Peakstone Realty Trust (PKST) Company Report

Brookfield Asset Management will acquire Peakstone Realty Trust in an all-cash transaction for $21.00 per share, representing an implied enterprise value of approximately $1.2 billion.
The $21.00 per share purchase price offers a 34% premium to Peakstone's closing price on January 30, 2026.
The transaction, unanimously approved by Peakstone's Board, is anticipated to close by the end of the second quarter of 2026 and includes a 30-day "go-shop" period expiring March 4, 2026.
Peakstone has suspended its regular quarterly dividend immediately until the closing or termination of the agreement, and its shares will be delisted from the NYSE upon completion.

1 day ago

8-K

Peakstone Realty Trust to be Acquired by Brookfield

PKST

M&A

Takeover Bid

Dividends

Brookfield Asset Management will acquire Peakstone Realty Trust in an all-cash transaction for $21.00 per share, representing an implied enterprise value of approximately $1.2 billion.
The purchase price offers a 34% premium to Peakstone's closing share price on January 30, 2026.
The transaction is expected to close by the end of the second quarter of 2026.
Peakstone has agreed to suspend payment of its regular quarterly dividend, effective immediately, until the earlier of the closing or termination of the definitive agreement.
A 30-day "go-shop" period is in effect until March 4, 2026, allowing Peakstone to solicit alternative acquisition proposals.

1 day ago

Press Release

Peakstone Realty Trust Reports Q3 2025 Results, Advances Industrial-Only REIT Transformation

PKST

Earnings

Dividends

New Projects/Investments

Peakstone Realty Trust is progressing its transformation into an industrial-only REIT focused on industrial outdoor storage (IOS), with the industrial portfolio now generating over 60% of its ABR as of October 31st. The company has sold 12 office properties totaling approximately $363 million as of October 31st, with plans to sell the majority of the remaining 12 by year-end 2025 or Q1 2026, expecting $300 million-$350 million in proceeds.
The company strengthened its balance sheet by reducing debt by approximately $450 million, improving total leverage to 5.4 times on a pro forma basis, which is below its target. Post-quarter, an additional $240 million was paid down on the unsecured credit facility, and $250 million-$300 million of future office sale proceeds are earmarked for further debt reduction.
The IOS operating portfolio is 100% leased, achieving weighted average releasing spreads of 116% on a cash basis and 120% on a GAAP basis, and generating over $1 million of incremental IOS ABR. Additionally, the company acquired three IOS properties for approximately $58 million.
For Q3 2025, total revenue from continuing operations was approximately $25.8 million, FFO was approximately $18.3 million or 46 cents per share, and Core FFO was approximately $19.1 million or $0.48 per share. The company paid a dividend of $0.10 per common share for Q3 and approved the same for Q4.

Nov 5, 2025, 10:00 PM

Transcript

PKST Reports Q3 2025 Results, Nearing Industrial Transformation Completion

PKST

Earnings

M&A

New Projects/Investments

PKST's industrial segment Annualized Base Rent (ABR) now represents over 60% of total ABR, reflecting the company's ongoing industrial transformation with an intention to scale Industrial Outdoor Storage (IOS) and complete its office exit.
The company reduced its leverage to 5.4x Net Debt / EBITDAre in Q3 2025, falling below its target of 6.0x.
PKST made significant progress on its office exit strategy, with $247 million in office dispositions during Q3 2025 and an additional $116 million subsequent to quarter-end. The company expects to sell its remaining 12 office properties by year-end, with some transactions potentially closing in Q1 2026, anticipating total proceeds of $300-$350 million.
The industrial portfolio, on a pro forma Q3 2025 basis, has an in-place ABR of $75.5 million, a mark-to-market opportunity of 37%, and contractual escalations of 2.4%.

Nov 5, 2025, 10:00 PM

Presentation

PKST Announces Q3 2025 Financial Results and Strategic Shift

PKST

Earnings

M&A

Debt Issuance

PKST reported net income per share attributable to common shareholders of $0.09 for Q3 2025, with FFO per share/unit of $0.46, Core FFO per share/unit of $0.48, and AFFO per share/unit of $0.47.
As of September 30, 2025, the company's portfolio consisted of 86 properties with an overall occupancy of 99.4% and a weighted average lease term (WALT) of 4.6 years. The Office segment, comprising 16 properties, has been classified as discontinued operations, marking a strategic shift.
For the nine months ended September 30, 2025, PKST completed IOS acquisitions totaling $57,718 thousand and dispositions from continuing operations of $233,415 thousand and dispositions from discontinued operations of $278,050 thousand.
The company reported total liquidity of $437,996 thousand and cash and cash equivalents of $326,085 thousand as of September 30, 2025, against total consolidated debt of $1,050,766 thousand.

