Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-04-24

Peakstone Realty Trust (PKST)

Fiscal year 2024 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$7,162,931
Michael Escalante total, FY2024
86th
CEO pay percentile vs peers
35:1
CEO-to-median pay ratio
89.55%
Say-on-pay support, latest vote
Companies that benchmark against PKST
6 companies name PKST as a compensation peer

Each company listed discloses PKST in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PKST in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Escalante$925,000$0$3,500,000$0$2,312,500$0$425,431$7,162,931
Chief Executive Officer and President
Nina Sitzer575,0000999,99501,150,0000206,1402,931,135
Chief Operating Officer Chief Legal Officer, and Secretary
Javier Bitar525,0000999,9950787,5000186,3562,498,851
Chief Financial Officer and Treasurer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
Michael Escalante$7,162,931$7,843,857$7,470,408−680,926
Nina Sitzer2,931,1352,666,2332,434,674+264,902
Javier Bitar2,498,8512,758,8672,795,964−260,016

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Javier BitarRSU2024-04-0161,996$999,995
Nina SitzerRSU2024-04-0161,996999,995
Michael EscalanteRSU2024-04-01216,9873,500,000
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Javier Bitar$999,995$0$00.0%
Nina Sitzer999,995000.0%
Michael Escalante3,500,000000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Javier BitarRSU47,708$528,133
Michael EscalanteRSU166,9811,848,484
Nina SitzerRSU47,244522,991
05

Incentive-plan design — the Compensation Discussion & Analysis

Our Compensation Committee believes that the Company's compensation program for executive officers should: attract, retain and motivate highly-skilled executives; encourage management to balance short-term goals against longer-term objectives without incentivizing excessive risk-taking; achieve an appropriate balance between risk and reward that does not incentivize excessive risk-taking and align the interests of management and shareholders.

CEO STI target (% of salary)250%
CEO LTI target (% of salary)
Independent consultantFerguson Partners
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-05-2812,471,0151,454,548279,13689.55%Passed
20242024-06-1810,234,6322,090,772320,71683.04%Passed
20232023-06-205,263,4411,418,007672,13478.78%Passed
20222022-11-30148,058,63015,341,06321,833,57379.93%Passed
20212021-06-1591,690,57912,334,04016,945,71575.8%Passed
20202020-06-1563,107,8159,395,7579,336,27377.11%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-05-2889.55%a
20242024-06-1883.04%b
20232023-06-2078.78%c

a. Approved under the standard stated in the filing — “However, abstentions and broker non-votes, as applicable, will have no impact on the outcome of any of the four proposals, as they are not counted as votes cast.”.

b. Approved under the standard stated in the filing — “However, abstentions and broker non-votes, as applicable, will have no impact on the outcome of any of the four proposals, as they are not counted as votes cast.”.

c. Approved under the standard stated in the filing — “however, withholds, abstentions and broker non-votes will not be counted as votes cast.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)35 : 1
CEO total compensation$7,162,931
Median employee compensation$202,101
08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Casey WoldIndependent · Board Chair · Nominating and Corporate Governance (Chair) · Compensation$165,000$150,012$0$1,703$316,715
Samuel TangIndependent · Audit (Chair) · Compensation (Chair)125,00090,00308,434223,437
Carrie DeWeesIndependent · Audit · Compensation · Nominating and Corporate Governance90,00090,00301,022181,025
Jeffrey FriedmanIndependent · Audit · Nominating and Corporate Governance · Newly elected48,21490,0030138,217
Michael J. EscalanteEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$100,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$428,214
Equity awards (grant-date value)$420,021
All other compensation$11,159
Total cost of the board$859,394

