<SEC-DOCUMENT>0001140361-24-029785.txt : 20240612
<SEC-HEADER>0001140361-24-029785.hdr.sgml : 20240612
<ACCEPTANCE-DATETIME>20240612060109
ACCESSION NUMBER:		0001140361-24-029785
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240612
DATE AS OF CHANGE:		20240612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Peakstone Realty Trust
		CENTRAL INDEX KEY:			0001600626
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				464654479
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41686
		FILM NUMBER:		241037431

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		310-606-3200

	MAIL ADDRESS:	
		STREET 1:		1520 EAST GRAND AVENUE
		CITY:			EL SEGUNDO
		STATE:			CA
		ZIP:			90245

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Griffin Realty Trust
		DATE OF NAME CHANGE:	20230120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Griffin Realty Trust, Inc.
		DATE OF NAME CHANGE:	20210701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Griffin Capital Essential Asset REIT, Inc.
		DATE OF NAME CHANGE:	20190710
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
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<DESCRIPTION>DEFA14A
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington D.C. 20549</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"> <font style="font-size: 10pt;"><br>
      </font></div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">&#160;SCHEDULE 14A</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">&#160;Proxy Statement Pursuant to Section 14(a) of the Securities</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">Exchange Act of 1934</div>
    <div>&#160;</div>
    <div>Filed by Registrant &#9746;</div>
    <div>&#160;</div>
    <div>Filed by a Party other than the Registrant &#8201;&#9744;</div>
    <div>&#160;</div>
    <div>Check the appropriate box:</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top;">&#9744;</td>
          <td style="vertical-align: top;">
            <div>Preliminary Proxy Statement</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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          <td style="width: 36pt; vertical-align: top;">&#9744;</td>
          <td style="vertical-align: top;">
            <div>Confidential, for Use of the Commission Only (as permitted by Rule 14a&#8209;6(e)(2))</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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          <td style="width: 36pt; vertical-align: top;">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Definitive Proxy Statement</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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          <td style="width: 36pt; vertical-align: top;">&#9746;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Definitive Additional Materials</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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          <td style="width: 36pt; vertical-align: top;">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Soliciting Material pursuant to Rule &#167;240.14a&#8209;12</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 24pt; font-weight: bold;">PEAKSTONE REALTY TRUST</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">&#160;(Name of Registrant as Specified in Charter)</div>
    <div style="text-align: center; font-weight: bold;">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</div>
    <div>&#160;</div>
    <div>Payment of Filing Fee (Check all boxes that apply):</div>
    <div>&#160;</div>
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          <td style="width: 36pt; vertical-align: top;">&#9746;</td>
          <td style="width: auto; vertical-align: top;">
            <div>No fee required.</div>
          </td>
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    </table>
    <div>&#160;</div>
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          <td style="width: 36pt; vertical-align: top;">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Fee paid previously with preliminary materials.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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          <td style="width: 36pt; vertical-align: top;">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0&#8209;11.</div>
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    <div>&#160;
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    <div style="text-align: center;"><a name="ny20024626x1_def14a_101-vote_pg1"></a></div>
    <div style="text-align: center; font-weight: bold;"> <img src="image00002.jpg"></div>
    &#8201;<br>
    <div>June 12, 2024</div>
    <div>&#160;</div>
    <div>Dear Fellow Shareholders,</div>
    <div><br>
    </div>
    <div style="text-align: justify;">On April 29, 2024, Peakstone Realty Trust (the &#8220;Company,&#8221; &#8220;Peakstone,&#8221; &#8220;our&#8221; or &#8220;we&#8221;), filed our proxy statement (the &#8220;2024 Proxy Statement&#8221;) in connection with our 2024 annual meeting of shareholders to be held on
      June 18, 2024 (the &#8220;Annual Meeting&#8221;). As Chairperson of the Compensation Committee of the Board of Trustees of the Company (the &#8220;Board of Trustees&#8221;), I am writing to ask for your support at the Annual Meeting by voting in accordance with the
      recommendations of our Board of Trustees on all proposals. In particular, we are asking for your support on the following proposals:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z4d60eb2bb91f47b68717058539911a88" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 18pt; vertical-align: top; text-align: justify;">&#8226;</td>
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            <div style="font-weight: bold;">&#8220;FOR&#8221; Proposal 3, to approve, on an advisory (non-binding) basis, the compensation paid to the Company&#8217;s Named Executive Officers (&#8220;Say on Pay&#8221;), and</div>
          </td>
