Peakstone Realty Trust (PKST) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,346,621
Entity Central Index Key	0001600626
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 436,251	$ 391,802
Restricted cash	11,213	9,208
Real estate:
Land	227,138	231,175
Building and improvements	1,942,064	1,968,314
Tenant origination and absorption cost	397,872	402,251
Construction in progress	8,998	8,371
Total real estate	2,576,072	2,610,111
Less: accumulated depreciation and amortization	(564,208)	(550,552)
Total real estate, net	2,011,864	2,059,559
Intangible assets, net	28,918	29,690
Deferred rent receivable	63,481	63,272
Deferred leasing costs, net	18,185	19,112
Goodwill	74,052	78,647
Right of use assets	34,172	33,736
Interest rate swap asset	27,042	26,942
Other assets	40,987	27,446
Real estate assets and other assets held for sale, net	7,595	50,211
Total assets	2,753,760	2,789,625
LIABILITIES AND EQUITY
Debt, net	1,416,433	1,435,923
Distributions payable	8,422	8,344
Intangible liabilities, net	15,289	16,023
Lease liability	46,932	46,281
Accrued expenses and other liabilities	64,132	78,229
Liabilities held for sale	159	539
Total liabilities	1,551,940	1,585,912
Commitments and contingencies (Note 13)
Shareholders’ equity:
Common shares, $0.001 par value; shares authorized, 800,000,000; shares outstanding in the aggregate, $36,346,608 and 36,304,145 as of March 31, 2024 and December 31, 2023, respectively	36	36
Additional paid-in capital	2,992,071	2,990,085
Cumulative distributions	(1,084,273)	(1,076,000)
Accumulated deficit	(822,829)	(827,854)
Accumulated other comprehensive income	25,938	25,817
Total shareholders’ equity	1,110,943	1,112,084
Noncontrolling interests	90,877	91,629
Total equity	1,201,820	1,203,713
Total liabilities and equity	2,753,760	2,789,625
Related Party
LIABILITIES AND EQUITY
Due to related parties	$ 573	$ 573

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
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)	36,346,608	36,304,145

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Rental income	$ 59,227	$ 66,973
Expenses:
Property operating expense	6,679	7,110
Property tax expense	4,510	5,822
Property management fees	411	522
General and administrative expenses	9,680	9,728
Corporate operating expenses to related parties	166	378
Depreciation and amortization	23,415	31,356
Real estate impairment provision	1,376	0
Total expenses	46,237	54,916
Income before other income (expenses)	12,990	12,057
Other income (expenses):
Interest expense	(16,148)	(17,014)
Other income, net	4,045	1,212
Net loss from investment in unconsolidated entity	0	(14,661)
Gain from disposition of assets	9,177	30,610
Goodwill impairment provision	(4,594)	0
Transaction expenses	0	(3,187)
Net income	5,470	9,017
Distributions to redeemable preferred shareholders	0	(2,376)
Net income attributable to noncontrolling interests	(445)	(585)
Net income attributable to controlling interests	5,025	6,056
Distributions to redeemable noncontrolling interests attributable to common shareholders	0	(23)
Net income attributable to common shareholders	$ 5,025	$ 6,033
Net income attributable to common shareholders per share, basic (in usd per share)	$ 0.14	$ 0.17
Net income attributable to common shareholders per share, diluted (in usd per share)	$ 0.14	$ 0.17
Weighted average number of common shares outstanding, basic (in shares)	36,309,019	35,999,325
Weighted average number of common shares outstanding, diluted (in shares)	36,309,019	35,999,325

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 5,470	$ 9,017
Other comprehensive income:
Equity in other comprehensive (loss) income of unconsolidated joint venture	0	890
Change in fair value of swap agreements	133	(8,335)
Total comprehensive income (loss)	5,603	1,572
Distributions to redeemable preferred shareholders	0	(2,376)
Distributions to redeemable noncontrolling interests attributable to common shareholders	0	(23)
Comprehensive (income) loss attributable to noncontrolling interests	(456)	71
Comprehensive income (loss) attributable to common shareholders	$ 5,147	$ (756)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Shareholders Equity	Common Shares	Additional Paid-In Capital	Cumulative Distributions	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests
Beginning balance (in shares) at Dec. 31, 2022			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 shareholders	(14,873)	(14,873)			(14,873)
Repurchase of common shares (in shares)			(896)
Repurchase of common shares	(60)	(60)		(60)
Reclass of noncontrolling interest subject to redemption	10							10
Distributions to noncontrolling interests	(1,435)							(1,435)
Distributions to noncontrolling interests subject to redemption	(2)							(2)
Offering costs	(9)	(9)		(9)
Net income	6,618	6,033				6,033		585
Other comprehensive income (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
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]
Exchange of noncontrollling interests								(27,169)
Distributions to noncontrolling interests								(2,989)
Distributions to noncontrolling interests subject to redemption								(728)
Net income								(54,555)
Other comprehensive income (loss)								(1,396)
Ending balance (in shares) at Dec. 31, 2023	36,304,145		36,304,145
Ending balance at Dec. 31, 2023	$ 1,203,713	1,112,084	$ 36	2,990,085	(1,076,000)	(827,854)	25,817	91,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred equity compensation (in shares)			41,674
Deferred equity compensation	1,579	1,579	$ 0	1,579
Shares acquired to satisfy employee tax withholding requirements on vesting RSUs (in shares)			(4,875)
Shares acquired to satisfy employee tax withholding requirements on vesting RSUs	(79)	(79)	$ 0	(79)
Cash distributions to common shareholders	(8,273)	(8,273)			(8,273)
Repurchase of common shares (in shares)			0
Repurchase of common shares	0	0
Exchange of noncontrolling interests (in shares)			5,664
Exchange of noncontrollling interests	0	486	$ 0	486				(486)
Distributions to noncontrolling interests	(723)							(723)
Distributions to noncontrolling interests subject to redemption								0
Net income	5,470	5,025				5,025		445
Other comprehensive income (loss)	$ 133	121					121	12
Ending balance (in shares) at Mar. 31, 2024	36,346,608		36,346,608
Ending balance at Mar. 31, 2024	$ 1,201,820	$ 1,110,943	$ 36	$ 2,992,071	$ (1,084,273)	$ (822,829)	$ 25,938	$ 90,877

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities:
Net income	$ 5,470	$ 9,017
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of building and building improvements	15,564	20,054
Amortization of leasing costs and intangibles, including ground leasehold interests and leasing costs	8,223	11,670
Amortization of below market leases, net	(259)	(122)
Amortization of deferred financing costs and debt premium	1,157	1,375
Amortization of swap interest	31	31
Deferred rent	(410)	(3,850)
Net gain from sale of operating properties	(9,177)	(30,610)
Net loss from investment in unconsolidated entity	0	14,661
Gain from investments	(189)	(46)
Impairment provision - real estate	1,376	0
Impairment provision - goodwill	4,594	0
Share-based compensation	1,579	2,556
Discount amortization - note receivable	(119)	0
Change in operating assets and liabilities:
Deferred leasing costs and other assets	1,239	(238)
Accrued expenses and other liabilities	(12,888)	(2,192)
Due to related parties, net	0	(55)
Net cash provided by operating activities	16,191	22,251
Investing Activities:
Proceeds from disposition of properties	62,414	165,897
Payments for construction in progress	(1,846)	(846)
Purchase of investments	(41)	(70)
Net cash provided by investing activities	60,527	164,981
Financing Activities:
Proceeds from borrowings - Credit Facility	0	400,000
Principal payoff of secured indebtedness - Mortgage Debt	(18,868)	(19,013)
Principal payoff of indebtedness - Term Loan	0	(400,000)
Principal amortization payments on secured indebtedness	(1,594)	(1,858)
Deferred financing costs	(682)	(2,580)
Offering costs	86	(9)
Repurchase of common shares	0	(4,443)
Distributions to noncontrolling interests	(724)	(2,136)
Distributions to preferred units subject to redemption	0	(2,516)
Distributions to common shareholders	(8,193)	(21,822)
Financing lease payment	(210)	(209)
Repurchase of common shares to satisfy employee tax withholding requirements	(79)	(381)
Net cash used in financing activities	(30,264)	(54,967)
Net increase in cash, cash equivalents and restricted cash	46,454	132,265
Cash, cash equivalents and restricted cash at the beginning of the period	401,010	237,944
Cash, cash equivalents and restricted cash at the end of the period	447,464	370,209
Supplemental Disclosures of Significant Non-Cash Transactions:
Decrease (increase) in fair value swap agreement	132	(8,335)
Accrued tenant obligations	665	860
Distributions payable to common shareholders	8,273	2,729
Distributions payable to noncontrolling interests	723	270
Exchange of noncontrolling interest to common stock	486	0
Operating lease right-of-use assets obtained in exchange for lease liabilities	0	1,358
Note receivable in exchange for sale of asset	14,405	0
Accrued for construction in progress	$ 53	$ 6,120

Organization

Organization	3 Months Ended
	Mar. 31, 2024
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 located in diverse, strategic growth markets. These assets are generally leased to creditworthy tenants under long-term net lease agreements with contractual rent escalations. The Company’s fiscal year-end is December 31. PKST OP, L.P., our operating partnership (the “Operating Partnership”), owns directly and indirectly all of the Company’s assets. As of March 31, 2024, the Company owned approximately 91.8% of the outstanding common units of limited partnership interest in the Operating Partnership (“OP Units”). As of March 31, 2024, the Company’s wholly-owned portfolio comprised 67 properties located in 22 states, which are reported across three segments: Industrial (19 properties), Office (34 properties), and Other (14 properties).

