Peakstone Realty Trust

Listed Company

PKSTCIK 0001600626NYSEAcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$105.98M

Net Income

$-307.71M

Total Assets

—

Equity

—

Shares Out

37.23M

Op. Cash Flow

$68.72M

Business

Peakstone Realty Trust is an internally managed real estate investment trust that operates and manages a portfolio of commercial properties while shifting its composition toward industrial assets. The company acquires, owns, develops, repositions, leases and manages predominantly single-tenant industrial and office properties, with a strategic emphasis on industrial outdoor storage (IOS) opportunities. Peakstone reports operations in two segments—Industrial and Office—and holds operating and redevelopment properties. The company markets and distributes space through leasing to tenants and pursues acquisitions and dispositions in strategic markets, principally via its operating partnership.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	106	116	144	416	460
Property operating expense	6	14	19	56	61
Property tax expense	8	10	13	37	41
General and administrative expenses	35	37	43	39	39
Corporate operating expenses to related parties	570,000	617,000	1	1	3
Real estate impairment provision	18	53	284	128	4
Depreciation and amortization	52	48	61	191	210
Total expenses	120	162	422	452	362
Loss before other income (expenses)	−14	−46	−278	−35	98
Interest expense	−57	−56	−59	−85	—
Loss from investment in unconsolidated entities	0	0	−177	−10	8,000
Other income, net	7	14	13	−943,000	—
Gain from disposition of assets	6	38	29	−139	−326,000
(Loss) gain on extinguishment of debt	−2	10	0	0	—
Goodwill impairment provision	0	−10	−16	−135	0
Transaction expenses	−555,000	−821,000	−25	—	—
Net loss from continuing operations	−60	−49	−513	—	—
(Loss) income from discontinued operations	−305	38	−92	—	—
Gain from disposition of assets	32	0	0	—	—
Net (loss) income from discontinued operations	−273	38	−92	—	—
Net loss	−333	−11	−605	−441	12
Net loss attributable to noncontrolling interests from continuing operations	4	4	46	—	—
Net loss (income) attributable to noncontrolling interests from discontinued operations	20	−3	8	—	—
Net loss attributable to noncontrolling interests	25	938,000	55	40	−66,000
Distributions to redeemable preferred unit holders	0	0	−2	−10	−10
Preferred units redemption charge	0	0	−5	0	0
Net loss attributable to controlling interest	−308	−10	−558	−412	2
Distributions to redeemable noncontrolling interests attributable to common stockholders	0	0	−36,000	−178,000	−177,000
Net loss attributable to common shareholders	−308	−10	−558	−412	2
Net loss per share from continuing operations, basic (in usd per share)	−1.52	−1.26	−13.17	—	—
Net loss per share from continuing operations, diluted (in usd per share)	−1.52	−1.26	−13.17	—	—
Net (loss) income per share from discontinued operations, basic (in usd per share)	−6.85	0.96	−2.33	—	—
Net (loss) income per share from discontinued operations, diluted (in usd per share)	−6.85	0.96	−2.33	—	—
Net loss per share attributable to common shareholders, basic (in usd per share)	−8.37	−0.3	−15.5	−11.41	0.04
Net loss per share attributable to common shareholders, diluted (in usd per share)	−8.37	−0.3	−15.5	−11.41	0.04
Weighted-average number of common shares outstanding, basic (in shares)	37	36	36	36	34
Weighted-average number of common shares outstanding, diluted (in shares)	37	36	36	36	34

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	139	147	392	233	169
Restricted cash	8	8	9	5	18
Land	382	342	231	327	584
Building and improvements	810	1,009	1,968	2,632	4,105
In-place lease intangible assets	110	141	—	—	—
Construction in progress	4	962,000	8	2	5
Total real estate	1,306	1,493	2,610	3,497	5,570
Less: accumulated depreciation and amortization	−211	−224	−551	−645	−993
Total real estate, net	1,095	1,269	1,020	2,853	4,577
Assets related to discontinued operations, net	0	1,101	—	—	—
Above-market lease intangible assets, net	1	2	30	—	—
Deferred rent receivable	18	23	63	80	109
Deferred leasing costs, net	4	5	19	27	45
Goodwill	68	68	79	95	230
Right-of-use lease assets	1	755,000	34	35	39
Interest rate swap asset, at fair value	0	16	27	41	—
Other assets	18	36	27	—	—
Total assets	1,353	2,676	2,789	3,633	5,273
Debt, net	474	1,345	—	—	—
Interest rate swap liability, at fair value	2	0	—	0	25
Distributions payable	4	8	8	12	12
Below-market lease intangible liabilities, net	34	40	16	—	—
Right-of-use lease liabilities	1	744,000	—	—	—
Accrued expenses and other liabilities	58	62	79	81	109
Liabilities related to discontinued operations	0	68	—	—	—
Total liabilities	574	1,524	1,585	1,647	2,772
Commitments and contingencies (Note 13)	—	—	—	—	—
Common shares, $0.001 par value; 800,000,000 shares authorized; 37,176,167 and 36,733,327 shares outstanding in the aggregate as of December 31, 2025 and December 31, 2024, respectively	37,000	37,000	36,000	36,000	36,000
Additional paid-in capital	3,026	3,017	2,990	2,949	2,952
Cumulative distributions	−1,134	−1,109	−1,076	−1,037	−923
Accumulated earnings	−1,146	−838	−828	−270	142
Accumulated other comprehensive (loss) income	−1	16	26	41	−19
Total shareholders equity	745	1,085	1,112	1,683	2,153
Noncontrolling interests	33	67	92	175	—
Total equity	779	1,152	1,204	1,857	2,372
Total liabilities and equity	1,353	2,676	2,789	3,633	5,273

