Peakstone Realty Trust (PKST) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		36,382,251
Entity Central Index Key	0001600626
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 241,550	$ 391,802
Restricted cash	25,181	9,208
Real estate:
Land	212,312	231,175
Building and improvements	1,836,900	1,968,314
Tenant origination and absorption cost	370,946	402,251
Construction in progress	1,017	8,371
Total real estate	2,421,175	2,610,111
Less: accumulated depreciation and amortization	(554,820)	(550,552)
Total real estate, net	1,866,355	2,059,559
Intangible assets, net	27,603	29,690
Deferred rent receivable	65,511	63,272
Deferred leasing costs, net	16,842	19,112
Goodwill	74,052	78,647
Right of use assets	33,369	33,736
Interest rate swap asset	12,042	26,942
Other assets	45,373	27,446
Real estate assets and other assets held for sale, net	36,456	50,211
Total assets	2,444,334	2,789,625
LIABILITIES AND EQUITY
Debt, net	1,168,010	1,435,923
Interest rate swap liability	10,255	0
Distributions payable	8,436	8,344
Intangible liabilities, net	13,884	16,023
Lease liability	46,860	46,281
Accrued expenses and other liabilities	62,862	78,229
Liabilities held for sale	1,267	539
Total liabilities	1,312,163	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, 36,377,254 and 36,304,145 as of September 30, 2024 and December 31, 2023, respectively	37	36
Additional paid-in capital	2,996,900	2,990,085
Cumulative distributions	(1,100,893)	(1,076,000)
Accumulated deficit	(850,992)	(827,854)
Accumulated other comprehensive income	2,791	25,817
Total shareholders’ equity	1,047,843	1,112,084
Noncontrolling interests	84,328	91,629
Total equity	1,132,171	1,203,713
Total liabilities and equity	2,444,334	2,789,625
Related Party
LIABILITIES AND EQUITY
Due to related parties	$ 589	$ 573

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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)	36,377,254	36,304,145

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Rental income	$ 54,960	$ 61,713	$ 170,140	$ 191,226
Expenses:
Property operating expense	6,400	7,829	18,737	21,858
Property tax expense	4,286	5,077	13,309	16,444
Property management fees	415	440	1,184	1,392
General and administrative expenses	9,122	9,653	27,918	31,411
Corporate operating expenses to related parties	141	257	476	975
Depreciation and amortization	22,742	25,003	69,155	86,830
Real estate impairment provision	42,894	0	50,774	397,373
Total expenses	86,000	48,259	181,553	556,283
(Loss) income before other income (expenses)	(31,040)	13,454	(11,413)	(365,057)
Other income (expenses):
Interest expense	(14,140)	(16,126)	(46,134)	(49,208)
Other income, net	3,592	3,654	12,802	7,613
Net loss from investment in unconsolidated entity	0	(144,598)	0	(176,767)
Gain from disposition of assets	16,125	3,748	25,245	24,657
Extinguishment of debt	(508)	0	(508)	0
Goodwill impairment provision	0	0	(4,594)	0
Transaction expenses	(578)	(80)	(578)	(24,570)
Net loss	(26,549)	(139,948)	(25,180)	(583,332)
Distributions to redeemable preferred shareholders	0	0	0	(2,376)
Preferred units redemption	0	0	0	(4,970)
Net loss attributable to noncontrolling interests	2,154	12,353	2,042	52,677
Net loss attributable to controlling interests	(24,395)	(127,595)	(23,138)	(538,001)
Distributions to redeemable noncontrolling interests attributable to common shareholders	0	0	0	(36)
Net loss attributable to common shareholders	$ (24,395)	$ (127,595)	$ (23,138)	$ (538,037)
Net loss attributable to common shareholders per share, basic (in usd per share)	$ (0.67)	$ (3.55)	$ (0.64)	$ (14.97)
Net loss attributable to common shareholders per share, diluted (in usd per share)	$ (0.67)	$ (3.55)	$ (0.64)	$ (14.97)
Weighted-average number of common shares outstanding, basic (in shares)	36,374,407	35,975,483	36,344,568	35,965,751
Weighted-average number of common shares outstanding, diluted (in shares)	36,374,407	35,975,483	36,344,568	35,965,751

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (26,549)	$ (139,948)	$ (25,180)	$ (583,332)
Other comprehensive income:
Equity in other comprehensive (loss) income of unconsolidated joint venture	0	(1,797)	0	(1,880)
Change in fair value of swap agreements	(20,891)	(1,327)	(25,060)	(1,622)
Total comprehensive loss	(47,440)	(143,072)	(50,240)	(586,834)
Distributions to redeemable preferred shareholders	0	0	0	(2,376)
Preferred units redemption charge	0	0	0	(4,970)
Distributions to redeemable noncontrolling interests attributable to common shareholders	0	0	0	(36)
Comprehensive loss attributable to noncontrolling interests	3,850	12,629	4,076	52,976
Comprehensive loss attributable to common shareholders	$ (43,590)	$ (130,443)	$ (46,164)	$ (541,240)

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 (loss)	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 noncontrolling interests								(27,169)
Distributions to noncontrolling interests								(2,989)
Distributions to noncontrolling interests subject to redemption								(728)
Net income (loss)								(54,555)
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
Beginning balance (in shares) at Mar. 31, 2023			36,006,922
Beginning balance at Mar. 31, 2023	1,842,302	1,669,145	$ 36	2,950,706	(1,051,551)	(263,893)	33,847	173,157
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred equity compensation (in shares)			33,092
Deferred equity compensation	4,034	4,034		4,034
Shares acquired to satisfy employee tax withholding requirements on vesting RSUs (in shares)			(49,738)
Shares acquired to satisfy employee tax withholding requirements on vesting RSUs	(1,069)	(1,069)		(1,069)
Cash distributions to common shareholders	(8,117)	(8,117)			(8,117)
Exchange of noncontrolling interests (in shares)			4,188
Exchange of noncontrolling interests	0	370		370				(370)
Reclass of noncontrolling interest subject to redemption	3,801							3,801
Share class conversion (in shares)			(69,988)
Distributions to noncontrolling interests	(776)							(776)
Distributions to noncontrolling interests subject to redemption	(1)							(1)
Offering costs	(4,970)	(4,970)		(4,970)
Net income (loss)	(457,385)	(416,476)				(416,476)		(40,909)
Other comprehensive income (loss)	7,067	6,435					6,435	632
Ending balance (in shares) at Jun. 30, 2023			35,924,476
Ending balance at Jun. 30, 2023	1,394,826	1,259,292	$ 36	2,959,011	(1,059,668)	(680,369)	40,282	135,534
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred equity compensation	2,444	2,444		2,444
Cash distributions to common shareholders	(8,139)	(8,139)			(8,139)
Exchange of noncontrolling interests (in shares)			73,073
Exchange of noncontrolling interests	0	6,180		6,180				(6,180)
Distributions to noncontrolling interests	(778)							(778)
Net income (loss)	(139,949)	(127,596)				(127,596)		(12,353)
Other comprehensive income (loss)	(3,124)	(2,848)					(2,848)	(276)
Ending balance (in shares) at Sep. 30, 2023			35,997,549
Ending balance at Sep. 30, 2023	$ 1,245,280	1,129,333	$ 36	2,967,635	(1,067,807)	(807,965)	37,434	115,947
Beginning balance (in shares) at Dec. 31, 2023	36,304,145		36,304,145
Beginning 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		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)		(79)
Cash distributions to common shareholders	(8,273)	(8,273)			(8,273)
Exchange of noncontrolling interests (in shares)			5,664
Exchange of noncontrolling interests	0	486		486				(486)
Distributions to noncontrolling interests	(723)							(723)
Net income (loss)	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
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
Beginning balance (in shares) at Dec. 31, 2023	36,304,145		36,304,145
Beginning 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]
Exchange of noncontrolling interests								(1,058)
Distributions to noncontrolling interests								(2,168)
Distributions to noncontrolling interests subject to redemption								0
Net income (loss)								(2,042)
Ending balance (in shares) at Sep. 30, 2024	36,377,254		36,377,254
Ending balance at Sep. 30, 2024	$ 1,132,171	1,047,843	$ 37	2,996,900	(1,100,893)	(850,992)	2,791	84,328
Beginning balance (in shares) at Mar. 31, 2024			36,346,608
Beginning balance at Mar. 31, 2024	1,201,820	1,110,943	$ 36	2,992,071	(1,084,273)	(822,829)	25,938	90,877
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred equity compensation (in shares)			24,132
Deferred equity compensation	2,233	2,233	$ 1	2,232
Cash distributions to common shareholders	(8,336)	(8,336)			(8,336)
Distributions to noncontrolling interests	(724)							(724)
Net income (loss)	(4,101)	(3,768)				(3,768)		(333)
Other comprehensive income (loss)	(4,301)	(3,952)					(3,952)	(349)
Ending balance (in shares) at Jun. 30, 2024			36,370,740
Ending balance at Jun. 30, 2024	1,186,591	1,097,120	$ 37	2,994,303	(1,092,609)	(826,597)	21,986	89,471
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred equity compensation	2,025	2,025		2,025
Cash distributions to common shareholders	(8,284)	(8,284)			(8,284)
Exchange of noncontrolling interests (in shares)			6,514
Exchange of noncontrolling interests	0	572		572				(572)
Distributions to noncontrolling interests	(721)							(721)
Net income (loss)	(26,549)	(24,395)				(24,395)		(2,154)
Other comprehensive income (loss)	$ (20,891)	(19,195)					(19,195)	(1,696)
Ending balance (in shares) at Sep. 30, 2024	36,377,254		36,377,254
Ending balance at Sep. 30, 2024	$ 1,132,171	$ 1,047,843	$ 37	$ 2,996,900	$ (1,100,893)	$ (850,992)	$ 2,791	$ 84,328

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net loss	$ (25,180)	$ (583,332)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of building and building improvements	46,492	55,943
Amortization of leasing costs and intangibles, including ground leasehold interests and leasing costs	23,013	32,005
Amortization of above and below market leases, net	(900)	(834)
Amortization of deferred financing costs and debt premium	4,198	2,875
Amortization of swap interest	95	94
Deferred rent	(3,605)	(6,453)
Net gain from sale of operating properties	(25,245)	(24,657)
Net loss from investment in unconsolidated entity	0	176,767
(Gain) loss from investments	(466)	52
Impairment provision - real estate	50,774	397,373
Impairment provision - goodwill	4,594	0
Share-based compensation	5,836	9,034
Discount amortization - note receivable	(476)	0
Change in operating assets and liabilities:
Deferred leasing costs and other assets	(4,224)	(4,491)
Accrued expenses and other liabilities	(11,969)	5,029
Due to related parties, net	16	(635)
Net cash provided by operating activities	62,953	58,770
Investing Activities:
Proceeds from disposition of properties	106,554	299,107
Payments for construction in progress	(3,584)	(9,102)
Purchase of investments	(41)	(209)
Net cash provided by investing activities	102,929	289,796
Financing Activities:
Proceeds from borrowings - Credit Facility	0	400,000
Principal payoff of indebtedness - Credit Facility	(10,000)	0
Principal payoff of secured indebtedness - Mortgage Debt	(54,154)	(36,128)
Principal payoff of indebtedness - Term Loan	(190,000)	(400,000)
Principal amortization payments on secured indebtedness	(4,374)	(5,449)
Deferred financing costs	(14,183)	(2,955)
Offering costs	(78)	(9)
Redemption of preferred units	0	(125,000)
Repurchase of common shares	0	(4,443)
Distributions to noncontrolling interests	(2,170)	(3,196)
Distributions to preferred units subject to redemption	0	(4,891)
Distributions to common shareholders	(24,798)	(32,668)
Financing lease payment	(325)	(224)
Repurchase of common shares to satisfy employee tax withholding requirements	(79)	(1,450)
Net cash used in financing activities	(300,161)	(216,413)
Net (decrease) increase in cash, cash equivalents and restricted cash	(134,279)	132,153
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	266,731	370,097
Supplemental Disclosures of Significant Non-Cash Transactions:
Decrease in fair value swap agreement	(25,060)	(1,622)
Accrued tenant obligations	1,245	551
Distributions payable to common shareholders	8,288	8,139
Distributions payable to noncontrolling interests	722	778
Exchange of noncontrolling interest to common shares	1,057	6,550
Note receivable in exchange for sale of asset	(14,286)	0
Accrued for construction in progress	0	1,173
Shortfall Loan related to unconsolidated joint venture	3,050	1,960
Shortfall Loan proceeds treated as contributions to unconsolidated joint venture	$ (3,050)	$ (1,960)

Organization

Organization	9 Months Ended
	Sep. 30, 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 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 September 30, 2024, the Company owned approximately 91.9% of the outstanding common units of limited partnership interest in the Operating Partnership (“OP Units”). As of September 30, 2024, the Company’s wholly-owned portfolio comprised 62 properties located in 22 states, which are reported across three segments: Industrial (19 properties), Office (33 properties), and Other (10 properties).