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2023. For further information about the Company’s accounting policies, refer to the Company’s filed Annual Report on Form 10-K for the year ended December 31, 2023 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 three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023 . 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, 2023. 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 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”). Segment Information The Company has three reportable segments: Industrial, Office, and Other. See Note 14, Segment Reporting , for details regarding each of the Company’s segments. 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 plus the potential effect of any dilutive securities (e.g. unvested time-based restricted share units, unvested time-based restricted shares (together, “Unvested Restricted Shares”), OP Units, etc.). For the purpose of calculating the weighted average common shares outstanding for diluted earnings per share during the three months ended March 31, 2024 and March 31, 2023, using the treasury stock method, (i) Unvested Restricted Shares in the amount of 131,094 and 200,419, respectively, were excluded because the inclusion would have been anti-dilutive and (ii) all OP Units were excluded because they were not dilutive. Restricted Cash As required by certain lenders in conjunction with debt financing or transactions, the Company assumed or funded reserves as required by the applicable governing documents, which are included on the consolidated balance sheets as restricted cash. The table below summarizes the Company’s restricted cash: Balance as of March 31, 2024 December 31, 2023 Cash reserves $ 9,876 $ 7,200 Restricted lockbox 1,337 2,008 Total restricted cash $ 11,213 $ 9,208 Change in Consolidated Financial Statements Presentation Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation. 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 (“IRS”) grants the Company relief under certain statutory provisions. Such an event could materially adversely affect net income and net cash available to pay dividends to shareholders. As of March 31, 2024, the Company satisfied the REIT requirements and distributed all of its taxable income. Pursuant to the Code, the Company has elected to treat its corporate subsidiary. 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. Recently Issued Accounting Pronouncements Changes to GAAP are established by the FASB in the form of an Accounting Standards Update (“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. On November 27, 2023, the FASB issued an ASU to require the disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss. Public entities will be required to provide this disclosure quarterly. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. Compliance with these and certain other disclosure requirements will be required for the Company’s annual report on Form 10-K for the year ending December 31, 2024, and for subsequent quarterly and annual reports, with early adoption permitted. The Company continues to evaluate the impact of the guidance and expects to adopt this ASU on its annual report on Form 10-K for the year ending December 31, 2024.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Real Estate	Real Estate The following table summarizes the Company’s gross investment in real estate as of: March 31, 2024 December 31, 2023 Land $ 227,138 $ 231,175 Building and improvements 1,942,064 1,968,314 Tenant origination and absorption cost 397,872 402,251 Construction in progress 8,998 8,371 Total real estate $ 2,576,072 $ 2,610,111 Acquisitions of Real Estate The Company had no acquisitions of real estate during the three months ended March 31, 2024. Dispositions of Real Estate For the three months ended March 31, 2024, the Company sold four properties for approximately $79.5 million. The Company recognized a net gain of approximately $9.2 million, detailed in the table below: Sale Date Segment Location Gross Disposition Price Gain (Loss) Three Months Ended March 31, 2024 January 31, 2024 Office Johnston, Iowa $ 30,000 $ (17) March 15, 2024 Other Columbia, Maryland 15,000 5,326 March 26, 2024 Other Jefferson City, Missouri 26,090 4,690 March 28, 2024 Other Houston, Texas 8,435 (822) Total for the Three Months Ended March 31, 2024 $ 79,525 $ 9,177 On January 31, 2024, the Company sold the Office segment property located in Johnston, Iowa to an affiliate of the existing tenant for $30.0 million. In connection with the sale, the Company issued a one-year $15.0 million promissory note, guaranteed by the tenant, which maintains an investment-grade credit rating. Because the note does not bear interest, we imputed interest at an annual rate of 5.0% and, therefore, recorded a discount of approximately $0.7 million. As of March 31, 2024, the balance on the note was approximately $14.4 million, which is presented in “Other assets” on the consolidated balance sheets. The Company recognized imputed interest income of $0.1 million for the three months ended March 31, 2024, which is presented in “Other income (expenses)” on the consolidated statement of operations. Real Estate Held for Sale As of March 31, 2024, one Other segment property met the criteria for classification as held for sale. The following summary presents the major components of assets and liabilities related to the real estate property held for sale as of March 31, 2024: ASSETS As of March 31, 2024 Land $ 1,043 Building and improvements 7,425 Tenant origination and absorption cost 1,419 Total real estate 9,887 Less: accumulated depreciation (2,500) Total real estate, net 7,387 Deferred rent 50 Deferred leasing costs, net 138 Other assets, net 20 Total real estate and other assets held for sale $ 7,595 LIABILITIES Accrued expenses and other liabilities $ 159 Liabilities of real estate assets held for sale $ 159 Real Estate Impairments Where indicators of impairment exist, the Company evaluates the recoverability of its real estate assets by comparing the carrying amounts of the assets to the estimated undiscounted cash flows. When the carrying amounts of the real estate assets are not recoverable based on the undiscounted cash flows, the Company calculates an impairment charge in the amount the carrying value exceeds the estimated fair value of the real estate asset as of the measurement date. During the three months ended March 31, 2024, the Company recorded a real estate impairment provision of approximately $1.4 million related to one Other segment property, which met the criteria for classification as held for sale. The impairment resulted from the estimated selling price of the property, which impacted the recoverability of the asset. Real Estate and Acquired Lease Intangibles The following table summarizes the Company’s allocation of acquired and contributed real estate asset value to in-place lease valuation, tenant origination and absorption cost, and other intangibles, net of the write-off of intangibles as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 In-place lease valuation (above market) $ 17,203 $ 22,759 In-place lease valuation (above market) - accumulated amortization (11,459) (16,616) In-place lease valuation (above market), net 5,744 6,143 Intangibles - other 32,027 32,028 Intangibles - other - accumulated amortization (8,853) (8,481) Intangibles - other, net 23,174 23,547 Intangible assets, net $ 28,918 $ 29,690 In-place lease valuation (below market) $ (42,148) $ (42,534) Land leasehold interest (above market) (3,072) (3,072) Intangibles - other (above market) (170) (187) In-place lease valuation & land leasehold interest - accumulated amortization 30,101 29,770 Intangible liabilities, net $ (15,289) $ (16,023) Tenant origination and absorption cost $ 397,872 $ 402,251 Tenant origination and absorption cost - accumulated amortization (225,208) (221,786) Tenant origination and absorption cost, net $ 172,664 $ 180,465 The amortization of the intangible assets and other leasing costs for the respective periods is as follows: Three Months Ended March 31, 2024 2023 Above and below market leases, net $ 259 $ (122) Tenant origination and absorption cost $ 7,450 $ 10,836 Ground leasehold amortization (below market) $ (97) $ (96) Other leasing costs amortization $ 498 $ 561

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2024
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 Galaxy REIT LLC, a joint venture through which it owns indirectly an approximate 49% interest in the JV Office Portfolio (the “Office Joint Venture”). 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 Office JV Loans have a maturity date of September 9, 2024 (subject to a one-year extension option), and interest rates of (i) for the Initial JV Office Mortgage Loan, Term SOFR (1-month) (with a 4.4% interest rate cap on SOFR) + 3.885% (subject to a 0.25% increase during the extension term), and (ii) for the JV Office Mezzanine Loan, Term SOFR (1-month) + 6.824% (subject to a 0.25% increase during the extension term). In connection with the Initial Office JV Loans, the Office Joint Venture paid approximately $9.6 million for interest rate caps and funded a portion of the purchase by calling capital from its members (the “Capital Call”). GRT VAO Sub’s portion of the Capital Call was approximately $2.0 million. GRT VAO Sub is not obligated to and did not fund any amount of the Capital Call. In accordance with the Office Joint Venture’s governing documents, another member of the Office Joint Venture (the “Funding Member”) made an interest bearing loan to GRT VAO Sub in the principal amount of GRT VAO Sub’s portion of the Capital Call (the “Shortfall Loan”), the proceeds of which Shortfall Loan were used to fund GRT VAO Sub’s portion of the Capital Call. The Shortfall Loan is non-recourse to GRT VAO Sub and its affiliates and shall be repaid to the Funding Member solely out of (i) any distributions to which GRT VAO Sub is otherwise entitled under the Office Joint Venture’s governing documents and (ii) the proceeds from certain transfers which results in GRT VAO Sub and its affiliates no longer owning a direct or indirect equity interest in the Office Joint Venture. 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 a maturity date of January 6, 2025 (subject to a one-year extension option), and an interest rate of Term SOFR (1-month with a 4% interest rate cap on SOFR) + 4.50% (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, as applicable. The Company's maximum exposure to losses associated with its unconsolidated investments is primarily limited to its initial contribution in the investments. Summary of Investment in Office Joint Venture In the third quarter of 2023, the Company recorded a complete write-off of its remaining investment balance in the Office Joint Venture. Subsequent to the write-off of the Office Joint Venture, the Company no longer records any equity income or losses. In accordance with Regulation S-X 10-01(b)(1), the Company presents the summarized interim financial statements of the Office Joint Venture below. The table below presents the condensed balance sheet for the unconsolidated Office Joint Venture: March 31, 2024 (1) December 31, 2023 (2) Assets Real estate properties, net $ 1,082,012 $ 1,092,312 Other assets 274,878 299,045 Total Assets $ 1,356,890 $ 1,391,357 Liabilities Mortgages payable, net $ 1,070,448 $ 1,067,005 Other liabilities 89,192 92,915 Total Liabilities $ 1,159,640 $ 1,159,920 (1) Amounts are as of December 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, 2023 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 March 31, 2024 (1) 2023 (2) Total revenues $ 50,206 $ 44,789 Expenses: Operating expenses (19,458) (15,822) General and administrative (1,126) (1,481) Depreciation and amortization (29,910) (14,774) Interest expense (31,817) (42,992) Other income, net 262 352 Total Expenses (82,049) (74,717) Net Loss $ (31,843) $ (29,928) (1) Amounts represent the period of October 1, 2023 to December 31 2023 due to the recording of the Office Joint Venture’s activity on a one quarter lag. (2) Amounts represent the period of October 1, 2022 to December 31 2022 due to the recording of the Office Joint Venture’s activity on a one quarter lag.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt As of March 31, 2024 and December 31, 2023, the Company’s consolidated debt consisted of the following: March 31, 2024 December 31, 2023 Contractual Interest Rate (1) Loan Maturity (2) Effective Interest Rate (3) Secured Debt Pepsi Bottling Ventures Mortgage Loan $ 17,338 $ 17,439 3.69% October 2024 3.79% AIG Loan II 111,921 119,953 4.15% November 2025 4.84% BOA II Loan 250,000 250,000 4.32% May 2028 4.14% AIG Loan 91,824 92,444 4.96% February 2029 5.12% Highway 94 Mortgage Loan — 11,709 —% (4) — (4) —% Total Secured Debt 471,083 491,545 Unsecured Debt Revolving Loan 400,000 400,000 SOF Rate + 1.30% (5) January 2026 (6) 6.94% 2025 Term Loan 400,000 400,000 SOF Rate + 1.25% (5) December 2025 6.91% 2026 Term Loan 150,000 150,000 SOF Rate + 1.25% (5) April 2026 6.75% Total Unsecured Debt 950,000 950,000 Total Debt 1,421,083 1,441,545 Unamortized Deferred Financing Costs and Discounts, net (4,650) (5,622) Total Debt, net $ 1,416,433 $ 1,435,923 (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 March 31, 2024 was 4.16% for both the Company’s fixed-rate and variable-rate debt combined and 3.72% for the Company’s fixed-rate debt only. (2) Reflects the loan maturity dates as of March 31, 2024. (3) Reflects the effective interest rate as of March 31, 2024 and includes the effect of amortization of discounts/premiums and deferred financing costs, but excludes the effect of the interest rate swaps. (4) Highway 94 Mortgage loan was paid off in full in March 2024 in connection with the tenant’s closing on exercise of its purchase option for the Other segment property located in Jefferson City, Missouri. (5) The applicable SOFR as of March 31, 2024 (assuming a five day look-back per the credit facility agreement) was 5.31%, which excludes a 0.1% per annum index adjustment as required per the Fifth Amendment to the Second Amended and Restated Credit Agreement. (6) As of March 31, 2024, the Revolving Loan Maturity Date (as defined in the Second Amended and Restated Credit Agreement) was June 30, 2024. On May 2, 2024, the Company exercised its option to extend the Revolving Loan Maturity Date, which upon satisfaction or waiver of certain customary conditions, will extend to January 31, 2026. 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”), and 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 $1.3 billion credit facility consisting of (i) a $750.0 million senior unsecured revolving credit facility (the “Revolving Credit Facility”), under which the Operating Partnership has drawn $400.0 million (the “Revolving Loan”) maturing on June 30, 2024 (with one additional extension option to January 31, 2026, subject to the satisfaction of certain customary conditions), (ii) a $400.0 million senior unsecured term loan maturing in December 2025 (the “$400M 2025 5-Year Term Loan”), and (iii) a $150.0 million senior unsecured term loan maturing in April 2026 (the “$150M 2026 7-Year Term Loan” and together with the Revolving Credit Facility and the $400M 2025 5-Year Term Loan, the “KeyBank Loans”). The Second Amended and Restated Credit Agreement 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, to increase the existing term loans and/or incur new term loans by up to an additional $1.0 billion in the aggregate. As of March 31, 2024, the available undrawn capacity under the Revolving Credit Facility was $159.7 million. As of March 31, 2024, the Revolving Loan Maturity Date (as defined in the Second Amended and Restated Credit Agreement) was June 30, 2024. On May 2, 2024, the Company exercised its option to extend the Revolving Loan Maturity Date, which upon satisfaction or waiver of certain customary conditions, will extend to January 31, 2026. 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. There have been no significant changes in the Company’s debt covenants from what was disclosed in the Company’s most recent Annual Report on Form 10-K. The Company was in compliance with all of its debt covenants as of March 31, 2024.

