v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity Equity
Common Equity
On April 13, 2023, the Company listed its common shares on the New York Stock Exchange (the “Listing”).
As of March 31, 2026, there were 37,187,359 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 March 31, 2026, the Company has not sold any shares under the ATM.
Issuance of Restricted Shares - Long-Term Incentive Plan
On April 5, 2023, the Compensation Committee of the Board approved the Peakstone Realty Trust Second Amended and Restated Employee and Trustee Long-Term Incentive Plan (as amended, the “Plan”) which provides for the grant of share-based awards to the Company’s non-employee trustees, executive officers and other full-time employees of the Company or any affiliate of the Company, and certain persons who perform bona fide consulting or advisory services for the Company or any affiliate of the Company.
Awards granted under the Plan may consist of restricted share units and restricted shares (together, “Restricted Shares”), share options, share appreciation rights, distribution equivalent rights, profit interests in the Operating Partnership, and other equity-based awards.
The share-based awards are measured at fair value at issuance and recognized as compensation expense over the vesting period. The maximum number of shares authorized under the Plan is 4,063,478 shares. As of March 31, 2026, 1,974,518 common shares remained for issuance pursuant to awards granted under the Plan.
As of March 31, 2026 and December 31, 2025, there was $10.5 million and $5.7 million respectively, of unrecognized compensation expense remaining, which vests between approximately i) 2 months and 2.7 years and ii) 1 month and 2.0 years, respectively.
Total compensation expense related to Restricted Shares for each of the three months ended March 31, 2026 and 2025 was approximately $1.5 million and $1.5 million, respectively.
The following table summarizes the activity of unvested Restricted Shares for the periods presented:
Number of Unvested Shares of Restricted SharesWeighted-Average Grant Date Fair Value per Share
Balance at December 31, 2024
392,566 
Granted541,585 $12.18 
Forfeited(59,415)$15.55 
Vested(387,693)$17.42 
Balance at December 31, 2025
487,043 
Granted443,484 $14.27 
Forfeited— $— 
Vested (1)
(6,013)$13.86 
Balance as of March 31, 2026
924,514 
(1)    Total shares vested include 2,424 common shares that were withheld (i.e., forfeited) by employees during the three months ended March 31, 2026 to satisfy statutory tax withholding requirements associated with the vesting of Restricted Shares.
Declaration of Dividends
Pursuant to the terms of the Merger Agreement, Peakstone has agreed to suspend payment of its regular quarterly dividend, effective immediately, until the earlier of the closing or the termination of the Merger Agreement.