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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. 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 Basic earnings per share is computed by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net (loss) income 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.), using the more dilutive of either the two-class method or the treasury stock method. For all periods presented, (a) OP Units were excluded from the dilutive earnings per share computation because they were not dilutive, and (b) using the treasury stock method, the Unvested Restricted Shares (in the amounts set forth below) were excluded from dilutive earnings per share because the inclusion would have been anti-dilutive. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Unvested Restricted Shares 257,064 416,446 462,136 257,066 Unvested, time-based restricted share units that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to either the two-class method or treasury stock method, as applicable. Restricted Cash Restricted cash is presented on the consolidated balance sheet and consists primarily of reserves that the Company assumed or funded as required by the applicable governing documents with certain lenders in conjunction with debt financing or transactions. The table below summarizes the Company’s restricted cash: Balance as of September 30, 2024 December 31, 2023 Cash reserves $ 23,354 $ 7,200 Restricted lockbox 1,827 2,008 Total restricted cash $ 25,181 $ 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 September 30, 2024, the Company satisfied the REIT requirements. 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	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate	Real Estate The following table summarizes the Company’s gross investment in real estate as of: September 30, 2024 December 31, 2023 Land $ 212,312 $ 231,175 Building and improvements 1,836,900 1,968,314 Tenant origination and absorption cost 370,946 402,251 Construction in progress 1,017 8,371 Total real estate $ 2,421,175 $ 2,610,111 Acquisitions of Real Estate The Company had no acquisitions of real estate during the nine months ended September 30, 2024. Dispositions of Real Estate For the nine months ended September 30, 2024, the Company sold nine properties for approximately $128.0 million and recognized a net gain of approximately $25.2 million, detailed in the table below: Sale Date Segment Location Gross Disposition Price Gain (Loss) 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) Three Months Ended March 31, 2024 79,525 9,177 April 30, 2024 Other Mechanicsburg, Pennsylvania 8,650 (57) Three Months Ended June 30, 2024 8,650 (57) July 9, 2024 Office San Antonio, Texas 7,600 4,584 July 24, 2024 Other Concord, North Carolina 8,600 3,422 September 4, 2024 Other Beavercreek, Ohio 19,500 7,562 September 19, 2024 Other Huntsville, Alabama 4,100 557 Three Months Ended September 30, 2024 39,800 16,125 Total for the Nine Months Ended September 30, 2024 $ 127,975 $ 25,245 On January 31, 2024, the Company sold an 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. For the nine months ended September 30, 2024, the Company recognized $0.5 million of discount amortization related to the imputed interest, which is presented in “Other income (expenses)” on the consolidated statement of operations. As of September 30, 2024, the balance on the note was approximately $14.8 million, which is presented in “Other assets” on the consolidated balance sheets. Real Estate Held for Sale As of September 30, 2024, four Other segment properties 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 September 30, 2024: ASSETS September 30, 2024 Land $ 4,966 Building and improvements 37,205 Tenant origination and absorption cost 6,357 Construction in Progress 53 Total real estate 48,581 Less: accumulated depreciation (15,441) Total real estate, net 33,140 Deferred rent 1,794 Deferred leasing costs, net 1,377 Other assets, net 145 Total real estate and other assets held for sale $ 36,456 LIABILITIES Accrued expenses and other liabilities $ 1,267 Liabilities of real estate assets held for sale $ 1,267 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 estimated 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 potential sale and estimated selling price of the property, which impacted the recoverability of the asset. During the three months ended June 30, 2024, the Company recorded a real estate impairment provision of approximately $6.5 million related to one Other segment property. The impairment resulted from the potential sale and estimated selling price of the property, which impacted the recoverability of the asset. During the three months ended September 30, 2024, the Company recorded a real estate impairment provision of approximately $42.9 million related to three Other segment properties. The impairment resulted from changes in the current quarter related to potential sales and estimated selling prices of the properties, which impacted the recoverability of the assets. Refer to Note 8. Fair Value Measurements for additional details regarding the fair value measurements used in determining the real estate impairments. 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 September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 In-place lease valuation (above market) $ 16,674 $ 22,759 In-place lease valuation (above market) - accumulated amortization (11,497) (16,616) In-place lease valuation (above market), net 5,177 6,143 Intangibles - other 32,028 32,028 Intangibles - other - accumulated amortization (9,602) (8,481) Intangibles - other, net 22,426 23,547 Intangible assets, net $ 27,603 $ 29,690 In-place lease valuation (below market) $ (39,205) $ (42,534) Land leasehold interest (above market) (3,072) (3,072) Intangibles - other (above market) (135) (187) In-place lease valuation & land leasehold interest - accumulated amortization 28,528 29,770 Intangible liabilities, net $ (13,884) $ (16,023) Tenant origination and absorption cost $ 370,946 $ 402,251 Tenant origination and absorption cost - accumulated amortization (214,837) (221,786) Tenant origination and absorption cost, net $ 156,109 $ 180,465 The amortization of the intangible assets and other leasing costs for the respective periods is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Above and below market leases, net $ (269) $ (421) $ (900) $ (834) Tenant origination and absorption cost $ 6,836 $ 8,261 $ 21,483 $ 29,651 Ground lease amortization (below market) $ (98) $ (98) $ (291) $ (290) Other leasing costs amortization $ 500 $ 489 $ 1,471 $ 1,527

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 30, 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 an approximately 49% interest in a joint venture (“Galaxy REIT, LLC” or the “Office Joint Venture”), through which it owned indirectly an approximate 49% interest in the JV Office Portfolio. Following the impairment of the JV Office Portfolio as of September 30, 2023, the Company no longer recorded any equity income or losses related to the Office Joint Venture. On August 28, 2024, the Company transferred all of its ownership interest in the Office Joint Venture to the other members of the Office Joint Venture (the “Purchasing Members”). As part of the transfer, the Purchasing Members agreed to assume all Shortfall Loans (as defined in the JV office Portfolio’s Limited Liability Company Agreement) previously made between the Company and the Purchasing Member, including all principal and interest accrued, which approximated $6.7 million as of the date of the transfer. The transfer and the assignment of the Shortfall Loans offset our remaining capital account. Additionally, as part of the transfer, the Company and the Purchasing Members agreed that the Company has the opportunity for an earnout in the future (the “Earnout”). Based on the Company’s assessment, there is a minimal likelihood of achieving the Earnout, and as such, the Company concluded that no value would be assigned to the Earnout. Although the Company no longer holds an interest in the JV Office Portfolio as of September 30, 2024, the Company’s investment in the Office Joint Venture still met the significance criteria in accordance with Rule 10-01(b)(1) of Regulation S-X during the period. As such, 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: September 30, 2024 (1) December 31, 2023 (2) Assets Real estate properties, net $ 1,064,108 $ 1,092,312 Other assets 252,794 299,045 Total Assets $ 1,316,902 $ 1,391,357 Liabilities Mortgages payable, net $ 1,065,448 $ 1,067,005 Other liabilities 87,378 92,919 Total Liabilities $ 1,152,826 $ 1,159,924 (1) Amounts are as of June 30, 2024 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 September 30, Nine Months Ended September 30, 2024 (1) 2023 (1) 2024 (2) 2023 (2) Total revenues $ 39,437 $ 50,889 $ 132,824 $ 145,595 Expenses: Operating expenses (16,950) (16,838) (53,470) (49,271) General and administrative (1,949) (1,699) (5,244) (5,354) Depreciation and amortization (14,601) (17,074) (60,158) (50,259) Interest expense (28,848) (51,721) (89,567) (144,703) Other income, net 1,113 2,782 1,854 4,665 Total Expenses (61,235) (84,550) (206,585) (244,922) Net Loss $ (21,798) $ (33,661) $ (73,761) $ (99,327) (1) Amounts represent the period of April 1 to June 30 due to the recording of the Office Joint Venture’s activity on a one quarter lag. (2) Amounts represent the period of October 1 to June 30 due to the recording of the Office Joint Venture’s activity on a one quarter lag.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt As of September 30, 2024 and December 31, 2023, the Company’s consolidated debt consisted of the following: Carrying Value September 30, 2024 December 31, 2023 Contractual Interest Rate (1) Effective Interest Rate (2) Loan Maturity (3) Secured Debt AIG Loan II $ 101,836 $ 119,953 4.15% 4.15% November 2025 BOA II Loan 250,000 250,000 4.32% 4.37% May 2028 AIG Loan 81,182 92,444 4.96% 4.96% February 2029 Highway 94 Mortgage Loan (4) — 11,709 —% —% — Pepsi Bottling Ventures Mortgage Loan (5) — 17,439 —% —% — Total Secured Debt 433,018 491,545 4.43% Unsecured Debt (6) 2026 Term Loan 150,000 150,000 SOF Rate + 1.25% 3.36% April 2026 2028 Term Loan (7) 210,000 400,000 SOF Rate + 1.60% 3.72% July 2028 Revolving Loan 390,000 400,000 SOF Rate + 1.65% 3.77% July 2028 Total Unsecured Debt 750,000 950,000 3.67% Total Debt 1,183,018 1,441,545 3.95% Unamortized Deferred Financing Costs and Discounts, net (15,008) (5,622) Total Debt, net $ 1,168,010 $ 1,435,923 (1) The Contractual Interest Rate for the Company’s unsecured debt uses the applicable Secured Overnight Financing Rate ("SOFR" or “SOF rate"). As of September 30, 2024, the applicable rates were 4.83% (SOFR, as calculated per the credit facility), plus spreads of 1.25% (2026 Term Loan), 1.60% (2028 Term Loan), and 1.65% (Revolving Loan) and a 0.1% index. (2) The Effective Interest Rate is calculated on a weighted average basis and is inclusive of the Company's $750.0 million floating to fixed interest rate swaps maturing on July 1, 2025. The Effective Interest Rate does not include the effect of amortization of discounts/premiums and deferred financing costs. When adjusting for the effect of amortization of discounts/premiums and deferred financing costs, but excluding the impact of interest rate swaps, the Company’s weighted average effective interest rate was 6.37%. (3) Reflects the loan maturity dates as of September 30, 2024. (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) Pepsi Bottling Ventures Mortgage Loan was paid off in full in September 2024. (6) On July 25, 2024, the Company entered into the Eighth Amendment (as defined below), which modified, among other terms, maturity dates of certain loans, the interest rate, the maximum commitment amount under the Revolving Loan, and certain terms related to debt covenants. (7) As a result of the modifications under the Eighth Amendment, the maturity date for the 2028 Term Loan (previously the 2025 Term Loan) was extended to July 25, 2028. Second Amended and Restated Credit Agreement As of September 30, 2024, the Second Amended and Restated Credit Agreement dated as of April 30, 2019 (as amended by the First Amendment to the Second Amended and Restated Credit Agreement dated as of October 1, 2020 (the “First Amendment”), the Second Amendment to the Second Amended and Restated Credit Agreement dated as of December 18, 2020 (the “Second Amendment”), the Third Amendment to the Second Amended and Restated Credit Agreement dated as of July 14, 2021 (the “Third Amendment”), the Fourth Amendment to the Second Amended and Restated Credit Agreement dated as of April 28, 2022 (the “Fourth Amendment”), the Fifth Amendment to the Second Amended and Restated Credit Agreement dated as of September 28, 2022 (the “Fifth Amendment”), the Sixth Amendment to the Second Amended and Restated Credit Agreement dated as of November 30, 2022 (the “Sixth Amendment”), the Seventh Amendment to the Second Amended and Restated Credit Agreement dated as of March 21, 2023 (the “Seventh Amendment”), and the Eighth Amendment to the Second Amended and Restated Credit Agreement dated as of July 25, 2024 (the “Eighth Amendment”), collectively the “Second Amended and Restated Credit Agreement”), with KeyBank National Association (“KeyBank”) as administrative agent, and a syndicate of lenders, provided the Operating Partnership, as the borrower, with a $1.3 billion credit facility consisting of (i) a $547.0 million senior unsecured revolving credit facility (the “Revolving Credit Facility”), under which the Operating Partnership has drawn $390.0 million (the “Revolving Loan”) maturing in July 2028, (ii) a $210.0 million senior unsecured term loan maturing in July 2028 (the “2028 Term Loan”), and (iii) a $150.0 million senior unsecured term loan maturing in April 2026 (the “2026 Term Loan” and together with the Revolving Loan and the 2028 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 $393.0 million in the aggregate. As of September 30, 2024, the available undrawn capacity under the Revolving Credit Facility was $157.0 million. 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. Pursuant to the Eighth Amendment to the Second Amended and Restated Credit Agreement, certain terms related to debt covenants in the Second Amended and Restated Credit Agreement were modified.