Interest Rate Contracts

Interest Rate Contracts	3 Months Ended
	Mar. 31, 2024
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 interest rate swap agreements (collectively, “Interest Rate Swaps”) 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 entered into Interest Rate Swaps to hedge the variable cash flows associated with its variable-rate debt, including the KeyBank Loans. The Interest Rate Swaps are cross-defaulted to other indebtedness of the Operating Partnership, if that indebtedness exceeds certain thresholds. The change in the fair value of the Interest Rate Swaps 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 Interest Rate Swaps 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 March 31, 2024 and December 31, 2023: Fair Value (1) Current Notional Amounts Derivative Instrument Effective Date Maturity Date Interest Strike Rate March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Assets/(Liabilities): Interest Rate Swap 3/10/2020 7/1/2025 0.83% $ 7,493 $ 7,891 $ 150,000 $ 150,000 Interest Rate Swap 3/10/2020 7/1/2025 0.84% 4,983 5,250 100,000 100,000 Interest Rate Swap 3/10/2020 7/1/2025 0.86% 3,719 3,915 75,000 75,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 3,204 2,924 125,000 125,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 2,557 2,331 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.83% 2,553 2,327 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.84% 2,533 2,304 100,000 100,000 Total $ 27,042 $ 26,942 $ 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 March 31, 2024, derivatives in an asset or liability position are included in the line item “Other assets” or “Interest rate swap liability”, respectively, in the consolidated balance sheets at fair value. The following table sets forth the impact of the Interest Rate Swaps on the consolidated statements of operations for the periods presented: Three Months Ended March 31, 2024 2023 Interest Rate Swaps in Cash Flow Hedging Relationship: Amount of gain (loss) recognized in AOCI on derivatives $ 6,692 $ (3,556) Amount reclassified from AOCI into earnings under “Interest expense” $ (6,560) $ (4,778) Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 16,148 $ 17,014 During the twelve months subsequent to March 31, 2024, the Company estimates that an additional $22.7 million of its income will be recognized from AOCI into earnings. As of March 31, 2024 and December 31, 2023, there were no Interest Rate Swaps in a liability position. As of March 31, 2024 and December 31, 2023, the Company had not posted any collateral related to these agreements.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Interest payable $ 17,775 $ 17,073 Prepaid tenant rent 8,279 9,710 Deferred compensation 9,507 9,661 Real estate taxes payable 3,559 5,165 Property operating expense payable 2,121 4,469 Accrued construction in progress 53 1,183 Accrued tenant improvements 665 551 Other liabilities 22,173 30,417 Total $ 64,132 $ 78,229

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company is required to disclose fair value information about all financial instruments, for which it is practicable to estimate fair value, whether or not recognized in the consolidated balance sheets. 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 (“Level 1”); (ii) significant other observable inputs (“Level 2”), which 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; and (iii) significant unobservable inputs (“Level 3”), which 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 between the periods ending December 31, 2023 and March 31, 2024. Recurring Measurements 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 March 31, 2024 and December 31, 2023: Assets/(Liabilities) Total Fair Value Level 1 Level 2 Level 3 March 31, 2024 Interest Rate Swap Asset $ 27,042 $ — $ 27,042 $ — Mutual Funds Asset $ 7,467 $ 7,467 $ — $ — December 31, 2023 Interest Rate Swap Asset $ 26,942 $ — $ 26,942 $ — Mutual Funds Asset $ 7,148 $ 7,148 $ — $ — Nonrecurring Measurement - Real Estate Impairment The following table is a summary of the quantitative fair value information for the impaired real estate asset. This asset was held for sale, therefore the Company used the estimated selling price less estimated costs to sell based on an executed contract, which the Company considered as a Level 2 measurement within the fair value hierarchy: Unobservable Inputs Range of Inputs Other segment Estimated selling price less cost to sell (per square foot) $134.00 Nonrecurring Measurement - Goodwill Impairment The Company’s goodwill has an indeterminate life and is not amortized. Goodwill is tested for impairment on October 1st of each year for each reporting unit, as applicable, or more frequently if events or changes in circumstances indicate that goodwill is more likely than not impaired. The Company performs a qualitative assessment to determine whether a potential impairment of goodwill exists prior to quantitatively estimating the fair value of each relevant reporting unit. If an impairment exists, the Company recognizes an impairment of goodwill based on the excess of the reporting unit’s carrying value compared to its fair value, up to the amount of goodwill for that reporting unit. During the three months ended March 31, 2024, the Company sold three properties within the Other segment for $49.5 million. As a result of the sales, the Company performed a quantitative assessment to estimate the fair value in the Other reporting unit. Based on the results, the Company concluded that it was more likely than not that the fair value of the Other reporting unit was less than the carrying amount. Thus, the Company recorded a $4.6 million impairment of the goodwill allocated to the Other reporting unit. The following is a summary of the quantitative fair value information used in the goodwill impairment calculation. The Company estimates the fair value of the real estate in the Other segment by using the discounted cash flow method, which the Company considered as Level 3 measurements within the fair value hierarchy: Range of Inputs Unobservable Inputs Reporting Unit: Other Market rent per square foot $5.00 - $27.50 Discount rate 7.25% - 15.00% Terminal capitalization rate 6.25% - 9.50% The Company estimated the fair value of the mortgage loans encumbering assets within the Other segment as described in the Financial Instruments Disclosed at Fair Value section below. As part of the nonrecurring fair value measurement of mortgage loans within the goodwill impairment analysis, the Company determined that current borrowing rates available to the Company for debt instruments with similar terms and maturities ranged from 3.69% to 7.90%. The Company considered these inputs as Level 2 measurements within the fair value hierarchy. For the remaining assets and liabilities included within the goodwill impairment calculation, the Company determined that amounts within the consolidated financial statements approximated fair value. As of March 31, 2024, the Company’s remaining goodwill balance was $74.1 million, of which $68.4 million was allocated to the Industrial segment and $5.7 million was allocated to the Other segment. Refer to Note 14, Segment Reporting , for allocation of goodwill presented for each segment. Financial Instruments at Fair Value Financial instruments as of March 31, 2024 and December 31, 2023 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 five 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 March 31, 2024 and December 31, 2023. The fair value of the five 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. March 31, 2024 December 31, 2023 Fair Value Carrying Value (1) Fair Value Carrying Value (1) BOA II Loan $ 219,657 $ 250,000 $ 220,730 $ 250,000 AIG Loan II 106,400 111,921 115,340 119,953 AIG Loan 91,824 91,824 92,444 92,444 Pepsi Bottling Ventures Mortgage Loan 17,338 17,338 17,439 17,439 Highway 94 Mortgage Loan — — 11,709 11,709 Total $ 435,219 $ 471,083 $ 457,662 $ 491,545 (1) The carrying values do not include the debt premium/(discount) or deferred financing costs as of March 31, 2024 and December 31, 2023. See Note 5, Debt , for details.

