Peakstone Realty Trust (PKST) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 08, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-41686
Entity Registrant Name	Peakstone Realty Trust
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-4654479
Entity Address, Address Line One	1520 E. Grand Ave
Entity Address, City or Town	El Segundo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90245
City Area Code	310
Local Phone Number	606-3200
Title of 12(b) Security	Common shares, $0.001 par value per share
Trading Symbol	PKST
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,978,022
Entity Central Index Key	0001600626
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 360,626	$ 233,180
Restricted cash	3,042	4,764
Real estate:
Land	245,872	327,408
Building and improvements	2,045,409	2,631,965
Tenant origination and absorption cost	421,795	535,889
Construction in progress	1,576	1,994
Total real estate	2,714,652	3,497,256
Less: accumulated depreciation and amortization	(526,085)	(644,639)
Total real estate, net	2,188,567	2,852,617
Investments in unconsolidated entity	146,395	178,647
Intangible assets, net	31,315	33,861
Deferred rent receivable	63,053	79,572
Deferred leasing costs, net	17,432	26,507
Goodwill	94,678	94,678
Right of use asset	34,615	35,453
Interest rate swap asset	41,046	41,404
Other assets	29,457	31,877
Real estate assets and other assets held for sale, net	0	20,816
Total assets	3,010,226	3,633,376
LIABILITIES AND EQUITY
Debt, net	1,460,536	1,485,402
Restricted reserves	627	627
Distributions payable	8,295	12,402
Due to related parties	1,043	1,458
Intangible liabilities, net	17,989	20,658
Lease liability	46,368	46,519
Accrued expenses and other liabilities	80,542	80,175
Total liabilities	1,615,400	1,647,241
Commitments and contingencies (Note 13)
Perpetual convertible preferred shares	0	125,000
Noncontrolling interests subject to redemption; zero and 61,788 units as of June 30, 2023 and December 31, 2022	0	3,812
Shareholders’ equity:
Common shares, $0.001 par value; shares authorized, 800,000,000; shares outstanding in the aggregate, 35,924,476 and 35,999,898 as of June 30, 2023 and December 31, 2022, respectively	36	36
Additional paid-in capital	2,959,011	2,948,600
Cumulative distributions	(1,059,668)	(1,036,678)
Accumulated (loss) income	(680,369)	(269,926)
Accumulated other comprehensive income (loss)	40,282	40,636
Total shareholders’ equity	1,259,292	1,682,668
Noncontrolling interests	135,534	174,655
Total equity	1,394,826	1,857,323
Total liabilities and equity	$ 3,010,226	$ 3,633,376
Units eligible towards redemption (in shares)	0	61,788

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Units eligible towards redemption (in shares)	0	61,788
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares outstanding (in shares)	35,924,476	35,999,898

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Rental income	$ 62,540	$ 123,073	$ 129,513	$ 239,262
Expenses:
Property operating expense	6,919	14,335	14,029	29,378
Property tax expense	5,545	11,482	11,367	21,515
Property management fees	430	1,045	952	2,084
General and administrative expenses	12,030	8,750	21,758	17,942
Corporate operating expenses to related parties	341	416	718	926
Depreciation and amortization	30,472	59,980	61,827	112,843
Real estate impairment provision	397,373	75,557	397,373	75,557
Total expenses	453,110	171,565	508,024	260,245
Income before other income and (expenses)	(390,570)	(48,492)	(378,511)	(20,983)
Other income (expenses):
Interest expense	(16,068)	(22,366)	(33,082)	(44,032)
Other expenses, net	2,747	(196)	3,959	(426)
Net loss from investment in unconsolidated entity	(17,508)	0	(32,169)	0
Gain (loss) from disposition of assets	(9,701)	0	20,909	0
Transaction expenses	(21,303)	(5,545)	(24,490)	(8,428)
Net loss	(452,403)	(76,599)	(443,384)	(73,869)
Distributions to redeemable preferred shareholders	0	(2,516)	(2,375)	(5,032)
Preferred units redemption	(4,970)	0	(4,970)	0
Net loss attributable to noncontrolling interests	40,909	6,952	40,324	6,933
Net loss attributable to controlling interests	(416,464)	(72,163)	(410,405)	(71,968)
Distributions to redeemable noncontrolling interests attributable to common shareholders	(13)	(44)	(36)	(88)
Net loss attributable to common shareholders	$ (416,477)	$ (72,207)	$ (410,441)	$ (72,056)
Net loss attributable to common shareholders per share, basic (in usd per share)	$ (11.59)	$ (2)	$ (11.43)	$ (2)
Net loss attributable to common shareholders per share, diluted (in usd per share)	$ (11.59)	$ (2)	$ (11.43)	$ (2)
Weighted average number of common shares outstanding, basic (in shares)	35,922,706	36,079,905	35,960,804	36,075,708
Weighted average number of common shares outstanding, diluted (in shares)	35,922,706	36,079,905	35,960,804	36,075,708
Cash distributions declared per common share (in usd per share)	$ 0.23	$ 0.79	$ 0.64	$ 1.57

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (452,403)	$ (76,599)	$ (443,384)	$ (73,869)
Other comprehensive income:
Equity in other comprehensive (loss) income of unconsolidated joint venture	(973)	0	(83)	0
Change in fair value of swap agreements	8,040	9,729	(295)	43,620
Total comprehensive income	(445,336)	(66,870)	(443,762)	(30,249)
Distributions to redeemable preferred shareholders	0	(2,516)	(2,375)	(5,032)
Preferred units redemption	(4,970)	0	(4,970)	0
Distributions to redeemable noncontrolling interests attributable to common shareholders	(13)	(44)	(36)	(88)
Comprehensive income attributable to noncontrolling interests	40,277	6,097	40,347	3,099
Comprehensive income attributable to common shareholders	$ (410,042)	$ (63,333)	$ (410,796)	$ (32,270)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Shares	Additional Paid-In Capital	Cumulative Distributions	Accumulated (Deficit) Income	Accumulated Other Comprehensive Loss	Non- controlling Interests
Beginning balance (in shares) at Dec. 31, 2021			36,070,902
Beginning balance at Dec. 31, 2021	$ 2,371,663	$ 2,153,010	$ 36	$ 2,951,972	$ (922,562)	$ 141,983	$ (18,708)	$ 218,653
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred equity compensation (in shares)			14,248
Deferred equity compensation	1,757	1,757		1,757
Shares acquired to satisfy employee tax withholding requirements on vesting RSUs (in shares)			(5,621)
Shares acquired to satisfy employee tax withholding requirements on vesting RSUs	(459)	(459)		(459)
Cash distributions to common stockholders	(28,073)	(28,073)			(28,073)
Reversal of shares for distribution reinvestment plan (in shares)			(2)
Reclass of noncontrolling interest subject to redemption	99							99
Distributions to noncontrolling interest	(2,698)							(2,698)
Distributions to noncontrolling interests subject to redemption	(4)							(4)
Offering costs	(14)	(14)		(14)
Net income (loss)	170	151				151		19
Other comprehensive loss	33,891	30,912					30,912	2,979
Ending balance (in shares) at Mar. 31, 2022			36,079,527
Ending balance at Mar. 31, 2022	2,376,332	2,157,284	$ 36	2,953,256	(950,635)	142,134	12,204	219,048
Beginning balance (in shares) at Dec. 31, 2021			36,070,902
Beginning balance at Dec. 31, 2021	$ 2,371,663	2,153,010	$ 36	2,951,972	(922,562)	141,983	(18,708)	218,653
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclass of noncontrolling interest subject to redemption								957
Repurchase of noncontrolling interest								0
Reclass of redeemable non-controlling interest								0
Distributions to noncontrolling interest								(10,942)
Distributions to noncontrolling interests subject to redemption								(17)
Net income (loss)								(39,714)
Other comprehensive loss								5,718
Ending balance (in shares) at Dec. 31, 2022	35,999,898		35,999,898
Ending balance at Dec. 31, 2022	$ 1,857,323	1,682,668	$ 36	2,948,600	(1,036,678)	(269,926)	40,636	174,655
Beginning balance (in shares) at Mar. 31, 2022			36,079,527
Beginning balance at Mar. 31, 2022	2,376,332	2,157,284	$ 36	2,953,256	(950,635)	142,134	12,204	219,048
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred equity compensation (in shares)			2,756
Deferred equity compensation	1,685	1,685		1,685
Cash distributions to common stockholders	(28,393)	(28,393)			(28,393)
Distributions to noncontrolling interest	(2,728)							(2,728)
Distributions to noncontrolling interests subject to redemption	(4)							(4)
Offering costs	(9)	(9)		(9)
Net income (loss)	(79,159)	(72,207)				(72,207)		(6,952)
Other comprehensive loss	9,729	8,874					8,874	855
Ending balance (in shares) at Jun. 30, 2022			36,082,283
Ending balance at Jun. 30, 2022	$ 2,277,453	2,067,234	$ 36	2,954,932	(979,028)	69,927	21,078	210,219
Beginning balance (in shares) at Dec. 31, 2022	35,999,898		35,999,898
Beginning balance at Dec. 31, 2022	$ 1,857,323	1,682,668	$ 36	2,948,600	(1,036,678)	(269,926)	40,636	174,655
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred equity compensation (in shares)			13,620
Deferred equity compensation	2,556	2,556		2,556
Shares acquired to satisfy employee tax withholding requirements on vesting RSUs (in shares)			(5,700)
Shares acquired to satisfy employee tax withholding requirements on vesting RSUs	(381)	(381)		(381)
Cash distributions to common stockholders	(14,873)	(14,873)			(14,873)
Repurchase of common stock (in shares)			(896)
Repurchase of common stock		(60)		(60)
Reclass of noncontrolling interest subject to redemption	10							10
Distributions to noncontrolling interest	(1,435)							(1,435)
Distributions to noncontrolling interests subject to redemption	(2)							(2)
Offering costs	(9)	(9)		(9)
Net income (loss)	6,618	6,033				6,033		585
Other comprehensive loss	(7,445)	(6,789)					(6,789)	(656)
Ending balance (in shares) at Mar. 31, 2023			36,006,922
Ending balance at Mar. 31, 2023	$ 1,842,302	1,669,145	$ 36	2,950,706	(1,051,551)	(263,893)	33,847	173,157
Beginning balance (in shares) at Dec. 31, 2022	35,999,898		35,999,898
Beginning balance at Dec. 31, 2022	$ 1,857,323	1,682,668	$ 36	2,948,600	(1,036,678)	(269,926)	40,636	174,655
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclass of noncontrolling interest subject to redemption								10
Repurchase of noncontrolling interest								(370)
Reclass of redeemable non-controlling interest								3,801
Distributions to noncontrolling interest								(2,211)
Distributions to noncontrolling interests subject to redemption								(3)
Net income (loss)								(40,324)
Other comprehensive loss								(24)
Ending balance (in shares) at Jun. 30, 2023	35,924,476
Ending balance at Jun. 30, 2023	$ 1,394,826	1,259,292	$ 36	2,959,011	(1,059,668)	(680,369)	40,282	135,534
Beginning balance (in shares) at Mar. 31, 2023			36,006,922
Beginning balance at Mar. 31, 2023	1,842,302	1,669,145	$ 36	2,950,706	(1,051,551)	(263,893)	33,847	173,157
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred equity compensation (in shares)			33,092
Deferred equity compensation	4,034	4,034		4,034
Shares acquired to satisfy employee tax withholding requirements on vesting RSUs (in shares)			(49,738)
Shares acquired to satisfy employee tax withholding requirements on vesting RSUs	(1,069)	(1,069)		(1,069)
Cash distributions to common stockholders	(8,117)	(8,117)			(8,117)
Reclass of noncontrolling interest subject to redemption	0							0
Share class conversion (in shares)			(69,988)
Repurchase of noncontrolling interests (in shares)			4,188
Repurchase of noncontrolling interest	0	370		370				(370)
Reclass of redeemable non-controlling interest	3,801							3,801
Distributions to noncontrolling interest	(776)							(776)
Distributions to noncontrolling interests subject to redemption	(1)							(1)
Offering costs on preferred units	4,970	4,970		4,970
Net income (loss)	(457,385)	(416,476)				(416,476)		(40,909)
Other comprehensive loss	$ 7,067	6,435					6,435	632
Ending balance (in shares) at Jun. 30, 2023	35,924,476
Ending balance at Jun. 30, 2023	$ 1,394,826	$ 1,259,292	$ 36	$ 2,959,011	$ (1,059,668)	$ (680,369)	$ 40,282	$ 135,534

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities:
Net loss	$ (443,384)	$ (73,869)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation of building and building improvements	39,592	64,587
Amortization of leasing costs and intangibles, including ground leasehold interests and leasing costs	22,976	48,996
Amortization of below market leases, net	(413)	(846)
Amortization of deferred financing costs and debt premium	2,113	1,834
Amortization of swap interest	63	63
Deferred rent	(6,060)	(5,553)
Gain, net from sale of depreciable operating properties	(20,909)	0
Net loss from investment in unconsolidated entities	32,169	0
(Loss) gain from investments	(51)	158
Impairment provision	397,373	75,557
Share-based compensation	6,590	3,442
Change in operating assets and liabilities:
Deferred leasing costs and other assets	(5,239)	592
Accrued expenses and other liabilities	240	1,107
Due to related parties, net	(295)	(659)
Net cash provided by (used in) operating activities	24,765	115,409
Investing Activities:
Proceeds from disposition of properties	291,023	0
Restricted reserves	0	(227)
Payments for construction in progress	(1,719)	(5,842)
Purchase of investments	(149)	(143)
Net cash provided by (used in) investing activities	289,155	(6,212)
Financing Activities:
Proceeds from borrowings - Credit Facility	400,000	0
Principal payoff of secured indebtedness - Mortgage Debt	(19,013)	0
Principal payoff of indebtedness - Term Loan	(400,000)	0
Principal amortization payments on secured indebtedness	(3,643)	(4,605)
Deferred financing costs	(2,580)	(375)
Offering costs	(9)	(23)
Redemption of preferred units	(125,000)	0
Repurchase of common shares	(4,443)	0
Distributions to noncontrolling interests	(2,401)	(5,553)
Distributions to preferred units subject to redemption	(4,891)	(5,031)
Distributions to common shareholders	(24,551)	(56,777)
Financing lease payment	(215)	(221)
Repurchase of common shares to satisfy employee tax withholding requirements	(1,450)	(459)
Net cash used in financing activities	(188,196)	(73,044)
Net increase in cash, cash equivalents and restricted cash	125,724	36,153
Cash, cash equivalents and restricted cash at the beginning of the period	237,944	186,140
Cash, cash equivalents and restricted cash at the end of the period	363,668	222,293
Supplemental Disclosures of Significant Non-Cash Transactions:
Decrease (increase) in fair value swap agreement	(295)	43,620
Accrued tenant obligations	7,008	6,552
Distributions payable to common shareholders	8,121	9,361
Distributions payable to noncontrolling interests	795	915
Operating lease right-of-use assets obtained in exchange for lease liabilities	1,358	1,358
Accrued for construction in progress	286	1,545
Capitalized transaction costs paid in prior period	$ 0	$ 2,130