Interest Rate Contracts

Interest Rate Contracts	9 Months Ended
	Sep. 30, 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 hedging instruments (collectively, “Interest Rate Swaps”) to provide greater predictability in interest expense by protecting against potential increases in floating interest rates and allow for more precise budgeting, financial planning and forecasting. 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 As of September 30, 2024, the Company has Interest Rate Swaps in place to hedge the variable cash flows associated with its variable-rate debt (which, as of September 30, 2024, consists of 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 through 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 September 30, 2024 and December 31, 2023: Fair Value (1) Current Notional Amounts Derivative Instrument Effective Date Maturity Date Interest Strike Rate September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Assets Current Interest Rate Swaps Interest Rate Swap 3/10/2020 7/1/2025 0.83% $ 3,678 $ 7,891 $ 150,000 $ 150,000 Interest Rate Swap 3/10/2020 7/1/2025 0.84% 2,445 5,250 100,000 100,000 Interest Rate Swap 3/10/2020 7/1/2025 0.86% 1,822 3,915 75,000 75,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 1,213 2,924 125,000 125,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 967 2,331 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.83% 965 2,327 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.84% 952 2,304 100,000 100,000 Total $ 12,042 $ 26,942 $ 750,000 $ 750,000 Forward Interest Rate Swaps (2) Interest Rate Swap 7/1/2025 7/1/2029 3.57% $ (1,820) $ — $ 100,000 $ — Interest Rate Swap 7/1/2025 7/1/2029 3.57% (1,825) — 100,000 — Interest Rate Swap 7/1/2025 7/1/2029 3.60% (1,922) — 100,000 — Interest Rate Swap 7/1/2025 7/1/2029 3.58% (1,864) — 100,000 — Interest Rate Swap 7/1/2025 7/1/2029 3.57% (1,826) — 100,000 — Interest Rate Swap 7/1/2025 7/1/2029 3.62% (998) — 50,000 — Total $ (10,255) $ — $ 550,000 $ — (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 September 30, 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. (2) In connection with the Eighth Amendment, the Operating Partnership entered into certain interest rate swaps, in the form of forward-starting, floating to fixed SOFR interest rate swaps with a notional amount of $550.0 million. These swaps become effective July 1, 2025, and mature July 1, 2029 and have the effect of converting SOFR to a weighted average fixed rate of 3.58%. The following table sets forth the impact of the Interest Rate Swaps on the consolidated statements of operations for the periods presented: Nine Months Ended September 30, 2024 2023 Interest Rate Swaps in Cash Flow Hedging Relationship: Amount of gain (loss) recognized in AOCI on derivatives $ 5,347 $ (15,371) Amount reclassified from AOCI into earnings under “Interest expense” $ 19,714 $ 16,993 Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 46,134 $ 49,208 During the twelve months subsequent to September 30, 2024, the Company estimates that an additional $11.5 million of its income will be recognized from AOCI into earnings. As of September 30, 2024 and December 31, 2023, the Company is not required to post collateral related to these agreements .

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Interest payable $ 15,522 $ 17,073 Prepaid tenant rent 7,762 9,710 Deferred compensation 10,111 9,661 Real estate taxes payable 4,942 5,165 Property operating expense payable 2,371 4,469 Accrued construction in progress — 1,183 Accrued tenant improvements 1,245 551 Other liabilities 20,909 30,417 Total $ 62,862 $ 78,229

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 entire fair value measurement is calculated based on the lowest level of the fair value hierarchy 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 September 30, 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 September 30, 2024 and December 31, 2023: Assets/(Liabilities) Total Fair Value Level 1 Level 2 Level 3 September 30, 2024 Interest Rate Swap Asset $ 12,042 $ — $ 12,042 $ — Mutual Funds Asset $ 7,996 $ 7,996 $ — $ — Interest Rate Swap Liability $ (10,255) $ — $ (10,255) $ — 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 three impaired real estate assets for the nine months ended September 30, 2024. The Company used estimated selling prices, which the Company considered as a Level 2 measurement within the fair value hierarchy: Range of Inputs Unobservable Inputs Other segment Estimated selling price (per square foot) $46.00 - $188.00 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, within the Other segment, the Company sold three properties 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. During the three months ended September 30, 2024, within the Other segment, (i) the Company sold three properties for $32.2 million and (ii) recognized impairments on three properties for $42.9 million. As a result of these sales and impairments, 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 greater than the carrying amount. Thus, the Company recorded no 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 secured debt 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 September 30, 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 September 30, 2024 and December 31, 2023 consisted of cash and cash equivalents, restricted cash, accounts receivable, accrued expenses and other liabilities, and consolidated debt, as defined in Note 5, Debt. With the exception of the secured debt in the table below, the amounts of the financial instruments presented in the consolidated financial statements substantially approximate their fair value as of September 30, 2024 and December 31, 2023. The fair value of the secured debt in the table below is estimated by discounting each loan’s principal balance over the remaining term of the loan using current borrowing rates available to the Company for debt instruments with similar terms and maturities. The Company determined that the secured 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. September 30, 2024 December 31, 2023 Fair Value Carrying Value (1) Fair Value Carrying Value (1) BOA II Loan $ 231,528 $ 250,000 $ 220,730 $ 250,000 AIG Loan II 91,780 101,836 115,340 119,953 AIG Loan 61,850 81,182 92,444 92,444 Pepsi Bottling Ventures Mortgage Loan — — 17,439 17,439 Highway 94 Mortgage Loan — — 11,709 11,709 Total Secured Debt $ 385,158 $ 433,018 $ 457,662 $ 491,545 (1) The carrying values do not include the debt premium/(discount) or deferred financing costs as of September 30, 2024 and December 31, 2023. See Note 5, Debt , for details.