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Equity	Equity Common Equity On April 13, 2023, the Company listed its common shares on the New York Stock Exchange (the “Listing”). As of March 31, 2024, there were 36,346,608 common shares outstanding. ATM Program In August 2023, the Company entered into an at-the-market equity offering (the “ATM”) pursuant to which the Company may sell common shares up to an aggregate purchase price of $200.0 million. The Company may sell such shares in amounts and at times to be determined by the Company from time to time, but the Company has no obligation to sell any of such shares. Actual sales, if any, will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of the Company’s common shares, and the Company’s determinations of its capital needs and the appropriate sources of funding. During the three months ended March 31, 2024 , the Company did not sell shares under the ATM program. Share Redemption Program Prior to the Listing, 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. The SRP was suspended again on March 7, 2023 and terminated in connection with the Listing. The C ompany had redeemed 3,295,618 shares (excluding the self-tender offer, which occurred in May 2019) of common shares for approximately $275.5 million at a weighted average price per share of $83.60 pursuant to the SRP. The following table summarizes share redemption activity under the SRP during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Shares of common shares redeemed — 941 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. Issuance of Restricted Share Units to Executive Officers, Employees and Board of Trustees On April 5, 2023, the Compensation Committee of the Board approved the Peakstone Realty Trust Second Amended and Restated Employee and Trustee Long-Term Incentive Plan (the “Plan”) which provides for the grant of share-based awards to the Company’s non-employee trustees, full-time employees, executive officers and certain persons who perform bona fide consulting or advisory services for the Company or any affiliate of the Company. Awards granted under the Plan may consist of stock options, restricted shares, share appreciation rights, distribution equivalent rights, profit interests in the Operating Partnership, and other equity-based awards. The share-based awards are measured at fair value at issuance and recognized as compensation expense over the vesting period. The maximum number of shares authorized under the Plan is 777,778 shares. As of March 31, 2024 , 116,904 common shares remained for issuance pursuant to awards granted under the Plan. As of March 31, 2024 and March 31, 2023, there was $7.0 million and $16.9 million, respectively, of unrecognized compensation expense remaining, which vests between three months and approximately 3 years. Total compensation expense related to RSUs for the three months ended March 31, 2024 and March 31, 2023 was approximately $1.6 million and $2.6 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, 2022 161,501 Granted 166,321 $ 56.53 Forfeited (485) $ 63.70 Vested (167,784) $ 69.02 Balance at December 31, 2023 159,553 Granted 35,796 $ 14.35 Forfeited (494) $ 60.74 Vested (1) (45,036) $ 32.52 Balance at March 31, 2024 149,819 (1) Total shares vested include (4,875) common shares that were withheld (i.e., forfeited) by employees during the three months ended March 31, 2024 to satisfy minimum statutory tax withholding requirements associated with the vesting of RSUs. Perpetual Convertible Preferred Shares Prior to the Listing, on April 10, 2023, the Company redeemed all 5,000,000 shares of Series A Cumulative Perpetual Convertible Preferred Shares (the “Series A Preferred Shares”). The redemption price for the Series A Preferred Share was equal to $25.00 per share for a total redemption payment of $125.0 million, plus accumulated and unpaid distributions of $2.4 million. Declaration of Dividends On February 21, 2024, the Board declared an all-cash dividend for the first quarter in the amount of $0.225 per common share. The Company paid such dividends on April 18, 2024 to shareholders of record as of March 29, 2024.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests are OP Units owned by third parties. As of March 31, 2024, noncontrolling interests constituted approximately 8.2% of total shares and 8.1% of weighted average shares outstanding (assuming OP Units were converted to common shares). 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 March 31, 2024, the limited partners of the Operating Partnership owned approximately 3.2 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. All limited partners of the Operating Partnership have the right (the “Exchange Right”) to redeem their OP Units at an exchange price equal to the value of an equivalent number of common shares calculated pursuant to the terms of the limited partnership agreement and the applicable contribution agreement (“Share Value”). The Operating Partnership is obligated to satisfy the Exchange Right for cash equal to the Share Value unless the Company, as the general partner of the Operating Partnership, in its sole and absolute discretion, elects to directly (i) purchase the OP units for cash equal to the Share Value or (ii) purchase the 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 three months ended March 31, 2024 and year ended December 31, 2023: Three Months Ended March 31, 2024 Year Ended December 31, 2023 Beginning balance $ 91,629 $ 174,655 Reclass of noncontrolling interest subject to redemption — 10 Exchange of noncontrolling interest (486) (27,169) Reclass of redeemable non-controlling interest — 3,801 Distributions to noncontrolling interests (723) (2,989) Allocated distributions to noncontrolling interests subject to redemption — (728) Allocated net income 445 (54,555) Allocated other comprehensive income (loss) 12 (1,396) Ending balance $ 90,877 $ 91,629 Redemption of OP units from Self-Administration Transaction In connection with the Self-Administration Transaction, Griffin Capital, LLC (“GC LLC”), an entity controlled by our former Executive Chairman, Kevin A. Shields, and an affiliate of the sponsor of our predecessor, Griffin Capital Essential Asset REIT, Inc. (our “Predecessor”), Griffin Capital Company, LLC (“GCC LLC”), received OP units (approximately 2.7 million taking into effect the 9 to 1 reverse split) as consideration in exchange for the sale to our Predecessor of the advisory, asset management and property management business of Griffin Capital Real Estate Company, LLC (n/k/a PKST Management Company, LLC “Management Company”). GC LLC assigned approximately 50% of the OP units received in connection with the Self-Administration Transaction to then participants in GC LLC’s long-term incentive plan. Mr. Shields is the plan administrator of such long-term incentive plan. As previously disclosed, certain of our current and former employees and executive officers, including Michael Escalante, our Chief Executive Officer, and Javier Bitar, our Chief Financial Officer and Treasurer, were employed by affiliates of GC LLC prior to the Self-Administration Transaction and are therefore participants in a GC LLC ‘s long term incentive plan that made grants to such participants in connection with services rendered prior to the Self-Administration Transaction. Participants in GC LLC’s long-term incentive plan, including Messrs. Escalante and Bitar, are entitled to receive distributions from the long-term incentive plan in the form of either cash, common shares, or other property, or a combination thereof, as elected by the plan administrator. The Listing required that certain awards under GC LLC’s long-term incentive plan be settled during the fourth quarter 2023 and in four annual installments thereafter, unless waived or modified . On December 15, 2023, GC LLC settled the first of such installments by electing to redeem 209,954 OP units, and we satisfied such redemption request with our common shares. If GC LLC elects to redeem additional OP units for further installments, we intend to satisfy such redemption request with our common shares. Any future redemption of OP units and distribution of common shares would have no economically dilutive effect on our common shareholders.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Summarized below are the related party transaction costs receivable and payable as of March 31, 2024 and December 31, 2023: Incurred for the Three Months Ended Payable as of March 31, March 31, December 31, 2024 2023 2024 2023 Expensed Costs advanced by related party $ — $ 16 $ — $ — Office rent and related expenses 166 378 — — Other Distributions 573 1,139 573 573 Total $ 739 $ 1,533 $ 573 $ 573 Office Sublease The Company and the Operating Partnership are parties to a sublease agreement dated March 25, 2022 with GCC, as amended, (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. 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 and controls GCC and is also affiliated with GCPI. On March 1, 2024, the El Segundo sublease was amended to (i) extend its expiration date of the term from June 30, 2024 through June 30, 2026, and (ii) adjust the monthly base rent from $0.05 million to $0.04 million, effective July 1, 2024, subject to annual escalations of 3%. As of March 31, 2024, the Company recorded a lease liability and a right-of-use asset for approximately $1.0 million related to the El Segundo Sublease, which is included in Right of Use Assets and Lease Liability on the Company’s consolidated balance sheet. Administrative Services Agreement The Company no longer has in place an administrative services agreement. Prior to the Listing, and in connection with the Self-Administration Transaction, the Company, Operating Partnership, Predecessor, and Management Company, on the one hand, and GCC LLC and 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 LLC and GC LLC provided certain operational and administrative services to the Company at cost. As of October 6, 2023, the ASA is terminated. Under the ASA, the Company paid GCC LLC a monthly amount based on the actual costs anticipated to be incurred by GCC LLC for the provision such of services until such items were terminated from the ASA. Such costs were reconciled periodically and a full review of the costs was performed at least annually. In addition, the Company directly paid or reimbursed GCC LLC for the actual cost of any reasonable third-party expenses incurred in connection with the provision of such services.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
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 $51.6 million and $58.3 million of lease income The Company's current third-party tenant leases have expirations ranging from 2024 to 2044. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of March 31, 2024: As of March 31, 2024 Remaining 2024 $ 139,438 2025 186,113 2026 183,891 2027 170,973 2028 156,268 Thereafter 598,758 Total $ 1,435,441 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 - Ground Leases As of March 31, 2024, 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. Lessee - Office Leases As of March 31, 2024, 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 lease for its office space in Chicago, Illinois, which expires on June 29, 2025. Lessee Summary - Ground Leases and Office Leases For ground leases and operating leases in which the Company is a lessee, the Company incurred costs of approximately $1.0 million for the three months ended March 31, 2024 and $1.0 million for the three months ended March 31, 2023, 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 $0.5 million for the three months ended March 31, 2024 and $0.5 for the three months ended March 31, 2023. The following table sets forth the weighted-average for the lease term and the discount rate for the ground leases and office leases in which the Company is a lessee as of March 31, 2024: As of March 31, 2024 Lease Term and Discount Rate Operating Financing Weighted-average remaining lease term in years 75.3 15.7 Weighted-average discount rate (1) 4.99% 3.42% (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 March 31, 2024 were as follows: As of March 31, 2024 Operating Financing 2024 $ 1,606 $ 309 2025 2,051 365 2026 1,748 375 2027 1,527 381 2028 1,595 386 Thereafter 248,695 3,072 Total undiscounted lease payments 257,222 4,888 Less: imputed interest (213,290) (1,888) Total lease liabilities $ 43,932 $ 3,000
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 $51.6 million and $58.3 million of lease income The Company's current third-party tenant leases have expirations ranging from 2024 to 2044. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of March 31, 2024: As of March 31, 2024 Remaining 2024 $ 139,438 2025 186,113 2026 183,891 2027 170,973 2028 156,268 Thereafter 598,758 Total $ 1,435,441 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 - Ground Leases As of March 31, 2024, 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. Lessee - Office Leases As of March 31, 2024, 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 lease for its office space in Chicago, Illinois, which expires on June 29, 2025. Lessee Summary - Ground Leases and Office Leases For ground leases and operating leases in which the Company is a lessee, the Company incurred costs of approximately $1.0 million for the three months ended March 31, 2024 and $1.0 million for the three months ended March 31, 2023, 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 $0.5 million for the three months ended March 31, 2024 and $0.5 for the three months ended March 31, 2023. The following table sets forth the weighted-average for the lease term and the discount rate for the ground leases and office leases in which the Company is a lessee as of March 31, 2024: As of March 31, 2024 Lease Term and Discount Rate Operating Financing Weighted-average remaining lease term in years 75.3 15.7 Weighted-average discount rate (1) 4.99% 3.42% (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 March 31, 2024 were as follows: As of March 31, 2024 Operating Financing 2024 $ 1,606 $ 309 2025 2,051 365 2026 1,748 375 2027 1,527 381 2028 1,595 386 Thereafter 248,695 3,072 Total undiscounted lease payments 257,222 4,888 Less: imputed interest (213,290) (1,888) Total lease liabilities $ 43,932 $ 3,000

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capital Expenditures, Leasing, and Tenant Improvement Commitments As of March 31, 2024, the Company had an aggregate remaining contractual commitment for capital expenditure projects, leasing commissions and tenant improvements of approximately $13.9 million. 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 property of the Company subject to any material pending legal proceedings.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company reports its results in three reportable segments: Industrial, Office, and Other. The Industrial segment consists of high-quality, well-located industrial properties with modern specifications. The Office segment includes newer, high-quality office properties. The Other segment consists of vacant and non-core properties, together with other properties in the same cross-collateralized loan pools. The Company evaluates performance of each segment based on segment net operating income (“NOI”), which is defined as property revenue less property expenses. The Company excludes the following from Segment NOI because they are addressed on a corporate level: (i) the Office Joint Venture, (ii) interest expense, and (iii) general and administrative expenses. 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. The following table presents segment NOI for the three months ended March 31, 2024 and March 31, 2023 is as follows: Three Months Ended March 31, 2024 2023 Industrial NOI Total Industrial revenues $ 14,833 $ 14,594 Industrial operating expenses (2,316) (1,964) Industrial NOI 12,517 12,630 Office NOI Total Office revenues 32,999 39,189 Office operating expenses (5,485) (6,337) Office NOI 27,514 32,852 Other NOI Total Other revenues 11,395 13,190 Other operating expenses (3,799) (5,153) Other NOI 7,596 8,037 Total Segment NOI $ 47,627 $ 53,519 A reconciliation of net loss to NOI for the three months ended March 31, 2024 and March 31, 2023 is as follows: Three Months Ended March 31, 2024 2023 Reconciliation of Net Income to Total NOI Net income $ 5,470 $ 9,017 General and administrative expenses 9,680 9,728 Corporate operating expenses to related parties 166 378 Real estate impairment provision 1,376 — Depreciation and amortization 23,415 31,356 Interest expense 16,148 17,014 Other income, net (4,045) (1,212) Net loss from investment in unconsolidated entity — 14,661 Gain from disposition of assets (9,177) (30,610) Goodwill impairment provision 4,594 — Transaction expenses — 3,187 Total NOI $ 47,627 $ 53,519 The following table presents the Company’s goodwill for each of the segments as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Goodwill Industrial $ 68,373 $ 68,373 Office — — Other 5,679 10,274 Total Goodwill $ 74,052 $ 78,647 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 March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Industrial Real Estate, net Total real estate $ 741,717 $ 741,737 Accumulated depreciation and amortization (158,606) (152,353) Industrial real estate, net 583,111 589,384 Office Real Estate, net Total real estate 1,506,627 1,505,959 Accumulated depreciation and amortization (299,545) (286,136) Office real estate, net 1,207,082 1,219,823 Other Real Estate, net Total real estate 327,728 362,415 Accumulated depreciation and amortization (106,057) (112,063) Other real estate, net 221,671 250,352 Total Real Estate, net $ 2,011,864 $ 2,059,559 Total Real Estate Held for Sale, net Total real estate $ 9,887 $ 64,289 Accumulated depreciation and amortization (2,500) (14,636) Real estate held for sale, net $ 7,387 $ 49,653 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 Dividends

Declaration of Dividends	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Declaration of Dividends	Equity Common Equity On April 13, 2023, the Company listed its common shares on the New York Stock Exchange (the “Listing”). As of March 31, 2024, there were 36,346,608 common shares outstanding. ATM Program In August 2023, the Company entered into an at-the-market equity offering (the “ATM”) pursuant to which the Company may sell common shares up to an aggregate purchase price of $200.0 million. The Company may sell such shares in amounts and at times to be determined by the Company from time to time, but the Company has no obligation to sell any of such shares. Actual sales, if any, will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of the Company’s common shares, and the Company’s determinations of its capital needs and the appropriate sources of funding. During the three months ended March 31, 2024 , the Company did not sell shares under the ATM program. Share Redemption Program Prior to the Listing, 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. The SRP was suspended again on March 7, 2023 and terminated in connection with the Listing. The C ompany had redeemed 3,295,618 shares (excluding the self-tender offer, which occurred in May 2019) of common shares for approximately $275.5 million at a weighted average price per share of $83.60 pursuant to the SRP. The following table summarizes share redemption activity under the SRP during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Shares of common shares redeemed — 941 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. Issuance of Restricted Share Units to Executive Officers, Employees and Board of Trustees On April 5, 2023, the Compensation Committee of the Board approved the Peakstone Realty Trust Second Amended and Restated Employee and Trustee Long-Term Incentive Plan (the “Plan”) which provides for the grant of share-based awards to the Company’s non-employee trustees, full-time employees, executive officers and certain persons who perform bona fide consulting or advisory services for the Company or any affiliate of the Company. Awards granted under the Plan may consist of stock options, restricted shares, share appreciation rights, distribution equivalent rights, profit interests in the Operating Partnership, and other equity-based awards. The share-based awards are measured at fair value at issuance and recognized as compensation expense over the vesting period. The maximum number of shares authorized under the Plan is 777,778 shares. As of March 31, 2024 , 116,904 common shares remained for issuance pursuant to awards granted under the Plan. As of March 31, 2024 and March 31, 2023, there was $7.0 million and $16.9 million, respectively, of unrecognized compensation expense remaining, which vests between three months and approximately 3 years. Total compensation expense related to RSUs for the three months ended March 31, 2024 and March 31, 2023 was approximately $1.6 million and $2.6 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, 2022 161,501 Granted 166,321 $ 56.53 Forfeited (485) $ 63.70 Vested (167,784) $ 69.02 Balance at December 31, 2023 159,553 Granted 35,796 $ 14.35 Forfeited (494) $ 60.74 Vested (1) (45,036) $ 32.52 Balance at March 31, 2024 149,819 (1) Total shares vested include (4,875) common shares that were withheld (i.e., forfeited) by employees during the three months ended March 31, 2024 to satisfy minimum statutory tax withholding requirements associated with the vesting of RSUs. Perpetual Convertible Preferred Shares Prior to the Listing, on April 10, 2023, the Company redeemed all 5,000,000 shares of Series A Cumulative Perpetual Convertible Preferred Shares (the “Series A Preferred Shares”). The redemption price for the Series A Preferred Share was equal to $25.00 per share for a total redemption payment of $125.0 million, plus accumulated and unpaid distributions of $2.4 million. Declaration of Dividends On February 21, 2024, the Board declared an all-cash dividend for the first quarter in the amount of $0.225 per common share. The Company paid such dividends on April 18, 2024 to shareholders of record as of March 29, 2024.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 2, 2024, the Company exercised its option to extend the Revolving Loan Maturity Date, which upon satisfaction or waiver of certain customary conditions, will extend to January 31, 2026. On May 2, 2024, the Board declared an all-cash distribution for the second quarter in the amount of $0.225 per common share. Such dividend is payable on or about July 18, 2024 to shareholders of record as of June 28, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 5,025	$ 6,033

