Mr. Lowell Baron reports

BROOKFIELD TO ACQUIRE PEAKSTONE REALTY TRUST IN A $1.2 BILLION ALL-CASH TRANSACTION

Brookfield Asset Management Ltd. has entered into a definitive agreement in which a Brookfield private real estate fund would acquire all of the outstanding shares of Peakstone Realty Trust for $21 per share in cash. The all-cash transaction represents an implied enterprise value of approximately $1.2-billion.

Michael Escalante, chief executive officer of Peakstone, said: "We are pleased to enter into this agreement with Brookfield, which will deliver significant value to Peakstone shareholders. Following an offer from Brookfield, our board of trustees evaluated the proposed transaction with the assistance of external advisers and determined that it achieves the best value and other terms reasonably available for shareholders and is in the best interests of the company. This transaction recognizes the value of our industrial portfolio and the progress we have made expanding our IOS platform."

"This acquisition is an exciting opportunity to expand Brookfield's industrial real estate platform with Peakstone's high-quality and well-diversified portfolio, which will benefit from strong long-term fundamentals for the warehouse and iOS sectors," said Lowell Baron, chief executive officer of Brookfield's real estate business.

The proposed purchase price represents a premium of 34 per cent to Peakstone's share price on Jan. 30, 2026, the last full trading day prior to this announcement, as well as a 46-per-cent premium to the company's 30-day volume-weighted average price and a 51-per-cent premium to the company's 90-day VWAP for the period ended Jan. 30, 2026.

In December, 2025, Peakstone completed the disposition of all of its office properties, thereby concluding its strategic transformation into an industrial-only real estate investment trust. The company's portfolio comprises 76 industrial properties, consisting of 60 industrial outdoor storage properties and 16 traditional industrial properties.

Transaction details

The transaction has been unanimously approved by the Peakstone board and is expected to close by the end of the second quarter of 2026, subject to customary closing conditions, including approval by the company's shareholders.

The definitive agreement includes a 30-day go-shop period expiring at 11:59 p.m. New York time on March 4, 2026, during which time the company, with the assistance of its advisers, may actively solicit and consider alternative acquisition proposals and engage in discussions with third parties. Subject to the terms and conditions of the definitive agreement, including notice and negotiation rights in favour of Brookfield, the company may terminate to enter into a transaction that constitutes a superior proposal, subject to the payment of a termination fee.

There can be no assurance that the solicitation process will result in a superior proposal or that any other transaction will be approved or completed. Peakstone does not intend to disclose developments with respect to this solicitation process unless and until its board determines such disclosure is appropriate or otherwise required.

As a condition to the transaction, Peakstone has agreed to suspend payment of its regular quarterly dividend, effective immediately, until the earlier of the closing or the termination of the definitive agreement. The outside date pursuant to the definitive agreement is Aug. 2, 2026.

Subject to and upon completion of the transaction, Peakstone's shares will no longer trade on the New York Stock Exchange, and Peakstone will become a privately held company.

Peakstone fourth quarter and full-year 2025 results

Peakstone intends to release its fourth quarter and full-year 2025 financial results in late February, 2026. In light of the pending transaction, Peakstone will not hold a conference call or webcast to discuss these results.

Advisers

BofA Securities Inc. is serving as exclusive financial adviser, and Latham & Watkins LLP is serving as legal adviser to Peakstone.

Citigroup Global Markets Inc. is serving as Brookfield's financial adviser, and Gibson, Dunn & Crutcher LLP is serving as legal adviser.

About Brookfield Asset Management Ltd.

Brookfield Asset is a leading global alternative asset manager, headquartered in New York, with over $1-trillion of assets under management across infrastructure, renewable power and transition, private equity, real estate, and credit. Brookfield Asset invests client capital for the long term with a focus on real assets and essential service businesses that form the backbone of the global economy. Brookfield Asset offers a range of alternative investment products to investors around the world -- including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors. Brookfield Asset draws on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for its clients across economic cycles. Brookfield Asset Management is publicly traded in New York and Toronto.

About Peakstone Realty Trust

Peakstone is an industrial real estate investment trust that owns and operates industrial outdoor storage and traditional industrial properties, with a strategic focus on the IOS sector.

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