Organization

Organization	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Peakstone Realty Trust (“PKST” or the “Company”) is an internally managed, publicly traded real estate investment trust (“REIT”) that owns and operates a high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office properties. The Company’s fiscal year-end is December 31. On March 1, 2021, the Company completed its acquisition of Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”) in a stock-for-stock transaction (the “CCIT II Merger”). At the effective time of the CCIT II Merger, each issued and outstanding share of CCIT II Class A common stock and each issued and outstanding share of CCIT II Class T common stock were converted into the right to receive 1.392 Class E common shares of the Company, for a total of approximately 93,457,668 Class E common shares (or approximately 10,384,185 Class E common shares taking into account the reverse share split described below) issued to former CCIT II stockholders. PKST OP, L.P., our operating partnership (the “Operating Partnership”) owns, directly and indirectly all of the Company’s assets. As of June 30, 2023, the Company owned approximately 91.0% of the outstanding common limited partnership units of the Operating Partnership (“OP Units”). On March 10, 2023, the Company completed a one-for-nine reverse share split with respect to each class of its common shares, converting every nine shares of the Company’s issued and outstanding common shares of each class into one share of such class, with no changes to the $0.001 par value per share. The reverse share split did not affect the number of the Company’s authorized common shares. The reverse share split applied equally to OP units. The Company has retrospectively adjusted, for all periods presented, all share, per share and OP Unit amounts to reflect the impact of the reverse share split. Also, on March 10, 2023, the Company changed its name from Griffin Realty Trust to Peakstone Realty Trust and the Operating Partnership changed its name from GRT OP, L.P. to PKST OP, L.P. On April 13, 2023, the Company’s common Class T Shares, Class S shares, Class D shares, Class I shares, Class A shares, Class AA shares and Class AAA shares, were converted into Class E common shares (the “Conversion”) and all of our Class E common shares became listed (the “Listing”) on the New York Stock Exchange as “common shares”.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies There have been no significant changes to the Company’s accounting policies since the Company filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2022. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). The accompanying unaudited consolidated financial statements of the Company are prepared by management on the accrual basis of accounting and in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited consolidated financial statements include accounts and related adjustments, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim period. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 . In addition, see the risk factors identified in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries. Intercompany transactions are shown on the consolidated statements if and to the extent to required pursuant to GAAP. With the exception of the Office Joint Venture (defined below), each property-owning entity is a wholly-owned subsidiary which is a special purpose entity (“SPE”). If a property is separately financed (i.e., not part of the borrowing base under our credit facility or a collateralized loan pool), the income from such property is generally not available to satisfy the debts or obligations of any other entity. Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Per Share Data The Company reports earnings per share for the period as (1) basic earnings per share computed by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period, and (2) diluted earnings per share computed by dividing net income (loss) attributable to common shareholders by the weighted average number of outstanding common shares and common share equivalents (e.g., OP Units and preferred shares, when considered convertible for purposes of computing diluted earnings per share). Unvested restricted share units (“RSUs”) that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The effect of including unvested RSUs using the treasury stock method was excluded from our calculation of weighted average common shares outstanding - diluted, as the inclusion would have been anti-dilutive for the three and six months ended June 30, 2023 and June 30, 2022. Total excluded shares were 406,272 and 291,607 for the three and six months ended June 30, 2023, respectively. Total excluded shares were 177,877 and 166,572 for the three and six months ended June 30, 2022, respectively. Segment Information ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. The Company internally evaluates all of the properties and interests therein as three reportable segments: Industrial, Office, and Other. Refer to Note 14, Segment Reporting , for further details. Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code (“Code”). To qualify as a REIT, the Company must meet certain organizational and operational requirements. The Company intends to adhere to these requirements and maintain its REIT status for the current year and subsequent years. As a REIT, the Company generally will not be subject to federal income taxes on taxable income that is distributed to shareholders. However, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income, if any. If the Company fails to qualify as a REIT in any taxable year, the Company will then be subject to federal income taxes on the taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect net income and net cash available for distribution to shareholders. As of June 30, 2023, the Company satisfied the REIT requirements and distributed all of its taxable income. Pursuant to the Code, the Company has elected to treat Griffin Capital Essential Asset TRS, Inc. as a taxable REIT subsidiary (a “TRS”). In general, the TRS may perform non-customary services for the Company’s tenants and may engage in any real estate or non-real estate-related business. The TRS will be subject to corporate federal and state income tax. Goodwill Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of business acquired. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the goodwill might be impaired. On October 1 of each year, the Company performs a qualitative analysis to determine whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting units in step one of the impairment test. If a quantitative assessment is deemed necessary, and to the extent the carrying amount of the reporting unit’s allocated goodwill exceeds the unit’s fair value, the Company recognizes an impairment of goodwill for the excess up to the amount of goodwill of that reporting unit. Recently Issued Accounting Pronouncements Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Other than the ASUs discussed below, the FASB has not recently issued any other ASUs that the Company expects to be applicable and have a material impact on the Company's financial statements. Adoption of New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 was effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2023. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company has subsequently elected to apply additional expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risk(s) as qualifying changes have been made to applicable debt and anticipate to be made to derivative contracts. Application of these expedients preserves the presentation of derivatives and debt contracts consistent with past presentation. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) to defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Real Estate	Real Estate As of June 30, 2023, the Company’s real estate portfolio consisted of 73 properties in 24 states consisting substantially of industrial and office properties with a combined acquisition value of approximately $3.1 billion, including the allocation of the purchase price to above and below-market lease valuation. Depreciation expense for buildings and improvements for the six months ended June 30, 2023 was $39.6 million. Amortization expense for intangibles, including, but not limited to, tenant origination and absorption costs for the six months ended June 30, 2023, was $22.2 million. Intangibles The Company allocated a portion of the acquired and contributed real estate asset value to in-place lease valuation, tenant origination and absorption cost, and other intangibles, as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 In-place lease valuation (above market) $ 23,438 $ 28,619 In-place lease valuation (above market) - accumulated amortization (16,424) (19,799) In-place lease valuation (above market), net 7,014 8,820 Intangibles - other 32,028 32,028 Intangibles - other - accumulated amortization (7,727) (6,987) Intangibles - other, net 24,301 25,041 Intangible assets, net $ 31,315 $ 33,861 In-place lease valuation (below market) $ (44,840) $ (48,686) Land leasehold interest (above market) (3,072) (3,072) Intangibles - other (above market) (223) (258) In-place lease valuation & land leasehold interest - accumulated amortization 30,146 31,358 Intangible liabilities, net $ (17,989) $ (20,658) Tenant origination and absorption cost $ 421,795 $ 535,889 Tenant origination and absorption cost - accumulated amortization (218,698) (282,383) Tenant origination and absorption cost, net $ 203,097 $ 253,506 The following table sets forth the estimated annual amortization (income) expense for (i) in-place lease valuation, net, (ii) tenant origination and absorption costs, (iii) ground leasehold interest, (iv) other intangibles, and (v) other leasing costs as of June 30, 2023 for the next five years: Year In-place lease valuation, net Tenant origination and absorption costs Ground leasehold interest Other intangibles Other leasing costs Remaining 2023 $ (733) $ 16,572 $ (160) $ 753 $ 981 2024 $ (1,263) $ 31,551 $ (318) $ 1,498 $ 2,203 2025 $ (1,154) $ 27,492 $ (317) $ 1,494 $ 2,402 2026 $ (1,049) $ 26,158 $ (317) $ 1,494 $ 2,352 2027 $ (851) $ 23,376 $ (317) $ 1,494 $ 2,171 2028 $ (666) $ 19,835 $ (318) $ 1,498 $ 1,853 Restricted Cash As required by (i) certain lease provisions or, (ii) our loan documents, the Company assumed or funded reserves for specific property improvements and deferred maintenance, re-leasing costs, and taxes and insurance, which are included on the consolidated balance sheets as restricted cash. Additionally, an ongoing replacement reserve is funded by certain tenants pursuant to such tenant’s respective lease as follows: Balance as of June 30, 2023 December 31, 2022 Cash reserves $ 2,645 $ 4,262 Restricted lockbox 397 502 Total $ 3,042 $ 4,764 Real Estate Impairment During the three and six months ended June 30, 2023, in connection with the preparation and review of the financial statements, the Company recorded a real estate impairment provision of approximately $397.4 million on sixteen properties, consisting of eight Office properties for $196.1 million and eight Other properties for $201.2 million. The impaired properties are located in the Southwest, Northeast, West, and Southeast regions of the United States. The impairment resulted from changes in the current quarter related to anticipated hold periods, estimated selling prices, and potential vacancies that impacted the recoverability of these assets. In determining the fair value of the properties, the Company considered Level 3 inputs. See Note 8, Fair Value Measurements , for details. Sale of Properties For the six months ended June 30, 2023, the company sold eight properties for gross disposition proceeds of $300.4 million. The company recognized a net gain of approximately $20.9 million, detailed in the table below: Date Segment Location Gross Proceeds Gain (Loss) Three Months Ended March 31, 2023 January 6, 2023 Industrial Irvine, CA $ 40,000 $ 18,690 February 16, 2023 Industrial Clinton, SC 19,300 7,109 March 2, 2023 Office Herndon, VA 110,300 4,811 Total 169,600 30,610 Three Months Ended June 30, 2023 May 9, 2023 Other Lone Tree, CO 5,600 (301) May 15, 2023 Office Houston, TX 62,300 (5,000) June 8, 2023 Other Greenwood Village, CO 5,000 (5,200) June 30, 2023 Office Andover, MA 23,700 100 June 30, 2023 Office Andover, MA 34,200 700 Total 130,800 (9,701) Total for the Six Months Ended June 30, 2023 $ 300,400 $ 20,909