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
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 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”).
Segment Information	Segment Information The Company has three reportable segments: Industrial, Office, and Other. See Note 14, Segment Reporting , for details regarding each of the Company’s segments.
Use of Estimates	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	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 plus the potential effect of any dilutive securities (e.g. unvested time-based restricted share units, unvested time-based restricted shares (together, “Unvested Restricted Shares”), OP Units, etc.).
Restricted Cash	Restricted Cash
Change in Consolidated Financial Statements Presentation	Change in Consolidated Financial Statements Presentation Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation.
Income Taxes	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 (“IRS”) grants the Company relief under certain statutory provisions. Such an event could materially adversely affect net income and net cash available to pay dividends to shareholders. As of March 31, 2024, the Company satisfied the REIT requirements and distributed all of its taxable income.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Changes to GAAP are established by the FASB in the form of an Accounting Standards Update (“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. On November 27, 2023, the FASB issued an ASU to require the disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss. Public entities will be required to provide this disclosure quarterly. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. Compliance with these and certain other disclosure requirements will be required for the Company’s annual report on Form 10-K for the year ending December 31, 2024, and for subsequent quarterly and annual reports, with early adoption permitted. The Company continues to evaluate the impact of the guidance and expects to adopt this ASU on its annual report on Form 10-K for the year ending December 31, 2024.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Restrictions on Cash and Cash Equivalents	. The table below summarizes the Company’s restricted cash: Balance as of March 31, 2024 December 31, 2023 Cash reserves $ 9,876 $ 7,200 Restricted lockbox 1,337 2,008 Total restricted cash $ 11,213 $ 9,208

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Real Estate Properties	The following table summarizes the Company’s gross investment in real estate as of: March 31, 2024 December 31, 2023 Land $ 227,138 $ 231,175 Building and improvements 1,942,064 1,968,314 Tenant origination and absorption cost 397,872 402,251 Construction in progress 8,998 8,371 Total real estate $ 2,576,072 $ 2,610,111 The following summary presents the major components of assets and liabilities related to the real estate property held for sale as of March 31, 2024: ASSETS As of March 31, 2024 Land $ 1,043 Building and improvements 7,425 Tenant origination and absorption cost 1,419 Total real estate 9,887 Less: accumulated depreciation (2,500) Total real estate, net 7,387 Deferred rent 50 Deferred leasing costs, net 138 Other assets, net 20 Total real estate and other assets held for sale $ 7,595 LIABILITIES Accrued expenses and other liabilities $ 159 Liabilities of real estate assets held for sale $ 159
Schedule of Gain (Loss) on Sale of Properties	The Company recognized a net gain of approximately $9.2 million, detailed in the table below: Sale Date Segment Location Gross Disposition Price Gain (Loss) Three Months Ended March 31, 2024 January 31, 2024 Office Johnston, Iowa $ 30,000 $ (17) March 15, 2024 Other Columbia, Maryland 15,000 5,326 March 26, 2024 Other Jefferson City, Missouri 26,090 4,690 March 28, 2024 Other Houston, Texas 8,435 (822) Total for the Three Months Ended March 31, 2024 $ 79,525 $ 9,177
Schedule of Company's Intangibles	The following table summarizes the Company’s allocation of acquired and contributed real estate asset value to in-place lease valuation, tenant origination and absorption cost, and other intangibles, net of the write-off of intangibles as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 In-place lease valuation (above market) $ 17,203 $ 22,759 In-place lease valuation (above market) - accumulated amortization (11,459) (16,616) In-place lease valuation (above market), net 5,744 6,143 Intangibles - other 32,027 32,028 Intangibles - other - accumulated amortization (8,853) (8,481) Intangibles - other, net 23,174 23,547 Intangible assets, net $ 28,918 $ 29,690 In-place lease valuation (below market) $ (42,148) $ (42,534) Land leasehold interest (above market) (3,072) (3,072) Intangibles - other (above market) (170) (187) In-place lease valuation & land leasehold interest - accumulated amortization 30,101 29,770 Intangible liabilities, net $ (15,289) $ (16,023) Tenant origination and absorption cost $ 397,872 $ 402,251 Tenant origination and absorption cost - accumulated amortization (225,208) (221,786) Tenant origination and absorption cost, net $ 172,664 $ 180,465
Schedule of Amortization of Intangible Assets and Other Leasing Costs	The amortization of the intangible assets and other leasing costs for the respective periods is as follows: Three Months Ended March 31, 2024 2023 Above and below market leases, net $ 259 $ (122) Tenant origination and absorption cost $ 7,450 $ 10,836 Ground leasehold amortization (below market) $ (97) $ (96) Other leasing costs amortization $ 498 $ 561

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Company's Share of Net Earnings or Losses and Reduced by Distributions	In the third quarter of 2023, the Company recorded a complete write-off of its remaining investment balance in the Office Joint Venture. Subsequent to the write-off of the Office Joint Venture, the Company no longer records any equity income or losses. In accordance with Regulation S-X 10-01(b)(1), the Company presents the summarized interim financial statements of the Office Joint Venture below. The table below presents the condensed balance sheet for the unconsolidated Office Joint Venture: March 31, 2024 (1) December 31, 2023 (2) Assets Real estate properties, net $ 1,082,012 $ 1,092,312 Other assets 274,878 299,045 Total Assets $ 1,356,890 $ 1,391,357 Liabilities Mortgages payable, net $ 1,070,448 $ 1,067,005 Other liabilities 89,192 92,915 Total Liabilities $ 1,159,640 $ 1,159,920 (1) Amounts are as of December 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, 2023 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 March 31, 2024 (1) 2023 (2) Total revenues $ 50,206 $ 44,789 Expenses: Operating expenses (19,458) (15,822) General and administrative (1,126) (1,481) Depreciation and amortization (29,910) (14,774) Interest expense (31,817) (42,992) Other income, net 262 352 Total Expenses (82,049) (74,717) Net Loss $ (31,843) $ (29,928) (1) Amounts represent the period of October 1, 2023 to December 31 2023 due to the recording of the Office Joint Venture’s activity on a one quarter lag. (2) Amounts represent the period of October 1, 2022 to December 31 2022 due to the recording of the Office Joint Venture’s activity on a one quarter lag.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	As of March 31, 2024 and December 31, 2023, the Company’s consolidated debt consisted of the following: March 31, 2024 December 31, 2023 Contractual Interest Rate (1) Loan Maturity (2) Effective Interest Rate (3) Secured Debt Pepsi Bottling Ventures Mortgage Loan $ 17,338 $ 17,439 3.69% October 2024 3.79% AIG Loan II 111,921 119,953 4.15% November 2025 4.84% BOA II Loan 250,000 250,000 4.32% May 2028 4.14% AIG Loan 91,824 92,444 4.96% February 2029 5.12% Highway 94 Mortgage Loan — 11,709 —% (4) — (4) —% Total Secured Debt 471,083 491,545 Unsecured Debt Revolving Loan 400,000 400,000 SOF Rate + 1.30% (5) January 2026 (6) 6.94% 2025 Term Loan 400,000 400,000 SOF Rate + 1.25% (5) December 2025 6.91% 2026 Term Loan 150,000 150,000 SOF Rate + 1.25% (5) April 2026 6.75% Total Unsecured Debt 950,000 950,000 Total Debt 1,421,083 1,441,545 Unamortized Deferred Financing Costs and Discounts, net (4,650) (5,622) Total Debt, net $ 1,416,433 $ 1,435,923 (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 March 31, 2024 was 4.16% for both the Company’s fixed-rate and variable-rate debt combined and 3.72% for the Company’s fixed-rate debt only. (2) Reflects the loan maturity dates as of March 31, 2024. (3) Reflects the effective interest rate as of March 31, 2024 and includes the effect of amortization of discounts/premiums and deferred financing costs, but excludes the effect of the interest rate swaps. (4) Highway 94 Mortgage loan was paid off in full in March 2024 in connection with the tenant’s closing on exercise of its purchase option for the Other segment property located in Jefferson City, Missouri. (5) The applicable SOFR as of March 31, 2024 (assuming a five day look-back per the credit facility agreement) was 5.31%, which excludes a 0.1% per annum index adjustment as required per the Fifth Amendment to the Second Amended and Restated Credit Agreement. (6) As of March 31, 2024, the Revolving Loan Maturity Date (as defined in the Second Amended and Restated Credit Agreement) was June 30, 2024. On May 2, 2024, the Company exercised its option to extend the Revolving Loan Maturity Date, which upon satisfaction or waiver of certain customary conditions, will extend to January 31, 2026.

Interest Rate Contracts (Tables

Interest Rate Contracts (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: Fair Value (1) Current Notional Amounts Derivative Instrument Effective Date Maturity Date Interest Strike Rate March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Assets/(Liabilities): Interest Rate Swap 3/10/2020 7/1/2025 0.83% $ 7,493 $ 7,891 $ 150,000 $ 150,000 Interest Rate Swap 3/10/2020 7/1/2025 0.84% 4,983 5,250 100,000 100,000 Interest Rate Swap 3/10/2020 7/1/2025 0.86% 3,719 3,915 75,000 75,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 3,204 2,924 125,000 125,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 2,557 2,331 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.83% 2,553 2,327 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.84% 2,533 2,304 100,000 100,000 Total $ 27,042 $ 26,942 $ 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 March 31, 2024, derivatives in an asset or liability position are included in the line item “Other assets” or “Interest rate swap liability”, respectively, in the consolidated balance sheets at fair value.
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: Three Months Ended March 31, 2024 2023 Interest Rate Swaps in Cash Flow Hedging Relationship: Amount of gain (loss) recognized in AOCI on derivatives $ 6,692 $ (3,556) Amount reclassified from AOCI into earnings under “Interest expense” $ (6,560) $ (4,778) Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 16,148 $ 17,014

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Interest payable $ 17,775 $ 17,073 Prepaid tenant rent 8,279 9,710 Deferred compensation 9,507 9,661 Real estate taxes payable 3,559 5,165 Property operating expense payable 2,121 4,469 Accrued construction in progress 53 1,183 Accrued tenant improvements 665 551 Other liabilities 22,173 30,417 Total $ 64,132 $ 78,229

