PKST
Peakstone Realty Trust14.33
+0.11+0.77%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '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-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.
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.
8-K
Peakstone sells assets for $177M
Peakstone Realty Trust completed the sale of two office properties in Birmingham, AL, and Greenwood Village, CO, plus one industrial property in Sparks Glencoe, MD, for $177 million at a 7.6% blended cap rate on September 3, 2025. This advances its shift to an industrial REIT, pushing industrial ABR over 50% of total while trimming the office segment to 20 properties worth $469 million net book value, or 30% of the portfolio. Leverage now aligns with the 6.0x target. Yet selective industrial sales may follow.
8-K
Q2 earnings: industrial shift advances
Peakstone Realty Trust reported Q2 2025 results, booking a $286.1 million non-cash impairment on 18 office properties amid its shift to industrial assets, now 65% of net book value. Revenue dipped to $54.0 million from $56.0 million year-over-year, yet same-store cash NOI rose 6.3% to $35.6 million, fueled by 9.3% industrial growth. Office sales hit $182 million this year; leverage eased to 6.6x. Dividend slashed to $0.10 per share. Industrial push accelerates.
10-Q
Q2 FY2025 results
Peakstone Realty Trust's Q2 FY2025 results showed rental income dipping 3.5% y/y to $54.0M amid ongoing office divestitures, yet industrial NOI surged 64% y/y to $21.1M, fueled by the IOS portfolio acquisition and leasing gains. Massive $286.1M real estate impairment hit office assets due to shortened hold periods, driving a $7.22 diluted EPS loss—anti-dilutive effects excluded 132K unvested shares. Cash swelled to $264.4M after $187M property sales, while FCF hit $32.0M (derived: operating cash $39.7M minus $7.8M capex YTD). Debt eased to $1.25B with a $100M revolver paydown, maintaining $91.4M availability. Post-quarter, two IOS buys for $52.4M signal pivot momentum. Tenant concentration risks linger, with top 10 at 46% of ABR.
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