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities Office Joint Venture On August 26, 2022, the Company completed the sale of a majority interest in a 41-property office portfolio (the “Initial JV Office Portfolio”) for a sale price of approximately $1.1 billion. On December 27, 2022, the Company completed a companion sale of a majority interest in a five-property office portfolio (“Companion JV Office Portfolio”, and together with the Initial JV Office Portfolio, the “JV Office Portfolio”) for a sale price of approximately $170.4 million. In connection with the sale of the JV Office Portfolio, the Company, through its subsidiary GRT VAO OP, LLC (“GRT VAO Sub”), invested a combined $184.2 million for a 49% interest in a joint venture (the “Office Joint Venture”), through which it owns indirectly an approximate 49% interest in the JV Office Portfolio. As of June 30, 2023, the book value of the Company’s interest in the Office Joint Venture is equal to approximately $146.4 million. The Office Joint Venture is managed and accounted for by RVMC Capital LLC, an affiliate of Workspace Property Trust (the “Managing Member”). The Managing Member of the Office Joint Venture has general authority to manage the operations of the Office Joint Venture. The Managing Member also has day-to-day management authority over the Office Joint Venture, subject to certain major decision rights held by another minority interest holder. The Managing Member may be removed from its management positions upon the occurrence of specified events. GRT VAO Sub has approval rights over certain major decisions regarding actions by the Office Joint Venture, including certain fundamental decisions that the Office Joint Venture may approve. GRT VAO Sub’s obligation is generally limited to its initial contribution. GRT VAO Sub is not obligated to make any additional capital contributions beyond its initial capital contribution. The Office Joint Venture, through various subsidiary borrowers, obtained acquisition financing for the Initial JV Office Portfolio comprised of (a) a $736.0 million mortgage loan (the “Initial JV Office Mortgage Loan”), and (b) a $194.8 million mezzanine loan (the “JV Office Mezzanine Loan”, and together with the JV Office Initial Mortgage Loan, the “Initial Office JV Loans”). The initial maturity date of the Initial Office JV Loans is September 9, 2023, subject to two, one-year extension options. The interest rates during the initial term of the Initial JV Office Mortgage Loan and the JV Office Mezzanine Loan are Term SOFR (1-month) (with a 3% interest rate cap on SOFR) + 3.635% (subject to a 0.25% increase during each extension term) and Term SOFR (1-month) with a 3% interest rate cap on SOFR + 6.574% (subject to a 0.25% increase during each extension term), respectively. The Office Joint Venture paid approximately $6.7 million for the interest rate caps. The Office Joint Venture, through various subsidiary borrowers, also obtained acquisition financing for the Companion JV Office Portfolio, comprised of a $142.1 million mortgage loan, having an initial maturity date of January 6, 2024 (subject to two, one-year extension options), and an interest rate during the initial term of Term SOFR (1-month with a 4% interest rate cap on SOFR) + 4.25% (subject to a 0.25% increase during each extension term) (the “Companion Office JV Loan”, and together with the Initial Office JV Loans, the “Office JV Loans”). The Company has not guaranteed any debt obligations and has not otherwise committed to providing financial support in respect of the Office JV Loans. In addition, the Company does not anticipate receiving any near-term cash flow distributions from the assets that are part of the JV Office Portfolio. Considering the Company’s limited economic exposure to the Office Joint Venture, the Company excludes interests in the assets in the Office Joint Venture from operating data. The interests discussed above are deemed to be variable interests in variable interest entities ("VIE") and based on an evaluation of the variable interests against the criteria for consolidation, the Company determined that it is not the primary beneficiary of the investment, as the Company does not have power to direct the activities of the entities that most significantly affect their performance. As such, the interest in the VIE is recorded using the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, the investments in the unconsolidated entities are stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on the allocation of cash distributions upon liquidation of the investment at book value in accordance with the operating agreements. The Company records the net earnings or losses on investment on a one quarter lag. The Company's maximum exposure to losses associated with its unconsolidated investments is primarily limited to its carrying value in the investments. The table below summarizes the Company’s investment in the unconsolidated Office Joint Venture, which the Company determined is related to corporate activities and is excluded from its segment reporting: Office Joint Venture Investment in Office Joint Venture Balance at December 31, 2022 $ 178,647 Contributions — Company’s share of net loss (32,169) Other comprehensive loss (83) Balance at June 30, 2023 $ 146,395 The table below presents the condensed balance sheet for the unconsolidated Office Joint Venture: June 30, 2023 (1) December 31, 2022 (2) Assets Real estate properties, net $ 1,110,185 $ 981,354 Other assets 293,282 240,447 Total Assets $ 1,403,467 $ 1,221,801 Liabilities Mortgages payable, net $ 1,029,168 $ 856,765 Other liabilities 77,216 52,018 Total Liabilities $ 1,106,384 $ 908,783 (1) Amounts are as of March 31, 2023 due to the recording of the Office Joint Venture’s activity on a one quarter lag. (2) Amounts are as of September 30, 2022 due to the recording of the Office Joint Venture’s activity on a one quarter lag. The table below presents condensed statements of operations of the unconsolidated Office Joint Venture: Three Months Ended June 30, Six Months Ended June 30, 2023 (1) 2022 (2) 2023 (3) 2022 (2) Total revenues $ 49,917 $ — $ 94,706 $ — Expenses: Operating expenses (16,611) — (32,433) — General and administrative (2,174) — (3,655) — Depreciation and amortization (18,411) — (33,185) — Interest expense (49,990) — (92,982) — Other expenses, net 1,531 — 1,883 — Total Expenses (85,655) — (160,372) — Net Loss $ (35,738) $ — $ (65,666) $ — (1) Amounts represent the period of January 1, 2023 to March 31, 2023 due to the recording of the Office Joint Venture’s activity on a one quarter lag. (2) No activity for the three and six months ended June 30, 2022 as the Office Joint Venture was formed in August 2022. (3) Amounts represent the period of October 1, 2022 to March 31, 2023 due to the recording of the Office Joint Venture’s activity on a one quarter lag.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt As of June 30, 2023 and December 31, 2022, the Company’s consolidated debt consisted of the following: June 30, 2023 December 31, 2022 Contractual Interest Rate (1) Loan Maturity (4) Effective Interest Rate (2) Samsonite Mortgage Loan $ 17,414 $ 17,998 6.08% September 2023 4.96% Highway 94 Mortgage Loan 12,229 12,740 3.75% August 2024 5.01% Pepsi Bottling Ventures Mortgage Loan 17,640 17,836 3.69% October 2024 3.93% AIG Loan II 121,153 122,328 4.15% November 2025 4.96% BOA II Loan 250,000 250,000 4.32% May 2028 4.14% AIG Loan 98,710 99,794 4.96% February 2029 5.09% HealthSpring Mortgage Loan — 19,107 —% (7) — —% Total Mortgage Debt 517,146 539,803 Revolving Credit Facility 400,000 — SOF Rate + 1.30% (3) January 2026 (6) 6.70% 2024 Term Loan — 400,000 —% (5) — —% 2025 Term Loan 400,000 400,000 SOF Rate + 1.25% (3) December 2025 6.65% 2026 Term Loan 150,000 150,000 SOF Rate + 1.25% (3) April 2026 6.49% Total Debt 1,467,146 1,489,803 Unamortized Deferred Financing Costs and Discounts, net (6,610) (4,401) Total Debt, net $ 1,460,536 $ 1,485,402 (1) Including the effect of the interest rate swap agreements with a total notional amount of $750.0 million, the weighted average interest rate as of June 30, 2023 was 4.16% for both the Company’s fixed-rate and variable-rate debt combined and 3.79% for the Company’s fixed-rate debt only. (2) Reflects the effective interest rate as of June 30, 2023 and includes the effect of amortization of discounts/premiums and deferred financing costs, but excludes the effect of the interest rate swaps. (3) The applicable SOFR as of June 30, 2023 (assuming a five day look-back per the credit facility agreement) was 5.05%, which excludes a 0.1% per annum index adjustment as required per the Fifth Amendment to the Second Amended and Restated Credit Agreement. (4) Reflects the maturity dates as of June 30, 2023. (5) 2024 Term Loan was paid off in full in March 2023 and had a contractual interest rate of SOFR + 1.40%. (6) The Revolving Credit Facility has a maturity date of September 30, 2023. The Revolving Credit Facility, subject to the satisfaction of certain customary conditions, has a series of extension options through January 31, 2026. See discussion below. (7) HealthSpring Mortgage Loan was paid off in full in March 2023 and had a contractual interest rate of 4.18%. Second Amended and Restated Credit Agreement Pursuant to the Second Amended and Restated Credit Agreement dated as of April 30, 2019 (as amended by the First Amendment to the Second Amended and Restated Credit Agreement dated as of October 1, 2020 (the “First Amendment”), the Second Amendment to the Second Amended and Restated Credit Agreement dated as of December 18, 2020 (the “Second Amendment”), the Third Amendment to the Second Amended and Restated Credit Agreement dated as of July 14, 2021 (the “Third Amendment”), the Fourth Amendment to the Second Amended and Restated Credit Agreement dated as of April 28, 2022 (the “Fourth Amendment”), the Fifth Amendment to the Second Amended and Restated Credit Agreement dated as of September 28, 2022 (the “Fifth Amendment”), the Sixth Amendment to the Second Amended and Restated Credit Agreement dated as of November 30, 2022 (the “Sixth Amendment”), the Seventh Amendment to the Amended and Restated Credit Agreement dated as of March 21, 2023 (the “Seventh Amendment”), and together with the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, and the Sixth Amendment, the “Second Amended and Restated Credit Agreement”)), with KeyBank National Association (“KeyBank”) as administrative agent, and a syndicate of lenders, the Operating Partnership, as the borrower, has been provided with a $1.7 billion credit facility consisting of a $750.0 million senior unsecured revolving credit facility (the “Revolving Credit Facility”) maturing in September 2023 (with a series of extension options to January 31, 2026, subject to the satisfaction of certain customary conditions), a $400.0 million senior unsecured term loan maturing in April 2024 (the “$400M 2024 5-Year Term Loan”), a $400.0 million senior unsecured term loan maturing in December 2025 (the “$400M 2025 5-Year Term Loan”), and a $150.0 million senior unsecured term loan maturing in April 2026 (the “$150M 2026 7-Year Term Loan”) (collectively, the “KeyBank Loans”). The $400M 2024 5-Year Term Loan was paid-off as noted below. The credit facility also provides the option, subject to obtaining additional commitments from lenders and certain other customary conditions, to increase the commitments under the Revolving Credit Facility, increase the existing term loans and/or incur new term loans by up to an additional $1.0 billion in the aggregate. As of June 30, 2023, the available undrawn capacity under the Revolving Credit Facility was $34.0 million. The Second Amended and Restated Credit Agreement requires that the Operating Partnership maintain a pool of unencumbered real properties (each a “Pool Property” and collectively the “Pool Properties”) that meet certain requirements contained in the Second Amended and Restated Credit Agreement. The Second Amended and Restated Credit Agreement sets forth certain covenants relating to the Pool Properties, including, without limitation: • there must be no less than 15 Pool Properties at any time; • no greater than 15% of the aggregate pool value may be contributed by a single Pool Property or tenant; • no greater than 15% of the aggregate pool value may be contributed by Pool Properties subject to ground leases; • no greater than 20% of the aggregate pool value may be contributed by Pool Properties which are under development or assets under renovation; • the minimum aggregate leasing percentage of all Pool Properties must be no less than 90%; and • other limitations as determined by KeyBank upon further due diligence of the Pool Properties. Borrowing availability under the Revolving Credit Facility is limited to the lesser of the maximum amount of all loans outstanding that would result in (i) an unsecured leverage ratio of no greater than 60%, or (ii) an unsecured interest coverage ratio of no less than 2.00:1.00. Guarantors of the KeyBank Loans include the Company, each special purpose entity that owns a Pool Property, and each of the Operating Partnership’s other subsidiaries which owns a direct or indirect equity interest in a SPE that owns a Pool Property. In addition to customary representations, warranties, covenants, and indemnities, the KeyBank Loans require the Operating Partnership to comply with the following, which will be tested on a quarterly basis: • a maximum consolidated leverage ratio of 60%, or, the ratio may increase, on two occasions, to 65% for up to four consecutive quarters after a material acquisition; • a minimum consolidated tangible net worth of not less than the sum of (i) $1,000,000,000.00, plus (ii) (A) seventy-five percent (75%) of the net proceeds (gross proceeds less reasonable and customary costs of sale and issuance paid to persons not affiliates of any credit party) received by the Company or the Operating Partnership at any time from the issuance of shares (whether common, preferred or otherwise), after the effective date of the Seventh Amendment, plus (B) seventy-five percent (75%) of the amount of OP Units of the Operating Partnership issued after the effective date of the Seventh Amendment, minus (iii) seventy-five percent (75%) of the amount of any payments that are used to redeem shares (whether common, preferred or otherwise) of the Company or the Operating Partnership or to redeem OP Units after the effective date of the Seventh Amendment, minus (iv) any amounts paid for the redemption or retirement of, or any accrued return on, the preferred equity held by SHBNPP Global Professional Investment Type Private Real Estate Trust No. 13(H) (the “Preferred Holder”); • a minimum consolidated fixed charge coverage ratio of not less than 1.50:1.00; • a maximum total secured debt ratio of not greater than 40%, which ratio may increase, on two occasions, to 45% for four consecutive quarters after closing of a material acquisition that is financed with secured debt; • a minimum unsecured interest coverage ratio of 2.00:1.00; • a maximum total secured recourse debt ratio, excluding recourse obligations associated with interest rate hedges, of 10% of our total asset value; • aggregate maximum unhedged variable rate debt of not greater than 30% of the Company's total asset value; and • a maximum unsecured leverage ratio of 60%, or, the ratio may increase, on two occasions, up to 65% for up to four consecutive quarters after a material acquisition. Furthermore, the activities of the Operating Partnership, the Company, and the Company's subsidiaries must be focused principally on the ownership, development, operation and management of office, industrial, manufacturing, warehouse, distribution or educational properties (or mixed uses thereof) and businesses reasonably related or ancillary thereto. Seventh Amendment to the Second Amended and Restated Credit Agreement Prior to the Seventh Amendment, the final Revolving Credit Maturity Date (as defined in the Second Amended and Restated Credit Agreement) was June 30, 2024. On March 21, 2023, the Operating Partnership, entered into the Seventh Amendment, which, among other things, (i) permits the Operating Partnership to extend the Revolving Commitments (as defined in the Second Amended and Restated Credit Agreement) of each Extending Revolving Lender (as defined in the Second Amended and Restated Credit Agreement) through January 31, 2026 (the “Subsequent Extension”); (ii) amended the covenant regarding Tangible Net Worth (as defined in the Second Amended and Restated Credit Agreement) to reduce the baseline calculation for the required Tangible Net Worth from approximately $2.0 billion to $1.0 billion; and (iii) added a covenant that prohibits any special distributions from extraordinary non-recurring income. The exercise of the Subsequent Extension by the Operating Partnership is conditioned upon, among other things, (i) prior to June 30, 2024, the Company consummating a listing of its equity interests which results in such equity interests being traded on the New York Stock Exchange, and (ii) the payment of an extension fee on the effective date of the Subsequent Extension in an amount equal to 20 basis points of the amount of Revolving Commitments being extended in connection with the Subsequent Extension. With the Listing, the condition noted in clause (i) has been satisfied. In connection with the Seventh Amendment, and as a condition to the effectiveness thereof, the Operating Partnership prepaid the outstanding principal balance ($400.0 million) of the $400M 2024 5-Year Term Loan. The prepayment was funded through a draw on the Revolving Credit Facility. Debt Covenant Compliance Pursuant to the terms of the Company’s mortgage loans and the KeyBank Loans, the Operating Partnership, in consolidation with the Company, is subject to certain loan compliance covenants. The Company was in compliance with all of its debt covenants as of June 30, 2023.

Interest Rate Contracts

Interest Rate Contracts	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Contracts	Interest Rate Contracts Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the values of which are determined by expected cash payments principally related to borrowings and interest rates. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company does not use derivatives for trading or speculative purposes. Derivative Instruments The Company has entered into interest rate swap agreements to hedge the variable cash flows associated with its variable-rate debt, including the Company's KeyBank Loans. The change in the fair value of derivatives designated and qualifying as cash flow hedges is initially recorded in accumulated other comprehensive income (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. The following table sets forth a summary of the interest rate swaps at June 30, 2023 and December 31, 2022: Fair Value (1) Current Notional Amounts Derivative Instrument Effective Date Maturity Date Interest Strike Rate June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Assets/(Liabilities): Interest Rate Swap 3/10/2020 7/1/2025 0.83% $ 11,494 $ 12,391 $ 150,000 $ 150,000 Interest Rate Swap 3/10/2020 7/1/2025 0.84% 7,655 8,244 100,000 100,000 Interest Rate Swap 3/10/2020 7/1/2025 0.86% 5,708 6,145 75,000 75,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 4,785 4,331 125,000 125,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 3,812 3,444 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.83% 3,810 3,441 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.84% 3,782 3,408 100,000 100,000 Total $ 41,046 $ 41,404 $ 750,000 $ 750,000 (1) The Company records all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly there are no offsetting amounts that net assets against liabilities. As of June 30, 2023, derivatives in an asset or liability position are included in the line item “Other assets” or “Interest rate swap liability” in the consolidated balance sheets at fair value. The LIBO rate as of June 30, 2023 (effective date) was 5.17%. The following table sets forth the impact of the interest rate swaps on the consolidated statements of operations for the periods presented: Six Months Ended June 30, 2023 2022 Interest Rate Swap in Cash Flow Hedging Relationship: Amount of loss recognized in AOCI on derivatives $ (10,238) $ (37,886) Amount of gain reclassified from AOCI into earnings under “Interest expense” $ 10,531 $ (5,734) Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 33,082 $ 44,032 During the twelve months subsequent to June 30, 2023, the Company estimates that an additional $24.9 million of its income will be recognized from AOCI into earnings. Certain agreements with the derivative counterparties contain a provision that if the Company defaults on its credit facility indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender within a specified time period, then the Company could also be declared in default on its derivative obligations. As of June 30, 2023 and December 31, 2022, there were no swaps in a liability position. As of June 30, 2023 and December 31, 2022, the Company had not posted any collateral related to these agreements.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Interest payable $ 15,982 $ 13,654 Prepaid tenant rent 12,799 12,399 Deferred compensation 8,682 8,913 Accrued tenant improvements 7,008 620 Real estate taxes payable 4,924 6,296 Property operating expense payable 3,616 7,960 Redemptions payable — 4,383 Other liabilities 27,531 25,950 Total $ 80,542 $ 80,175

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company is required to disclose fair value information about all financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate fair value. The Company measures and discloses the estimated fair value of financial assets and liabilities utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities, (ii) “significant other observable inputs,” and (iii) “significant unobservable inputs.” “Significant other observable inputs” can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. “Significant unobservable inputs” are typically based on an entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers between the levels in the fair value hierarchy during the six months ended June 30, 2023 and the year ended December 31, 2022. The following table sets forth the assets and liabilities that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2023 and December 31, 2022: Assets/(Liabilities) Total Fair Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2023 Interest Rate Swap Asset $ 41,046 $ — $ 41,046 $ — Mutual Funds Asset $ 6,513 $ 6,513 $ — $ — December 31, 2022 Interest Rate Swap Asset $ 41,404 $ — $ 41,404 $ — Mutual Funds Asset $ 6,191 $ 6,191 $ — $ — Real Estate Impairment During the three and six months ended June 30, 2023, in connection with the preparation and review of the financial statements, the Company recorded a real estate impairment provision of approximately $397.4 million on sixteen properties, including eight Office and eight Other properties, located in the Southwest, Northeast, West, and Southeast regions of the United States. The impairment resulted from changes in the current quarter related to anticipated hold periods, estimated selling prices, and potential vacancies that impacted the recoverability of these assets. In determining the fair value of the properties, (i) for thirteen assets, the Company performed discounted cash flow analyses based on assumptions primarily relating to market rent, discount rates, and terminal capitalization rates, and (ii) for three assets, the Company based its determination on an estimated selling price per square foot and a shortened hold period. The Company considered these inputs as Level 3 measurements within the fair value hierarchy. The following table is a summary of the quantitative information related to the non-recurring fair value measurement for the impairment of the Company's real estate properties for the six months ended June 30, 2023: Range of Inputs Southwest Northeast West Southeast Market rent (per square foot) $16.00 - $27.00 $15.00 - $30.00 $21.00 $14.00 Discount rate 8.50% - 15.00% 8.00% - 15.00% 9.00% 15.00% Terminal capitalization rate 8.00% - 10.50% 6.50% - 9.00% 8.50% 9.00% Range of Inputs Southwest Northeast West Estimated selling price (per square foot) $235.00 $227.00 $30.00 Anticipated hold period One year One year One year Financial Instruments Disclosed at Fair Value Financial instruments as of June 30, 2023 and December 31, 2022 consisted of cash and cash equivalents, restricted cash, accounts receivable, accrued expenses and other liabilities, and mortgage payable and other borrowings, as defined in Note 5, Debt. With the exception of the mortgage loans in the table below, the amounts of the financial instruments presented in the consolidated financial statements substantially approximate their fair value as of June 30, 2023 and December 31, 2022. The fair value of the seven mortgage loans in the table below is estimated by discounting each loan’s principal balance over the remaining term of the mortgage using current borrowing rates available to the Company for debt instruments with similar terms and maturities. The Company determined that the mortgage debt valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt. June 30, 2023 December 31, 2022 Fair Value Carrying Value (1) Fair Value Carrying Value (1) BOA II Loan $ 217,049 $ 250,000 $ 226,361 $ 250,000 AIG Loan II 109,199 121,153 111,872 122,328 AIG Loan 82,854 98,710 89,526 99,794 Samsonite Mortgage Loan 17,414 17,414 17,998 17,998 HealthSpring Mortgage Loan — — 19,107 19,107 Pepsi Bottling Ventures Mortgage Loan 16,969 17,640 17,014 17,836 Highway 94 Mortgage Loan 11,615 12,229 11,941 12,740 Total $ 455,100 $ 517,146 $ 493,819 $ 539,803 (1) The carrying values do not include the debt premium/(discount) or deferred financing costs as of June 30, 2023 and December 31, 2022. See Note 5, Debt , for details.

