PKST
Peakstone Realty Trust14.33
+0.11+0.77%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
527.21MP/E (TTM)
-Basic EPS (TTM)
-0.11Dividend Yield
0.05%Recent Filings
10-K
FY2025 results
Peakstone Realty Trust wrapped FY2025 with its industrial-only pivot complete, selling all 33 office properties for $883.7M and three traditional industrial assets for $71.6M while acquiring nine IOS properties for $96.2M; Industrial NOI surged 55% to $86.2M, fueled by new IOS leases yielding 55.5% GAAP spreads on 84.8 acres. Q4 leasing accelerated with commencements at 131.4% spreads, yet total NOI dipped 1% to $91.7M amid dispositions. Debt plunged 64% to $485.9M—all fixed-rate—boosting liquidity to $138.7M cash plus $240.7M revolver capacity. Pending Brookfield merger at $21/share adds uncertainty. Tenant defaults risk quarterly cash flows.
8-K
Merger at $21/share announced
Peakstone Realty Trust announced Q4 2025 results amid a proposed $21.00/share all-cash merger with Brookfield affiliates, implying $1.2B enterprise value—a 34% premium to the prior close. Completed office exit via $443.9M Q4 sales, cut debt $564.8M to $485.9M, and acquired $38.5M IOS assets. Same Store Cash NOI rose 3.7%. Shareholder approval pending.
8-K
Brookfield to buy Peakstone at $21/share
Peakstone Realty Trust signed a merger deal on February 2, 2026, with Brookfield affiliates to go private in an all-cash transaction valuing shares at $21.00 each—an implied $1.2 billion enterprise value. The board unanimously approved it, with a 30-day go-shop ending March 4 and shareholder vote required; no financing condition applies, but quarterly dividends halt. Deal targets Q2 2026 close, yet risks shareholder rejection.
8-K
Q3 earnings advance industrial shift
Peakstone Realty Trust reported Q3 2025 results from continuing operations, posting $25.8 million in revenue and $3.5 million net income attributable to common shareholders, or $0.09 per share, while classifying its office segment as discontinued after selling eight properties for $247.5 million in the quarter and four more for $116 million post-quarter. The company advanced its industrial transformation by acquiring three IOS properties for $57.7 million and executing leases adding $1.1 million in ABR with 116% cash releasing spreads, alongside selling three traditional industrial assets for $71.6 million to optimize the portfolio. Net debt fell to 5.4x Adjusted EBITDAre, bolstering liquidity at $438 million. Sales proceeds fuel IOS growth, yet office divestitures hinge on market timing.
10-Q
Q3 FY2025 results
Peakstone Realty Trust swung to a $3.8M net income in Q3 2025 from a $26.5M loss a year earlier, fueled by $25.8M rental revenue up 73% y/y from IOS acquisitions, while industrial NOI climbed 77% to $22.5M on tighter leasing spreads. Yet discontinued office operations dragged with a $290.3M YTD loss from $345M impairments, offset by $23.5M disposition gains; net loss per share hit $(8.48) on 36.8M diluted shares, reconciling without anti-dilution flags. Cash swelled to $326M after $450M investing inflows from $496M property sales minus $57M buys, funding $338M debt paydowns to $1.05B total (5.46% weighted rate). Free cash flow not disclosed in the 10-Q. Post-quarter, four more office sales fetched $116M. Tenant concentration risks loom large.
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