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Peakstone Realty Trust is a real estate investment trust executing a strategic transition to become an industrial-only REIT, targeting growth in the industrial outdoor storage sector. As part of this transition, the Company is actively reshaping its portfolio by divesting its office properties and increasing its exposure to IOS. The Company's fiscal year ends on December 31, 2025. PKST OP, L.P., our operating partnership, owns, directly and indirectly all of the Company's assets. As of June 30, 2025, the Company owned, directly and indirectly through a wholly-owned subsidiary, approximately 92.6% of the outstanding common units of limited partnership interest in the Operating Partnership. As of June 30, 2025, our portfolio is comprised of 94 properties, consisting of 89 operating properties and 5 redevelopment properties (those designated for redevelopment or repositioning) reported in two segments - Industrial and Office. Peakstone Realy Trust was established on August 28, 2008 and incorporated in Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $106M | $49M | $-308M | $69M | -41.3% | -8.9% | 2851.6% |
| 2024 | $116M | $54M | $-10M | $95M | -1.0% | -19.1% | -98.1% |
| 2023 | $144M | $-392M | $-551M | $89M | -49.5% | -65.5% | 37.1% |
| 2022 | $416M | $-166M | $-402M | $153M | -23.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 416.48 | 143.84 | 116.36 | 105.98 |
| Operating Revenue | - | 416.48 | 143.84 | 116.36 | 105.98 |
| Cost Of Revenue | - | 93.26 | 32.75 | 23.58 | 14.30 |
| Gross Profit | - | 323.22 | 111.09 | 92.78 | 91.69 |
| Operating Expense | - | 231.09 | 105.17 | 85.09 | 87.67 |
| Selling General And Administration | - | 38.99 | 42.84 | 36.97 | 34.92 |
| Total Expenses | - | 324.35 | 137.92 | 108.68 | 101.96 |
| Operating Income | - | 92.13 | 5.92 | 7.68 | 4.02 |
| EBITDA | - | -165.82 | -392.20 | 54.09 | 48.72 |
| Normalized EBITDA | - | 271.94 | -96.57 | 69.66 | 63.55 |
| EBIT | - | -356.57 | -453.37 | 6.59 | -3.46 |
| Interest Expense | - | 84.82 | 59.37 | 55.98 | 56.56 |
| Net Interest Income | - | -84.82 | -59.37 | -55.98 | -56.56 |
| Other Non Operating Income Expenses | - | -0.94 | 13.11 | 14.48 | 7.35 |
| Other Income Expense | - | -448.70 | -459.29 | -1.10 | -7.47 |
| Interest Expense Non Operating | - | 84.82 | 59.37 | 55.98 | 56.56 |
| Net Non Operating Interest Income Expense | - | -84.82 | -59.37 | -55.98 | -56.56 |
| Pretax Income | - | -441.38 | -512.74 | -49.39 | -60.02 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -441.38 | -512.74 | -49.39 | -60.02 |
| Net Income From Continuing And Discontinued Operation | - | -401.67 | -550.55 | -10.42 | -307.71 |
| Net Income From Continuing Operation Net Minority Interest | - | -401.67 | -458.19 | -48.45 | -35.10 |
| Net Income | - | -401.67 | -550.55 | -10.42 | -307.71 |
| Net Income Common Stockholders | - | -411.91 | -557.93 | -10.42 | -307.71 |
| Net Income Including Noncontrolling Interests | - | -441.38 | -605.10 | -11.36 | -332.63 |
| Normalized Income | - | 36.09 | -162.55 | -32.88 | -20.27 |
| Diluted NI Availto Com Stockholders | - | -411.91 | -557.93 | -10.42 | -307.71 |
| Basic Average Shares | - | 36.06 | 35.99 | 36.38 | 36.80 |
| Diluted Average Shares | - | 36.06 | 35.99 | 36.38 | 36.80 |
| Reconciled Depreciation | - | 110.99 | 41.71 | 33.85 | 26.88 |
| Reconciled Cost Of Revenue | - | 173.02 | 52.21 | 37.23 | 39.59 |
| Total Unusual Items | - | -437.76 | -295.63 | -15.57 | -14.82 |
| Total Unusual Items Excluding Goodwill | - | -437.76 | -295.63 | -15.57 | -14.82 |
| Preferred Stock Dividends | 9.70 | 10.06 | 2.38 | - | - |
| Minority Interests | - | 39.71 | 54.56 | 0.94 | 24.93 |
| Net Income Discontinuous Operations | - | - | -92.36 | 38.03 | -272.61 |
| Special Income Charges | - | -437.76 | -295.63 | -15.57 | -14.82 |
| Other Special Charges | - | 13.25 | - | -10.47 | 2.48 |
| Write Off | 4.24 | 127.58 | 409.51 | - | - |
| Impairment Of Capital Assets | - | 262.85 | 299.83 | 63.59 | 18.20 |
| Restructuring And Mergern Acquisition | - | 22.39 | 24.96 | 0.82 | 0.56 |
| Depreciation Amortization Depletion Income Statement | - | 190.74 | 61.17 | 47.50 | 52.18 |
| Depreciation And Amortization In Income Statement | - | 190.74 | 61.17 | 47.50 | 52.18 |
| General And Administrative Expense | - | 38.99 | 42.84 | 36.97 | 34.92 |
| Other Gand A | - | 38.99 | 42.84 | 36.97 | 34.92 |
| Gain On Sale Of Ppe | - | -139.28 | 29.16 | 38.37 | 6.41 |
| Other Operating Expenses | - | 1.35 | 1.15 | 0.62 | 0.57 |
| Otherunder Preferred Stock Dividend | - | 0.18 | 5.01 | 0 | 0 |
| Earnings From Equity Interest | - | -9.99 | -176.77 | 0 | 0 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Peakstone Realty Trustthis co. | PKST | $781M | -2.54 | 1.05 | -41.3% | 22.93 |
| PennyMac Mortgage Investment Trust | PMT | $889M | 10.34 | 0.47 | 4.6% | - |
| Adamas Trust, Inc. | ADAM | $818M | 5.49 | 0.92 | 16.8% | - |
| Postal Realty Trust, Inc. | PSTL | $795M | 56.15 | 2.79 | 5.0% | 20.12 |
| Sky Harbour Group Corporation | SKYH | $733M |
| - |
| - |
| - |
| - |
| - |
| - |
| 38.96 |
| 5.74 |
| 14.7% |
| 73.86 |
| Invesco Mortgage Capital Inc. | IVR | $731M | 7.21 | 1.16 | 16.0% | - |
| BrightSpire Capital, Inc. | BRSP | $726M | -23.30 | 0.77 | -3.3% | -13935.72 |
| CTO Realty Growth, Inc. | CTO | $678M | 67.19 | 1.20 | 1.8% | 13.39 |
| Redwood Trust, Inc. | RWT | $667M | -9.53 | 0.73 | -7.6% | - |
| Peer Median | - | 8.78 | 1.04 | 4.8% | 16.76 | |