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Peakstone Realty Trust (PKST) investor relations material
Peakstone Realty Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Executed a strategic transition to an industrial-only REIT, with industrial assets generating over 60% of ABR and all office properties classified as discontinued operations and held for sale.
As of September 30, 2025, the portfolio comprised 86 properties: 70 industrial (66 operating, 4 redevelopment) and 16 office properties held for sale.
Strong leasing activity in the IOS segment, with several new and renewed leases and robust rent growth.
Proceeds from office sales redeployed into IOS acquisitions and debt reduction.
Office segment properties classified as discontinued operations, reflecting a major business transition.
Financial highlights
Revenue from continuing operations was $25.8 million, with net income attributable to common shareholders of $3.5 million ($0.09 per share) for Q3 2025.
FFO was $18.3 million ($0.46/share), Core FFO $19.1 million ($0.48/share), and AFFO $18.6 million ($0.47/share), all on a fully diluted basis.
Same-store cash NOI increased 3.7% year-over-year.
Cash and cash equivalents at quarter-end were $326.1 million; total liquidity was $438 million.
Net income for Q3 2025 was $3.8 million, compared to a net loss of $26.5 million in the prior year period.
Outlook and guidance
Management continues to prioritize IOS investments and expects strong long-term fundamentals in the industrial sector, with market rental rates for expiring leases estimated to be 30–35% above current in-place rates.
Majority of remaining office sales expected by year-end, with proceeds of $300–$350 million; $250–$300 million to be used for debt paydown.
No formal guidance on sustainable same-store NOI growth due to ongoing portfolio transformation.
Confidence in remaining office sales pricing?
How does IOS competition impact acquisition strategy?
IOS tenant improvement spend expectations?
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Next Peakstone Realty Trust earnings date
Q4 202520 Feb, 2026
Next Peakstone Realty Trust earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Peakstone Realty Trust is an internally managed real estate investment trust (REIT) specializing in the ownership and operation of a portfolio of predominantly single-tenant industrial and office properties. These properties are strategically located and are generally leased to creditworthy tenants under long-term net lease agreements. The company's focus is on generating superior risk-adjusted returns for its shareholders through a real estate-centric philosophy. This involves the management of a high-quality, newer-vintage portfolio that is designed to meet the demands of its tenants and the market. The company is headquartered in El Segundo, California, and its shares are listed on the New York Stock Exchange.
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