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2024

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Peakstone Realty Trust names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Peakstone Realty Trust.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Empire State Realty2025Anthony Malkin$896,923$9,422,697$0$0$12,669,394
2Apartment Investment and Management Company2025Wes Powell700,0002,956,75701,841,59510,762,352
3Peakstone Realty Trust2024Michael Escalante925,0003,500,00002,312,5007,162,931
4LXP Industrial Trust2025T. Wilson Eglin840,0004,044,98201,442,4386,645,384
5Retail Opportunity Investments Corp.2023Stuart Tanz900,0004,096,63801,575,0006,626,718
6Brandywine Realty Trust2025Gerard Sweeney800,0003,472,94001,520,0005,812,631
7JBG SMITH Properties2025W. Matthew Kelly750,0003,499,99401,260,0005,521,861
8Sila Realty Trust, Inc.2024Michael Seton825,0002,275,00001,949,0635,510,455
9Terreno Realty2025W. Blake Baird800,0004,603,498005,413,998
10Innovative Industrial Properties, Inc.2025Paul Smithers1,120,3502,375,20301,216,3644,722,417
11Paramount Group, Inc.2024Albert Behler1,134,000002,615,0004,447,497
12LTC Properties, Inc.2025Pamela Shelley-Kessler650,0002,250,00001,117,1884,027,538
13Plymouth Industrial REIT, Inc.2024Jeffrey Witherell643,7501,799,9800620,0003,108,503
14Hudson Pacific Properties, Inc.2025Victor Coleman1,000,000356,326002,766,883
15Orion Office REIT Inc.2025Paul McDowell584,000659,9060746,9362,080,319