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    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zbd5d83c9498e434d8f41ead2b70e93d1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 18pt; vertical-align: top; text-align: justify;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">&#8220;FOR&#8221; Proposal 4, to approve an amendment to the Peakstone Realty Trust Second Amended and Restated Employee and Trustee Long-Term Incentive Plan (the &#8220;Incentive Plan&#8221;)</font>.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">Additionally, as you may have seen by now, while Glass Lewis supported both proposals, ISS recommended &#8220;Against&#8221; Say on Pay and our Incentive Plan. The ISS report contains a notable data error related to Say on Pay,
      and its assessment on our Incentive Plan refutes its own published policy, which we explain further below.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;"><u>Strategic Milestone</u></div>
    <div><br>
    </div>
    <div style="text-align: justify;">Approval of these proposals comes at an important time for our Company. The Company had a milestone year in 2023. We underwent a rebranding and completed a listing of the Company&#8217;s common shares on the New York Stock
      Exchange on April 13, 2023 (the &#8220;Listing&#8221;). Since then, <font style="font-weight: bold;">Peakstone has been executing a strategy to optimize its portfolio, bolster its balance sheet and position the Company for the future.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;"><u>&#8220;FOR&#8221; Proposal 4 &#8211; Incentive Plan (Request for 1,285,700 share increase)</u></div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our conversations with shareholders have informed our approach to equity compensation, and we believe that the Incentive Plan is central to our ability to execute on our strategy.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Our equity awards are critical to <font style="color: rgb(0, 0, 0);">attracting, retaining and motivating highly-skilled talent, to align employee interests with those of our shareholders and </font>to



      drive the long-term success of the Company. Without shareholder support, we will need to shift from equity to cash compensation, which will be detrimental to the best interests of shareholders and will limit our ability to use cash for other
      corporate and business purposes. Especially in light of our recent Listing, it is imperative that we receive your support.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z5fa8809b30f74a0eb569fb0aafae0bb0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 18pt; vertical-align: top; text-align: justify;">&#8226;</td>
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            <div style="text-align: justify;">If the Incentive Plan is not approved by shareholders, (i) we will not have sufficient shares available under the Incentive Plan to settle all of the 2024 annual equity awards to our named executive officers
              (&#8220;NEOs&#8221;) and all other employees for 2023 performance, which will likely result in the use of cash to settle all or a portion of such awards, (ii) we will not have the ability to continue to provide share-settled equity-based compensation,
              and (iii) our ability to attract and retain talent may be impacted which could negatively affect our long-term success.</div>
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    <div><br>
    </div>
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          <td style="width: 18pt; vertical-align: top; text-align: justify;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify;">We use equity-based incentive awards in order to align the long-term interests of management with the interests of our shareholders, and we do not believe that cash awards provide the same degree of alignment
              with our shareholders as share-settled awards.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Our use of equity compensation is appropriate for a company of our size and industry. Furthermore, we incorporate shareholder-friendly features and market leading governance practices that align with
      long-term interests of shareholders.</div>
    <div><br>
    </div>
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          <td style="width: 18pt; vertical-align: top; text-align: justify;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify;">Our three-year average burn rate (i.e., the number of shares granted in each fiscal year divided by the weighted average common shares outstanding for that fiscal year) is less than 0.40%, well below industry
              benchmark of 1.05%.</div>
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          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify;">Our estimated aggregate dilution of 3.78%, which includes the newly requested shares being proposed under this plan, will remain significantly less dilutive than the current average share dilution among Russell
              3000 Office REITS of 5.2% of shares outstanding.</div>
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    <div><br>
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          <td style="width: 18pt; vertical-align: top; text-align: justify;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify;">Shareholder-friendly plan provisions include: no evergreen provision; no discounted options or share appreciation rights; no repricing or cash buyouts without shareholder approval; no liberal share recycling;
              restricted transferability of awards until vested; no automatic grants to any individual; and no tax gross-ups.</div>
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          <td style="width: 18pt; vertical-align: top; text-align: justify;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify;">We employ compensation risk-mitigating policies including stock ownership guidelines (5X for the Chief Executive Officer) and anti-hedging/ anti-pledging policies.</div>
          </td>