Equity

Equity	9 Months Ended
	Sep. 30, 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 September 30, 2024, there were 36,377,254 common shares outstanding. ATM Program In August 2023, the Company entered into an at-the-market equity offering (the “ATM”) pursuant to which the Company may sell common shares up to an aggregate purchase price of $200.0 million. The Company may sell such shares in amounts and at times to be determined by the Company from time to time, but the Company has no obligation to sell any of such shares. Actual sales, if any, will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of the Company’s common shares, and the Company’s determinations of its capital needs and the appropriate sources of funding. As of September 30, 2024, the Company has not sold any shares under the ATM program. Issuance of Restricted Shares - Long-Term Incentive Plan On April 5, 2023, the Compensation Committee of the Board approved the Peakstone Realty Trust Second Amended and Restated Employee and Trustee Long-Term Incentive Plan (the “Initial 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. At the Company’s annual meeting of shareholders on June 18, 2024, the Company’s shareholders approved a First Amendment to the Initial Plan (as amended, the “Plan”), which increased the aggregate number of common shares of beneficial interest of the Company that may be issued under awards pursuant to the “Plan” by 1,285,700 shares. Awards granted under the Plan may consist of stock options, restricted share units and restricted shares (together, “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 2,063,478 shares. As of September 30, 2024, 892,788 common shares remained for issuance pursuant to awards granted under the Plan. As of September 30, 2024 and September 30, 2023, there was $8.5 million and $11.0 million, respectively, of unrecognized compensation expense remaining, which vests between three months and approximately 2.3 years. Total compensation expense related to Restricted Shares for the three months ended September 30, 2024 and September 30, 2023 was approximately $2.0 million and $2.4 million, respectively. Total compensation expense for the nine months ended September 30, 2024 and September 30, 2023 was approximately $5.8 million and $9.0 million, respectively. The following table summarizes the activity of unvested Restricted Shares for the periods presented: Number of Unvested Restricted Shares 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 540,167 $ 11.63 Forfeited (1,735) $ 44.50 Vested (1) (69,168) $ 27.25 Balance as of September 30, 2024 628,817 On February 21, 2024, the Board declared an all-cash dividend for the first quarter in the amount of $0.225 per common share and an all-cash distribution in the amount of $0.225 per OP Unit. The Company paid such dividends on April 18, 2024 to shareholders and holders of OP Units of record as of March 29, 2024. On May 2, 2024, the Board declared an all-cash dividend for the second quarter in the amount of $0.225 per common share and an all-cash distribution in the amount of $0.225 per OP Unit. The Company paid such dividends on July 18, 2024 to shareholders and holders of OP Units of record as of June 28, 2024. On August 6, 2024, the Board declared an all-cash dividend for the third quarter in the amount of $0.225 per common share and an all-cash distribution in the amount of $0.225 per OP Unit. The Company paid such dividends on October 17, 2024 to shareholders and holders of OP Units of record as of September 30, 2024.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests are OP Units owned by previously affiliated and unaffiliated third parties (the “limited partners”). As of September 30, 2024, the limited partners of the Operating Partnership owned approximately 3.22 million OP Units consisting of approximately (i) 3.2 million OP Units, which were issued to previously 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 (as defined in below), and (ii) 0.02 million OP Units, which were issued to unaffiliated third parties unrelated to property contributions. As of September 30, 2024, assuming all OP Units held by the limited partners were converted to common shares, noncontrolling interests would constitute approximately 8.1% of total shares outstanding and 8.1% of weighted-average shares outstanding. All limited partners of the Operating Partnership have the right (the “Exchange Right”) to redeem their OP Units, pursuant to the limited partnership agreement of the Operating Partnership and applicable contribution agreement, at an exchange price equal to the value of an equivalent number of common shares (“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, subject to certain transfer and ownership limitations included in the Company’s charter and the limited partnership agreement of the Operating Partnership. The following summarizes the activity for noncontrolling interests recorded as equity for the nine months ended September 30, 2024 and year ended December 31, 2023: Nine Months Ended September 30, 2024 Year Ended December 31, 2023 Beginning balance $ 91,629 $ 174,655 Reclass of noncontrolling interest subject to redemption — 10 Exchange of noncontrolling interest (1,058) (27,169) Reclass of redeemable non-controlling interest — 3,801 Distributions to noncontrolling interests (2,168) (2,989) Allocated distributions to noncontrolling interests subject to redemption — (728) Allocated net income (loss) (2,042) (54,555) Allocated other comprehensive income (loss) (2,033) (1,396) Ending balance $ 84,328 $ 91,629 Redemption of OP units from Self-Administration Transaction In connection with the transaction that resulted in the internalization of management of Griffin Capital Essential Asset REIT, Inc. (our “Predecessor”) in December 2018 (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 and 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, the “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	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Summarized below are the related party transaction costs receivable and payable as of September 30, 2024 and December 31, 2023: Incurred for the Nine Months Ended Payable as of September 30, September 30, December 31, 2024 2023 2024 2023 Expensed Costs advanced by related party $ — $ 85 $ 16 $ — Office rent and related expenses 476 975 — — Other Distributions 1,720 2,381 573 573 Total $ 2,196 $ 3,441 $ 589 $ 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 September 30, 2024, the Company recorded a lease liability and a right-of-use asset for approximately $0.8 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.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases Lessor The Company, as Lessor, leases industrial and office space to tenants primarily under leases classified as non-cancelable operating leases that generally contain provisions for contractual base rents plus reimbursement for certain recoverable operating expenses including, without limitation, real estate taxes, insurance, common area maintenance (“Recoverable Operating Expenses”). Total contractual base rent payments are recognized in rental income on a straight-line basis over the term of the related lease. Estimated reimbursements from tenants for Recoverable Operating Expenses are recognized in rental income in the period that the expenses are incurred. The Company recognized $148.8 million and $166.5 million of lease income The Company's current third-party tenant leases have expirations ranging from 2025 to 2044. The following table (i) sets forth undiscounted cash flows for future contractual base rents to be received under operating leases as of September 30, 2024, and (ii) excludes estimated reimbursements of Recoverable Operating Expenses: September 30, 2024 Remaining 2024 $ 45,728 2025 185,946 2026 183,987 2027 170,410 2028 155,898 Thereafter 609,225 Total $ 1,351,194 Lessee - Ground Leases As of September 30, 2024, the Company is the tenant (lessee) 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 September 30, 2024, the Company is the tenant (lessee) 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 office leases in which the Company is a lessee, the Company incurred costs of approximately $2.9 million for the nine months ended September 30, 2024 and $2.9 million for the nine months ended September 30, 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 $1.6 million for the nine months ended September 30, 2024 and $1.6 million for the nine months ended September 30, 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 September 30, 2024: September 30, 2024 Lease Term and Discount Rate Operating Financing Weighted-average remaining lease term in years 75.3 15.6 Weighted-average discount rate (1) 4.97% 3.46% (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 September 30, 2024 were as follows: September 30, 2024 Operating Financing 2024 $ 527 $ 211 2025 2,051 365 2026 1,748 375 2027 1,527 381 2028 1,595 386 Thereafter 248,693 3,072 Total undiscounted lease payments 256,141 4,790 Less: imputed interest (212,195) (1,876) Total lease liabilities $ 43,946 $ 2,914
Leases	Leases Lessor The Company, as Lessor, leases industrial and office space to tenants primarily under leases classified as non-cancelable operating leases that generally contain provisions for contractual base rents plus reimbursement for certain recoverable operating expenses including, without limitation, real estate taxes, insurance, common area maintenance (“Recoverable Operating Expenses”). Total contractual base rent payments are recognized in rental income on a straight-line basis over the term of the related lease. Estimated reimbursements from tenants for Recoverable Operating Expenses are recognized in rental income in the period that the expenses are incurred. The Company recognized $148.8 million and $166.5 million of lease income The Company's current third-party tenant leases have expirations ranging from 2025 to 2044. The following table (i) sets forth undiscounted cash flows for future contractual base rents to be received under operating leases as of September 30, 2024, and (ii) excludes estimated reimbursements of Recoverable Operating Expenses: September 30, 2024 Remaining 2024 $ 45,728 2025 185,946 2026 183,987 2027 170,410 2028 155,898 Thereafter 609,225 Total $ 1,351,194 Lessee - Ground Leases As of September 30, 2024, the Company is the tenant (lessee) 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 September 30, 2024, the Company is the tenant (lessee) 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 office leases in which the Company is a lessee, the Company incurred costs of approximately $2.9 million for the nine months ended September 30, 2024 and $2.9 million for the nine months ended September 30, 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 $1.6 million for the nine months ended September 30, 2024 and $1.6 million for the nine months ended September 30, 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 September 30, 2024: September 30, 2024 Lease Term and Discount Rate Operating Financing Weighted-average remaining lease term in years 75.3 15.6 Weighted-average discount rate (1) 4.97% 3.46% (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 September 30, 2024 were as follows: September 30, 2024 Operating Financing 2024 $ 527 $ 211 2025 2,051 365 2026 1,748 375 2027 1,527 381 2028 1,595 386 Thereafter 248,693 3,072 Total undiscounted lease payments 256,141 4,790 Less: imputed interest (212,195) (1,876) Total lease liabilities $ 43,946 $ 2,914

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capital Expenditures, Leasing, and Tenant Improvement Commitments As of September 30, 2024, the Company had an aggregate remaining contractual commitment for capital expenditure projects, leasing commissions and tenant improvements of approximately $8.3 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024 and September 30, 2023 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Industrial NOI Total Industrial revenues $ 14,918 $ 13,934 $ 44,305 $ 42,508 Industrial operating expenses (2,220) (1,884) (6,238) (5,510) Industrial NOI 12,698 12,050 38,067 36,998 Office NOI Total Office revenues 33,234 34,022 99,224 108,210 Office operating expenses (5,787) (6,102) (16,934) (18,518) Office NOI 27,447 27,920 82,290 89,692 Other NOI Total Other revenues 6,808 13,757 26,611 40,508 Other operating expenses (3,094) (5,360) (10,058) (15,666) Other NOI 3,714 8,397 16,553 24,842 Total NOI $ 43,859 $ 48,367 $ 136,910 $ 151,532 A reconciliation of net loss to NOI for the three and nine months ended September 30, 2024 and September 30, 2023 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Reconciliation of Net Loss to Total NOI Net loss $ (26,549) $ (139,948) $ (25,180) $ (583,332) General and administrative expenses 9,122 9,653 27,918 31,411 Corporate operating expenses to related parties 141 257 476 975 Real estate impairment provision 42,894 — 50,774 397,373 Depreciation and amortization 22,742 25,003 69,155 86,830 Interest expense 14,140 16,126 46,134 49,208 Other income, net (3,592) (3,654) (12,802) (7,613) Net loss from investment in unconsolidated entity — 144,598 — 176,767 Extinguishment of debt 508 — 508 — Gain from disposition of assets (16,125) (3,748) (25,245) (24,657) Goodwill impairment provision — — 4,594 — Transaction expenses 578 80 578 24,570 Total NOI $ 43,859 $ 48,367 $ 136,910 $ 151,532 The following table presents the Company’s goodwill for each of the segments as of September 30, 2024 and December 31, 2023: September 30, 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 deductions for accumulated depreciation and amortization and excludes intangibles, for each segment as of the September 30, 2024 and December 31, 2023: September 30, December 31, 2024 2023 Industrial Real Estate, net Total real estate $ 741,717 $ 741,737 Accumulated depreciation and amortization (170,962) (152,353) Industrial real estate, net 570,755 589,384 Office Real Estate, net Total real estate 1,505,580 1,505,959 Accumulated depreciation and amortization (326,189) (286,136) Office real estate, net 1,179,391 1,219,823 Other Real Estate, net Total real estate 173,878 362,415 Accumulated depreciation and amortization (57,669) (112,063) Other real estate, net 116,209 250,352 Total Real Estate, net $ 1,866,355 $ 2,059,559 Total Real Estate Held for Sale, net Total real estate $ 48,581 $ 64,289 Accumulated depreciation and amortization (15,441) (14,636) Real estate held for sale, net $ 33,140 $ 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 and Di

Declaration of Dividends and Distributions	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Declaration of Dividends and Distributions	Equity Common Equity On April 13, 2023, the Company listed its common shares on the New York Stock Exchange (the “Listing”). As of September 30, 2024, there were 36,377,254 common shares outstanding. ATM Program In August 2023, the Company entered into an at-the-market equity offering (the “ATM”) pursuant to which the Company may sell common shares up to an aggregate purchase price of $200.0 million. The Company may sell such shares in amounts and at times to be determined by the Company from time to time, but the Company has no obligation to sell any of such shares. Actual sales, if any, will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of the Company’s common shares, and the Company’s determinations of its capital needs and the appropriate sources of funding. As of September 30, 2024, the Company has not sold any shares under the ATM program. Issuance of Restricted Shares - Long-Term Incentive Plan On April 5, 2023, the Compensation Committee of the Board approved the Peakstone Realty Trust Second Amended and Restated Employee and Trustee Long-Term Incentive Plan (the “Initial 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. At the Company’s annual meeting of shareholders on June 18, 2024, the Company’s shareholders approved a First Amendment to the Initial Plan (as amended, the “Plan”), which increased the aggregate number of common shares of beneficial interest of the Company that may be issued under awards pursuant to the “Plan” by 1,285,700 shares. Awards granted under the Plan may consist of stock options, restricted share units and restricted shares (together, “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 2,063,478 shares. As of September 30, 2024, 892,788 common shares remained for issuance pursuant to awards granted under the Plan. As of September 30, 2024 and September 30, 2023, there was $8.5 million and $11.0 million, respectively, of unrecognized compensation expense remaining, which vests between three months and approximately 2.3 years. Total compensation expense related to Restricted Shares for the three months ended September 30, 2024 and September 30, 2023 was approximately $2.0 million and $2.4 million, respectively. Total compensation expense for the nine months ended September 30, 2024 and September 30, 2023 was approximately $5.8 million and $9.0 million, respectively. The following table summarizes the activity of unvested Restricted Shares for the periods presented: Number of Unvested Restricted Shares 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 540,167 $ 11.63 Forfeited (1,735) $ 44.50 Vested (1) (69,168) $ 27.25 Balance as of September 30, 2024 628,817 On February 21, 2024, the Board declared an all-cash dividend for the first quarter in the amount of $0.225 per common share and an all-cash distribution in the amount of $0.225 per OP Unit. The Company paid such dividends on April 18, 2024 to shareholders and holders of OP Units of record as of March 29, 2024. On May 2, 2024, the Board declared an all-cash dividend for the second quarter in the amount of $0.225 per common share and an all-cash distribution in the amount of $0.225 per OP Unit. The Company paid such dividends on July 18, 2024 to shareholders and holders of OP Units of record as of June 28, 2024. On August 6, 2024, the Board declared an all-cash dividend for the third quarter in the amount of $0.225 per common share and an all-cash distribution in the amount of $0.225 per OP Unit. The Company paid such dividends on October 17, 2024 to shareholders and holders of OP Units of record as of September 30, 2024.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Declaration of Dividends and Distributions On October 23, 2024, the Board declared an all-cash dividend for the fourth quarter in the amount of $0.225 per common share and an all-cash distribution in the amount of $0.225 per OP Unit. Such dividend is payable on or about January 17, 2025 to shareholders and holders of OP Units of record as of December 31, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (24,395)	$ (127,595)	$ (23,138)	$ (538,037)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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. Each property-owning entity is a wholly-owned subsidiary which is a special purpose entity (“SPE”).
Segment Information	Segment Information
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 Basic earnings per share is computed by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net (loss) income 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.), using the more dilutive of either the two-class method or the treasury stock method. For all periods presented, (a) OP Units were excluded from the dilutive earnings per share computation because they were not dilutive, and (b) using the treasury stock method, the Unvested Restricted Shares (in the amounts set forth below) were excluded from dilutive earnings per share because the inclusion would have been anti-dilutive.
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 September 30, 2024, the Company satisfied the REIT requirements. 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	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)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Unvested Restricted Shares 257,064 416,446 462,136 257,066
Schedule of Restrictions on Cash and Cash Equivalents	The table below summarizes the Company’s restricted cash: Balance as of September 30, 2024 December 31, 2023 Cash reserves $ 23,354 $ 7,200 Restricted lockbox 1,827 2,008 Total restricted cash $ 25,181 $ 9,208