Equity

Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity	Equity Common Equity Prior to the Conversion, Class T shares, Class S shares, Class D shares, Class I shares, Class A shares, Class AA shares, Class AAA shares and Class E shares voted together as a single class, and each common share of each class was entitled to one vote on each matter submitted to a vote at a meeting of the Company’s shareholders; provided that with respect to any matter that would only have a material adverse effect on the rights of a particular class of common shares, only the holders of such affected class were entitled to a vote . As a result of the Conversion and in connection with the Listing on April 13, 2023, all of our Class E common shares are now known as common shares. As of June 30, 2023, the Company had received aggregate gross offering proceeds of approximately $2.8 billion from the sale of shares in private offerings, public offerings, the DRP (defined below) offerings and mergers (includes offerings by our predecessor, Griffin Capital Essential Asset REIT, Inc. (our “Predecessor”), our Predecessor’s merger with Signature Office REIT, Inc., and our Predecessor’s merger with certain other related entities (the “Predecessor Mergers”) and the CCIT II Merger). As part of the $2.8 billion from the sale of shares, the Company issued approximately 4,863,623 shares upon the consummation of the merger of Signature Office REIT, Inc. in June 2015 and 19,442,394 Class E shares (in exchange for all outstanding shares of our Predecessor’s common stock at the time of the Predecessor Mergers) in April 2019 upon the consummation of the Predecessor Mergers and 10,384,185 Class E shares (in exchange for all the outstanding shares of CCIT II’s common stock at the time of the CCIT II Merger). As of June 30, 2023, there were 35,924,476 shares outstanding, including shares issued pursuant to the DRP, less shares redeemed pursuant to the SRP (defined below) and the self-tender offer, which occurred in May 2019 (the “Self-Tender Offer”). Distribution Reinvestment Plan The Company adopted the Dividend Reinvestment Plan (the “DRP”), which allowed shareholders to have dividends and other distributions otherwise distributable to them invested in additional common shares. No sales commissions or dealer manager fees were paid on shares sold through the DRP, but the DRP shares were charged the applicable distribution fee payable with respect to all shares of the applicable class. The purchase price per share under the DRP was equal to the net asset value ("NAV") per share applicable to the class of shares purchased, calculated using the most recently published NAV available at the time of reinvestment. On July 17, 2020, the Company filed a registration statement on Form S-3 (the “DRP Registration Statement”) for the registration of up to $100 million in shares pursuant to the Company’s DRP. On October 1, 2021, the Company’s Board of Trustees (the “Board”) approved a suspension of the DRP, effective October 11, 2021. On April 26, 2023, the Board approved a termination of the DRP, effective May 15, 2023. On May 22, 2023, the Company filed a post-effective amendment to the DRP Registration Statement to deregister to all of the common shares registered for sales that were not sold pursuant to the DRP Registration Statement. During the three and six months ended June 30, 2023 and 2023, no shares were issued pursuant to the DRP offerings. As of June 30, 2023 and June 30, 2022, the Company had issued approximately $341.1 million in shares pursuant to the DRP offerings. Share Redemption Program Prior to its termination upon the Listing on April 13, 2023, the Company had adopted a share redemption program (the “SRP”) that enabled shareholders to sell their shares to the Company in limited circumstances. The SRP was suspended on October 1, 2021 but resumed on a limited basis (i.e., limited to redemptions in connection with a holder’s death, disability, or incompetence) on August 5, 2022 with quarterly redemptions capped at $5.0 million. In addition, pursuant to the terms of the SRP, during any calendar year, with respect to each share class, the Company was permitted to redeem no more than 5% of the weighted-average number of shares of such class outstanding during the prior calendar year. Under the SRP, the Company would redeem shares as of the last business day of each quarter at a price equal to the most recently published NAV per share for the applicable class prior to quarter end. During the six months ended June 30, 2023, the Company redeemed 941 shares. The SRP was suspended again on March 7, 2023 and terminated in connection with the Listing. The following table summarizes share redemption activity under the SRP during the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Shares of common shares redeemed — — 941 (1) — Weighted average price per share $ — $ — $ 66.87 $ — (1) Does not include shares withheld (i.e. forfeited) by employees to satisfy minimum statutory tax withholding requirements associated with the vesting of RSUs. During the period beginning July 31, 2014 and through June 30, 2023, the C ompany had redeemed 3,295,618 shares (excluding the Self-Tender Offer) of common shares for approximately $275.5 million at a weighted average price per share of $83.60 pursuant to the SRP. Issuance of Restricted Share Units to Executive Officers, Employees and Board of Trustees As of June 30, 2023, RSUs were granted pursuant to the Company’s Amended and Restated Employee and Trustee Long-Term Incentive Plan (the “Prior Plan”). On April 5, 2023, the Compensation Committee of the Board approved the Peakstone Realty Trust Second Amended and Restated Employee and Long-Term Incentive Plan (the “Plan”) which amended and restated the Prior Plan to (1) change the name of the Prior Plan in connection with the Company’s name change, (2) expressly provide for the grant of profits interests (or “LTIP Units”) in the Operating Partnership and (3) make conforming entity name changes throughout. Otherwise, the Plan contains the same material terms as the Prior Plan. The Plan provides for the grant of awards to the Company’s trustees, full-time employees and certain consultants that provide services to the Company or affiliated entities. Awards granted under the Plan may consist of stock options, restricted shares, share appreciation rights, distribution equivalent rights, LTIP Units, and other equity-based awards. The share-based awards are measured at fair value and recognized as compensation expense over the vesting period. The maximum number of shares authorized under the plan is 777,778 shares. As of June 30, 2023 , approximately 178,097 shares were available for future issuance under the plan. As of June 30, 2023 and June 30, 2022, there was $13.2 million and $9.1 million, respectively, of unrecognized compensation expense remaining, which vests between six months and approximately 2.5 years. Total compensation expense for the three months ended June 30, 2023 and June 30, 2022 was approximately $4.0 million and $1.7 million, respectively. Total compensation expense for the six months ended June 30, 2023 and June 30, 2022 was approximately $6.6 million and $3.4 million, respectively. The following table summarizes the activity of unvested shares of RSU awards for the periods presented: Number of Unvested Shares of RSU Awards Weighted-Average Grant Date Fair Value per Share Balance at December 31, 2021 169,846 Granted 116,749 $ 66.87 Forfeited (9,404) $ 80.38 Vested (119,056) $ 77.68 Balance at December 31, 2022 158,135 Granted 151,836 $ 58.63 Forfeited — $ — Vested (1) (18,917) $ 69.23 Balance at June 30, 2023 291,054 (1) Total shares vested include 49,738 common shares that were withheld (i.e. forfeited) by employees during the six months ended June 30, 2023 to satisfy minimum statutory tax with holdings requirements associated with the vesting of RSUs. Full Redemption of Perpetual Convertible Preferred Shares On April 10, 2023, the Company entered into a Redemption Agreement (the “Redemption Agreement”) with the Preferred Holder and Shinhan Asset Management Co., Ltd. Pursuant to the Redemption Agreement, the Company redeemed from the Preferred Holder all 5,000,000 shares of “Series A Cumulative Perpetual Convertible Preferred Stock” (the “Series A Preferred Shares”) held by the Preferred Holder in exchange for (i) a redemption payment of $125.0 million, and (ii) the amount of accumulated and unpaid distributions of approximately $2.4 million, in accordance with the Articles Supplementary filed by the Company on April 30, 2019 (the “Articles Supplementary”). The Preferred Holder agreed to waive the Redemption Fee (as defined in the Articles Supplementary) in the amount of $1.9 million and any other payments in connection with the Series A Preferred Shares. The Redemption Agreement also terminated the Series A Cumulative Perpetual Convertible Stock Purchase Agreement dated as of August 8, 2018, by and between the Company and the Preferred Holder (the “Purchase Agreement”), and provided that any rights and privileges afforded to the Preferred Holder under the Purchase Agreement were terminated and canceled and of no further force or effect, including the Preferred Holder’s right to purchase, and the Company’s obligation to sell, the Second Tranche (as defined in the Purchase Agreement), and no party to the Purchase Agreement has any further obligations thereunder. Additionally, the Company had $5.0 million of capitalized offering costs related to the initial issuance of the preferred shares, which were previously recorded to equity and were written off during the quarter as a non-cash expense to preferred units redemption charge on the statement of operations.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests represent limited partnership interests in the Operating Partnership in which the Company is the general partner. As of June 30, 2023, noncontrolling interests were approximately 9.0% of total shares and 8.9% of weighted average shares outstanding (both measures assuming OP Units were converted to common shares). The Company has evaluated the terms of the OP Units, and as a result, has classified OP Units exchanged for limited partnership interests issued in the initial capitalization, in conjunction with the contributed assets and in connection with the internalization of management of the Company in December 2018 (the “Self-Administration Transaction”), as noncontrolling interests, which are presented as a component of permanent equity, except as discussed below. The Company evaluates individual noncontrolling interests for the ability to recognize the noncontrolling interest as permanent equity on the consolidated balance sheets at the time such interests are issued and on a continual basis. Any noncontrolling interest that fails to qualify as permanent equity has been reclassified as temporary equity and adjusted to the greater of (a) the carrying amount or (b) its redemption value as of the end of the period in which the determination is made. As of June 30, 2023, the limited partners of the Operating Partnership owned approximately 3.5 million OP Units, which were issued to then affiliated parties and unaffiliated third parties in exchange for the contribution of certain properties to the Company and in connection with the Self-Administration Transaction, and approximately 0.02 million OP Units were issued unrelated to property contributions. As of June 30, 2023, all limited partners of the Operating Partnership (See Noncontrolling Interest Subject to Redemption below), had the right to cause the Operating Partnership to redeem their OP Units for cash equal to the value of an equivalent number of common shares as calculated pursuant to the limited partnership agreement and applicable contribution agreement, but instead of redeeming such OP Units for cash, the Company could elect to purchase such limited partner’s OP Units by issuing common shares of the Company for the OP Units redeemed pursuant to the limited partnership agreement and applicable contribution agreement, subject to certain transfer and ownership limitations included in the Company’s charter and the limited partnership agreement. The following summarizes the activity for noncontrolling interests recorded as equity for the six months ended June 30, 2023 and year ended December 31, 2022: Six Months Ended June 30, 2023 Year Ended December 31, 2022 Beginning balance $ 174,655 $ 218,653 Reclass of noncontrolling interest subject to redemption 10 957 Repurchase of noncontrolling interests (370) — Reclass of redeemable non-controlling interest 3,801 — Distributions to noncontrolling interests (2,211) (10,942) Allocated distributions to noncontrolling interests subject to redemption (3) (17) Allocated net (loss) income (40,324) (39,714) Allocated other comprehensive income (loss) (24) 5,718 Ending balance $ 135,534 $ 174,655 Noncontrolling interests subject to redemption Prior to the Listing, OP Units issued pursuant to the Will Partners Contribution were not included in permanent equity on the consolidated balance sheets, because the limited partners holding these OP Units could cause the general partner to redeem the OP Units for the cash value, and the Company could not elect to purchase such limited partner’s OP Units by issuing common shares of the Company for the OP Units redeemed. Accordingly, prior to Listing, the general partner of the Operating Partnership did not control these redemptions and these OP Units were presented on the consolidated balance sheets as noncontrolling interest subject to redemption at their redeemable value, and the net income (loss) and distributions attributed to these limited partners are allocated proportionately between common shareholders and other noncontrolling interests that are not considered redeemable. Effective as of the Listing, and subsequently as of June 30, 2023, all OP Units are subject to the same redemption process as all other OP Units (i.e., can be redeemed for cash or, the Company can elect to purchase these OP Units by issuing common shares) as described above. The Company intends to redeem all OP Units for common shares.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Summarized below are the related party transaction costs receivable and payable by the Company as of June 30, 2023 and December 31, 2022: Incurred for the Six Months Ended Payable as of June 30, June 30, December 31, 2023 2022 2023 2022 Expensed Costs advanced by the advisor $ 35 $ 649 $ 46 $ 67 Administrative reimbursement 695 925 282 522 Assumed through Self-Administration Transaction/Mergers Earn-out — — 98 130 Other Distributions 1,760 4,308 617 739 Total $ 2,490 $ 5,882 $ 1,043 $ 1,458 Dealer Manager Agreement The Company entered into a dealer manager agreement in September 2017 and associated form of participating dealer agreement (the “Dealer Manager Agreement”) with the dealer manager for a follow-on offering of up to $2.2 billion of shares, consisting of up to $2.0 billion of shares in a primary offering and $0.2 billion of shares pursuant to the DRP (collectively, the “Follow-On Offering”). The Follow-On Offering terminated on September 20, 2020. See Note 9, Equity. Subject to the Financial Industry Regulatory Authority, Inc.'s limitations on underwriting compensation, under the Dealer Manager Agreement, the Company was required to pay to the dealer manager a distribution fee for ongoing services rendered to shareholders by participating broker-dealers or broker-dealers servicing investors’ accounts, referred to as servicing broker-dealers. The fee accrued daily, was paid monthly in arrears, and was calculated based on the average daily NAV for the applicable month. Following the Listing, the Company is no longer required to pay any fees under the Dealer Manager Agreement. Administrative Services Agreement In connection with the Self-Administration Transaction, the Company, Operating Partnership, Griffin Capital Essential Asset TRS, Inc, and Griffin Capital Real Estate Company, LLC, on the one hand, and GCC and Griffin Capital, LLC (“GC LLC”), on the other hand, entered into that certain Administrative Services Agreement dated December 14, 2018 (as amended, the “ASA”), pursuant to which GCC and GC LLC continue to provide certain operational and administrative services to the Company at cost. The Company’s former Executive Chairman is also the Chief Executive Officer of and controls GCC, which is the sole member of GC LLC. The Company pays GCC a monthly amount based on the actual costs anticipated to be incurred by GCC for the provision of such services until such items are terminated from the ASA. Such costs are reconciled periodically and a full review of the costs is performed at least annually. In addition, the Company will directly pay or reimburse GCC for the actual cost of any reasonable third-party expenses incurred in connection with the provision of such services. On March 30, 2022, June 30, 2022, and March 21, 2023, the Company amended the ASA to reduce the scope of services provided, including removing the provision of office space and advisor services. On June 21, 2023, the Company delivered a partial termination notice under the ASA electing to terminate certain general corporate support services effective July 22, 2023. Following such amendments and such notice, GCC and GC LLC are obligated to provide the Company with human resources support only, which services may be terminated by the Company upon thirty (30) days’ prior written notice to GCC and GC LLC. . Office Sublease On March 25, 2022, the Company executed a sublease agreement with GCC (the “El Segundo Sublease”) for the building located at 1520 E. Grand Ave, El Segundo, CA (the “Building”) which is the location of the Company’s corporate headquarters and where the Company conducts day-to-day business. The Building is part of a campus that contains other buildings and parking (the “Campus”). The El Segundo Sublease also entitles the Company to use certain common areas on the Campus. Prior to the execution of the El Segundo Sublease, the Company paid GCC rent for the Building as part of the Administrative Services Agreement. The Campus is owned by GCPI, LLC (“GCPI”), and the Building is master leased by GCPI to GCC. GCC is the sublessor under the El Segundo Sublease. The Company’s former Executive Chairman is the Chief Executive Officer of and controls GCC and is also affiliated with GCPI. The initial term of the El Segundo Sublease expires on June 30, 2024, and granted the Company one five-year extension option with respect to the entirety of the Building. The Company elected not to exercise the extension option and, as such, the term of the El Segundo Sublease will expire and terminate on June 30, 2024. The El Segundo Sublease provides for initial monthly base rent of approximately $0.05 million, subject to annual escalations of 3% as well as additional rent for certain operating expenses for the Building and portions of the Campus. As of June 30, 2023, the Company recorded a lease liability and a right-of-use asset for approximately $0.6 million relating to the El Segundo Sublease, which is included in Right of Use Asset and Lease Liability on the Company’s consolidated balance sheet.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases Lessor The Company leases industrial and office space to tenants primarily under leases classified as non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred. The Company recognized $112.9 million and $193.4 million of lease income related to operating lease payments for the six months ended June 30, 2023 and June 30, 2022, respectively. The Company's current third-party tenant leases have expirations ranging from 2023 to 2044. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of June 30, 2023: As of June 30, 2023 Remaining 2023 $ 104,707 2024 199,400 2025 185,047 2026 180,589 2027 161,668 Thereafter 709,995 Total $ 1,541,406 The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles. Lessee As of June 30, 2023, the Company is the tenant under (i) three ground leases classified as operating leases, and (ii) two ground leases classified as financing leases. Each of these ground leases were assigned to the Company as part of its acquisition of the applicable assets and no incremental costs were incurred for such ground leases. These ground leases are classified as non-cancelable and contain no renewal options. As of June 30, 2023, the Company is the tenant under the following two office space leases, each of which is classified as a non-cancelable operating lease: (i) the El Segundo Sublease described in Note 11, Related Party Transactions, above, and (ii) a sublease for its office space in Chicago, Illinois, which has a remaining lease term of approximately two years with one five-year renewal option, which is subject and subordinate to the rights of another tenant in the building. The Company incurred operating lease costs of approximately $1.9 million for the six months ended June 30, 2023 and $2.2 million for the six months ended June 30, 2022, which are included in “Property Operating Expense” in the accompanying consolidated statement of operations. Total cash paid for amounts included in the measurement of operating lease liabilities was $1.1 million for the six months ended June 30, 2023 and $1.1 million for the six months ended June 30, 2022. The following table sets forth the weighted-average for the lease term and the discount rate as of June 30, 2023: As of June 30, 2023 Lease Term and Discount Rate Operating Financing Weighted-average remaining lease term in years 76.5 years 15.5 years Weighted-average discount rate (1) 4.88% 3.34 % (1) Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate for each lease, the Company considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements. Maturities of lease liabilities as of June 30, 2023 were as follows: As of June 30, 2023 Operating Financing Remaining 2023 $ 1,080 $ 343 2023 1,909 360 2024 1,570 365 2025 1,504 375 2026 1,527 381 2026 1,595 386 Thereafter 248,693 3,072 Total undiscounted lease payments 257,878 5,282 Less: imputed interest (214,767) (2,025) Total lease liabilities $ 43,111 $ 3,257
Leases	Leases Lessor The Company leases industrial and office space to tenants primarily under leases classified as non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred. The Company recognized $112.9 million and $193.4 million of lease income related to operating lease payments for the six months ended June 30, 2023 and June 30, 2022, respectively. The Company's current third-party tenant leases have expirations ranging from 2023 to 2044. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of June 30, 2023: As of June 30, 2023 Remaining 2023 $ 104,707 2024 199,400 2025 185,047 2026 180,589 2027 161,668 Thereafter 709,995 Total $ 1,541,406 The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles. Lessee As of June 30, 2023, the Company is the tenant under (i) three ground leases classified as operating leases, and (ii) two ground leases classified as financing leases. Each of these ground leases were assigned to the Company as part of its acquisition of the applicable assets and no incremental costs were incurred for such ground leases. These ground leases are classified as non-cancelable and contain no renewal options. As of June 30, 2023, the Company is the tenant under the following two office space leases, each of which is classified as a non-cancelable operating lease: (i) the El Segundo Sublease described in Note 11, Related Party Transactions, above, and (ii) a sublease for its office space in Chicago, Illinois, which has a remaining lease term of approximately two years with one five-year renewal option, which is subject and subordinate to the rights of another tenant in the building. The Company incurred operating lease costs of approximately $1.9 million for the six months ended June 30, 2023 and $2.2 million for the six months ended June 30, 2022, which are included in “Property Operating Expense” in the accompanying consolidated statement of operations. Total cash paid for amounts included in the measurement of operating lease liabilities was $1.1 million for the six months ended June 30, 2023 and $1.1 million for the six months ended June 30, 2022. The following table sets forth the weighted-average for the lease term and the discount rate as of June 30, 2023: As of June 30, 2023 Lease Term and Discount Rate Operating Financing Weighted-average remaining lease term in years 76.5 years 15.5 years Weighted-average discount rate (1) 4.88% 3.34 % (1) Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate for each lease, the Company considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements. Maturities of lease liabilities as of June 30, 2023 were as follows: As of June 30, 2023 Operating Financing Remaining 2023 $ 1,080 $ 343 2023 1,909 360 2024 1,570 365 2025 1,504 375 2026 1,527 381 2026 1,595 386 Thereafter 248,693 3,072 Total undiscounted lease payments 257,878 5,282 Less: imputed interest (214,767) (2,025) Total lease liabilities $ 43,111 $ 3,257

