfolio includes properties which were held for a full period compared to the same period in the prior year.  Total Enterprise Value (TEV)  Total Enterprise Value includes the outstanding debt balance (excluding deferred financing costs and premium/discounts), plus unconsolidated debt - pro rata share, plus preferred equity, plus total outstanding shares multiplied by the NAV, less cash and cash equivalents - excludes restricted cash. Total outstanding shares includes limited partnership units issued and shares issued pursuant to the DRP, net of redemptions.  Unencumbered Assets  Unencumbered Assets are properties not secured by a mortgage debt or included in our revolver's borrowing base calculation.  Unsecured Leverage Ratio  Unsecured debt divided by Total Enterprise Value (TEV).  WALT  Weighted average lease term (in years). This is the average remaining lease term for all leases combined, weighted based on Annualized Base Rents. 
 

 Disclaimer  56  Disclaimer on Forward-Looking Statements  This document contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The forward-looking statements contained in this document reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement.  The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: general economic and financial conditions; market volatility; inflation; any potential recession or threat of recession; interest rates; the impact of the work-from-home trends; recent and ongoing disruption in the debt and banking markets; occupancy, rent deferrals and the financial condition of the Company’s tenants; whether easing of the pandemic, work-from-home trends or other factors will impact the attractiveness of industrial and/or office assets; whether we will be successful in renewing leases as they expire; future financial and operating results, plans, objectives, expectations and intentions; expected sources of financing and the availability and attractiveness of the terms of any such financing; legislative and regulatory changes that could adversely affect our business; our future capital expenditures, operating expenses, net income, operating income, cash flow and developments and trends of the real estate industry; whether a listing of the Company will be completed; whether any such listing will maximize shareholder value; whether we will be successful in the pursuit of our business plan, including any dispositions; whether we will succeed in our investment objectives; any relationship between the trading price of our common shares at listing and our published net asset value; any fluctuation and/or volatility of the trading price of our common shares once listed; risks associated with our dependence on key personnel whose continued service is not guaranteed; risks related to the disruption of management’s attention from ongoing business operations due to pursuit of requirements related to being a listed company; whether we will comply with Sarbanes-Oxley as required of listed companies; and other factors, including those risks disclosed in Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s most recent Annual Report on Form 10-K and Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. The Company cautions investors not to place undue reliance on these forward-looking statements and urges you to carefully review the disclosures it makes concerning risks. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. The forward-looking statements speak only as of the date of this document. Furthermore, the Company disclaims any obligation to publicly update or revise any forward- looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.