Logo

PKST

Peakstone Realty Trust

PKST

Peakstone Realty Trust • NYSE
$13.67 ▲ 1.18% (+0.16)
Market Cap $502.93 M
52w High $15.40
52w Low $10.14
Dividend Yield 0.78%
P/E -124.27
Volume 107.20K
Outstanding Shares 36.79M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $25.8M ▼ $21.424M ▼ $3.499M ▲ 13.562% ▲ $0.09 ▲ $22.723M ▲
Q2-2025 $54.026M ▼ $31.96M ▼ $-265.3M ▼ -491.06% ▼ $-7.22 ▼ $-248.255M ▼
Q1-2025 $56.971M ▼ $34.133M ▼ $-49.382M ▼ -86.679% ▼ $-1.35 ▼ $39.506M ▲
Q4-2024 $57.933M ▲ $35.023M ▲ $12.713M ▲ 21.944% ▲ $0.35 ▲ $38.245M ▲
Q3-2024 $54.96M $32.005M $-24.395M -44.387% $-0.67 $34.596M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $326.085M ▲ $1.986B ▼ $1.21B ▼ $741.119M ▲
Q2-2025 $264.392M ▲ $2.191B ▼ $1.414B ▼ $740.306M ▼
Q1-2025 $204.017M ▲ $2.595B ▼ $1.516B ▼ $1.019B ▼
Q4-2024 $146.514M ▼ $2.676B ▲ $1.524B ▲ $1.085B ▲
Q3-2024 $241.55M $2.444B $1.312B $1.048B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $18.258M ▲ $28.607M ▲ $253.034M ▲ $-220.163M ▼ $61.479M ▲ $28.607M ▲
Q2-2025 $-265.3M ▼ $19.524M ▼ $150.318M ▲ $-109.12M ▼ $60.721M ▲ $19.524M ▼
Q1-2025 $-53.401M ▼ $20.216M ▼ $46.888M ▲ $-9.324M ▼ $57.78M ▲ $20.216M ▼
Q4-2024 $13.817M ▲ $31.702M ▲ $-318.768M ▼ $174.545M ▲ $-112.521M ▲ $31.702M ▲
Q3-2024 $-26.549M $22.225M $35.059M $-251.849M $-194.565M $22.225M

Five-Year Company Overview

Income Statement

Income Statement Peakstone’s revenue base is relatively small and has been drifting down from earlier levels, reflecting asset sales and the portfolio reshaping. Profitability at the property level looks decent, but the trust has struggled to convert that into consistent bottom‑line profits, with several years of losses and only a brief break‑even period. The sharp loss in the recent past likely reflects one‑time charges tied to the strategic shift, and more recently results appear to be stabilizing with slimmer losses and healthier operating performance. Overall, the income statement shows a business in transition: underlying operations are functional, but accounting earnings have been volatile and not yet firmly in the black.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been shrinking its overall asset base as it sells office properties and refocuses on its new niche. Debt levels have come down from prior peaks, which reduces financial risk, but borrowings are still a central part of the capital structure, as is typical for a REIT. Equity has stepped down from earlier years and then flattened out, consistent with a business absorbing past losses while trying to keep leverage in check. Cash on hand is modest rather than abundant, suggesting the company needs continued access to financing and asset sales to fund growth and repositioning.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been steady and positive, even when reported earnings were weak, which is a constructive sign for a real estate owner. Free cash flow has generally been positive as well, except for one year with heavy investment spending that likely reflects a major portfolio move or redevelopment push. Recent years show very light capital spending and correspondingly solid free cash flow, indicating a phase focused more on portfolio reshaping than on large development projects. Overall, the cash‑flow profile looks more stable and predictable than the income statement would suggest, but it still depends on disciplined capital allocation and financing access.

Competitive Edge

Competitive Edge Peakstone is moving away from being a broad, diversified REIT and instead concentrating on a narrow slice of the industrial market: outdoor storage sites that are hard to replicate. This niche benefits from limited supply, zoning hurdles, and strategic locations near transportation links, which can give landlords pricing power and high tenant stickiness. By focusing almost entirely on this area, Peakstone aims to be a specialist rather than a generalist, which may help differentiate it from larger, more diversified REITs. The flip side is concentration risk: success now hinges on the strength of this one segment and on management’s ability to buy, operate, and occasionally sell these properties wisely.

Innovation and R&D

Innovation and R&D Innovation here is strategic rather than technological. Peakstone’s main “R&D” is its deliberate pivot toward industrial outdoor storage, backed by data‑driven site selection and portfolio analytics. The trust is using technology mainly to optimize property performance, tenant mix, and acquisitions rather than to develop new products or software. Its edge comes from finding, aggregating, and improving scarce sites in high‑demand markets, and from pursuing value‑add opportunities such as redevelopment and rent resets as leases roll over. Future innovation will likely focus on better use of data, more creative site reuse, and structuring deals that lock in long‑term tenant relationships.

Summary

Peakstone Realty Trust is in the middle of a significant transformation: slimming down a legacy office and industrial portfolio and rebuilding itself as a focused industrial outdoor storage REIT. The financials reflect this journey—stable property‑level operations but choppy reported earnings, a gradually leaner balance sheet, and relatively dependable operating cash flow. Its strategy targets a niche with structural constraints on new supply and growing tenant demand, which could support stronger economics if execution is disciplined. The main things to watch are continued asset sales and reinvestment into the new strategy, the impact on leverage and cash flow, and whether this specialized focus translates into more stable, sustainable profits over time.

NEWS

November 14, 2025 · 8:27 AM UTC

Peakstone Realty Trust Completes Sale of Two Properties for $84.5 Million

Read more

November 5, 2025 · 4:06 PM UTC

Peakstone Realty Trust Reports Third Quarter 2025 Results

Read more

October 22, 2025 · 5:50 PM UTC

Peakstone Realty Trust Announces Date for Third Quarter 2025 Earnings Release and Webcast

Read more