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time, the Company may become subject to legal and regulatory proceedings, claims and litigation arising in the ordinary course of business. The Company is not a party to, nor is the Company aware of any material pending legal proceedings nor is any property of the Company subject to any material pending legal proceedings. Capital Expenditures and Tenant Improvement Commitments As of June 30, 2023, the Company had an aggregate remaining contractual commitment for repositioning, capital expenditure projects, leasing commissions and tenant improvements of approximately $24.4 million.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment ReportingIn the fourth quarter of 2022, the Company evolved the management strategy of its real estate portfolio to focus on three different property types in order to provide clarity as to the value and operations associated with the assets within each group. As a result, the Company changed to three reportable segments: Industrial, Office, and Other. The Industrial segment consists of high-quality, well-located industrial properties with modern specifications. The Office segment consists of newer, high-quality, and business-essential office properties. 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. The Company recast its segment results for all prior periods presented to show the three reportable segments. The Company evaluates performance of each segment based on segment net operating income (“NOI”), which is defined as property revenue less property expenses. Interest expense and general administrative expenses are not included in our segment profit measure as our internal reporting addresses these items on a corporate level. Segment NOI is not a measure of operating income or cash flows from operating activities is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit measures in the same manner. The Company considers segment NOI to be an appropriate supplemental measure to net income because it assists both investors and management in understanding the core operations of our properties. Additionally, the Company considers its interests in the Office Joint Venture as corporate related activity and excludes such amounts from its segment reporting. A reconciliation of segment NOI for the three and six months ended June 30, 2023 and June 30, 2022 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Industrial NOI Total Industrial revenues $ 13,981 $ 14,807 $ 28,575 $ 30,307 Industrial operating expenses (1,661) (1,696) (3,625) (3,783) Industrial NOI 12,320 13,111 24,950 26,524 Office NOI Total Office revenues 34,999 93,494 74,188 179,339 Office operating expenses (6,076) (20,710) (12,414) (40,070) Office NOI 28,923 72,784 61,774 139,269 Other NOI Total Other revenues 13,560 14,772 26,750 29,616 Other operating expenses (5,157) (4,456) (10,309) (9,124) Other NOI 8,403 10,316 16,441 20,492 Total NOI $ 49,646 $ 96,211 $ 103,165 $ 186,285 A reconciliation of net loss to NOI for the three and six months ended June 30, 2023 and June 30, 2022 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Reconciliation of Net Loss to Total NOI Net loss $ (452,403) $ (76,599) $ (443,384) $ (73,869) General and administrative expenses 12,030 8,750 21,758 17,942 Corporate operating expenses to related parties 341 416 718 926 Real estate impairment provision 397,373 75,557 397,373 75,557 Depreciation and amortization 30,472 59,980 61,827 112,843 Interest expense 16,068 22,366 33,082 44,032 Other income (expense), net (2,747) 196 (3,959) 426 Loss from investment in unconsolidated entities 17,508 — 32,169 — Loss (Gain) from disposition of assets 9,701 — (20,909) — Transaction expenses 21,303 5,545 24,490 8,428 Total NOI $ 49,646 $ 96,211 $ 103,165 $ 186,285 The following table presents the Company’s goodwill for each of the segments as of June 30, 2023 and December 31, 2022: As of June 30, As of December 31, 2023 2022 Goodwill Industrial $ 68,373 $ 68,373 Office — — Other 26,305 26,305 Total Goodwill $ 94,678 $ 94,678 The following table presents the Company’s total real estate assets, net, which includes accumulated depreciation and amortization and excludes intangibles, for each segment as of the six months ended June 30, 2023 and year ended December 31, 2022: As of June 30, As of December 31, 2023 2022 Industrial Real Estate, net Total real estate $ 740,761 $ 761,757 Accumulated depreciation and amortization (139,750) (137,738) Industrial real estate, net 601,011 624,019 Office Real Estate, net Total real estate 1,566,333 2,020,463 Accumulated depreciation and amortization (265,440) (305,829) Office real estate, net 1,300,893 1,714,634 Other Real Estate, net Total real estate 407,558 715,036 Accumulated depreciation and amortization (120,895) (201,072) Other real estate, net 286,663 513,964 Total Real Estate, net $ 2,188,567 $ 2,852,617 Total asset information by segment is not reported because the Company does not use this measure to assess performance or to make resource allocation decisions.

Declaration of Distributions

Declaration of Distributions	6 Months Ended
	Jun. 30, 2023
Declaration of Distributions [Abstract]
Declaration of Distributions	Declaration of Distributions On March 14, 2023, the Board declared an all-cash distribution for the month of March in the amount of $0.075 per common share. The Company paid such distribution on May 12, 2023 to shareholders of record as of May 2, 2023. On June 20, 2023, the Board declared an all-cash distribution for the second quarter in the amount of $0.225 per common share. The Company paid such distribution on July 17, 2023 to shareholders of record as of June 30, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (416,477)	$ (72,207)	$ (410,441)	$ (72,056)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited consolidated financial statements of the Company are prepared by management on the accrual basis of accounting and in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements.
Consolidation	The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries. Intercompany transactions are shown on the consolidated statements if and to the extent to required pursuant to GAAP. With the exception of the Office Joint Venture (defined below), each property-owning entity is a wholly-owned subsidiary which is a special purpose entity (“SPE”). If a property is separately financed (i.e., not part of the borrowing base under our credit facility or a collateralized loan pool), the income from such property is generally not available to satisfy the debts or obligations of any other entity.
Use of Estimates	The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Per Share Data	The Company reports earnings per share for the period as (1) basic earnings per share computed by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period, and (2) diluted earnings per share computed by dividing net income (loss) attributable to common shareholders by the weighted average number of outstanding common shares and common share equivalents (e.g., OP Units and preferred shares, when considered convertible for purposes of computing diluted earnings per share). Unvested restricted share units (“RSUs”) that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The effect of including unvested RSUs using the treasury stock method was excluded from our calculation of weighted average common shares outstanding - diluted, as the inclusion would have been anti-dilutive for the three and six months ended June 30, 2023 and June 30, 2022. Total excluded shares were 406,272 and 291,607 for the three and six months ended June 30, 2023, respectively. Total excluded shares were 177,877 and 166,572 for the three and six months ended June 30, 2022, respectively.
Segment Information	ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. The Company internally evaluates all of the properties and interests therein as three reportable segments: Industrial, Office, and Other. Refer to Note 14, Segment Reporting , for further details.
Income Taxes	The Company has elected to be taxed as a REIT under the Internal Revenue Code (“Code”). To qualify as a REIT, the Company must meet certain organizational and operational requirements. The Company intends to adhere to these requirements and maintain its REIT status for the current year and subsequent years. As a REIT, the Company generally will not be subject to federal income taxes on taxable income that is distributed to shareholders. However, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income, if any. If the Company fails to qualify as a REIT in any taxable year, the Company will then be subject to federal income taxes on the taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect net income and net cash available for distribution to shareholders. As of June 30, 2023, the Company satisfied the REIT requirements and distributed all of its taxable income.Pursuant to the Code, the Company has elected to treat Griffin Capital Essential Asset TRS, Inc. as a taxable REIT subsidiary (a “TRS”). In general, the TRS may perform non-customary services for the Company’s tenants and may engage in any real estate or non-real estate-related business. The TRS will be subject to corporate federal and state income tax.
Goodwill	Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of business acquired. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the goodwill might be impaired. On October 1 of each year, the Company performs a qualitative analysis to determine whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting units in step one of the impairment test. If a quantitative assessment is deemed necessary, and to the extent the carrying amount of the reporting unit’s allocated goodwill exceeds the unit’s fair value, the Company recognizes an impairment of goodwill for the excess up to the amount of goodwill of that reporting unit.
Recently Issued Accounting Pronouncements and Adoption of New Accounting Pronouncements	Recently Issued Accounting Pronouncements Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Other than the ASUs discussed below, the FASB has not recently issued any other ASUs that the Company expects to be applicable and have a material impact on the Company's financial statements. Adoption of New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 was effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2023. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company has subsequently elected to apply additional expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risk(s) as qualifying changes have been made to applicable debt and anticipate to be made to derivative contracts. Application of these expedients preserves the presentation of derivatives and debt contracts consistent with past presentation. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) to defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Company's Intangibles	The Company allocated a portion of the acquired and contributed real estate asset value to in-place lease valuation, tenant origination and absorption cost, and other intangibles, as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 In-place lease valuation (above market) $ 23,438 $ 28,619 In-place lease valuation (above market) - accumulated amortization (16,424) (19,799) In-place lease valuation (above market), net 7,014 8,820 Intangibles - other 32,028 32,028 Intangibles - other - accumulated amortization (7,727) (6,987) Intangibles - other, net 24,301 25,041 Intangible assets, net $ 31,315 $ 33,861 In-place lease valuation (below market) $ (44,840) $ (48,686) Land leasehold interest (above market) (3,072) (3,072) Intangibles - other (above market) (223) (258) In-place lease valuation & land leasehold interest - accumulated amortization 30,146 31,358 Intangible liabilities, net $ (17,989) $ (20,658) Tenant origination and absorption cost $ 421,795 $ 535,889 Tenant origination and absorption cost - accumulated amortization (218,698) (282,383) Tenant origination and absorption cost, net $ 203,097 $ 253,506
Schedule of Estimated Annual Amortization (Income) Expense	The following table sets forth the estimated annual amortization (income) expense for (i) in-place lease valuation, net, (ii) tenant origination and absorption costs, (iii) ground leasehold interest, (iv) other intangibles, and (v) other leasing costs as of June 30, 2023 for the next five years: Year In-place lease valuation, net Tenant origination and absorption costs Ground leasehold interest Other intangibles Other leasing costs Remaining 2023 $ (733) $ 16,572 $ (160) $ 753 $ 981 2024 $ (1,263) $ 31,551 $ (318) $ 1,498 $ 2,203 2025 $ (1,154) $ 27,492 $ (317) $ 1,494 $ 2,402 2026 $ (1,049) $ 26,158 $ (317) $ 1,494 $ 2,352 2027 $ (851) $ 23,376 $ (317) $ 1,494 $ 2,171 2028 $ (666) $ 19,835 $ (318) $ 1,498 $ 1,853
Schedule of Restrictions on Cash and Cash Equivalents	Additionally, an ongoing replacement reserve is funded by certain tenants pursuant to such tenant’s respective lease as follows: Balance as of June 30, 2023 December 31, 2022 Cash reserves $ 2,645 $ 4,262 Restricted lockbox 397 502 Total $ 3,042 $ 4,764
Schedule of Gain on Sale of Properties	The company recognized a net gain of approximately $20.9 million, detailed in the table below: Date Segment Location Gross Proceeds Gain (Loss) Three Months Ended March 31, 2023 January 6, 2023 Industrial Irvine, CA $ 40,000 $ 18,690 February 16, 2023 Industrial Clinton, SC 19,300 7,109 March 2, 2023 Office Herndon, VA 110,300 4,811 Total 169,600 30,610 Three Months Ended June 30, 2023 May 9, 2023 Other Lone Tree, CO 5,600 (301) May 15, 2023 Office Houston, TX 62,300 (5,000) June 8, 2023 Other Greenwood Village, CO 5,000 (5,200) June 30, 2023 Office Andover, MA 23,700 100 June 30, 2023 Office Andover, MA 34,200 700 Total 130,800 (9,701) Total for the Six Months Ended June 30, 2023 $ 300,400 $ 20,909

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Company's Share of Net Earnings or Losses and Reduced by Distributions	The table below summarizes the Company’s investment in the unconsolidated Office Joint Venture, which the Company determined is related to corporate activities and is excluded from its segment reporting: Office Joint Venture Investment in Office Joint Venture Balance at December 31, 2022 $ 178,647 Contributions — Company’s share of net loss (32,169) Other comprehensive loss (83) Balance at June 30, 2023 $ 146,395 The table below presents the condensed balance sheet for the unconsolidated Office Joint Venture: June 30, 2023 (1) December 31, 2022 (2) Assets Real estate properties, net $ 1,110,185 $ 981,354 Other assets 293,282 240,447 Total Assets $ 1,403,467 $ 1,221,801 Liabilities Mortgages payable, net $ 1,029,168 $ 856,765 Other liabilities 77,216 52,018 Total Liabilities $ 1,106,384 $ 908,783 (1) Amounts are as of March 31, 2023 due to the recording of the Office Joint Venture’s activity on a one quarter lag. (2) Amounts are as of September 30, 2022 due to the recording of the Office Joint Venture’s activity on a one quarter lag. The table below presents condensed statements of operations of the unconsolidated Office Joint Venture: Three Months Ended June 30, Six Months Ended June 30, 2023 (1) 2022 (2) 2023 (3) 2022 (2) Total revenues $ 49,917 $ — $ 94,706 $ — Expenses: Operating expenses (16,611) — (32,433) — General and administrative (2,174) — (3,655) — Depreciation and amortization (18,411) — (33,185) — Interest expense (49,990) — (92,982) — Other expenses, net 1,531 — 1,883 — Total Expenses (85,655) — (160,372) — Net Loss $ (35,738) $ — $ (65,666) $ — (1) Amounts represent the period of January 1, 2023 to March 31, 2023 due to the recording of the Office Joint Venture’s activity on a one quarter lag. (2) No activity for the three and six months ended June 30, 2022 as the Office Joint Venture was formed in August 2022. (3) Amounts represent the period of October 1, 2022 to March 31, 2023 due to the recording of the Office Joint Venture’s activity on a one quarter lag.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	As of June 30, 2023 and December 31, 2022, the Company’s consolidated debt consisted of the following: June 30, 2023 December 31, 2022 Contractual Interest Rate (1) Loan Maturity (4) Effective Interest Rate (2) Samsonite Mortgage Loan $ 17,414 $ 17,998 6.08% September 2023 4.96% Highway 94 Mortgage Loan 12,229 12,740 3.75% August 2024 5.01% Pepsi Bottling Ventures Mortgage Loan 17,640 17,836 3.69% October 2024 3.93% AIG Loan II 121,153 122,328 4.15% November 2025 4.96% BOA II Loan 250,000 250,000 4.32% May 2028 4.14% AIG Loan 98,710 99,794 4.96% February 2029 5.09% HealthSpring Mortgage Loan — 19,107 —% (7) — —% Total Mortgage Debt 517,146 539,803 Revolving Credit Facility 400,000 — SOF Rate + 1.30% (3) January 2026 (6) 6.70% 2024 Term Loan — 400,000 —% (5) — —% 2025 Term Loan 400,000 400,000 SOF Rate + 1.25% (3) December 2025 6.65% 2026 Term Loan 150,000 150,000 SOF Rate + 1.25% (3) April 2026 6.49% Total Debt 1,467,146 1,489,803 Unamortized Deferred Financing Costs and Discounts, net (6,610) (4,401) Total Debt, net $ 1,460,536 $ 1,485,402 (1) Including the effect of the interest rate swap agreements with a total notional amount of $750.0 million, the weighted average interest rate as of June 30, 2023 was 4.16% for both the Company’s fixed-rate and variable-rate debt combined and 3.79% for the Company’s fixed-rate debt only. (2) Reflects the effective interest rate as of June 30, 2023 and includes the effect of amortization of discounts/premiums and deferred financing costs, but excludes the effect of the interest rate swaps. (3) The applicable SOFR as of June 30, 2023 (assuming a five day look-back per the credit facility agreement) was 5.05%, which excludes a 0.1% per annum index adjustment as required per the Fifth Amendment to the Second Amended and Restated Credit Agreement. (4) Reflects the maturity dates as of June 30, 2023. (5) 2024 Term Loan was paid off in full in March 2023 and had a contractual interest rate of SOFR + 1.40%. (6) The Revolving Credit Facility has a maturity date of September 30, 2023. The Revolving Credit Facility, subject to the satisfaction of certain customary conditions, has a series of extension options through January 31, 2026. See discussion below. (7) HealthSpring Mortgage Loan was paid off in full in March 2023 and had a contractual interest rate of 4.18%.