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Peakstone Realty Trust250%RSU 100not disclosedFerguson Partners
Apartment Investment and Management Company175.39%PSU 67 · RSU 33NoFerguson Partners
Brandywine Realty Trust95%RSU 50 · PSU 50NoPay Governance LLC
Empire State Realty164%PSU 55 · LTIP Units 45Yes — TSR performance relative to the Nareit Office IndexFerguson Partners
Hudson Pacific Properties, Inc.140%LTIP Units 50 · PSU 50Yes — Relative TSR vs. Nareit Office IndexFerguson Partners Consulting
Innovative Industrial Properties, Inc.78%RSU 100not disclosedFrederic W. Cook & Co., Inc.
JBG SMITH Properties168%not disclosedNoFerguson Partners Consulting
LTC Properties, Inc.137.5%RSU 50 · PSU 50Yes — Absolute TSRFrederic W. Cook & Co., Inc.
LXP Industrial Trustnot disclosedPSU 60 · RSU 40Yes — Relative TSR compared to MSCI US REIT IndexFerguson Partners Consulting, L.P.
Orion Office REIT Inc.not disclosedPSU 60 · RSU 40Yes — absolute TSR performanceFerguson Partners Consulting L.P.
Paramount Group, Inc.154%PSU 60 · RSU 40NoFrederic W. Cook & Co., Inc.
Plymouth Industrial REIT, Inc.77.5%RSU 50 · PSU 50Yes — 3-Year Relative TSR vs. MSCI US REIT IndexFerguson Partners Consulting L.P.
Retail Opportunity Investments Corp.not disclosednot disclosednot disclosedFTI Consulting Inc.
Sila Realty Trust, Inc.175%PSU 50 · RSU 50NoFPC
Terreno Realtynot disclosedPSU 65 · RSU 35Nonot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Peakstone Realty Trust in fiscal 2024?
The highest-paid executive at Peakstone Realty Trust in fiscal 2024 was Michael Escalante, Chief Executive Officer and President, with total compensation of $7,162,931.
How does Peakstone Realty Trust's chief executive pay compare to its disclosed peer group?
As disclosed, Michael Escalante's pay falls in the 86th percentile of the company's disclosed peer group.
What is Peakstone Realty Trust's CEO-to-median employee pay ratio?
The filing shows that Peakstone Realty Trust's CEO-to-median employee pay ratio was 35:1.
How did shareholders vote on Peakstone Realty Trust's executive compensation?
Shareholders approved the executive compensation plan with 89.55% support in the latest vote.
How much does Peakstone Realty Trust spend in total on board compensation for fiscal 2024?
The company reported total board compensation for fiscal 2024 was $859,394.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael EscalanteDEF 14A2025-04-110001140361-25-013469Section “SUMMARY COMPENSATION TABLE”. As printed: 7,162,931. Filing ↗machine: r2 · c22 · span 698185–698195
2Section 01, Nina SitzerDEF 14A2025-04-110001140361-25-013469Section “SUMMARY COMPENSATION TABLE”. As printed: 2,931,135. Filing ↗machine: r8 · c22 · span 723249–723259
3Section 01, Javier BitarDEF 14A2025-04-110001140361-25-013469Section “SUMMARY COMPENSATION TABLE”. As printed: 2,498,851. Filing ↗machine: r5 · c22 · span 710889–710899
4Section 03, Javier Bitar RSUDEF 14A2025-04-110001140361-25-013469Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t142 · r3 · c7 · span 651437–651443
5Section 03, Nina Sitzer RSUDEF 14A2025-04-110001140361-25-013469Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t160 · r8 · c19 · span 796548–796555
6Section 03, Michael Escalante RSUDEF 14A2025-04-110001140361-25-013469Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t142 · r2 · c7 · span 649997–650004
7Section 07, pay ratioDEF 14A2025-04-110001140361-25-013469Section “CEO Pay Ratio”. As printed: 35 : 1. Filing ↗machine: span 979997–980001
8Section 08, Casey WoldDEF 14A2025-04-110001140361-25-013469Section “Director Compensation”. As printed: 316,715. Filing ↗machine: t91 · r6 · c13 · span 394614–394621
9Section 08, Samuel TangDEF 14A2025-04-110001140361-25-013469Section “Director Compensation”. As printed: 223,437. Filing ↗machine: t91 · r5 · c13 · span 391977–391984
10Section 08, Carrie DeWeesDEF 14A2025-04-110001140361-25-013469Section “Director Compensation”. As printed: 181,025. Filing ↗machine: t91 · r3 · c13 · span 386664–386671
11Section 08, Jeffrey FriedmanDEF 14A2025-04-110001140361-25-013469Section “Director Compensation”. As printed: 138,217. Filing ↗machine: t91 · r4 · c13 · span 389528–389535
12Section 08, Michael J. EscalanteDEF 14A2025-04-110001140361-25-013469Section “Director Compensation”. As printed: 0. Filing ↗
13Section 06, 2025 voteForm 8-K2025-05-290001140361-25-020770Item 5.07 · say-on-pay result. As reported: 89.55% (votes for as printed: 12,471,015). Filing ↗
14Section 06, 2024 voteForm 8-K2024-06-210001140361-24-030793Item 5.07 · say-on-pay result. As reported: 83.04% (votes for as printed: 10,234,632). Filing ↗
15Section 06, 2023 voteForm 8-K2023-06-210001600626-23-000104Item 5.07 · say-on-pay result. As reported: 78.78% (votes for as printed: 5,263,441). Filing ↗
16Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
17Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
18Section 09b board cost (computed)ComputedcomputedCash 428,214 + equity 420,021 + all other 11,159 = 859,394, summed across the director compensation table rows.machine: formula: Σ = 859,394
19Empire State Realty, Section 10b CEO totalDEF 14A2026-04-020001104659-26-038890CEO total compensation as printed in Empire State Realty's own proxy. As printed: 12,669,394. Filing ↗machine: r1 · c18 · span 1693420–1693430
20Apartment Investment and Management Company, Section 10b CEO totalDEF 14A2026-04-240001193125-26-177149CEO total compensation as printed in Apartment Investment and Management Company's own proxy. As printed: 10,762,352. Filing ↗machine: r4 · c38 · span 1693533–1693543