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    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">ISS&#8217; own Equity Plan FAQ acknowledges that the &#8220;newness&#8221; of the company counts as a special situation that may be evaluated using fewer factors, which it failed to do.</div>
    <div><br>
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          <td style="width: 18pt; vertical-align: top; text-align: justify;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify;">The policy states that &#8220;Generally, the Special Cases models will be used in the following two cases: 1) the subject company has less than or equal to 32 months of trading history as of the applicable QDD date;
              or 2) the subject company has between 33 and 36 months of trading history as of the applicable QDD and less than three years of burn rate data is available.&#8221;</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;"><u>&#8220;FOR&#8221; Proposal 3 &#8211; Say on Pay</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">The Company&#8217;s executive compensation program is designed to promote long-term value creation for strong alignment with the interests of shareholders. In addition to information found in the
      Compensation Discussion and Analysis of our 2024 Proxy Statement beginning on page 21, I would like to provide you with additional context on why we disagree with the ISS assessment and its &#8220;Against&#8221; recommendation on our Say on Pay this year,
      including erroneous data contained in its report.</div>
    <div><br>
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          <td style="width: 18pt; vertical-align: top; text-align: justify;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify;">The Company&#8217;s ISS peer group is largely driven by a total revenue figure, and ISS used a revenue amount for the Company that reduced our rental income by a non-cash loss and impairment to our investment in an
              office joint venture. Our total revenue for fiscal year 2023 should have been correctly noted as $254 million vs. $78 million as reported by ISS (i.e., our total revenue should not have been reduced by these non-cash adjustments).</div>
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          <td style="width: 18pt; vertical-align: top; text-align: justify;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify;">Given the limited trading history of the Company, ISS did not conduct a full, quantitative pay-for-performance assessment on the Company, only focusing on the Multiple of Median and Financial Performance
              Assessment test. We believe this led to an inaccurate portrayal of the Company.</div>
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          <td style="width: 18pt; vertical-align: top; text-align: justify;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify;">In developing our peer group, our Compensation Committee, in consultation with our independent compensation consultant, aims to balance the Company&#8217;s size, geography and portfolio constitution while also taking
              into consideration peer group continuity year-over-year. Our 2023 executive compensation peer group was established using REITs that were comparable in terms of (i) size (i.e., REITs up to approximately 2.5 times our total capitalization),
              (ii) scope of operations (i.e., REITs that primarily invest in office, industrial or net lease properties), and/or (iii) geography (i.e., REITs headquartered in Southern California).</div>
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          <td style="width: 18pt; vertical-align: top; text-align: justify;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify;">Using the Company&#8217;s executive compensation peer group, our NEOs&#8217; aggregate compensation is below the median.</div>
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    <div><br>
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    <div style="text-align: justify;">We appreciate your support of our executive compensation program and ask that you vote &#8220;FOR&#8221; Proposal 3 and Proposal 4 ahead of our Annual Meeting.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Thank you for your continued support of Peakstone Realty Trust.</div>
    <div>&#160;</div>
    <div>
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            <td style="width: 50.00%;">Sincerely,</td>
            <td style="width: 50.00%;">
              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div style="text-align: left;"><img width="163" border="0" height="84" src="image1.jpg"></div>
            </td>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50.00%;">
              <div>Samuel Tang</div>
            </td>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div style="text-align: left; font-style: italic;">Chairperson of the Compensation Committee of the Board of Trustees</div>
            </td>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;">This supplemental information is being provided to shareholders in addition to Peakstone Realty Trust&#8217;s proxy statement dated April 29, 2024, which you already received. Please read the complete
      proxy statement and accompanying materials carefully before you make a voting decision. Even if voting instructions for your proxy have already been given, you can change your vote at any time before the Annual Meeting by giving new voting
      instructions as described in more detail in the proxy statement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic;">
      <div style="color: rgb(0, 0, 0);">We have retained Morrow Sodali LLC to assist us in the solicitation of proxies for an estimated fee of $25,000 plus reasonable expenses and an amount equal to 6% of the estimated fee for administrative, technology,
        and research and data services. If you have any questions or need assistance in submitting your proxy to vote your shares, please call our proxy solicitor Morrow Sodali LLC at +1 800-662-5200.</div>
    </div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