Interest Rate Contracts (Tables

Interest Rate Contracts (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swaps	The following table sets forth a summary of the interest rate swaps at June 30, 2023 and December 31, 2022: Fair Value (1) Current Notional Amounts Derivative Instrument Effective Date Maturity Date Interest Strike Rate June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Assets/(Liabilities): Interest Rate Swap 3/10/2020 7/1/2025 0.83% $ 11,494 $ 12,391 $ 150,000 $ 150,000 Interest Rate Swap 3/10/2020 7/1/2025 0.84% 7,655 8,244 100,000 100,000 Interest Rate Swap 3/10/2020 7/1/2025 0.86% 5,708 6,145 75,000 75,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 4,785 4,331 125,000 125,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 3,812 3,444 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.83% 3,810 3,441 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.84% 3,782 3,408 100,000 100,000 Total $ 41,046 $ 41,404 $ 750,000 $ 750,000
Schedule of Derivative Instruments, Gain (Loss)	The following table sets forth the impact of the interest rate swaps on the consolidated statements of operations for the periods presented: Six Months Ended June 30, 2023 2022 Interest Rate Swap in Cash Flow Hedging Relationship: Amount of loss recognized in AOCI on derivatives $ (10,238) $ (37,886) Amount of gain reclassified from AOCI into earnings under “Interest expense” $ 10,531 $ (5,734) Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 33,082 $ 44,032

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Interest payable $ 15,982 $ 13,654 Prepaid tenant rent 12,799 12,399 Deferred compensation 8,682 8,913 Accrued tenant improvements 7,008 620 Real estate taxes payable 4,924 6,296 Property operating expense payable 3,616 7,960 Redemptions payable — 4,383 Other liabilities 27,531 25,950 Total $ 80,542 $ 80,175

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measure at Fair Value on a Recurring Basis	The following table sets forth the assets and liabilities that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2023 and December 31, 2022: Assets/(Liabilities) Total Fair Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2023 Interest Rate Swap Asset $ 41,046 $ — $ 41,046 $ — Mutual Funds Asset $ 6,513 $ 6,513 $ — $ — December 31, 2022 Interest Rate Swap Asset $ 41,404 $ — $ 41,404 $ — Mutual Funds Asset $ 6,191 $ 6,191 $ — $ —
Schedule of Quantitative Information Related to Non-recurring Fair Value Measurements	The following table is a summary of the quantitative information related to the non-recurring fair value measurement for the impairment of the Company's real estate properties for the six months ended June 30, 2023: Range of Inputs Southwest Northeast West Southeast Market rent (per square foot) $16.00 - $27.00 $15.00 - $30.00 $21.00 $14.00 Discount rate 8.50% - 15.00% 8.00% - 15.00% 9.00% 15.00% Terminal capitalization rate 8.00% - 10.50% 6.50% - 9.00% 8.50% 9.00% Range of Inputs Southwest Northeast West Estimated selling price (per square foot) $235.00 $227.00 $30.00 Anticipated hold period One year One year One year
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments	The Company determined that the mortgage debt valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt. June 30, 2023 December 31, 2022 Fair Value Carrying Value (1) Fair Value Carrying Value (1) BOA II Loan $ 217,049 $ 250,000 $ 226,361 $ 250,000 AIG Loan II 109,199 121,153 111,872 122,328 AIG Loan 82,854 98,710 89,526 99,794 Samsonite Mortgage Loan 17,414 17,414 17,998 17,998 HealthSpring Mortgage Loan — — 19,107 19,107 Pepsi Bottling Ventures Mortgage Loan 16,969 17,640 17,014 17,836 Highway 94 Mortgage Loan 11,615 12,229 11,941 12,740 Total $ 455,100 $ 517,146 $ 493,819 $ 539,803 (1) The carrying values do not include the debt premium/(discount) or deferred financing costs as of June 30, 2023 and December 31, 2022. See Note 5, Debt , for details.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Share Redemption Activity	The following table summarizes share redemption activity under the SRP during the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Shares of common shares redeemed — — 941 (1) — Weighted average price per share $ — $ — $ 66.87 $ — (1)
Schedule of Unvested Shares of Restricted Stock Awards Activity	The following table summarizes the activity of unvested shares of RSU awards for the periods presented: Number of Unvested Shares of RSU Awards Weighted-Average Grant Date Fair Value per Share Balance at December 31, 2021 169,846 Granted 116,749 $ 66.87 Forfeited (9,404) $ 80.38 Vested (119,056) $ 77.68 Balance at December 31, 2022 158,135 Granted 151,836 $ 58.63 Forfeited — $ — Vested (1) (18,917) $ 69.23 Balance at June 30, 2023 291,054 (1) Total shares vested include 49,738 common shares that were withheld (i.e. forfeited) by employees during the six months ended June 30, 2023 to satisfy minimum statutory tax with holdings requirements associated with the vesting of RSUs.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Schedule of Activity for Noncontrolling Interests	The following summarizes the activity for noncontrolling interests recorded as equity for the six months ended June 30, 2023 and year ended December 31, 2022: Six Months Ended June 30, 2023 Year Ended December 31, 2022 Beginning balance $ 174,655 $ 218,653 Reclass of noncontrolling interest subject to redemption 10 957 Repurchase of noncontrolling interests (370) — Reclass of redeemable non-controlling interest 3,801 — Distributions to noncontrolling interests (2,211) (10,942) Allocated distributions to noncontrolling interests subject to redemption (3) (17) Allocated net (loss) income (40,324) (39,714) Allocated other comprehensive income (loss) (24) 5,718 Ending balance $ 135,534 $ 174,655

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Summarized below are the related party transaction costs receivable and payable by the Company as of June 30, 2023 and December 31, 2022: Incurred for the Six Months Ended Payable as of June 30, June 30, December 31, 2023 2022 2023 2022 Expensed Costs advanced by the advisor $ 35 $ 649 $ 46 $ 67 Administrative reimbursement 695 925 282 522 Assumed through Self-Administration Transaction/Mergers Earn-out — — 98 130 Other Distributions 1,760 4,308 617 739 Total $ 2,490 $ 5,882 $ 1,043 $ 1,458

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Future Minimum Base Rents to be Received	The Company's current third-party tenant leases have expirations ranging from 2023 to 2044. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of June 30, 2023: As of June 30, 2023 Remaining 2023 $ 104,707 2024 199,400 2025 185,047 2026 180,589 2027 161,668 Thereafter 709,995 Total $ 1,541,406
Schedule of Lease, Cost	The following table sets forth the weighted-average for the lease term and the discount rate as of June 30, 2023: As of June 30, 2023 Lease Term and Discount Rate Operating Financing Weighted-average remaining lease term in years 76.5 years 15.5 years Weighted-average discount rate (1) 4.88% 3.34 % (1) Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate for each lease, the Company considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements.
Schedule of Remaining Required Payments Under Ground Leases	Maturities of lease liabilities as of June 30, 2023 were as follows: As of June 30, 2023 Operating Financing Remaining 2023 $ 1,080 $ 343 2023 1,909 360 2024 1,570 365 2025 1,504 375 2026 1,527 381 2026 1,595 386 Thereafter 248,693 3,072 Total undiscounted lease payments 257,878 5,282 Less: imputed interest (214,767) (2,025) Total lease liabilities $ 43,111 $ 3,257

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Reconciliation of Segment Revenues	A reconciliation of segment NOI for the three and six months ended June 30, 2023 and June 30, 2022 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Industrial NOI Total Industrial revenues $ 13,981 $ 14,807 $ 28,575 $ 30,307 Industrial operating expenses (1,661) (1,696) (3,625) (3,783) Industrial NOI 12,320 13,111 24,950 26,524 Office NOI Total Office revenues 34,999 93,494 74,188 179,339 Office operating expenses (6,076) (20,710) (12,414) (40,070) Office NOI 28,923 72,784 61,774 139,269 Other NOI Total Other revenues 13,560 14,772 26,750 29,616 Other operating expenses (5,157) (4,456) (10,309) (9,124) Other NOI 8,403 10,316 16,441 20,492 Total NOI $ 49,646 $ 96,211 $ 103,165 $ 186,285 A reconciliation of net loss to NOI for the three and six months ended June 30, 2023 and June 30, 2022 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Reconciliation of Net Loss to Total NOI Net loss $ (452,403) $ (76,599) $ (443,384) $ (73,869) General and administrative expenses 12,030 8,750 21,758 17,942 Corporate operating expenses to related parties 341 416 718 926 Real estate impairment provision 397,373 75,557 397,373 75,557 Depreciation and amortization 30,472 59,980 61,827 112,843 Interest expense 16,068 22,366 33,082 44,032 Other income (expense), net (2,747) 196 (3,959) 426 Loss from investment in unconsolidated entities 17,508 — 32,169 — Loss (Gain) from disposition of assets 9,701 — (20,909) — Transaction expenses 21,303 5,545 24,490 8,428 Total NOI $ 49,646 $ 96,211 $ 103,165 $ 186,285 The following table presents the Company’s goodwill for each of the segments as of June 30, 2023 and December 31, 2022: As of June 30, As of December 31, 2023 2022 Goodwill Industrial $ 68,373 $ 68,373 Office — — Other 26,305 26,305 Total Goodwill $ 94,678 $ 94,678 The following table presents the Company’s total real estate assets, net, which includes accumulated depreciation and amortization and excludes intangibles, for each segment as of the six months ended June 30, 2023 and year ended December 31, 2022: As of June 30, As of December 31, 2023 2022 Industrial Real Estate, net Total real estate $ 740,761 $ 761,757 Accumulated depreciation and amortization (139,750) (137,738) Industrial real estate, net 601,011 624,019 Office Real Estate, net Total real estate 1,566,333 2,020,463 Accumulated depreciation and amortization (265,440) (305,829) Office real estate, net 1,300,893 1,714,634 Other Real Estate, net Total real estate 407,558 715,036 Accumulated depreciation and amortization (120,895) (201,072) Other real estate, net 286,663 513,964 Total Real Estate, net $ 2,188,567 $ 2,852,617

Organization (Details)

Organization (Details)			6 Months Ended
	Mar. 10, 2023 $ / shares	Mar. 01, 2021 shares	Jun. 30, 2023 $ / shares	Dec. 31, 2022 $ / shares
Subsidiary, Sale of Stock [Line Items]
Reverse stock split	0.1111
Common stock, par value (in usd per share) | $ / shares	$ 0.001		$ 0.001	$ 0.001
GCEAR Operating Partnership
Subsidiary, Sale of Stock [Line Items]
Ownership interest			91%
Common Class E
Subsidiary, Sale of Stock [Line Items]
Shares converted		93,457,668
Shares reflecting impact of reverse share split		10,384,185
CCIT II Merger
Subsidiary, Sale of Stock [Line Items]
Number of shares to be received for each share converted		1.392

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2022 shares	Jun. 30, 2023 segment shares	Jun. 30, 2022 shares
Accounting Policies [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount | shares	406,272	177,877	291,607	166,572
Number of reportable segments | segment			3

Real Estate - Narrative (Detail

Real Estate - Narrative (Details) $ in Thousands			3 Months Ended			6 Months Ended
	Dec. 27, 2022 USD ($) property	Aug. 26, 2022 USD ($) property	Jun. 30, 2023 USD ($) Property real_estate_property state	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Property real_estate_property property state	Jun. 30, 2022 USD ($)
Real Estate [Line Items]
Number of properties | real_estate_property			73			73
Number of states | state			24			24
Purchase price			$ 3,100,000			$ 3,100,000
Depreciation expense						39,592	$ 64,587
Amortization of intangible assets						22,200
Real estate impairment provision			$ (397,373)		$ (75,557)	$ (397,373)	$ (75,557)
Number of properties impaired | Property			16			16
Number of properties sold | property	5	41				8
Proceeds from sale of property	$ 170,400	$ 1,100,000	$ 130,800	$ 169,600		$ 300,400
Gain on sale of properties			$ (9,701)	$ 30,610		20,909
Office
Real Estate [Line Items]
Real estate impairment provision						$ (196,100)
Number of properties impaired | Property			8			8
Other
Real Estate [Line Items]
Real estate impairment provision						$ (201,200)
Number of properties impaired | Property			8			8

Real Estate - Intangibles (Deta

Real Estate - Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of in-place lease valuation
In-place lease valuation (above market)	$ 23,438	$ 28,619
In-place lease valuation (above market) - accumulated amortization	(16,424)	(19,799)
In-place lease valuation (above market), net	7,014	8,820
Intangibles - other	32,028	32,028
Intangibles - other - accumulated amortization	(7,727)	(6,987)
Intangibles - other, net	24,301	25,041
Intangible assets, net	31,315	33,861
In-place lease valuation (below market)	(44,840)	(48,686)
Land leasehold interest (above market)	(3,072)	(3,072)
Intangibles - other (above market)	(223)	(258)
In-place lease valuation & land leasehold interest - accumulated amortization	30,146	31,358
Intangible liabilities, net	(17,989)	(20,658)
Tenant origination and absorption cost	421,795	535,889
Tenant origination and absorption cost - accumulated amortization	(218,698)	(282,383)
Tenant origination and absorption cost, net	$ 203,097	$ 253,506

Real Estate - Estimated Annual

Real Estate - Estimated Annual Amortization (Details) $ in Thousands	Jun. 30, 2023 USD ($)
In-place lease valuation, net
Remaining 2023	$ (733)
2024	(1,263)
2025	(1,154)
2026	(1,049)
2027	(851)
2028	(666)
Tenant origination and absorption costs
Remaining 2023	16,572
2024	31,551
2025	27,492
2026	26,158
2027	23,376
2028	19,835
Ground leasehold interest
Remaining 2023	(160)
2024	(318)
2025	(317)
2026	(317)
2027	(317)
2028	(318)
Other leasing costs
Remaining 2023	981
2024	2,203
2025	2,402
2026	2,352
2027	2,171
2028	1,853
Other intangibles
Other intangibles
Remaining 2023	753
2024	1,498
2025	1,494
2026	1,494
2027	1,494
2028	$ 1,498

