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Declaration of Dividends and Distributions
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Declaration of Dividends and Distributions Equity
Common Equity
On April 13, 2023, the Company listed its common shares on the New York Stock Exchange (the “Listing”).
As of September 30, 2025, there were 36,790,867 common shares outstanding.
ATM Program
In August 2023, the Company entered into an at-the-market equity offering (the “ATM”) pursuant to which the Company may sell common shares up to an aggregate purchase price of $200.0 million. The Company may sell such shares in amounts and at times to be determined by the Company from time to time, but the Company has no obligation to sell any of such shares. Actual sales, if any, will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of the Company’s common shares, and the Company’s determinations of its capital needs and the appropriate sources of funding. As of September 30, 2025, the Company has not sold any shares under the ATM.
Issuance of Restricted Shares - Long-Term Incentive Plan
On April 5, 2023, the Compensation Committee of the Board approved the Peakstone Realty Trust Second Amended and Restated Employee and Trustee Long-Term Incentive Plan (as amended, the “Plan”) which provides for the grant of share-based awards to the Company’s non-employee trustees, executive officers and other full-time employees of the Company or any affiliate of the Company, and certain persons who perform bona fide consulting or advisory services for the Company or any affiliate of the Company.
Awards granted under the Plan may consist of restricted share units and restricted shares (together, “Restricted Shares”), share options, share appreciation rights, distribution equivalent rights, profit interests in the Operating Partnership, and other equity-based awards.
The share-based awards are measured at fair value at issuance and recognized as compensation expense over the vesting period. The maximum number of shares authorized under the Plan is 4,063,478 shares. As of September 30, 2025, 2,418,002 common shares remained for issuance pursuant to awards granted under the Plan.
As of September 30, 2025 and September 30, 2024, there was $7.3 million and $8.5 million, respectively, of unrecognized compensation expense remaining, which vests between approximately i) 0.3 years and 2.2 years and ii) 0.3 years and 2.3 years, respectively.
Total compensation expense related to Restricted Shares for the three months ended September 30, 2025 and September 30, 2024 was approximately $1.6 million and $2.0 million, respectively. Total compensation expense related to Restricted Shares for the nine months ended September 30, 2025 and September 30, 2024 was approximately $4.8 million and $5.8 million, respectively.
The following table summarizes the activity of unvested Restricted Shares for the periods presented:
Number of Unvested Shares of Restricted SharesWeighted-Average Grant Date Fair Value per Share
Balance at December 31, 2023159,553 
Granted541,700 $11.63 
Forfeited(10,649)$26.65 
Vested(298,038)$28.09 
Balance at December 31, 2024392,566 
Granted541,585 $12.18 
Forfeited(59,418)$15.55 
Vested (1)
(55,855)$23.04 
Balance as of September 30, 2025818,878 
(1)    Total shares vested include 9,673 common shares that were withheld (i.e., forfeited) by employees during the nine months ended September 30, 2025 to satisfy statutory tax withholding requirements associated with the vesting of Restricted Shares.
Declaration of Dividends and Distributions
On August 5, 2025, the Board declared an all-cash dividend for the quarter ended September 30, 2025 in the amount of $0.10 per common share and all-cash distribution in the amount of $0.10 per OP Unit. Such amounts are payable on or about October 17, 2025 to shareholders and holders of OP Units of record as of September 30, 2025.