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation of building and building improvements	36	36	43	113	125
Amortization of leasing costs and in-place lease intangible assets	16	12	19	79	86
Amortization of above- and (below-) market leases, net	−9	−2	−900,000	−2	−1
Amortization of deferred financing costs and debt premium	4	5	4	6	4
Amortization of swap interest	126,000	128,000	126,000	126,000	126,000
Deferred rent	−5	−2	−3	−13	−9
(Gain) loss from investments	−114,000	−377,000	18,000	194,000	125,000
Share-based compensation	6	8	12	10	7
Discount amortization - note receivable	−59,000	−655,000	0	0	—
Other income proration adjustments for dispositions	0	0	−2	0	0
Deferred leasing costs and other assets	6	266,000	−4	1	—
Accrued expenses and other liabilities	−9	−14	9	−12	−8
Due to affiliates, net	0	0	−720,000	−689,000	349,000
Net cash (used in) provided by operating activities - continuing operations	739,000	8	11	—	—
Net cash provided by operating activities - discontinued operations	68	87	78	—	—
Net cash provided by operating activities	69	95	89	153	205
Acquisition of properties, net	−95	−493	0	0	—
Proceeds from disposition of properties	228	282	325	1,121	22
Payments for construction in progress	−7	−572,000	−4	−17	−49
Purchase of investments	0	0	−282,000	−1	−332,000
Proceeds from repayment of note receivable	15	0	0	—	—
Net cash provided by (used in) investing activities - continuing operations	141	−213	321	—	—
Net cash provided by (used in) investing activities - discontinued operations	693	−3	−13	—	—
Net cash provided by (used in) investing activities	834	−216	309	1,098	−63
Proceeds from borrowings - Credit facility	0	280	400	—	—
Proceeds from borrowings - Term loan	0	175	0	—	—
Proceeds from borrowings - Mortgage debt	0	110	0	—	—
Principal pay down of indebtedness - Credit facility	−465	−215	0	—	—
Principal payoff of indebtedness - Term loan	−250	−190	−400	−200	0
Principal payoff of secured indebtedness - Mortgage debt	−159	−225	−41	−470	−1
Principal amortization payments on secured indebtedness	0	−6	−7	−9	−10
Payment for debt extinguishment	−3	0	0	—	—
Deferred financing costs	0	−17	−4	—	—
Offering costs	−37,000	−143,000	−796,000	−43,000	—
Redemption of preferred units	0	0	−125	0	0
Repurchase of common shares to satisfy employee tax withholding requirements	−1	−1	−3	−3	−3
Repurchase of common shares	0	0	−4	−6	−26
Repurchase of noncontrolling interest	−42,000	0	0	−11	−11
Distributions to noncontrolling interests	−2	−3	−4	—	—
Dividends to common shareholders	−29	−33	−41	−114	−83
Distributions paid to preferred units subject to redemption	0	0	−5	−10	−10
Financing lease payment	−348,000	−332,000	−319,000	−320,000	−100,000
Net cash used in financing activities	−911	−126	−235	−1,199	−159
Net (decrease) increase in cash, cash equivalents and restricted cash	−8	−247	163	52	−17
Cash paid for interest	63	59	58	75	81
Dividends payable to common shareholders	4	8	8	10	10
Distributions payable to noncontrolling interests	722,000	672,000	724,000	946,000	946,000
Operating lease right-of-use assets obtained in exchange for lease liabilities	1	0	0	1	0
Exchange of noncontrolling interest to common stock	5	20	27	0	0
Accrued for construction in progress	810,000	0	1	35,000	1
Accrued tenant obligations and other	6	8	551,000	620,000	—
Decrease in fair value swap agreement	−18	−11	−14	63	32
Note receivable, net	60,000	−14	0	0	—
Note payable in unconsolidated joint venture	0	5	2	0	—
Contribution in unconsolidated joint venture	0	−5	−2	0	—
Capitalized transaction costs accrued	280,000	654,000	0	0	—
Accrued payments for debt extinguishment	1	0	0	—	—
Accrued repurchase of common shares to satisfy employee tax withholding requirements	1	0	0	—	—

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