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Real Estate Properties	The following table summarizes the Company’s gross investment in real estate as of: September 30, 2024 December 31, 2023 Land $ 212,312 $ 231,175 Building and improvements 1,836,900 1,968,314 Tenant origination and absorption cost 370,946 402,251 Construction in progress 1,017 8,371 Total real estate $ 2,421,175 $ 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 September 30, 2024: ASSETS September 30, 2024 Land $ 4,966 Building and improvements 37,205 Tenant origination and absorption cost 6,357 Construction in Progress 53 Total real estate 48,581 Less: accumulated depreciation (15,441) Total real estate, net 33,140 Deferred rent 1,794 Deferred leasing costs, net 1,377 Other assets, net 145 Total real estate and other assets held for sale $ 36,456 LIABILITIES Accrued expenses and other liabilities $ 1,267 Liabilities of real estate assets held for sale $ 1,267
Schedule of Gain (Loss) on Sale of Properties	For the nine months ended September 30, 2024, the Company sold nine properties for approximately $128.0 million and recognized a net gain of approximately $25.2 million, detailed in the table below: Sale Date Segment Location Gross Disposition Price Gain (Loss) 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) Three Months Ended March 31, 2024 79,525 9,177 April 30, 2024 Other Mechanicsburg, Pennsylvania 8,650 (57) Three Months Ended June 30, 2024 8,650 (57) July 9, 2024 Office San Antonio, Texas 7,600 4,584 July 24, 2024 Other Concord, North Carolina 8,600 3,422 September 4, 2024 Other Beavercreek, Ohio 19,500 7,562 September 19, 2024 Other Huntsville, Alabama 4,100 557 Three Months Ended September 30, 2024 39,800 16,125 Total for the Nine Months Ended September 30, 2024 $ 127,975 $ 25,245
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 September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 In-place lease valuation (above market) $ 16,674 $ 22,759 In-place lease valuation (above market) - accumulated amortization (11,497) (16,616) In-place lease valuation (above market), net 5,177 6,143 Intangibles - other 32,028 32,028 Intangibles - other - accumulated amortization (9,602) (8,481) Intangibles - other, net 22,426 23,547 Intangible assets, net $ 27,603 $ 29,690 In-place lease valuation (below market) $ (39,205) $ (42,534) Land leasehold interest (above market) (3,072) (3,072) Intangibles - other (above market) (135) (187) In-place lease valuation & land leasehold interest - accumulated amortization 28,528 29,770 Intangible liabilities, net $ (13,884) $ (16,023) Tenant origination and absorption cost $ 370,946 $ 402,251 Tenant origination and absorption cost - accumulated amortization (214,837) (221,786) Tenant origination and absorption cost, net $ 156,109 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Above and below market leases, net $ (269) $ (421) $ (900) $ (834) Tenant origination and absorption cost $ 6,836 $ 8,261 $ 21,483 $ 29,651 Ground lease amortization (below market) $ (98) $ (98) $ (291) $ (290) Other leasing costs amortization $ 500 $ 489 $ 1,471 $ 1,527

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Condensed Balance Sheet and Statements of Operations for Unconsolidated Office Joint Venture	The table below presents the condensed balance sheet for the unconsolidated Office Joint Venture: September 30, 2024 (1) December 31, 2023 (2) Assets Real estate properties, net $ 1,064,108 $ 1,092,312 Other assets 252,794 299,045 Total Assets $ 1,316,902 $ 1,391,357 Liabilities Mortgages payable, net $ 1,065,448 $ 1,067,005 Other liabilities 87,378 92,919 Total Liabilities $ 1,152,826 $ 1,159,924 (1) Amounts are as of June 30, 2024 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 September 30, Nine Months Ended September 30, 2024 (1) 2023 (1) 2024 (2) 2023 (2) Total revenues $ 39,437 $ 50,889 $ 132,824 $ 145,595 Expenses: Operating expenses (16,950) (16,838) (53,470) (49,271) General and administrative (1,949) (1,699) (5,244) (5,354) Depreciation and amortization (14,601) (17,074) (60,158) (50,259) Interest expense (28,848) (51,721) (89,567) (144,703) Other income, net 1,113 2,782 1,854 4,665 Total Expenses (61,235) (84,550) (206,585) (244,922) Net Loss $ (21,798) $ (33,661) $ (73,761) $ (99,327) (1) Amounts represent the period of April 1 to June 30 due to the recording of the Office Joint Venture’s activity on a one quarter lag. (2) Amounts represent the period of October 1 to June 30 due to the recording of the Office Joint Venture’s activity on a one quarter lag.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	As of September 30, 2024 and December 31, 2023, the Company’s consolidated debt consisted of the following: Carrying Value September 30, 2024 December 31, 2023 Contractual Interest Rate (1) Effective Interest Rate (2) Loan Maturity (3) Secured Debt AIG Loan II $ 101,836 $ 119,953 4.15% 4.15% November 2025 BOA II Loan 250,000 250,000 4.32% 4.37% May 2028 AIG Loan 81,182 92,444 4.96% 4.96% February 2029 Highway 94 Mortgage Loan (4) — 11,709 —% —% — Pepsi Bottling Ventures Mortgage Loan (5) — 17,439 —% —% — Total Secured Debt 433,018 491,545 4.43% Unsecured Debt (6) 2026 Term Loan 150,000 150,000 SOF Rate + 1.25% 3.36% April 2026 2028 Term Loan (7) 210,000 400,000 SOF Rate + 1.60% 3.72% July 2028 Revolving Loan 390,000 400,000 SOF Rate + 1.65% 3.77% July 2028 Total Unsecured Debt 750,000 950,000 3.67% Total Debt 1,183,018 1,441,545 3.95% Unamortized Deferred Financing Costs and Discounts, net (15,008) (5,622) Total Debt, net $ 1,168,010 $ 1,435,923 (1) The Contractual Interest Rate for the Company’s unsecured debt uses the applicable Secured Overnight Financing Rate ("SOFR" or “SOF rate"). As of September 30, 2024, the applicable rates were 4.83% (SOFR, as calculated per the credit facility), plus spreads of 1.25% (2026 Term Loan), 1.60% (2028 Term Loan), and 1.65% (Revolving Loan) and a 0.1% index. (2) The Effective Interest Rate is calculated on a weighted average basis and is inclusive of the Company's $750.0 million floating to fixed interest rate swaps maturing on July 1, 2025. The Effective Interest Rate does not include the effect of amortization of discounts/premiums and deferred financing costs. When adjusting for the effect of amortization of discounts/premiums and deferred financing costs, but excluding the impact of interest rate swaps, the Company’s weighted average effective interest rate was 6.37%. (3) Reflects the loan maturity dates as of September 30, 2024. (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) Pepsi Bottling Ventures Mortgage Loan was paid off in full in September 2024. (6) On July 25, 2024, the Company entered into the Eighth Amendment (as defined below), which modified, among other terms, maturity dates of certain loans, the interest rate, the maximum commitment amount under the Revolving Loan, and certain terms related to debt covenants. (7) As a result of the modifications under the Eighth Amendment, the maturity date for the 2028 Term Loan (previously the 2025 Term Loan) was extended to July 25, 2028.

Interest Rate Contracts (Tables

Interest Rate Contracts (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023: Fair Value (1) Current Notional Amounts Derivative Instrument Effective Date Maturity Date Interest Strike Rate September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Assets Current Interest Rate Swaps Interest Rate Swap 3/10/2020 7/1/2025 0.83% $ 3,678 $ 7,891 $ 150,000 $ 150,000 Interest Rate Swap 3/10/2020 7/1/2025 0.84% 2,445 5,250 100,000 100,000 Interest Rate Swap 3/10/2020 7/1/2025 0.86% 1,822 3,915 75,000 75,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 1,213 2,924 125,000 125,000 Interest Rate Swap 7/1/2020 7/1/2025 2.82% 967 2,331 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.83% 965 2,327 100,000 100,000 Interest Rate Swap 7/1/2020 7/1/2025 2.84% 952 2,304 100,000 100,000 Total $ 12,042 $ 26,942 $ 750,000 $ 750,000 Forward Interest Rate Swaps (2) Interest Rate Swap 7/1/2025 7/1/2029 3.57% $ (1,820) $ — $ 100,000 $ — Interest Rate Swap 7/1/2025 7/1/2029 3.57% (1,825) — 100,000 — Interest Rate Swap 7/1/2025 7/1/2029 3.60% (1,922) — 100,000 — Interest Rate Swap 7/1/2025 7/1/2029 3.58% (1,864) — 100,000 — Interest Rate Swap 7/1/2025 7/1/2029 3.57% (1,826) — 100,000 — Interest Rate Swap 7/1/2025 7/1/2029 3.62% (998) — 50,000 — Total $ (10,255) $ — $ 550,000 $ — (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 September 30, 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. (2) In connection with the Eighth Amendment, the Operating Partnership entered into certain interest rate swaps, in the form of forward-starting, floating to fixed SOFR interest rate swaps with a notional amount of $550.0 million. These swaps become effective July 1, 2025, and mature July 1, 2029 and have the effect of converting SOFR to a weighted average fixed rate of 3.58%.
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: Nine Months Ended September 30, 2024 2023 Interest Rate Swaps in Cash Flow Hedging Relationship: Amount of gain (loss) recognized in AOCI on derivatives $ 5,347 $ (15,371) Amount reclassified from AOCI into earnings under “Interest expense” $ 19,714 $ 16,993 Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 46,134 $ 49,208

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Interest payable $ 15,522 $ 17,073 Prepaid tenant rent 7,762 9,710 Deferred compensation 10,111 9,661 Real estate taxes payable 4,942 5,165 Property operating expense payable 2,371 4,469 Accrued construction in progress — 1,183 Accrued tenant improvements 1,245 551 Other liabilities 20,909 30,417 Total $ 62,862 $ 78,229