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: Assets/(Liabilities) Total Fair Value Level 1 Level 2 Level 3 March 31, 2024 Interest Rate Swap Asset $ 27,042 $ — $ 27,042 $ — Mutual Funds Asset $ 7,467 $ 7,467 $ — $ — December 31, 2023 Interest Rate Swap Asset $ 26,942 $ — $ 26,942 $ — Mutual Funds Asset $ 7,148 $ 7,148 $ — $ —
Schedule of Quantitative Information Related to Non-recurring Fair Value Measurements	The following table is a summary of the quantitative fair value information for the impaired real estate asset. This asset was held for sale, therefore the Company used the estimated selling price less estimated costs to sell based on an executed contract, which the Company considered as a Level 2 measurement within the fair value hierarchy: Unobservable Inputs Range of Inputs Other segment Estimated selling price less cost to sell (per square foot) $134.00 The Company estimates the fair value of the real estate in the Other segment by using the discounted cash flow method, which the Company considered as Level 3 measurements within the fair value hierarchy: Range of Inputs Unobservable Inputs Reporting Unit: Other Market rent per square foot $5.00 - $27.50 Discount rate 7.25% - 15.00% Terminal capitalization rate 6.25% - 9.50%
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. March 31, 2024 December 31, 2023 Fair Value Carrying Value (1) Fair Value Carrying Value (1) BOA II Loan $ 219,657 $ 250,000 $ 220,730 $ 250,000 AIG Loan II 106,400 111,921 115,340 119,953 AIG Loan 91,824 91,824 92,444 92,444 Pepsi Bottling Ventures Mortgage Loan 17,338 17,338 17,439 17,439 Highway 94 Mortgage Loan — — 11,709 11,709 Total $ 435,219 $ 471,083 $ 457,662 $ 491,545 (1) The carrying values do not include the debt premium/(discount) or deferred financing costs as of March 31, 2024 and December 31, 2023. See Note 5, Debt , for details.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Share Redemption Activity	The following table summarizes share redemption activity under the SRP during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Shares of common shares redeemed — 941 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.
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, 2022 161,501 Granted 166,321 $ 56.53 Forfeited (485) $ 63.70 Vested (167,784) $ 69.02 Balance at December 31, 2023 159,553 Granted 35,796 $ 14.35 Forfeited (494) $ 60.74 Vested (1) (45,036) $ 32.52 Balance at March 31, 2024 149,819 (1) Total shares vested include (4,875) common shares that were withheld (i.e., forfeited) by employees during the three months ended March 31, 2024 to satisfy minimum statutory tax withholding requirements associated with the vesting of RSUs.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of Activity for Noncontrolling Interests	The following summarizes the activity for noncontrolling interests recorded as equity for the three months ended March 31, 2024 and year ended December 31, 2023: Three Months Ended March 31, 2024 Year Ended December 31, 2023 Beginning balance $ 91,629 $ 174,655 Reclass of noncontrolling interest subject to redemption — 10 Exchange of noncontrolling interest (486) (27,169) Reclass of redeemable non-controlling interest — 3,801 Distributions to noncontrolling interests (723) (2,989) Allocated distributions to noncontrolling interests subject to redemption — (728) Allocated net income 445 (54,555) Allocated other comprehensive income (loss) 12 (1,396) Ending balance $ 90,877 $ 91,629

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Summarized below are the related party transaction costs receivable and payable as of March 31, 2024 and December 31, 2023: Incurred for the Three Months Ended Payable as of March 31, March 31, December 31, 2024 2023 2024 2023 Expensed Costs advanced by related party $ — $ 16 $ — $ — Office rent and related expenses 166 378 — — Other Distributions 573 1,139 573 573 Total $ 739 $ 1,533 $ 573 $ 573

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Future Minimum Base Rents to be Received	The Company's current third-party tenant leases have expirations ranging from 2024 to 2044. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of March 31, 2024: As of March 31, 2024 Remaining 2024 $ 139,438 2025 186,113 2026 183,891 2027 170,973 2028 156,268 Thereafter 598,758 Total $ 1,435,441
Schedule of Lease, Cost	he following table sets forth the weighted-average for the lease term and the discount rate for the ground leases and office leases in which the Company is a lessee as of March 31, 2024: As of March 31, 2024 Lease Term and Discount Rate Operating Financing Weighted-average remaining lease term in years 75.3 15.7 Weighted-average discount rate (1) 4.99% 3.42% (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 March 31, 2024 were as follows: As of March 31, 2024 Operating Financing 2024 $ 1,606 $ 309 2025 2,051 365 2026 1,748 375 2027 1,527 381 2028 1,595 386 Thereafter 248,695 3,072 Total undiscounted lease payments 257,222 4,888 Less: imputed interest (213,290) (1,888) Total lease liabilities $ 43,932 $ 3,000
Schedule of Finance Lease, Liability, to be Paid, Maturity	Maturities of lease liabilities as of March 31, 2024 were as follows: As of March 31, 2024 Operating Financing 2024 $ 1,606 $ 309 2025 2,051 365 2026 1,748 375 2027 1,527 381 2028 1,595 386 Thereafter 248,695 3,072 Total undiscounted lease payments 257,222 4,888 Less: imputed interest (213,290) (1,888) Total lease liabilities $ 43,932 $ 3,000

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Reconciliation of Segment Revenues	The following table presents segment NOI for the three months ended March 31, 2024 and March 31, 2023 is as follows: Three Months Ended March 31, 2024 2023 Industrial NOI Total Industrial revenues $ 14,833 $ 14,594 Industrial operating expenses (2,316) (1,964) Industrial NOI 12,517 12,630 Office NOI Total Office revenues 32,999 39,189 Office operating expenses (5,485) (6,337) Office NOI 27,514 32,852 Other NOI Total Other revenues 11,395 13,190 Other operating expenses (3,799) (5,153) Other NOI 7,596 8,037 Total Segment NOI $ 47,627 $ 53,519 A reconciliation of net loss to NOI for the three months ended March 31, 2024 and March 31, 2023 is as follows: Three Months Ended March 31, 2024 2023 Reconciliation of Net Income to Total NOI Net income $ 5,470 $ 9,017 General and administrative expenses 9,680 9,728 Corporate operating expenses to related parties 166 378 Real estate impairment provision 1,376 — Depreciation and amortization 23,415 31,356 Interest expense 16,148 17,014 Other income, net (4,045) (1,212) Net loss from investment in unconsolidated entity — 14,661 Gain from disposition of assets (9,177) (30,610) Goodwill impairment provision 4,594 — Transaction expenses — 3,187 Total NOI $ 47,627 $ 53,519 The following table presents the Company’s goodwill for each of the segments as of March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Goodwill Industrial $ 68,373 $ 68,373 Office — — Other 5,679 10,274 Total Goodwill $ 74,052 $ 78,647 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 March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Industrial Real Estate, net Total real estate $ 741,717 $ 741,737 Accumulated depreciation and amortization (158,606) (152,353) Industrial real estate, net 583,111 589,384 Office Real Estate, net Total real estate 1,506,627 1,505,959 Accumulated depreciation and amortization (299,545) (286,136) Office real estate, net 1,207,082 1,219,823 Other Real Estate, net Total real estate 327,728 362,415 Accumulated depreciation and amortization (106,057) (112,063) Other real estate, net 221,671 250,352 Total Real Estate, net $ 2,011,864 $ 2,059,559 Total Real Estate Held for Sale, net Total real estate $ 9,887 $ 64,289 Accumulated depreciation and amortization (2,500) (14,636) Real estate held for sale, net $ 7,387 $ 49,653

Organization (Details)

Organization (Details)	3 Months Ended
	Mar. 31, 2024 real_estate_property state segment
Subsidiary, Sale of Stock [Line Items]
Number of properties owned	67
Number of states | state	22
Number of operating segments | segment	3
Industrial NOI
Subsidiary, Sale of Stock [Line Items]
Number of properties owned	19
Office NOI
Subsidiary, Sale of Stock [Line Items]
Number of properties owned	34
Other NOI
Subsidiary, Sale of Stock [Line Items]
Number of properties owned	14
GCEAR Operating Partnership
Subsidiary, Sale of Stock [Line Items]
Ownership interest (as a percent)	91.80%

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment shares	Mar. 31, 2023 shares
Accounting Policies [Abstract]
Number of reportable segments | segment	3
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | shares	131,094	200,419

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 11,213	$ 9,208
Real Estate Asset Acquisitions and Contributions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	11,213	9,208
Real Estate Asset Acquisitions and Contributions | Cash reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	9,876	7,200
Real Estate Asset Acquisitions and Contributions | Restricted lockbox
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,337	$ 2,008

Real Estate - Gross Investment

Real Estate - Gross Investment in Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real Estate [Abstract]
Land	$ 227,138	$ 231,175
Building and improvements	1,942,064	1,968,314
Tenant origination and absorption cost	397,872	402,251
Construction in progress	8,998	8,371
Total real estate	$ 2,576,072	$ 2,610,111

Real Estate - Narrative (Detail

Real Estate - Narrative (Details) $ in Thousands				3 Months Ended
	Jan. 31, 2024 USD ($)	Dec. 27, 2022 USD ($) property	Aug. 26, 2022 USD ($) property	Mar. 31, 2024 USD ($) property real_estate_property	Mar. 31, 2023 USD ($)
Real Estate [Line Items]
Number of properties sold | property		5	41	4
Proceeds from sale of property		$ 170,400	$ 1,100,000	$ 79,525
Gain on sale of properties				9,177
Note receivable balance amount				14,400
Note receivable interest income				$ 100
Number of properties owned | real_estate_property				67
Real estate impairment provision				$ 1,376	$ 0
Office NOI
Real Estate [Line Items]
Note receivable, term	1 year
Note receivable face amount	$ 15,000
Note receivable imputed interest	5%
Note receivable discount	$ 700
Number of properties owned | real_estate_property				34
Other NOI
Real Estate [Line Items]
Number of properties sold | property				3
Proceeds from sale of property				$ 49,500
Number of properties owned | real_estate_property				14
Other NOI | Held-for-Sale
Real Estate [Line Items]
Number of properties owned | property				1
Johnston, Iowa
Real Estate [Line Items]
Proceeds from sale of property	30,000
Gain on sale of properties	(17)
Johnston, Iowa | Office NOI
Real Estate [Line Items]
Proceeds from sale of property	$ 30,000

Real Estate - Dispositions of R

Real Estate - Dispositions of Real Estate (Details) - USD ($) $ in Thousands							3 Months Ended
	Mar. 28, 2024	Mar. 26, 2024	Mar. 15, 2024	Jan. 31, 2024	Dec. 27, 2022	Aug. 26, 2022	Mar. 31, 2024
Real Estate [Line Items]
Gross Disposition Price					$ 170,400	$ 1,100,000	$ 79,525
Gain (Loss)							$ 9,177
Johnston, Iowa
Real Estate [Line Items]
Gross Disposition Price				$ 30,000
Gain (Loss)				$ (17)
Columbia, Maryland
Real Estate [Line Items]
Gross Disposition Price			$ 15,000
Gain (Loss)			$ 5,326
Jefferson City, Missouri
Real Estate [Line Items]
Gross Disposition Price		$ 26,090
Gain (Loss)		$ 4,690
Houston, Texas
Real Estate [Line Items]
Gross Disposition Price	$ 8,435
Gain (Loss)	$ (822)

Real Estate - Schedule of Compo

Real Estate - Schedule of Components of Assets Related to Real Estate Held-for-Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Land	$ 227,138	$ 231,175
Total real estate	2,576,072	2,610,111
Less: accumulated depreciation and amortization	(564,208)	(550,552)
Total real estate, net	2,011,864	2,059,559
Deferred rent	63,481	63,272
Deferred leasing costs, net	172,664	180,465
Total real estate and other assets held for sale	7,595	50,211
Liabilities
Accrued expenses and other liabilities	64,132	78,229
Liabilities of real estate assets held for sale	159	539
Held-for-Sale
Assets
Land	1,043
Building and improvements	7,425
Tenant origination and absorption cost	1,419
Total real estate	9,887	64,289
Less: accumulated depreciation and amortization	(2,500)	(14,636)
Total real estate, net	7,387	$ 49,653
Deferred rent	50
Deferred leasing costs, net	138
Other assets, net	20
Total real estate and other assets held for sale	7,595
Liabilities
Accrued expenses and other liabilities	159
Liabilities of real estate assets held for sale	$ 159

