Peakstone Realty Trust Shares Rise After Purchase of Industrial Outdoor Storage Properties

Dow Jones11-06

By Connor Hart

Shares of Peakstone Realty Trust gained after the company made a $490 million off-market acquisition of 51 industrial outdoor storage properties.

The stock rose 4.1%, to $13.61, in afternoon trading Tuesday. Shares, which are up 17% in the last three months, have fallen 31% since the beginning of the year.

The El Segundo, Calif., investment firm purchased the properties, which are outdoor spaces within commercial properties used to store various materials, equipment or assets related to business operations, from Alterra IOS and J.P. Morgan Asset Management. The buy was financed by proceeds from the company's credit facility and cash on hand, it said Monday after the bell.

The portfolio comprises 45 operating assets and six redevelopment sites across 14 states and is approximately 100% leased. The sites are located near what the company called strategic locations, such as near major supply chains and population centers.

Truist Securities analyst Anthony Hau said in a research note he views the purchase as slightly positive because of industrial outdoor storage properties being largely land-based assets with minimal capital needs and long-term, sticky tenants.

"We get the sense that Peakstone is open to acquiring other types of industrial, but we wouldn't be surprised if industrial outdoor storage becomes their bread & butter."

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

November 05, 2024 15:28 ET (20:28 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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