21Peakstone Realty Trust (subject), Section 10b CEO totalDEF 14A2025-04-110001140361-25-013469CEO total compensation as printed in Peakstone Realty Trust's own proxy. As printed: 7,162,931. Filing ↗machine: r2 · c22 · span 698185–698195
22LXP Industrial Trust, Section 10b CEO totalDEF 14A2026-04-030000910108-26-000015CEO total compensation as printed in LXP Industrial Trust's own proxy. As printed: 6,645,384. Filing ↗machine: t65 · r2 · c15 · span 653567–653576
23Retail Opportunity Investments Corp., Section 10b CEO totalDEF 14A2024-03-220001407623-24-000062CEO total compensation as printed in Retail Opportunity Investments Corp.'s own proxy. As printed: 6,626,718. Filing ↗machine: r2 · c42 · span 607173–607182
24Brandywine Realty Trust, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145566CEO total compensation as printed in Brandywine Realty Trust's own proxy. As printed: 5,812,631. Filing ↗machine: t214 · r4 · c24 · span 3086750–3086759
25JBG SMITH Properties, Section 10b CEO totalDEF 14A2026-03-180001104659-26-030932CEO total compensation as printed in JBG SMITH Properties's own proxy. As printed: 5,521,861. Filing ↗machine: t286 · r3 · c17 · span 1302909–1302918
26Sila Realty Trust, Inc., Section 10b CEO totalDEF 14A2025-04-040001567925-25-000036CEO total compensation as printed in Sila Realty Trust, Inc.'s own proxy. As printed: 5,510,455. Filing ↗machine: span 1479805–1479814
27Terreno Realty, Section 10b CEO totalDEF 14A2026-03-200001193125-26-116759CEO total compensation as printed in Terreno Realty's own proxy. As printed: 5,413,998. Filing ↗machine: t94 · r2 · c23 · span 345620–345629
28Innovative Industrial Properties, Inc., Section 10b CEO totalDEF 14A2026-04-220001628280-26-026588CEO total compensation as printed in Innovative Industrial Properties, Inc.'s own proxy. As printed: 4,722,417. Filing ↗machine: span 584381–584390
29Paramount Group, Inc., Section 10b CEO totalDEF 14A2025-04-030001558370-25-004397CEO total compensation as printed in Paramount Group, Inc.'s own proxy. As printed: 4,447,497. Filing ↗machine: span 1533974–1533983
30LTC Properties, Inc., Section 10b CEO totalDEF 14A2026-04-080001104659-26-040921CEO total compensation as printed in LTC Properties, Inc.'s own proxy. As printed: 4,027,538. Filing ↗machine: t203 · r7 · c20 · span 1255138–1255147
31Plymouth Industrial REIT, Inc., Section 10b CEO totalDEF 14A2025-04-280001171520-25-000158CEO total compensation as printed in Plymouth Industrial REIT, Inc.'s own proxy. As printed: 3,108,503. Filing ↗machine: r1 · c12 · span 469279–469288
32Hudson Pacific Properties, Inc., Section 10b CEO totalDEF 14A2026-04-230001104659-26-047885CEO total compensation as printed in Hudson Pacific Properties, Inc.'s own proxy. As printed: 2,766,883. Filing ↗machine: t204 · r7 · c14 · span 1248681–1248690
33Orion Office REIT Inc., Section 10b CEO totalDEF 14A2026-03-200001873923-26-000073CEO total compensation as printed in Orion Office REIT Inc.'s own proxy. As printed: 2,080,319. Filing ↗machine: r4 · c39 · span 433823–433832
34Section 10a, Orion Office REIT Inc. reciprocityDEF 14A0001873923-26-000073Orion Office REIT Inc.'s most recent proxy was read; its disclosed peer group does not include Peakstone Realty Trust. Filing ↗
35Section 10a, Hudson Pacific Properties, Inc. reciprocityDEF 14A0001104659-26-047885Hudson Pacific Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Peakstone Realty Trust. Filing ↗
36Section 10a, Sila Realty Trust, Inc. reciprocityDEF 14A0001567925-25-000036Sila Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include Peakstone Realty Trust. Filing ↗
37Section 10a, JBG SMITH Properties reciprocityDEF 14A0001104659-26-030932JBG SMITH Properties's most recent proxy was read; its disclosed peer group does not include Peakstone Realty Trust. Filing ↗
38Section 10a, Plymouth Industrial REIT, Inc. reciprocityDEF 14A0001171520-25-000158Plymouth Industrial REIT, Inc.'s most recent proxy was read; its disclosed peer group does not include Peakstone Realty Trust. Filing ↗
39Section 10a, LTC Properties, Inc. reciprocityDEF 14A0001104659-26-040921LTC Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Peakstone Realty Trust. Filing ↗
40Section 10a, Paramount Group, Inc. reciprocityDEF 14A0001558370-25-004397Paramount Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Peakstone Realty Trust. Filing ↗
41Section 10a, Apartment Investment and Management Company reciprocityDEF 14A0001193125-26-177149Apartment Investment and Management Company's most recent proxy was read; its disclosed peer group does not include Peakstone Realty Trust. Filing ↗
42Section 10a, LXP Industrial Trust reciprocityDEF 14A0000910108-26-000015LXP Industrial Trust's most recent proxy was read; its disclosed peer group does not include Peakstone Realty Trust. Filing ↗
43Section 10a, Innovative Industrial Properties, Inc. reciprocityDEF 14A0001628280-26-026588Innovative Industrial Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Peakstone Realty Trust. Filing ↗
44Section 10a, Retail Opportunity Investments Corp. reciprocityDEF 14A0001407623-24-000062Retail Opportunity Investments Corp.'s most recent proxy was read; its disclosed peer group does not include Peakstone Realty Trust. Filing ↗
45Section 10a, Brandywine Realty Trust reciprocityDEF 14A0001193125-26-145566Brandywine Realty Trust's most recent proxy was read; its disclosed peer group does not include Peakstone Realty Trust. Filing ↗
46Section 10a, Terreno Realty reciprocityDEF 14A0001193125-26-116759Terreno Realty's most recent proxy was read; its disclosed peer group does not include Peakstone Realty Trust. Filing ↗