Real Estate - Intangibles (Deta

Real Estate - Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of in-place lease valuation
In-place lease valuation (above market)	$ 17,203	$ 22,759
In-place lease valuation (above market) - accumulated amortization	(11,459)	(16,616)
In-place lease valuation (above market), net	5,744	6,143
Intangibles - other	32,027	32,028
Intangibles - other - accumulated amortization	(8,853)	(8,481)
Intangibles - other, net	23,174	23,547
Intangible assets, net	28,918	29,690
In-place lease valuation (below market)	(42,148)	(42,534)
Land leasehold interest (above market)	(3,072)	(3,072)
Intangibles - other (above market)	(170)	(187)
In-place lease valuation & land leasehold interest - accumulated amortization	30,101	29,770
Intangible liabilities, net	(15,289)	(16,023)
Tenant origination and absorption cost	397,872	402,251
Tenant origination and absorption cost - accumulated amortization	(225,208)	(221,786)
Tenant origination and absorption cost, net	$ 172,664	$ 180,465

Real Estate - Amortization of I

Real Estate - Amortization of Intangible Assets and Other Leasing Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of amortization expense
Above and below market leases, net	$ 259	$ (122)
Tenant origination and absorption cost	7,450	10,836
Ground leasehold amortization (below market)	(97)	(96)
Other leasing costs amortization	$ 498	$ 561

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Narrative (Details) $ in Thousands			3 Months Ended
	Dec. 27, 2022 USD ($) property	Aug. 26, 2022 USD ($) property	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Gain (Loss) on Securities [Line Items]
Number of properties sold | property	5	41	4
Proceeds from sale of property	$ 170,400	$ 1,100,000	$ 79,525
Payments to acquire interest in joint venture			184,200
Debt, net			1,416,433	$ 1,435,923
The Loan | First Extension Term
Gain (Loss) on Securities [Line Items]
Debt instrument, payments for interest rate caps			$ 9,600
The Loan | First Extension Term | SOFR
Gain (Loss) on Securities [Line Items]
Spread on LIBOR (percent)			6.824%
The Loan | Mortgage Loan
Gain (Loss) on Securities [Line Items]
Debt, net			$ 736,000
The Loan | Mezzanine Loan
Gain (Loss) on Securities [Line Items]
Term loan			$ 194,800
Term of debt instrument			1 year
Debt instrument, interest rate, increase			0.25%
The Loan | Mezzanine Loan | First Extension Term | SOFR
Gain (Loss) on Securities [Line Items]
Interest rate cap			0.044
Spread on LIBOR (percent)			3.885%
Mortgage Loan Due 2024
Gain (Loss) on Securities [Line Items]
Debt instrument, interest rate, increase			0.25%
Mortgage Loan Due 2024 | Mortgage Loan
Gain (Loss) on Securities [Line Items]
Debt, net			$ 142,100
Mortgage Loan Due 2024 | Mortgage 1 Loan
Gain (Loss) on Securities [Line Items]
Term of debt instrument			1 year
Mortgage Loan Due 2024 | Mortgage 1 Loan | SOFR
Gain (Loss) on Securities [Line Items]
Interest rate cap			0.04
Spread on LIBOR (percent)			4.50%
GRT VAO OP, LLC
Gain (Loss) on Securities [Line Items]
Ownership interest (percent)			49%
Capital call portion			$ 2,000

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Schedule of Balance Sheet for the Unconsolidated Office Joint Venture (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Real estate properties, net	$ 2,011,864	$ 2,059,559
Total assets	2,753,760	2,789,625
Liabilities
Total liabilities	1,551,940	1,585,912
Office Joint Venture
Assets
Real estate properties, net	1,082,012	1,092,312
Other assets	274,878	299,045
Total assets	1,356,890	1,391,357
Liabilities
Mortgages payable, net	1,070,448	1,067,005
Due to related parties	89,192	92,915
Total liabilities	$ 1,159,640	$ 1,159,920

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Schedule of Statements of Operations of the Unconsolidated Office Joint Venture (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gain (Loss) on Securities [Line Items]
Total revenues	$ 59,227	$ 66,973
Expenses:
General and administrative	(9,680)	(9,728)
Interest expense	(16,148)	(17,014)
Total expenses	(46,237)	(54,916)
Net income attributable to common shareholders	5,025	6,033
Office Joint Venture
Gain (Loss) on Securities [Line Items]
Total revenues	50,206	44,789
Expenses:
Operating expenses	(19,458)	(15,822)
General and administrative	(1,126)	(1,481)
Depreciation and amortization	(29,910)	(14,774)
Interest expense	(31,817)	(42,992)
Other income, net	262	352
Total expenses	(82,049)	(74,717)
Net income attributable to common shareholders	$ (31,843)	$ (29,928)

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) d	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total principal	$ 1,421,083,000	$ 1,441,545,000
Unamortized Deferred Financing Costs and Discounts, net	(4,650,000)	(5,622,000)
Total Debt, net	1,416,433,000	1,435,923,000
Secured Debt
Debt Instrument [Line Items]
Total principal	471,083,000	491,545,000
Unsecured Debt
Debt Instrument [Line Items]
Total principal	$ 950,000,000	950,000,000
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)	3.72%
Interest Rate Swap
Debt Instrument [Line Items]
Derivative notional amount	$ 750,000,000
Pepsi Bottling Ventures Mortgage Loan | Secured Debt
Debt Instrument [Line Items]
Total principal	$ 17,338,000	17,439,000
Contractual stated interest rate (percent)	3.69%
Effective interest rate (percent)	3.79%
AIG Loan II | Secured Debt
Debt Instrument [Line Items]
Total principal	$ 111,921,000	119,953,000
Contractual stated interest rate (percent)	4.15%
Effective interest rate (percent)	4.84%
BOA II Loan | Secured Debt
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 | Secured Debt
Debt Instrument [Line Items]
Total principal	$ 91,824,000	92,444,000
Contractual stated interest rate (percent)	4.96%
Effective interest rate (percent)	5.12%
Highway 94 Mortgage Loan | Secured Debt
Debt Instrument [Line Items]
Total principal	$ 0	11,709,000
Contractual stated interest rate (percent)	0%
Effective interest rate (percent)	0%
Revolving Loan | Unsecured Debt
Debt Instrument [Line Items]
Total principal	$ 400,000,000	400,000,000
Effective interest rate (percent)	6.94%
Threshold trading days | d	5
Index adjustment percentage	0.10%
Revolving Loan | SOFR | Unsecured Debt
Debt Instrument [Line Items]
Spread on SOFR (percent)	1.30%
Applicable variable rate	0.0531
2025 Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Total principal	$ 400,000,000	400,000,000
Effective interest rate (percent)	6.91%
2025 Term Loan | SOFR | Unsecured Debt
Debt Instrument [Line Items]
Spread on SOFR (percent)	1.25%
2026 Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Total principal	$ 150,000,000	$ 150,000,000
Effective interest rate (percent)	6.75%
2026 Term Loan | SOFR | Unsecured Debt
Debt Instrument [Line Items]
Spread on SOFR (percent)	1.25%

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) extensionOption	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total principal	$ 1,421,083,000	$ 1,441,545,000
Unsecured Debt
Debt Instrument [Line Items]
Total principal	950,000,000	950,000,000
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	159,700,000
Line of Credit | Line of Credit
Debt Instrument [Line Items]
Credit facility	1,300,000,000
Revolving Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Total principal	$ 400,000,000
Number of extension options | extensionOption	1
Revolving Loan | Unsecured Debt
Debt Instrument [Line Items]
Total principal	$ 400,000,000	400,000,000
2025 Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Total principal	400,000,000	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 | Unsecured Debt
Debt Instrument [Line Items]
Total principal	$ 150,000,000	$ 150,000,000
2026 Term Loan | Term Loans
Debt Instrument [Line Items]
Credit facility	$ 150,000,000
Term of debt instrument	7 years

Interest Rate Contracts - Sched

Interest Rate Contracts - Schedule of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Interest Rate Swap, Effective March 10, 2020 - $150,000 Notional Amount, Interest Rate 0.83%
Derivative [Line Items]
Interest Strike Rate	0.83%
Fair Value	$ 7,493	$ 7,891
Current Notional Amounts	$ 150,000	150,000
Interest Rate Swap, Effective March 10, 2020 - $100,000 Notional Amount, Interest Rate 0.84%
Derivative [Line Items]
Interest Strike Rate	0.84%
Fair Value	$ 4,983	5,250
Current Notional Amounts	$ 100,000	100,000
Interest Rate Swap, Effective March 10, 2020 - $75,000 Notional Amount, Interest Rate 0.86%
Derivative [Line Items]
Interest Strike Rate	0.86%
Fair Value	$ 3,719	3,915
Current Notional Amounts	$ 75,000	75,000
Interest Rate Swap Effective Date July 1, 2020,$125,000 Notional Amount, Interest Rate 2.82%
Derivative [Line Items]
Interest Strike Rate	2.82%
Fair Value	$ 3,204	2,924
Current Notional Amounts	$ 125,000	125,000
Interest Rate Swap Effective Date July 1, 2020,$100,000 Notional Amount, Interest Rate 2.82%
Derivative [Line Items]
Interest Strike Rate	2.82%
Fair Value	$ 2,557	2,331
Current Notional Amounts	$ 100,000	100,000
Interest Rate Swap, Effective July 1, 2020 - $100,000 Notional Amount, Interest Rate 2.83%
Derivative [Line Items]
Interest Strike Rate	2.83%
Fair Value	$ 2,553	2,327
Current Notional Amounts	$ 100,000	100,000
Interest Rate Swap, Effective July 1, 2020 - $100,000 Notional Amount, Interest Rate 2.84%
Derivative [Line Items]
Interest Strike Rate	2.84%
Fair Value	$ 2,533	2,304
Current Notional Amounts	100,000	100,000
Interest Rate Swap Asset
Derivative [Line Items]
Fair Value	27,042	26,942
Current Notional Amounts	$ 750,000	$ 750,000

Interest Rate Contracts - Sch_2

Interest Rate Contracts - Schedule of Derivative Instruments, Gain (Loss) (Details) - Interest Rate Swap Asset - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in AOCI on derivatives	$ 6,692	$ (3,556)
Amount reclassified from AOCI into earnings under “Interest expense”	(6,560)	(4,778)
Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded	$ 16,148	$ 17,014

Interest Rate Contracts - Narra

Interest Rate Contracts - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Income expected to be recognized in earnings in next 12 months	$ 22.7

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Interest payable	$ 17,775	$ 17,073
Prepaid tenant rent	8,279	9,710
Deferred compensation	9,507	9,661
Real estate taxes payable	3,559	5,165
Property operating expense payable	2,121	4,469
Accrued construction in progress	53	1,183
Accrued tenant improvements	665	551
Other liabilities	22,173	30,417
Total	$ 64,132	$ 78,229

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	$ 27,042	$ 26,942
Recurring Basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mutual Funds Asset	7,467	7,148
Recurring Basis | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mutual Funds Asset	7,467	7,148
Recurring Basis | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mutual Funds Asset	0	0
Recurring Basis | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mutual Funds Asset	0	0
Recurring Basis | Interest Rate Swap Asset
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	27,042	26,942
Recurring Basis | Interest Rate Swap Asset | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	0	0
Recurring Basis | Interest Rate Swap Asset | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	27,042	26,942
Recurring Basis | Interest Rate Swap Asset | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap asset	$ 0	$ 0

Fair Value Measurements - Non-r

Fair Value Measurements - Non-recurring Fair Value Measurements for Impairment (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated selling price less cost to sell (per square foot)	$ 134

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands			3 Months Ended
	Dec. 27, 2022 USD ($) property	Aug. 26, 2022 USD ($) property	Mar. 31, 2024 USD ($) loan property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Number of properties sold | property	5	41	4
Proceeds from sale of property	$ 170,400	$ 1,100,000	$ 79,525
Impairment provision - goodwill			4,594	$ 0
Goodwill			$ 74,052		$ 78,647
Number of mortgage loans (in loan) | loan			5
Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Current borrowing rate for debt instruments (as a percent)			3.69%
Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Current borrowing rate for debt instruments (as a percent)			7.90%
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Impairment provision - goodwill			$ 4,600
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Number of properties sold | property			3
Proceeds from sale of property			$ 49,500
Goodwill			5,679		10,274
Industrial
Fair Value, Option, Quantitative Disclosures [Line Items]
Goodwill			$ 68,373		$ 68,373