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023: Assets/(Liabilities) Total Fair Value Level 1 Level 2 Level 3 September 30, 2024 Interest Rate Swap Asset $ 12,042 $ — $ 12,042 $ — Mutual Funds Asset $ 7,996 $ 7,996 $ — $ — Interest Rate Swap Liability $ (10,255) $ — $ (10,255) $ — 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 three impaired real estate assets for the nine months ended September 30, 2024. The Company used estimated selling prices, which the Company considered as a Level 2 measurement within the fair value hierarchy: Range of Inputs Unobservable Inputs Other segment Estimated selling price (per square foot) $46.00 - $188.00 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 secured 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. September 30, 2024 December 31, 2023 Fair Value Carrying Value (1) Fair Value Carrying Value (1) BOA II Loan $ 231,528 $ 250,000 $ 220,730 $ 250,000 AIG Loan II 91,780 101,836 115,340 119,953 AIG Loan 61,850 81,182 92,444 92,444 Pepsi Bottling Ventures Mortgage Loan — — 17,439 17,439 Highway 94 Mortgage Loan — — 11,709 11,709 Total Secured Debt $ 385,158 $ 433,018 $ 457,662 $ 491,545 (1) The carrying values do not include the debt premium/(discount) or deferred financing costs as of September 30, 2024 and December 31, 2023. See Note 5, Debt , for details.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Unvested Shares of Restricted Stock Awards Activity	The following table summarizes the activity of unvested Restricted Shares for the periods presented: Number of Unvested Restricted Shares 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 540,167 $ 11.63 Forfeited (1,735) $ 44.50 Vested (1) (69,168) $ 27.25 Balance as of September 30, 2024 628,817

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Schedule of Activity for Noncontrolling Interests	The following summarizes the activity for noncontrolling interests recorded as equity for the nine months ended September 30, 2024 and year ended December 31, 2023: Nine Months Ended September 30, 2024 Year Ended December 31, 2023 Beginning balance $ 91,629 $ 174,655 Reclass of noncontrolling interest subject to redemption — 10 Exchange of noncontrolling interest (1,058) (27,169) Reclass of redeemable non-controlling interest — 3,801 Distributions to noncontrolling interests (2,168) (2,989) Allocated distributions to noncontrolling interests subject to redemption — (728) Allocated net income (loss) (2,042) (54,555) Allocated other comprehensive income (loss) (2,033) (1,396) Ending balance $ 84,328 $ 91,629

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Summarized below are the related party transaction costs receivable and payable as of September 30, 2024 and December 31, 2023: Incurred for the Nine Months Ended Payable as of September 30, September 30, December 31, 2024 2023 2024 2023 Expensed Costs advanced by related party $ — $ 85 $ 16 $ — Office rent and related expenses 476 975 — — Other Distributions 1,720 2,381 573 573 Total $ 2,196 $ 3,441 $ 589 $ 573

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Future Minimum Base Rents to be Received	The following table (i) sets forth undiscounted cash flows for future contractual base rents to be received under operating leases as of September 30, 2024, and (ii) excludes estimated reimbursements of Recoverable Operating Expenses: September 30, 2024 Remaining 2024 $ 45,728 2025 185,946 2026 183,987 2027 170,410 2028 155,898 Thereafter 609,225 Total $ 1,351,194
Schedule of Lease, Cost	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 September 30, 2024: September 30, 2024 Lease Term and Discount Rate Operating Financing Weighted-average remaining lease term in years 75.3 15.6 Weighted-average discount rate (1) 4.97% 3.46% (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 September 30, 2024 were as follows: September 30, 2024 Operating Financing 2024 $ 527 $ 211 2025 2,051 365 2026 1,748 375 2027 1,527 381 2028 1,595 386 Thereafter 248,693 3,072 Total undiscounted lease payments 256,141 4,790 Less: imputed interest (212,195) (1,876) Total lease liabilities $ 43,946 $ 2,914
Schedule of Finance Lease, Liability, to be Paid, Maturity	Maturities of lease liabilities as of September 30, 2024 were as follows: September 30, 2024 Operating Financing 2024 $ 527 $ 211 2025 2,051 365 2026 1,748 375 2027 1,527 381 2028 1,595 386 Thereafter 248,693 3,072 Total undiscounted lease payments 256,141 4,790 Less: imputed interest (212,195) (1,876) Total lease liabilities $ 43,946 $ 2,914

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table presents segment NOI for the three and nine months ended September 30, 2024 and September 30, 2023 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Industrial NOI Total Industrial revenues $ 14,918 $ 13,934 $ 44,305 $ 42,508 Industrial operating expenses (2,220) (1,884) (6,238) (5,510) Industrial NOI 12,698 12,050 38,067 36,998 Office NOI Total Office revenues 33,234 34,022 99,224 108,210 Office operating expenses (5,787) (6,102) (16,934) (18,518) Office NOI 27,447 27,920 82,290 89,692 Other NOI Total Other revenues 6,808 13,757 26,611 40,508 Other operating expenses (3,094) (5,360) (10,058) (15,666) Other NOI 3,714 8,397 16,553 24,842 Total NOI $ 43,859 $ 48,367 $ 136,910 $ 151,532 A reconciliation of net loss to NOI for the three and nine months ended September 30, 2024 and September 30, 2023 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Reconciliation of Net Loss to Total NOI Net loss $ (26,549) $ (139,948) $ (25,180) $ (583,332) General and administrative expenses 9,122 9,653 27,918 31,411 Corporate operating expenses to related parties 141 257 476 975 Real estate impairment provision 42,894 — 50,774 397,373 Depreciation and amortization 22,742 25,003 69,155 86,830 Interest expense 14,140 16,126 46,134 49,208 Other income, net (3,592) (3,654) (12,802) (7,613) Net loss from investment in unconsolidated entity — 144,598 — 176,767 Extinguishment of debt 508 — 508 — Gain from disposition of assets (16,125) (3,748) (25,245) (24,657) Goodwill impairment provision — — 4,594 — Transaction expenses 578 80 578 24,570 Total NOI $ 43,859 $ 48,367 $ 136,910 $ 151,532 The following table presents the Company’s goodwill for each of the segments as of September 30, 2024 and December 31, 2023: September 30, 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 deductions for accumulated depreciation and amortization and excludes intangibles, for each segment as of the September 30, 2024 and December 31, 2023: September 30, December 31, 2024 2023 Industrial Real Estate, net Total real estate $ 741,717 $ 741,737 Accumulated depreciation and amortization (170,962) (152,353) Industrial real estate, net 570,755 589,384 Office Real Estate, net Total real estate 1,505,580 1,505,959 Accumulated depreciation and amortization (326,189) (286,136) Office real estate, net 1,179,391 1,219,823 Other Real Estate, net Total real estate 173,878 362,415 Accumulated depreciation and amortization (57,669) (112,063) Other real estate, net 116,209 250,352 Total Real Estate, net $ 1,866,355 $ 2,059,559 Total Real Estate Held for Sale, net Total real estate $ 48,581 $ 64,289 Accumulated depreciation and amortization (15,441) (14,636) Real estate held for sale, net $ 33,140 $ 49,653

Organization (Details)

Organization (Details)	9 Months Ended
	Sep. 30, 2024 segment real_estate_property state
Subsidiary, Sale of Stock [Line Items]
Number of properties owned	62
Number of states | state	22
Number of operating segments | segment	3
Industrial
Subsidiary, Sale of Stock [Line Items]
Number of properties owned	19
Office
Subsidiary, Sale of Stock [Line Items]
Number of properties owned	33
Other
Subsidiary, Sale of Stock [Line Items]
Number of properties owned	10
GCEAR Operating Partnership
Subsidiary, Sale of Stock [Line Items]
Ownership interest (as a percent)	91.90%

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Unvested Restricted Shares (in shares)	257,064	416,446	462,136	257,066

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 25,181	$ 9,208
Real Estate Asset Acquisitions and Contributions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	25,181	9,208
Real Estate Asset Acquisitions and Contributions | Cash reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	23,354	7,200
Real Estate Asset Acquisitions and Contributions | Restricted lockbox
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,827	$ 2,008

Real Estate - Gross Investment

Real Estate - Gross Investment in Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Abstract]
Land	$ 212,312	$ 231,175
Building and improvements	1,836,900	1,968,314
Tenant origination and absorption cost	370,946	402,251
Construction in progress	1,017	8,371
Total real estate	$ 2,421,175	$ 2,610,111

Real Estate - Narrative (Detail

Real Estate - Narrative (Details) $ in Thousands				3 Months Ended						9 Months Ended
	Jan. 31, 2024 USD ($)	Dec. 27, 2022 USD ($) property	Aug. 26, 2022 USD ($) property	Sep. 30, 2024 USD ($) property real_estate_property	Sep. 30, 2024 USD ($) property real_estate_property	Sep. 30, 2024 USD ($) property real_estate_property	Jun. 30, 2024 USD ($) property	Mar. 31, 2024 USD ($) property real_estate_property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property real_estate_property	Sep. 30, 2023 USD ($)
Real Estate [Line Items]
Number of properties sold | property		5	41							9
Proceeds from sale of property		$ 170,400	$ 1,100,000	$ 39,800			$ 8,650	$ 79,525		$ 127,975
Gain on sale of properties				16,125			(57)	$ 9,177		25,245
Note receivable interest income				500	$ 500	$ 500				500
Note receivable balance amount				$ 14,800	$ 14,800	$ 14,800				$ 14,800
Number of properties owned | real_estate_property				62	62	62				62
Real estate impairment provision				$ 42,894					$ 0	$ 50,774	$ 397,373
Number of properties impaired | real_estate_property										3
Office
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				33	33	33				33
Other
Real Estate [Line Items]
Number of properties sold | real_estate_property					3			3
Proceeds from sale of property				$ 32,200				$ 49,500
Number of properties owned | real_estate_property				10	10	10				10
Real estate impairment provision				$ 42,900			$ 6,500	$ 1,400
Number of properties impaired					3	3	1	1
Other | Held-for-Sale
Real Estate [Line Items]
Number of properties owned | property				4	4	4				4
Johnston, Iowa | Office
Real Estate [Line Items]
Proceeds from sale of property	30,000
Gain on sale of properties	$ (17)

Real Estate - Dispositions of R

Real Estate - Dispositions of Real Estate (Details) - USD ($) $ in Thousands

3 Months Ended

9 Months Ended

Sep. 19, 2024

Sep. 04, 2024

Jul. 24, 2024

Jul. 09, 2024

Apr. 30, 2024

Mar. 28, 2024

Mar. 26, 2024

Mar. 15, 2024

Jan. 31, 2024

Dec. 27, 2022

Aug. 26, 2022

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2024

Real Estate [Line Items]

Gross Disposition Price

$ 170,400

$ 1,100,000

$ 39,800

$ 8,650

$ 79,525

$ 127,975

Gain (Loss)

16,125

$ (57)

9,177

$ 25,245

Other

Real Estate [Line Items]

Gross Disposition Price

$ 32,200

$ 49,500

Johnston, Iowa | Office

Real Estate [Line Items]

Gross Disposition Price

$ 30,000

Gain (Loss)

$ (17)

Columbia, Maryland | Other

Real Estate [Line Items]

Gross Disposition Price

$ 15,000

Gain (Loss)

$ 5,326

Jefferson City, Missouri | Other

Real Estate [Line Items]

Gross Disposition Price

$ 26,090

Gain (Loss)

$ 4,690

Houston, Texas | Other

Real Estate [Line Items]

Gross Disposition Price

$ 8,435

Gain (Loss)

$ (822)

Mechanicsburg, Pennsylvania | Other

Real Estate [Line Items]

Gross Disposition Price

$ 8,650

Gain (Loss)

$ (57)

San Antonio, Texas | Office

Real Estate [Line Items]

Gross Disposition Price

$ 7,600

Gain (Loss)

$ 4,584

Concord, North Carolina | Other

Real Estate [Line Items]

Gross Disposition Price

$ 8,600

Gain (Loss)

$ 3,422

Beavercreek, Ohio | Other

Real Estate [Line Items]

Gross Disposition Price

$ 19,500

Gain (Loss)

$ 7,562

Huntsville, Alabama | Other

Real Estate [Line Items]

Gross Disposition Price

$ 4,100

Gain (Loss)