Nov 5, 2025, 10:00 PM

Presentation

Peakstone Realty Trust Reports Q3 2025 Results and Progress on Industrial Transformation

PKST

Earnings

New Projects/Investments

M&A

Peakstone Realty Trust is undergoing a strategic transformation to become an industrial-only REIT, with its Office segment properties classified as discontinued operations as of September 30, 2025.
For the third quarter ended September 30, 2025, the company reported net income attributable to common shareholders of $3.5 million, or $0.09 per basic and diluted share, and Core FFO of $0.48 per basic and diluted share/unit.
The company continued its disposition strategy, selling eight office properties for approximately $247.5 million during Q3 2025 and an additional four office properties for approximately $116.0 million after quarter-end.
Peakstone Realty Trust also acquired three Industrial Outdoor Storage (IOS) properties for approximately $57.7 million during the quarter and reduced its net debt to 5.4x net debt to Adjusted EBITDAre.

Nov 5, 2025, 9:09 PM

8-K

Peakstone Realty Trust Completes Property Sales

PKST

M&A

New Projects/Investments

Peakstone Realty Trust completed the sale of three properties for approximately $177 million.
This transaction advances the company's strategic shift to an industrial REIT, with industrial Annualized Base Rent (ABR) now exceeding 50% of total ABR.
The sales, which included two office properties and one industrial property, were completed at a blended cap rate of 7.6%.
The company's leverage continues to improve and is in line with its target level of approximately 6.0x following these transactions.
The remaining Office segment consists of 20 properties with a real estate net book value of $469 million, representing approximately 30% of the Company's total real estate net book value.

Sep 3, 2025, 11:16 AM

8-K

Peakstone Realty Trust Reports Q1 2025 Earnings Results

PKST

Earnings

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Financial performance: Q1 2025 results include approximately $57.0 million in revenue, a net loss attributable to common shareholders of about $(49.4) million, and Core FFO & AFFO of $0.62 per share .
Acquisition milestone: Completed a significant $490mm IOS portfolio acquisition comprising 51 properties and 440 acres, enhancing the overall industrial portfolio .
Strategic shift: Accelerating the transition to an industrial REIT with a focus on the IOS subsector, underscored by key leasing transactions including the full leasing of a major IOS redevelopment property and 37 usable redevelopment acres .
Asset repositioning: Advancing portfolio strategy by selling $144 million of office properties year-to-date and continuing the divestment of non-core office assets .
Balance sheet strength: Positioned with a net debt/Adjusted EBITDA ratio of 7.0x (actual) and 6.8x (pro forma) as of Q1 2025 .

May 8, 2025, 9:00 PM

Presentation 8-K

Peakstone Realty Trust Reports Strong Q4 2024 Results, Advances Industrial Portfolio Shift with Major Acquisitions and Dispositions

PKST

Earnings

M&A

Debt Issuance

Peakstone Realty Trust reported a successful Q4 and full year 2024, significantly advancing its strategic plan to shift its portfolio towards industrial, with industrial ABR now comprising nearly 40% of total ABR, up from 25% at the beginning of 2024.
The company acquired a 51-property infill industrial outdoor storage (IOS) portfolio for $490 million in Q4 2024 and divested $317 million of non-core assets, including the elimination of the entire Other Segment.
For Q4 2024, total revenue was approximately $58 million, FFO was approximately $29.2 million or $0.74 per share, and AFFO was approximately $25.6 million or $0.65 per share on a fully diluted basis. Full-year 2024 AFFO was approximately $106.6 million or $2.69 per share.
PKST achieved strong leasing activity in 2024, leasing approximately 837,000 sq ft with favorable re-leasing spreads of 32% on a GAAP basis and 23% on a cash basis.
The capital structure was strengthened through the amendment and extension of its credit facility, extending over $750 million of near-term maturities to 2028, and securing a new $175 million term loan. Net debt to normalized EBITDAre increased to 7.5x at year-end 2024 following the acquisition, with the company aiming for a 6.0x ratio.