Real Estate - Restricted Cash (

Real Estate - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real Estate [Line Items]
Restricted cash	$ 3,042	$ 4,764
Real Estate Asset Acquisitions and Contributions
Real Estate [Line Items]
Restricted cash	3,042	4,764
Real Estate Asset Acquisitions and Contributions | Cash reserves
Real Estate [Line Items]
Restricted cash	2,645	4,262
Real Estate Asset Acquisitions and Contributions | Restricted lockbox
Real Estate [Line Items]
Restricted cash	$ 397	$ 502

Real Estate - Sale of Propertie

Real Estate - Sale of Properties (Details) - USD ($) $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2023

Jun. 08, 2023

May 15, 2023

May 09, 2023

Mar. 02, 2023

Feb. 16, 2023

Jan. 06, 2023

Dec. 27, 2022

Aug. 26, 2022

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2023

Real Estate [Line Items]

Gross Proceeds

$ 170,400

$ 1,100,000

$ 130,800

$ 169,600

$ 300,400

Gain (Loss)

$ (9,701)

$ 30,610

$ 20,909

Irvine, CA

Real Estate [Line Items]

Gross Proceeds

$ 40,000

Gain (Loss)

$ 18,690

Clinton, SC

Real Estate [Line Items]

Gross Proceeds

$ 19,300

Gain (Loss)

$ 7,109

Herndon, VA

Real Estate [Line Items]

Gross Proceeds

$ 110,300

Gain (Loss)

$ 4,811

Lone Tree, CO

Real Estate [Line Items]

Gross Proceeds

$ 5,600

Gain (Loss)

$ (301)

Houston, TX

Real Estate [Line Items]

Gross Proceeds

$ 62,300

Gain (Loss)

$ (5,000)

Greenwood Village, CO

Real Estate [Line Items]

Gross Proceeds

$ 5,000

Gain (Loss)

$ (5,200)

Andover, MA 1

Real Estate [Line Items]

Gross Proceeds

$ 23,700

Gain (Loss)

$ 100

Andover, MA 2

Real Estate [Line Items]

Gross Proceeds

$ 34,200

Gain (Loss)

$ 700

Investments in Unconsolidated_3

Investments in Unconsolidated Entities (Details) $ in Thousands			3 Months Ended		6 Months Ended
	Dec. 27, 2022 USD ($) property	Aug. 26, 2022 USD ($) property	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) parcel property	Dec. 31, 2022 USD ($)
Gain (Loss) on Securities [Line Items]
Number of properties sold | property	5	41			8
Proceeds from sale of property	$ 170,400	$ 1,100,000	$ 130,800	$ 169,600	$ 300,400
Payments to acquire interest in joint venture					184,200
Debt, net			1,460,536		$ 1,460,536	$ 1,485,402
The Loan
Gain (Loss) on Securities [Line Items]
Spread on LIBOR (percent)					6.574%
Debt instrument, interest rate, increase					0.25%
Debt instrument, payments for interest rate caps					$ 6,700
Mortgage Loan Due 2024
Gain (Loss) on Securities [Line Items]
Debt instrument, interest rate, increase					0.25%
Mortgage Loan | The Loan
Gain (Loss) on Securities [Line Items]
Debt, net			736,000		$ 736,000
Mortgage Loan | Mortgage Loan Due 2024
Gain (Loss) on Securities [Line Items]
Debt, net			142,100		142,100
Mezzanine Loan | The Loan
Gain (Loss) on Securities [Line Items]
Term loan			$ 194,800		$ 194,800
Debt instrument extension options | parcel					2
Term of debt instrument					1 year
Mortgage 1 Loan | Mortgage Loan Due 2024
Gain (Loss) on Securities [Line Items]
Debt instrument extension options | parcel					2
Term of debt instrument					1 year
SOF | The Loan
Gain (Loss) on Securities [Line Items]
Interest rate cap					0.03
SOF | Mezzanine Loan | The Loan
Gain (Loss) on Securities [Line Items]
Interest rate cap					0.03
Spread on LIBOR (percent)					3.635%
SOF | Mortgage 1 Loan | Mortgage Loan Due 2024
Gain (Loss) on Securities [Line Items]
Interest rate cap					0.04
Spread on LIBOR (percent)					4.25%
GRT VAO OP, LLC
Gain (Loss) on Securities [Line Items]
Ownership interest (percent)			49%		49%
Real estate investments, joint ventures			$ 146,400		$ 146,400

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Schedule of Company's Share of Net Earnings or Losses and Reduced by Distributions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Office Joint Venture
Beginning balance			$ 178,647
Company’s share of net loss	$ (17,508)	$ 0	(32,169)	$ 0
Ending balance	146,395		146,395
Office NOI
Office Joint Venture
Beginning balance			178,647
Contributions			0
Company’s share of net loss			(32,169)
Other comprehensive loss			(83)
Ending balance	$ 146,395		$ 146,395

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Schedule of Balance Sheet for the Unconsolidated Office Joint Venture (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 21, 2022
Assets
Real estate properties, net	$ 2,188,567	$ 2,852,617
Total assets	3,010,226	3,633,376
Liabilities
Other liabilities	1,043	1,458
Total liabilities	1,615,400	$ 1,647,241
Office Joint Venture
Assets
Real estate properties, net	1,110,185		$ 981,354
Other assets	293,282		240,447
Total assets	1,403,467		1,221,801
Liabilities
Mortgages payable, net	1,029,168		856,765
Other liabilities	77,216		52,018
Total liabilities	$ 1,106,384		$ 908,783

Investments in Unconsolidated_6

Investments in Unconsolidated Entities - Schedule of Statements of Operations of the Unconsolidated Office Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gain (Loss) on Securities [Line Items]
Total revenues	$ 62,540	$ 123,073	$ 129,513	$ 239,262
Expenses:
General and administrative	(12,030)	(8,750)	(21,758)	(17,942)
Interest expense	(16,068)	(22,366)	(33,082)	(44,032)
Other expenses, net	2,747	(196)	3,959	(426)
Total expenses	(453,110)	(171,565)	(508,024)	(260,245)
Net loss attributable to common shareholders	(416,477)	(72,207)	(410,441)	(72,056)
Office Joint Venture
Gain (Loss) on Securities [Line Items]
Total revenues	49,917	0	94,706	0
Expenses:
Operating expenses	(16,611)	0	(32,433)	0
General and administrative	(2,174)	0	(3,655)	0
Depreciation and amortization	(18,411)	0	(33,185)	0
Interest expense	(49,990)	0	(92,982)	0
Other expenses, net	1,531	0	1,883	0
Total expenses	(85,655)	0	(160,372)	0
Net loss attributable to common shareholders	$ (35,738)	$ 0	$ (65,666)	$ 0

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details)	1 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023 USD ($) d	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total principal		$ 1,467,146,000	$ 1,489,803,000
Unamortized Deferred Financing Costs and Discounts, net		(6,610,000)	(4,401,000)
Total Debt, net		1,460,536,000	1,485,402,000
Mortgages
Debt Instrument [Line Items]
Total principal		$ 517,146,000	539,803,000
Fixed and variable rate debt
Debt Instrument [Line Items]
Weighted average interest rate (percent)		4.16%
Fixed rate debt
Debt Instrument [Line Items]
Weighted average interest rate (percent)		3.79%
Interest Rate Swap
Debt Instrument [Line Items]
Derivative notional amount		$ 750,000,000
Samsonite Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 17,414,000	17,998,000
Contractual stated interest rate (percent)		6.08%
Effective interest rate (percent)		4.96%
Highway 94 Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 12,229,000	12,740,000
Contractual stated interest rate (percent)		3.75%
Effective interest rate (percent)		5.01%
Pepsi Bottling Ventures Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 17,640,000	17,836,000
Contractual stated interest rate (percent)		3.69%
Effective interest rate (percent)		3.93%
AIG Loan II | Mortgages
Debt Instrument [Line Items]
Total principal		$ 121,153,000	122,328,000
Contractual stated interest rate (percent)		4.15%
Effective interest rate (percent)		4.96%
BOA II Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 250,000,000	250,000,000
Contractual stated interest rate (percent)		4.32%
Effective interest rate (percent)		4.14%
AIG Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 98,710,000	99,794,000
Contractual stated interest rate (percent)		4.96%
Effective interest rate (percent)		5.09%
HealthSpring Mortgage Loan | Mortgages
Debt Instrument [Line Items]
Total principal		$ 0	19,107,000
Contractual stated interest rate (percent)		4.18%
Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Total principal		$ 400,000,000	$ 0
Effective interest rate (percent)		6.70%	5.05%
Threshold trading days | d		5
Index adjustment percentage		0.10%
Revolving Credit Facility | Revolving Credit Facility | SOF
Debt Instrument [Line Items]
Spread on SOF (percent)	1.40%	1.30%
2024 Term Loan | Term Loans
Debt Instrument [Line Items]
Total principal		$ 0	$ 400,000,000
Effective interest rate (percent)		0%
2025 Term Loan | Term Loans
Debt Instrument [Line Items]
Total principal		$ 400,000,000	400,000,000
Effective interest rate (percent)		6.65%
2025 Term Loan | SOF | Term Loans
Debt Instrument [Line Items]
Spread on SOF (percent)		1.25%
2026 Term Loan | Term Loans
Debt Instrument [Line Items]
Total principal		$ 150,000,000	$ 150,000,000
Effective interest rate (percent)		6.49%
2026 Term Loan | SOF | Term Loans
Debt Instrument [Line Items]
Spread on SOF (percent)		1.25%

Debt - Narrative (Details)

Debt - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) quarter real_estate_property	Mar. 21, 2023 USD ($)	Mar. 20, 2023 USD ($)	Dec. 31, 2022
Debt Instrument [Line Items]
Commitment extension fee	0.20%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Covenant - minimum pool properties | real_estate_property	15
Covenant -maximum pool value contributed by single pool property of tenant (percent)	15%
Covenant - maximum aggregate pool value to be contributed by pool properties subject to ground leases (percent)	15%
Covenant - maximum aggregate pool value to be contributed by pool properties under development (percent)	20%
Covenant - minimum aggregate leasing percentage (percent)	90%
Covenant - maximum unsecured leverage ratio (percent)	60%
Covenant - minimum unsecured interest coverage ratio	2
Unsecured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 750,000,000
Additional increase in limit	1,000,000,000
Remaining borrowing capacity	34,000,000
Term Loans
Debt Instrument [Line Items]
Credit facility	$ 400,000,000
Term of debt instrument	5 years
Line of Credit | Line of Credit
Debt Instrument [Line Items]
Credit facility	$ 1,700,000,000
2024 Term Loan | Term Loans
Debt Instrument [Line Items]
Credit facility	$ 400,000,000
Term of debt instrument	5 years
Prepaid debt		$ 400,000,000
2025 Term Loan | Term Loans
Debt Instrument [Line Items]
Credit facility	$ 400,000,000
Term of debt instrument	5 years
2026 Term Loan | Term Loans
Debt Instrument [Line Items]
Credit facility	$ 150,000,000
Term of debt instrument	7 years
Keybank Loans | Term Loans
Debt Instrument [Line Items]
Compliance requirement - maximum consolidated leverage ratio (percent)	60%
Compliance requirement - maximum consolidated leverage ratio after material acquisition (percent)	65%
Compliance requirement - consecutive quarters after material acquisition subject to higher consolidated leverage ratio | quarter	4
Compliance requirement - minimum consolidated tangible net worth	$ 1,000,000,000	$ 1,000,000,000	$ 2,000,000,000
Compliance requirement - minimum consolidated tangible net worth (percent)	75%
Compliance requirement - additional net future equity issuances (percent)	75%
Compliance requirement - reduction for amount of payments used to redeem stock (percent)	75%
Compliance requirement - minimum consolidated fixed charge coverage ratio	1.50
Compliance requirement - maximum total secured debt ratio (percent)	45%			40%
Line of credit facility, covenant, maximum total secured debt ratio (percent) | quarter	4
Compliance requirement - minimum unsecured interest coverage ratio	2
Compliance requirement - maximum total secured recourse debt ratio (percent)	10%
Compliance requirement - maximum aggregate maximum unhedged variable rate debt (percent)	30%

Interest Rate Contracts - Sched

Interest Rate Contracts - Schedule of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revolving Credit Facility | Revolving Credit Facility
Derivative [Line Items]
Effective interest rate (percent)	6.70%	5.05%
Revolving Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Effective interest rate (percent)	517%
Interest Rate Swap, Effective March 10, 2020 - $150,000 Notional Amount, Interest Rate 0.83%
Derivative [Line Items]
Derivative, Fixed Interest Rate	0.83%
Fair Value	$ 11,494	$ 12,391
Derivative, Notional Amount	$ 150,000	150,000
Interest Rate Swap, Effective March 10, 2020 - $100,000 Notional Amount, Interest Rate 0.84%
Derivative [Line Items]
Derivative, Fixed Interest Rate	0.84%
Fair Value	$ 7,655	8,244
Derivative, Notional Amount	$ 100,000	100,000
Interest Rate Swap, Effective March 10, 2020 - $75,000 Notional Amount, Interest Rate 0.86%
Derivative [Line Items]
Derivative, Fixed Interest Rate	0.86%
Fair Value	$ 5,708	6,145
Derivative, Notional Amount	$ 75,000	75,000
Interest Rate Swap Effective Date July 1, 2020,$125,000 Notional Amount, Interest Rate 2.82%
Derivative [Line Items]
Derivative, Fixed Interest Rate	2.82%
Fair Value	$ 4,785	4,331
Derivative, Notional Amount	$ 125,000	125,000
Interest Rate Swap Effective Date July 1, 2020,$100,000 Notional Amount, Interest Rate 2.82%
Derivative [Line Items]
Derivative, Fixed Interest Rate	2.82%
Fair Value	$ 3,812	3,444
Derivative, Notional Amount	$ 100,000	100,000
Interest Rate Swap, Effective July 1, 2020 - $100,000 Notional Amount, Interest Rate 2.83%
Derivative [Line Items]
Derivative, Fixed Interest Rate	2.83%
Fair Value	$ 3,810	3,441
Derivative, Notional Amount	$ 100,000	100,000
Interest Rate Swap, Effective July 1, 2020 - $100,000 Notional Amount, Interest Rate 2.84%
Derivative [Line Items]
Derivative, Fixed Interest Rate	2.84%
Fair Value	$ 3,782	3,408
Derivative, Notional Amount	100,000	100,000
Interest Rate Swap
Derivative [Line Items]
Fair Value	41,046	41,404
Derivative, Notional Amount	$ 750,000	$ 750,000

Interest Rate Contracts - Sch_2

Interest Rate Contracts - Schedule of Derivative Instruments, Gain (Loss) (Details) - Interest Rate Swap - Cash Flow Hedging - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss recognized in AOCI on derivatives	$ (10,238)	$ (37,886)
Amount of gain reclassified from AOCI into earnings under “Interest expense”	10,531	(5,734)
Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded	$ 33,082	$ 44,032

Interest Rate Contracts - Narra

Interest Rate Contracts - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Income expected to be recognized in earnings in next 12 months	$ (24.9)

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Interest payable	$ 15,982	$ 13,654
Prepaid tenant rent	12,799	12,399
Deferred compensation	8,682	8,913
Accrued tenant improvements	7,008	620
Real estate taxes payable	4,924	6,296
Property operating expense payable	3,616	7,960
Redemptions payable	0	4,383
Other liabilities	27,531	25,950
Total	$ 80,542	$ 80,175

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value on a Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mutual Funds Asset	$ 6,513	$ 6,191
Quoted Prices in Active Markets for Identical Assets and Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mutual Funds Asset	6,513	6,191
Significant Other Observable Inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mutual Funds Asset	0	0
Significant Unobservable Inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mutual Funds Asset	0	0
Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	41,046	41,404
Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets and Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Interest Rate Swap | Significant Other Observable Inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	41,046	41,404
Interest Rate Swap | Significant Unobservable Inputs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) Property asset	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Property asset	Jun. 30, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate impairment provision | $	$ 397,373	$ 75,557	$ 397,373	$ 75,557
Number of properties impaired | Property	16		16
Assets evaluated using discounted cash flow analyses | asset	13		13
Assets evaluated using estimated selling price per share | asset	3		3
Office
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate impairment provision | $			$ 196,100
Number of properties impaired | Property	8		8
Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate impairment provision | $			$ 201,200
Number of properties impaired | Property	8		8