$ 557

Real Estate - Schedule of Compo

Real Estate - Schedule of Components of Assets Related to Real Estate Held-for-Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Land	$ 212,312	$ 231,175
Construction in progress	1,017	8,371
Total real estate	2,421,175	2,610,111
Less: accumulated depreciation and amortization	(554,820)	(550,552)
Total real estate, net	1,866,355	2,059,559
Deferred rent	65,511	63,272
Deferred leasing costs, net	156,109	180,465
Total assets	2,444,334	2,789,625
Liabilities
Accrued expenses and other liabilities	62,862	78,229
Total liabilities	1,312,163	1,585,912
Held-for-Sale
Assets
Land	4,966
Building and improvements	37,205
Tenant origination and absorption cost	6,357
Construction in progress	53
Total real estate	48,581	64,289
Less: accumulated depreciation and amortization	(15,441)	(14,636)
Total real estate, net	33,140	$ 49,653
Deferred rent	1,794
Deferred leasing costs, net	1,377
Other assets, net	145
Total assets	36,456
Liabilities
Accrued expenses and other liabilities	1,267
Total liabilities	$ 1,267

Real Estate - Intangibles (Deta

Real Estate - Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of in-place lease valuation
In-place lease valuation (above market)	$ 16,674	$ 22,759
In-place lease valuation (above market) - accumulated amortization	(11,497)	(16,616)
In-place lease valuation (above market), net	5,177	6,143
Intangibles - other	32,028	32,028
Intangibles - other - accumulated amortization	(9,602)	(8,481)
Intangibles - other, net	22,426	23,547
Intangible assets, net	27,603	29,690
In-place lease valuation (below market)	(39,205)	(42,534)
Land leasehold interest (above market)	(3,072)	(3,072)
Intangibles - other (above market)	(135)	(187)
In-place lease valuation & land leasehold interest - accumulated amortization	28,528	29,770
Intangible liabilities, net	(13,884)	(16,023)
Tenant origination and absorption cost	370,946	402,251
Tenant origination and absorption cost - accumulated amortization	(214,837)	(221,786)
Tenant origination and absorption cost, net	$ 156,109	$ 180,465

Real Estate - Amortization of I

Real Estate - Amortization of Intangible Assets and Other Leasing Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of amortization expense
Above and below market leases, net	$ (269)	$ (421)	$ (900)	$ (834)
Tenant origination and absorption cost	6,836	8,261	21,483	29,651
Ground lease amortization (below market)	(98)	(98)	(291)	(290)
Other leasing costs amortization	$ 500	$ 489	$ 1,471	$ 1,527

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Narrative (Details) $ in Thousands			3 Months Ended			9 Months Ended
	Dec. 27, 2022 USD ($) property	Aug. 26, 2022 USD ($) property	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) property	Aug. 28, 2024 USD ($)
Gain (Loss) on Securities [Line Items]
Number of properties sold | property	5	41				9
Proceeds from sale of property	$ 170,400	$ 1,100,000	$ 39,800	$ 8,650	$ 79,525	$ 127,975
Payments to acquire interest in joint venture	$ 184,200
GRT VAO OP, LLC
Gain (Loss) on Securities [Line Items]
Ownership interest (percent)	49%
GRT VAO OP, LLC | Office Joint Venture
Gain (Loss) on Securities [Line Items]
Shortfall loan amount							$ 6,700

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Schedule of Balance Sheet for the Unconsolidated Office Joint Venture (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Real estate properties, net	$ 1,866,355	$ 2,059,559
Total assets	2,444,334	2,789,625
Liabilities
Total liabilities	1,312,163	1,585,912
Office Joint Venture
Assets
Real estate properties, net	1,064,108	1,092,312
Other assets	252,794	299,045
Total assets	1,316,902	1,391,357
Liabilities
Mortgages payable, net	1,065,448	1,067,005
Other liabilities	87,378	92,919
Total liabilities	$ 1,152,826	$ 1,159,924

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gain (Loss) on Securities [Line Items]
Total revenues	$ 54,960	$ 61,713	$ 170,140	$ 191,226
Expenses:
General and administrative	(9,122)	(9,653)	(27,918)	(31,411)
Interest expense	(14,140)	(16,126)	(46,134)	(49,208)
Net loss attributable to common shareholders	(24,395)	(127,595)	(23,138)	(538,037)
Office Joint Venture
Gain (Loss) on Securities [Line Items]
Total revenues	39,437	50,889	132,824	145,595
Expenses:
Operating expenses	(16,950)	(16,838)	(53,470)	(49,271)
General and administrative	(1,949)	(1,699)	(5,244)	(5,354)
Depreciation and amortization	(14,601)	(17,074)	(60,158)	(50,259)
Interest expense	(28,848)	(51,721)	(89,567)	(144,703)
Other income, net	1,113	2,782	1,854	4,665
Total Expenses	(61,235)	(84,550)	(206,585)	(244,922)
Net loss attributable to common shareholders	$ (21,798)	$ (33,661)	$ (73,761)	$ (99,327)

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total principal	$ 1,183,018,000	$ 1,441,545,000
Unamortized Deferred Financing Costs and Discounts, net	(15,008,000)	(5,622,000)
Total Debt, net	$ 1,168,010,000	1,435,923,000
Effective interest rate (percent)	3.95%
Weighted average interest rate (percent)	6.37%
Secured Debt
Debt Instrument [Line Items]
Total principal	$ 433,018,000	491,545,000
Effective interest rate (percent)	4.43%
Unsecured Debt
Debt Instrument [Line Items]
Total principal	$ 750,000,000	950,000,000
Effective interest rate (percent)	3.67%
Index adjustment percentage	0.10%
Floating to Fixed Interest Rate Swap
Debt Instrument [Line Items]
Derivative notional amount	$ 750,000,000
AIG Loan II | Secured Debt
Debt Instrument [Line Items]
Total principal	$ 101,836,000	119,953,000
Contractual stated interest rate (percent)	4.15%
Effective interest rate (percent)	4.15%
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)	4.37%
AIG Loan | Secured Debt
Debt Instrument [Line Items]
Total principal	$ 81,182,000	92,444,000
Contractual stated interest rate (percent)	4.96%
Effective interest rate (percent)	4.96%
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%
Pepsi Bottling Ventures Mortgage Loan | Secured Debt
Debt Instrument [Line Items]
Total principal	$ 0	17,439,000
Contractual stated interest rate (percent)	0%
Effective interest rate (percent)	0%
2026 Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Total principal	$ 150,000,000	150,000,000
Spread on rate (percent)	1.25%
Effective interest rate (percent)	3.36%
2028 Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Total principal	$ 210,000,000	400,000,000
Spread on rate (percent)	1.60%
Effective interest rate (percent)	3.72%
Revolving Loan | Unsecured Debt
Debt Instrument [Line Items]
Total principal	$ 390,000,000	$ 400,000,000
Spread on rate (percent)	1.65%
Effective interest rate (percent)	3.77%
Applicable variable rate (percent)	0.0483

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total principal	$ 1,183,018,000	$ 1,441,545,000
Unsecured debt
Debt Instrument [Line Items]
Total principal	750,000,000	950,000,000
Unsecured debt | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	547,000,000
Additional increase in limit	393,000,000
Remaining borrowing capacity	157,000,000
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	390,000,000
Revolving Loan | Unsecured debt
Debt Instrument [Line Items]
Total principal	390,000,000	400,000,000
2028 Term Loan | Unsecured debt
Debt Instrument [Line Items]
Total principal	210,000,000	400,000,000
2028 Term Loan | Term Loans
Debt Instrument [Line Items]
Credit facility	210,000,000
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

Interest Rate Contracts - Sched

Interest Rate Contracts - Schedule of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Interest Rate Swaps
Derivative [Line Items]
Fair Value	$ 12,042	$ 26,942
Current Notional Amounts	$ 750,000	750,000
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	$ 3,678	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	$ 2,445	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	$ 1,822	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	$ 1,213	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	$ 967	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	$ 965	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	$ 952	2,304
Current Notional Amounts	100,000	100,000
Forward Interest Rate Swaps
Derivative [Line Items]
Fair Value	(10,255)	0
Current Notional Amounts	$ 550,000	0
Interest Rate Swap, Effective July 1, 2025 - $100,000 Notional Amount, Interest Rate 3.57%
Derivative [Line Items]
Interest Strike Rate	3.57%
Fair Value	$ (1,820)	0
Current Notional Amounts	$ 100,000	0
Interest Rate Swap, Effective July 1, 2025 - $100,000 Notional Amount, Interest Rate 3.57%
Derivative [Line Items]
Interest Strike Rate	3.57%
Fair Value	$ (1,825)	0
Current Notional Amounts	$ 100,000	0
Interest Rate Swap, Effective July 1, 2025 - $100,000 Notional Amount, Interest Rate 3.57%
Derivative [Line Items]
Interest Strike Rate	3.60%
Fair Value	$ (1,922)	0
Current Notional Amounts	$ 100,000	0
Interest Rate Swap, Effective July 1, 2025 - $100,000 Notional Amount, Interest Rate 3.58%
Derivative [Line Items]
Interest Strike Rate	3.58%
Fair Value	$ (1,864)	0
Current Notional Amounts	$ 100,000	0
Interest Rate Swap, Effective July 1, 2025 - $100,000 Notional Amount, Interest Rate 3.60%
Derivative [Line Items]
Interest Strike Rate	3.57%
Fair Value	$ (1,826)	0
Current Notional Amounts	$ 100,000	0
Interest Rate Swap, Effective July 1, 2025 - $50,000 Notional Amount, Interest Rate 3.62%
Derivative [Line Items]
Interest Strike Rate	3.62%
Fair Value	$ (998)	0
Current Notional Amounts	50,000	$ 0
Forward-Starting, Floating to Fixed SOFR Interest Rate Swap
Derivative [Line Items]
Current Notional Amounts	$ 550,000
Average fixed interest rate (percent)	3.58%

Interest Rate Contracts - Sch_2

Interest Rate Contracts - Schedule of Derivative Instruments, Gain (Loss) (Details) - Interest Rate Swap - Cash Flow Hedging - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in AOCI on derivatives	$ 5,347	$ (15,371)
Amount reclassified from AOCI into earnings under “Interest expense”	19,714	16,993
Total interest expense presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded	$ 46,134	$ 49,208

Interest Rate Contracts - Narra

Interest Rate Contracts - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Income expected to be recognized in earnings in next 12 months	$ 11.5

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Interest payable	$ 15,522	$ 17,073
Prepaid tenant rent	7,762	9,710
Deferred compensation	10,111	9,661
Real estate taxes payable	4,942	5,165
Property operating expense payable	2,371	4,469
Accrued construction in progress	0	1,183
Accrued tenant improvements	1,245	551
Other liabilities	20,909	30,417
Total	$ 62,862	$ 78,229

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap Asset	$ 12,042	$ 26,942
Interest Rate Swap Liability	(10,255)	0
Recurring Basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mutual Funds Asset	7,996	7,148
Recurring Basis | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mutual Funds Asset	7,996	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
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap Asset	12,042	26,942
Interest Rate Swap Liability	(10,255)
Recurring Basis | Interest Rate Swap | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap Asset	0	0
Interest Rate Swap Liability	0
Recurring Basis | Interest Rate Swap | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap Asset	12,042	26,942
Interest Rate Swap Liability	(10,255)
Recurring Basis | Interest Rate Swap | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap Asset	0	$ 0
Interest Rate Swap Liability	$ 0

Fair Value Measurements - Non-r

Fair Value Measurements - Non-recurring Fair Value Measurements for Impairment (Details) - Other	9 Months Ended
	Sep. 30, 2024 $ / ft²
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated selling price (per square foot)	46
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated selling price (per square foot)	188