Fair Value Measurements - Non_2

Fair Value Measurements - Non-recurring Fair Value Measurements Using The Discontinued Cash Flow Approach (Details) - Other	Mar. 31, 2024 $ / shares
Minimum | Market rent per square foot
Fair Value, Option, Quantitative Disclosures [Line Items]
Goodwill, measurement input	5
Minimum | Discount rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Goodwill, measurement input	0.0725
Minimum | Terminal capitalization rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Goodwill, measurement input	0.0625
Maximum | Market rent per square foot
Fair Value, Option, Quantitative Disclosures [Line Items]
Goodwill, measurement input	27.50
Maximum | Discount rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Goodwill, measurement input	0.1500
Maximum | Terminal capitalization rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Goodwill, measurement input	0.0950

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments at Fair Value (Details) - Mortgages - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	$ 435,219	$ 457,662
Fair Value | BOA II Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	219,657	220,730
Fair Value | AIG Loan II | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	106,400	115,340
Fair Value | AIG Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	91,824	92,444
Fair Value | Pepsi Bottling Ventures Mortgage Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	17,338	17,439
Fair Value | Highway 94 Mortgage Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	0	11,709
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	471,083	491,545
Carrying Value | BOA II Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	250,000	250,000
Carrying Value | AIG Loan II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	111,921	119,953
Carrying Value | AIG Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	91,824	92,444
Carrying Value | Pepsi Bottling Ventures Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	17,338	17,439
Carrying Value | Highway 94 Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	$ 0	$ 11,709

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		116 Months Ended
	Apr. 10, 2023	Aug. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)			36,346,608		36,346,608	36,304,145
Common Shares
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)			36,346,608	36,006,922	36,346,608	36,304,145	35,999,898
Stock redeemed during period (in shares)			0	941
Weighted average price per share (in usd per share)			$ 0	$ 66.87
Series A Preferred Stock
Class of Stock [Line Items]
Stock redeemed during period (in shares)	5,000,000
Redeemed - Amount	$ 125
Redemption price (in usd per share)	$ 25
Redemption payments	$ 2.4
RSUs
Class of Stock [Line Items]
Total compensation expense			$ 1.6	$ 2.6
RSUs | Amended and Restated Plan
Class of Stock [Line Items]
Number of shares authorized (in shares)			777,778		777,778
Granted (in shares)			116,904		116,904
Restricted Stock
Class of Stock [Line Items]
Unrecognized cost			$ 7	$ 16.9	$ 7
Restricted Stock | Minimum
Class of Stock [Line Items]
Unrecognized cost recognition period			3 months
Restricted Stock | Maximum
Class of Stock [Line Items]
Unrecognized cost recognition period			3 years
Share Redemption Program
Class of Stock [Line Items]
Stock repurchase program, quarterly authorized amount			$ 5		$ 5
Stock repurchase program, annual authorized amount, percentage of weighted average shares outstanding (more than)			5%
Share Redemption Program | Common Shares
Class of Stock [Line Items]
Stock redeemed during period (in shares)					3,295,618
Redeemed - Amount					$ 275.5
Weighted average price per share (in usd per share)					$ 83.60
ATM Program
Class of Stock [Line Items]
Value of shares authorized		$ 200

Equity - Schedule of Share Rede

Equity - Schedule of Share Redemptions (Details) - Common Shares - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Shares of common stock redeemed (in shares)	0	941
Weighted average price per share (in usd per share)	$ 0	$ 66.87

Equity - Nonvested Restricted S

Equity - Nonvested Restricted Stock Activity (Details) - RSUs - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Unvested Shares of RSU Awards
Beginning balance (in shares)	159,553	161,501
Granted (in shares)	35,796	166,321
Forfeited (in shares)	(494)	(485)
Vested (in shares)	(45,036)	(167,784)
Ending balance (in shares)	149,819	159,553
Weighted-Average Grant Date Fair Value per Share
Granted (in usd per share)	$ 14.35	$ 56.53
Forfeited (in usd per share)	60.74	63.70
Vested (in usd per share)	$ 32.52	$ 69.02
Shares used to satisfy employee tax withholding requirements on vesting restricted stock (in shares)	4,875

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details)		3 Months Ended
	Dec. 15, 2023 shares	Mar. 31, 2024 shares	Dec. 31, 2023 installment
Noncontrolling Interest [Line Items]
Percentage of noncontrolling interests based on weighted average shares outstanding (percent)		8.10%
Limited partnership units issued (in shares)		3,200,000
Implied EA-1 operating partnership units issued in consideration (in shares)		20,000
Number of annual installments for awards settlement | installment			4
Limited partnership redeem (in shares)	209,954
Griffin Capital, LLC
Noncontrolling Interest [Line Items]
Units received (in shares)		2,700,000
Reverse stock split		9
Units received, percentage		50%
Griffin Capital Essential Asset Operating Partnership, L.P.
Noncontrolling Interest [Line Items]
Percentage of noncontrolling interests based on total shares (percent)		8.20%

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Noncontrolling Interests Activity (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 91,629
Exchange of noncontrollling interests	0
Distributions to noncontrolling interests	(723)	$ (1,435)
Allocated distributions to noncontrolling interests subject to redemption		(2)
Allocated net income	5,470	6,618
Allocated other comprehensive income (loss)	133	(7,445)
Ending balance	90,877		$ 91,629
Non- controlling Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	91,629	174,655	174,655
Reclass of noncontrolling interest subject to redemption	0		10
Exchange of noncontrollling interests	(486)		(27,169)
Reclass of redeemable non-controlling interest	0		3,801
Distributions to noncontrolling interests	(723)	(1,435)	(2,989)
Allocated distributions to noncontrolling interests subject to redemption	0	(2)	(728)
Allocated net income	445	585	(54,555)
Allocated other comprehensive income (loss)	12	$ (656)	(1,396)
Ending balance	$ 90,877		$ 91,629

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party expenses incurred	$ 46,237	$ 54,916
Related Party
Related Party Transaction [Line Items]
Related party expenses incurred	739	1,533
Related party payable	573		$ 573
Costs advanced by related party | Related Party
Related Party Transaction [Line Items]
Related party expenses incurred	0	16
Related party payable	0		0
Office rent and related expenses | Related Party
Related Party Transaction [Line Items]
Related party expenses incurred	166	378
Related party payable	0		0
Distributions | Related Party
Related Party Transaction [Line Items]
Related party expenses incurred	573	$ 1,139
Related party payable	$ 573		$ 573

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 01, 2024	Dec. 31, 2023	Mar. 25, 2022
Related Party Transaction [Line Items]
Right of use assets	$ 34,172		$ 33,736
Lease liability	43,932
Related Party
Related Party Transaction [Line Items]
Operating sublease monthly base rent		$ 40		$ 50
Sublease rent annual escalations percentage		3%
Related Party | Griffin Capital Corporation
Related Party Transaction [Line Items]
Right of use assets	1,000
Lease liability	$ 1,000

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) option lease office_space	Mar. 31, 2023 USD ($)
Leases [Abstract]
Rental income	$ 51.6	$ 58.3
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues	Total revenues
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
Operating lease costs	$ 1	$ 1
Cash paid for operating lease liabilities	$ 0.5	$ 0.5

Leases - Future Minimum Base Re

Leases - Future Minimum Base Rents to be Received (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
Remaining 2024	$ 139,438
2025	186,113
2026	183,891
2027	170,973
2028	156,268
Thereafter	598,758
Total	$ 1,435,441

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Mar. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term in years, Operating	75 years 3 months 18 days
Weighted-average remaining lease term in years, Financing	15 years 8 months 12 days
Weighted average discount rate, Operating	4.99%
Weighted-average discount rate, Financing	3.42%

Leases - Remaining Required Pay

Leases - Remaining Required Payments Under Ground Leases (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating
2024	$ 1,606
2025	2,051
2026	1,748
2027	1,527
2028	1,595
Thereafter	248,695
Total undiscounted lease payments	257,222
Less: imputed interest	(213,290)
Total lease liabilities	$ 43,932
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease liability
Financing
2024	$ 309
2025	365
2026	375
2027	381
2028	386
Thereafter	3,072
Total undiscounted lease payments	4,888
Less: imputed interest	(1,888)
Total lease liabilities	$ 3,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease liability

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($)
Capital Expenditures, Leasing Commissions and Tenant Improvement Commitment
Other Commitments [Line Items]
Other commitment	$ 13.9

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment NOI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 59,227	$ 66,973
Total Segment NOI	47,627	53,519
Industrial NOI
Segment Reporting Information [Line Items]
Revenues	14,833	14,594
Operating expenses	(2,316)	(1,964)
Total Segment NOI	12,517	12,630
Office NOI
Segment Reporting Information [Line Items]
Revenues	32,999	39,189
Operating expenses	(5,485)	(6,337)
Total Segment NOI	27,514	32,852
Other NOI
Segment Reporting Information [Line Items]
Revenues	11,395	13,190
Operating expenses	(3,799)	(5,153)
Total Segment NOI	$ 7,596	$ 8,037

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of Net Loss to Total NOI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting [Abstract]
Net income	$ 5,470	$ 9,017
General and administrative expenses	9,680	9,728
Corporate operating expenses to related parties	166	378
Real estate impairment provision	1,376	0
Depreciation and amortization	23,415	31,356
Interest expense	16,148	17,014
Other income, net	(4,045)	(1,212)
Net loss from investment in unconsolidated entity	0	14,661
Gain from disposition of assets	(9,177)	(30,610)
Goodwill impairment provision	4,594	0
Transaction expenses	0	3,187
Total Segment NOI	$ 47,627	$ 53,519

Segment Reporting - Allocation

Segment Reporting - Allocation for Each Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Goodwill	$ 74,052	$ 78,647
Total real estate	2,576,072	2,610,111
Accumulated depreciation and amortization	(564,208)	(550,552)
Total real estate, net	2,011,864	2,059,559
Held-for-Sale
Segment Reporting Information [Line Items]
Total real estate	9,887	64,289
Accumulated depreciation and amortization	(2,500)	(14,636)
Total real estate, net	7,387	49,653
Industrial
Segment Reporting Information [Line Items]
Goodwill	68,373	68,373
Total real estate	741,717	741,737
Accumulated depreciation and amortization	(158,606)	(152,353)
Total real estate, net	583,111	589,384
Office
Segment Reporting Information [Line Items]
Goodwill	0	0
Total real estate	1,506,627	1,505,959
Accumulated depreciation and amortization	(299,545)	(286,136)
Total real estate, net	1,207,082	1,219,823
Other
Segment Reporting Information [Line Items]
Goodwill	5,679	10,274
Total real estate	327,728	362,415
Accumulated depreciation and amortization	(106,057)	(112,063)
Total real estate, net	$ 221,671	$ 250,352

Declaration of Dividends (Detai

Declaration of Dividends (Details)	Feb. 21, 2024 $ / shares
Equity [Abstract]
Quarterly dividends declared (in usd per share)	$ 0.225

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands					3 Months Ended
	May 02, 2024 $ / shares	Feb. 21, 2024 $ / shares	Dec. 27, 2022 USD ($)	Aug. 26, 2022 USD ($)	Mar. 31, 2024 USD ($) real_estate_property property
Subsequent Event [Line Items]
Quarterly dividends declared (in usd per share) | $ / shares		$ 0.225
Number of properties owned | real_estate_property					67
Proceeds from sale of property | $			$ 170,400	$ 1,100,000	$ 79,525
Other NOI
Subsequent Event [Line Items]
Number of properties owned | real_estate_property					14
Proceeds from sale of property | $					$ 49,500
Held-for-Sale | Other NOI
Subsequent Event [Line Items]
Number of properties owned | property					1
Subsequent Event
Subsequent Event [Line Items]
Quarterly dividends declared (in usd per share) | $ / shares	$ 0.225