Fair Value Measurements - Non-r

Fair Value Measurements - Non-recurring Fair Value Measurements for Impairment (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) $ / ft²
Market rent (per square foot) | Southwest
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated selling price (per square foot) | $	$ 235
Market rent (per square foot) | Northeast
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated selling price (per square foot) | $	227
Market rent (per square foot) | West
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Market rent (per square foot) | $	21
Estimated selling price (per square foot) | $	30
Market rent (per square foot) | Southeast
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Market rent (per square foot) | $	14
Market rent (per square foot) | Minimum | Southwest
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Market rent (per square foot) | $	16
Market rent (per square foot) | Minimum | Northeast
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Market rent (per square foot) | $	15
Market rent (per square foot) | Maximum | Southwest
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Market rent (per square foot) | $	27
Market rent (per square foot) | Maximum | Northeast
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Market rent (per square foot) | $	$ 30
Discount rate | West
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs (percent)	0.0900
Discount rate | Southeast
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs (percent)	0.1500
Discount rate | Minimum | Southwest
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs (percent)	0.0850
Discount rate | Minimum | Northeast
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs (percent)	0.0800
Discount rate | Maximum | Southwest
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs (percent)	0.1500
Discount rate | Maximum | Northeast
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs (percent)	0.1500
Terminal capitalization rate | West
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs (percent)	0.0850
Terminal capitalization rate | Southeast
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs (percent)	0.0900
Terminal capitalization rate | Minimum | Southwest
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs (percent)	0.0800
Terminal capitalization rate | Minimum | Northeast
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs (percent)	0.0650
Terminal capitalization rate | Maximum | Southwest
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs (percent)	0.1050
Terminal capitalization rate | Maximum | Northeast
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Range of inputs (percent)	0.0900
Anticipated hold period | Southwest
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Anticipated hold period	1 year
Anticipated hold period | Northeast
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Anticipated hold period	1 year
Anticipated hold period | West
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Anticipated hold period	1 year

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments at Fair Value (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of mortgage loans (in loan) | loan	7
Fair Value | Mortgages | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	$ 455,100	$ 493,819
Fair Value | Mortgages | BOA II Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	217,049	226,361
Fair Value | Mortgages | AIG Loan II | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	109,199	111,872
Fair Value | Mortgages | AIG Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	82,854	89,526
Fair Value | Mortgages | Samsonite Mortgage Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	17,414	17,998
Fair Value | Mortgages | HealthSpring Mortgage Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	0	19,107
Fair Value | Mortgages | Pepsi Bottling Ventures Mortgage Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	16,969	17,014
Fair Value | Mortgages | Highway 94 Mortgage Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	11,615	11,941
Carrying Value | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	517,146	539,803
Carrying Value | Mortgages | BOA II Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	250,000	250,000
Carrying Value | Mortgages | AIG Loan II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	121,153	122,328
Carrying Value | Mortgages | AIG Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	98,710	99,794
Carrying Value | Mortgages | Samsonite Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	17,414	17,998
Carrying Value | Mortgages | HealthSpring Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	0	19,107
Carrying Value | Mortgages | Pepsi Bottling Ventures Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	17,640	17,836
Carrying Value | Mortgages | Highway 94 Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	$ 12,229	$ 12,740

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		107 Months Ended
	Apr. 10, 2023 USD ($) shares	Jun. 30, 2023 USD ($) vote $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) vote $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) vote $ / shares shares	Mar. 31, 2023 shares	Dec. 31, 2022 USD ($) shares	Mar. 31, 2022 shares	Dec. 31, 2021 shares	Oct. 29, 2020 shares	Jul. 17, 2020 USD ($)	Apr. 30, 2019 shares	Jun. 30, 2015 shares
Class of Stock [Line Items]
Proceeds from sale of shares				$ 2,800,000
Number of shares outstanding (in shares) | shares		35,924,476		35,924,476		35,924,476		35,999,898
Shares issued		$ 36		$ 36		$ 36		$ 36
Capitalized offering costs	$ 5,000
RSUs
Class of Stock [Line Items]
Total compensation expense		$ 4,000	$ 1,700	$ 6,600	$ 3,400
RSUs | Amended and Restated Plan
Class of Stock [Line Items]
Number of shares authorized (in shares) | shares		777,778		777,778		777,778
Granted (in shares) | shares		178,097		178,097		178,097
Restricted Stock
Class of Stock [Line Items]
Unrecognized cost		$ 13,200	$ 9,100	$ 13,200	$ 9,100	$ 13,200
Common Shares
Class of Stock [Line Items]
Number of shares outstanding (in shares) | shares			36,082,283		36,082,283		36,006,922	35,999,898	36,079,527	36,070,902
Stock redeemed during period (in shares) | shares		0	0	941	0
Weighted average price per share (in usd per share) | $ / shares		$ 0	$ 0	$ 66.87	$ 0
Share Redemption Program
Class of Stock [Line Items]
Stock repurchase program, quarterly authorized amount		$ 5,000		$ 5,000		$ 5,000
Stock repurchase program, annual authorized amount, percentage of weighted average shares outstanding				5%
Share Redemption Program | Common Shares
Class of Stock [Line Items]
Stock redeemed during period (in shares) | shares						3,295,618
Redeemed - Amount						$ 275,500
Weighted average price per share (in usd per share) | $ / shares						$ 83.60
Minimum | Restricted Stock
Class of Stock [Line Items]
Unrecognized cost recognition period				6 months
Maximum | Restricted Stock
Class of Stock [Line Items]
Unrecognized cost recognition period				2 years 6 months
Private Placement
Class of Stock [Line Items]
Number of shares issued (in shares) | shares														4,863,623
Distribution Reinvestment Plan
Class of Stock [Line Items]
Authorized issuances under Company's follow-on offering that have been suspended												$ 100,000
Shares issued		$ 341,100	$ 341,100	$ 341,100	$ 341,100	$ 341,100
Common Class T
Class of Stock [Line Items]
Number of votes each share is entitled to | vote		1		1		1
Common Class S
Class of Stock [Line Items]
Number of votes each share is entitled to | vote		1		1		1
Common Class D
Class of Stock [Line Items]
Number of votes each share is entitled to | vote		1		1		1
Common Class I
Class of Stock [Line Items]
Number of votes each share is entitled to | vote		1		1		1
Common Class A
Class of Stock [Line Items]
Number of votes each share is entitled to | vote		1		1		1
Common Class AA
Class of Stock [Line Items]
Number of votes each share is entitled to | vote		1		1		1
Common Class AAA
Class of Stock [Line Items]
Number of votes each share is entitled to | vote		1		1		1
Common Class E
Class of Stock [Line Items]
Number of votes each share is entitled to | vote		1		1		1
Common Class E | Private Placement
Class of Stock [Line Items]
Number of shares issued (in shares) | shares											10,384,185		19,442,394
Series A Preferred Stock
Class of Stock [Line Items]
Stock redeemed during period (in shares) | shares	5,000,000
Redeemed - Amount	$ 125,000
Redemption payments	2,400
Stock redeemed or called during period, waived redemption fee	$ 1,900

Equity - Schedule of Share Rede

Equity - Schedule of Share Redemptions (Details) - Common Shares - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Shares of common stock redeemed (in shares)	0	0	941	0
Weighted average price per share (in usd per share)	$ 0	$ 0	$ 66.87	$ 0

Equity - Nonvested Restricted S

Equity - Nonvested Restricted Stock Activity (Details) - RSUs - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	158,135	169,846
Granted (in shares)	151,836	116,749
Forfeited (in shares)	0	(9,404)
Vested (in shares)	(18,917)	(119,056)
Ending balance (in shares)	291,054	158,135
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted - Weighted average grant date fair value per shares (in usd per share)	$ 58.63	$ 66.87
Forfeited - Weighted average grant date fair value per shares (in usd per share)	0	80.38
Vested - Weighted average grant date fair value per shares (in usd per share)	$ 69.23	$ 77.68
Shares used to satisfy employee tax withholding requirements on vesting restricted stock (in shares)	49,738

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2023 shares
Noncontrolling Interest [Line Items]
Percentage of noncontrolling interests based on weighted average shares outstanding (percent)	8.90%
Limited partnership units issued (in shares)	3,500
Implied EA-1 operating partnership units issued in consideration (in shares)	20
Griffin Capital Essential Asset Operating Partnership, L.P.
Noncontrolling Interest [Line Items]
Percentage of noncontrolling interests based on total shares (percent)	9%

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Noncontrolling Interests Activity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Reclass of noncontrolling interest subject to redemption	$ 0	$ 10		$ 99
Repurchase of noncontrolling interest	0
Reclass of redeemable non-controlling interest	3,801
Distributions to noncontrolling interest	(776)	(1,435)	$ (2,728)	(2,698)
Allocated distributions to noncontrolling interests subject to redemption	(1)	(2)	(4)	(4)
Allocated net (loss) income	(457,385)	6,618	(79,159)	170
Allocated other comprehensive income (loss)	7,067	(7,445)	9,729	33,891
Non- controlling Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance		174,655		218,653	$ 174,655	$ 218,653
Reclass of noncontrolling interest subject to redemption	0	10		99	10	957
Repurchase of noncontrolling interest	(370)				(370)	0
Reclass of redeemable non-controlling interest	3,801				3,801	0
Distributions to noncontrolling interest	(776)	(1,435)	(2,728)	(2,698)	(2,211)	(10,942)
Allocated distributions to noncontrolling interests subject to redemption	(1)	(2)	(4)	(4)	(3)	(17)
Allocated net (loss) income	(40,909)	585	(6,952)	19	(40,324)	(39,714)
Allocated other comprehensive income (loss)	632	$ (656)	$ 855	$ 2,979	(24)	5,718
Ending balance	$ 135,534				$ 135,534	$ 174,655

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party expenses	$ 453,110	$ 171,565	$ 508,024	$ 260,245
Related party payable	1,043		1,043		$ 1,458
Operating Expense | Related Party
Related Party Transaction [Line Items]
Related party expenses			2,490	5,882
Related party payable	1,043		1,043		1,458
Costs advanced by the advisor | Related Party
Related Party Transaction [Line Items]
Related party expenses			35	649
Related party payable	46		46		67
Administrative reimbursement | Related Party
Related Party Transaction [Line Items]
Related party expenses			695	925
Related party payable	282		282		522
Earn-out | Related Party
Related Party Transaction [Line Items]
Related party expenses			0	0
Related party payable	98		98		130
Distributions | Related Party
Related Party Transaction [Line Items]
Related party expenses			1,760	$ 4,308
Related party payable	$ 617		$ 617		$ 739

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) extension	Dec. 31, 2022 USD ($)	Mar. 25, 2022 USD ($)
Related Party Transaction [Line Items]
Right of use asset	$ 34,615	$ 35,453
Lease liability	43,111
Related Party
Related Party Transaction [Line Items]
Value of shares authorized	$ 2,200,000
Termination notice period	30 days
Number of extension | extension	1
Extension term	5 years
Operating sublease monthly base rent			$ 50
Sublease rent annual escalations percentage			3%
Griffin Capital Corporation | Related Party
Related Party Transaction [Line Items]
Right of use asset	$ 600
Lease liability	600
Primary Offering | Related Party
Related Party Transaction [Line Items]
Value of shares authorized	2,000,000
Follow-on Offering | Related Party
Related Party Transaction [Line Items]
Value of shares authorized	$ 200,000

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) option office_space lease renewal_option	Jun. 30, 2022 USD ($)
Leases [Abstract]
Rental income	$ 112.9	$ 193.4
Number of ground leases classified as operating | lease	3
Number of ground leases classified as financing | lease	2
Options to renew | option	0
Number of office space | office_space	2
Remaining lease term	2 years
Number of renewal options | renewal_option	1
Renewal term	5 years
Operating lease costs	$ 1.9	2.2
Cash paid for operating lease liabilities	$ 1.1	$ 1.1

Leases - Future Minimum Base Re

Leases - Future Minimum Base Rents to be Received (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
Remaining 2023	$ 104,707
2024	199,400
2025	185,047
2026	180,589
2027	161,668
Thereafter	709,995
Total	$ 1,541,406

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Jun. 30, 2023
Leases [Abstract]
Weighted-average remaining lease term in years	76 years 6 months
Weighted-average remaining lease term in years	15 years 6 months
Weighted average discount rate	4.88%
Weighted-average discount rate	3.34%

Leases - Remaining Required Pay

Leases - Remaining Required Payments Under Ground Leases (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Operating
Remaining 2023	$ 1,080
2023	1,909
2024	1,570
2025	1,504
2026	1,527
2026	1,595
Thereafter	248,693
Total undiscounted lease payments	257,878
Less: imputed interest	(214,767)
Total lease liabilities	43,111
Financing
Remaining 2023	343
2023	360
2024	365
2025	375
2026	381
2026	386
Thereafter	3,072
Total undiscounted lease payments	5,282
Less: imputed interest	(2,025)
Total lease liabilities	$ 3,257

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	Jun. 30, 2023 USD ($)
Capital Expenditures, Leasing Commissions and Tenant Improvement Commitment
Other Commitments [Line Items]
Other Commitment	$ 24.4

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended	6 Months Ended
	Dec. 31, 2022 property_type	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of property types in real estate portfolio | property_type	3
Number of reportable segments | segment		3

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment NOI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 62,540	$ 123,073	$ 129,513	$ 239,262
Total NOI	49,646	96,211	103,165	186,285
Industrial NOI
Segment Reporting Information [Line Items]
Revenues	13,981	14,807	28,575	30,307
Operating expenses	(1,661)	(1,696)	(3,625)	(3,783)
Total NOI	12,320	13,111	24,950	26,524
Office NOI
Segment Reporting Information [Line Items]
Revenues	34,999	93,494	74,188	179,339
Operating expenses	(6,076)	(20,710)	(12,414)	(40,070)
Total NOI	28,923	72,784	61,774	139,269
Other NOI
Segment Reporting Information [Line Items]
Revenues	13,560	14,772	26,750	29,616
Operating expenses	(5,157)	(4,456)	(10,309)	(9,124)
Total NOI	$ 8,403	$ 10,316	$ 16,441	$ 20,492

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of Net Income to Total NOI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
Net loss	$ (452,403)	$ (76,599)	$ (443,384)	$ (73,869)
General and administrative expenses	12,030	8,750	21,758	17,942
Corporate operating expenses to related parties	341	416	718	926
Real estate impairment provision	397,373	75,557	397,373	75,557
Depreciation and amortization	30,472	59,980	61,827	112,843
Interest expense	16,068	22,366	33,082	44,032
Other income (expense), net	(2,747)	196	(3,959)	426
Loss from investment in unconsolidated entities	17,508	0	32,169	0
Loss (Gain) from disposition of assets	9,701	0	(20,909)	0
Transaction expenses	21,303	5,545	24,490	8,428
Total NOI	$ 49,646	$ 96,211	$ 103,165	$ 186,285

Segment Reporting - Allocation

Segment Reporting - Allocation for Each Segments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Goodwill	$ 94,678	$ 94,678
Total real estate	2,714,652	3,497,256
Accumulated depreciation and amortization	(526,085)	(644,639)
Total real estate, net	2,188,567	2,852,617
Industrial
Segment Reporting Information [Line Items]
Goodwill	68,373	68,373
Total real estate	740,761	761,757
Accumulated depreciation and amortization	(139,750)	(137,738)
Total real estate, net	601,011	624,019
Office
Segment Reporting Information [Line Items]
Goodwill	0	0
Total real estate	1,566,333	2,020,463
Accumulated depreciation and amortization	(265,440)	(305,829)
Total real estate, net	1,300,893	1,714,634
Other
Segment Reporting Information [Line Items]
Goodwill	26,305	26,305
Total real estate	407,558	715,036
Accumulated depreciation and amortization	(120,895)	(201,072)
Total real estate, net	$ 286,663	$ 513,964

Declaration of Distributions (D

Declaration of Distributions (Details) - $ / shares	Jun. 20, 2023	Mar. 14, 2023
Declaration of Distributions [Abstract]
Common stock dividends, annualized equivalent (in usd per share)	$ 0.225	$ 0.075