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands			3 Months Ended						9 Months Ended
	Dec. 27, 2022 USD ($) property	Aug. 26, 2022 USD ($) property	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2024 USD ($) real_estate_property	Jun. 30, 2024 USD ($) property	Mar. 31, 2024 USD ($) property real_estate_property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property real_estate_property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Number of properties impaired | real_estate_property									3
Number of properties sold | property	5	41							9
Proceeds from sale of property	$ 170,400	$ 1,100,000	$ 39,800			$ 8,650	$ 79,525		$ 127,975
Impairment provision - goodwill			0					$ 0	4,594	$ 0
Real estate impairment provision			42,894					$ 0	50,774	$ 397,373
Goodwill			$ 74,052	$ 74,052	$ 74,052				$ 74,052		$ 78,647
Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Current borrowing rate for debt instruments (as a percent)			3.69%	3.69%	3.69%				3.69%
Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Current borrowing rate for debt instruments (as a percent)			7.90%	7.90%	7.90%				7.90%
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Number of properties impaired				3	3	1	1
Number of properties sold | real_estate_property					3		3
Proceeds from sale of property			$ 32,200				$ 49,500
Impairment provision - goodwill			0				4,600
Real estate impairment provision			42,900			$ 6,500	$ 1,400
Goodwill			5,679	$ 5,679	$ 5,679				$ 5,679		10,274
Industrial
Fair Value, Option, Quantitative Disclosures [Line Items]
Goodwill			$ 68,373	$ 68,373	$ 68,373				$ 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	Sep. 30, 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	Sep. 30, 2024	Dec. 31, 2023
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	$ 385,158	$ 457,662
Fair Value | BOA II Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	231,528	220,730
Fair Value | AIG Loan II | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	91,780	115,340
Fair Value | AIG Loan | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	61,850	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	0	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	433,018	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	101,836	119,953
Carrying Value | AIG Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	81,182	92,444
Carrying Value | Pepsi Bottling Ventures Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of mortgage loans	0	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 ($) $ in Millions

1 Months Ended

3 Months Ended

9 Months Ended

Jun. 18, 2024

Aug. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Class of Stock [Line Items]

Common stock, shares outstanding (in shares)

36,377,254

36,377,254

36,304,145

The Plan

Class of Stock [Line Items]

Number of additional shares authorized (in shares)

1,285,700

Number of shares authorized (in shares)

2,063,478

2,063,478

Granted (in shares)

892,788

892,788

Restricted Stock

Class of Stock [Line Items]

Unrecognized cost

$ 8.5

$ 11

$ 8.5

$ 11

Total compensation expense

$ 2

$ 2.4

$ 5.8

$ 9

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

2 years 3 months 18 days

ATM Program

Class of Stock [Line Items]

Value of shares authorized

$ 200

Common Shares

Class of Stock [Line Items]

Common stock, shares outstanding (in shares)

36,377,254

35,997,549

36,377,254

35,997,549

36,370,740

36,346,608

36,304,145

35,924,476

36,006,922

35,999,898

Equity - Nonvested Restricted S

Equity - Nonvested Restricted Stock Activity (Details) - Restricted Stock - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Unvested Restricted Shares
Beginning balance (in shares)	159,553	161,501
Granted (in shares)	540,167	166,321
Forfeited (in shares)	(1,735)	(485)
Vested (in shares)	(69,168)	(167,784)
Ending balance (in shares)	628,817	159,553
Weighted-Average Grant Date Fair Value per Share
Granted (in usd per share)	$ 11.63	$ 56.53
Forfeited (in usd per share)	44.50	63.70
Vested (in usd per share)	$ 27.25	$ 69.02
Shares acquired to satisfy employee tax withholding requirements on vesting RSUs (in shares)	(4,875)

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details)		3 Months Ended	9 Months Ended
	Dec. 15, 2023 shares	Dec. 31, 2023 installment	Sep. 30, 2024 shares
Noncontrolling Interest [Line Items]
Limited partnership units issued (in shares)			3,220,000
Percentage of noncontrolling interests based on weighted average shares outstanding (percent)			8.10%
Number of annual installments for awards settlement | installment		4
Limited partnership redeem (in shares)	209,954
Property Contributions by Previously Affiliated Parties and Unaffiliated Third Parties
Noncontrolling Interest [Line Items]
Limited partnership units issued (in shares)			3,200,000
Property Contributions by Unaffiliated Third Parties
Noncontrolling Interest [Line Items]
Limited partnership units issued (in shares)			20,000
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)			8.10%

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Noncontrolling Interests Activity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance			$ 91,629				$ 91,629
Exchange of noncontrolling interest	$ 0		0	$ 0	$ 0
Distributions to noncontrolling interests	(721)	$ (724)	(723)	(778)	(776)	$ (1,435)
Allocated distributions to noncontrolling interests subject to redemption					(1)	(2)
Allocated net income (loss)	(26,549)	(4,101)	5,470	(139,949)	(457,385)	6,618
Ending balance	84,328						84,328	$ 91,629
Non- controlling Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance			91,629			174,655	91,629	174,655
Reclass of noncontrolling interest subject to redemption							0	10
Exchange of noncontrolling interest	(572)		(486)	(6,180)	(370)		(1,058)	(27,169)
Reclass of redeemable non-controlling interest							0	3,801
Distributions to noncontrolling interests	(721)	(724)	(723)	(778)	(776)	(1,435)	(2,168)	(2,989)
Allocated distributions to noncontrolling interests subject to redemption					(1)	(2)	0	(728)
Allocated net income (loss)	(2,154)	$ (333)	$ 445	$ (12,353)	$ (40,909)	$ 585	(2,042)	(54,555)
Allocated other comprehensive income (loss)							(2,033)	(1,396)
Ending balance	$ 84,328						$ 84,328	$ 91,629

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party expenses incurred	$ 86,000	$ 48,259	$ 181,553	$ 556,283
Related Party
Related Party Transaction [Line Items]
Related party expenses incurred			2,196	3,441
Related party payable	589		589		$ 573
Costs advanced by related party | Related Party
Related Party Transaction [Line Items]
Related party expenses incurred			0	85
Related party payable	16		16		0
Office rent and related expenses | Related Party
Related Party Transaction [Line Items]
Related party expenses incurred			476	975
Related party payable	0		0		0
Distributions | Related Party
Related Party Transaction [Line Items]
Related party expenses incurred			1,720	$ 2,381
Related party payable	$ 573		$ 573		$ 573

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 01, 2024	Dec. 31, 2023	Mar. 25, 2022
Related Party Transaction [Line Items]
Right of use assets	$ 33,369		$ 33,736
Lease liability	43,946
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	800
Lease liability	$ 800

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) lease option office_space	Sep. 30, 2023 USD ($)
Leases [Abstract]
Rental income	$ 148.8	$ 166.5
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	$ 2.9	$ 2.9
Cash paid for operating lease liabilities	$ 1.6	$ 1.6

Leases - Future Minimum Base Re

Leases - Future Minimum Base Rents to be Received (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
Remaining 2024	$ 45,728
2025	185,946
2026	183,987
2027	170,410
2028	155,898
Thereafter	609,225
Total	$ 1,351,194

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Sep. 30, 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 7 months 6 days
Weighted average discount rate, Operating	4.97%
Weighted-average discount rate, Financing	3.46%

Leases - Remaining Required Pay

Leases - Remaining Required Payments Under Ground Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Operating
2024	$ 527
2025	2,051
2026	1,748
2027	1,527
2028	1,595
Thereafter	248,693
Total undiscounted lease payments	256,141
Less: imputed interest	(212,195)
Total lease liabilities	$ 43,946
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease liability
Financing
2024	$ 211
2025	365
2026	375
2027	381
2028	386
Thereafter	3,072
Total undiscounted lease payments	4,790
Less: imputed interest	(1,876)
Total lease liabilities	$ 2,914
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease liability

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Capital Expenditures, Leasing Commissions and Tenant Improvement Commitment
Other Commitments [Line Items]
Other commitment	$ 8.3

Segment Reporting (Details)

Segment Reporting (Details)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 54,960	$ 61,713	$ 170,140	$ 191,226
Net Operating Income	43,859	48,367	136,910	151,532
Industrial NOI
Segment Reporting Information [Line Items]
Revenues	14,918	13,934	44,305	42,508
Operating expenses	(2,220)	(1,884)	(6,238)	(5,510)
Net Operating Income	12,698	12,050	38,067	36,998
Office NOI
Segment Reporting Information [Line Items]
Revenues	33,234	34,022	99,224	108,210
Operating expenses	(5,787)	(6,102)	(16,934)	(18,518)
Net Operating Income	27,447	27,920	82,290	89,692
Other NOI
Segment Reporting Information [Line Items]
Revenues	6,808	13,757	26,611	40,508
Operating expenses	(3,094)	(5,360)	(10,058)	(15,666)
Net Operating Income	$ 3,714	$ 8,397	$ 16,553	$ 24,842

Segment Reporting - Reconcili_2

Segment Reporting - Reconciliation of Net Loss to Total NOI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Net loss	$ (26,549)	$ (139,948)	$ (25,180)	$ (583,332)
General and administrative expenses	9,122	9,653	27,918	31,411
Corporate operating expenses to related parties	141	257	476	975
Real estate impairment provision	42,894	0	50,774	397,373
Depreciation and amortization	22,742	25,003	69,155	86,830
Interest expense	14,140	16,126	46,134	49,208
Other income, net	(3,592)	(3,654)	(12,802)	(7,613)
Net loss from investment in unconsolidated entity	0	144,598	0	176,767
Extinguishment of debt	508	0	508	0
Gain from disposition of assets	(16,125)	(3,748)	(25,245)	(24,657)
Goodwill impairment provision	0	0	4,594	0
Transaction expenses	578	80	578	24,570
Total NOI	$ 43,859	$ 48,367	$ 136,910	$ 151,532

Segment Reporting - Allocation

Segment Reporting - Allocation for Each Segments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Goodwill	$ 74,052	$ 78,647
Total real estate	2,421,175	2,610,111
Accumulated depreciation and amortization	(554,820)	(550,552)
Total real estate, net	1,866,355	2,059,559
Held-for-Sale
Segment Reporting Information [Line Items]
Total real estate	48,581	64,289
Accumulated depreciation and amortization	(15,441)	(14,636)
Total real estate, net	33,140	49,653
Industrial
Segment Reporting Information [Line Items]
Goodwill	68,373	68,373
Total real estate	741,717	741,737
Accumulated depreciation and amortization	(170,962)	(152,353)
Total real estate, net	570,755	589,384
Office
Segment Reporting Information [Line Items]
Goodwill	0	0
Total real estate	1,505,580	1,505,959
Accumulated depreciation and amortization	(326,189)	(286,136)
Total real estate, net	1,179,391	1,219,823
Other
Segment Reporting Information [Line Items]
Goodwill	5,679	10,274
Total real estate	173,878	362,415
Accumulated depreciation and amortization	(57,669)	(112,063)
Total real estate, net	$ 116,209	$ 250,352

Declaration of Dividends and _2

Declaration of Dividends and Distributions (Details) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Equity [Abstract]
Cash dividend declared per common share (in usd per share)	$ 0.225	$ 0.225	$ 0.225
Cash distribution declared per OP Unit (in usd per unit)	$ 0.225	$ 0.225	$ 0.225

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended
	Oct. 23, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Quarterly dividends declared (in usd per share)		$ 0.225	$ 0.225	$ 0.225
Cash distribution declared per OP Unit (in usd per unit)		$ 0.225	$ 0.225	$ 0.225
Subsequent Event
Subsequent Event [Line Items]
Quarterly dividends declared (in usd per share)	$ 0.225
Cash distribution declared per OP Unit (in usd per unit)	$ 0.225