PKST earnings analysis
What we found in PKST's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Peakstone Realty Trust's Q1 2026 results reflect a challenging quarter, with total revenue reported at $25.7 million, a 2% increase year-over-year but a decline from $30 million in Q4 2025. The company sustained a net loss of $18.8 million versus a loss of $53.4 million in Q1 2025. Management highlights a strong long-term demand in the industrial sector despite short-term headwinds, particularly from transaction expenses related to ongoing mergers.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth vs Prior Year
- Total revenue for Q1 2026 was $25.7 million, a 2% increase from $25.2 million in Q1 2025.
- Improved Net Loss
- Net loss narrowed to $18.8 million in Q1 2026 from $53.4 million in Q1 2025.
- Operational Cash Flow
- Net cash used in operating activities was $(9.7) million, compared to a cash inflow of $20.2 million in Q1 2025.
- Free Cash Flow
- Negative free cash flow reported at $(14.8) million, significantly down from a positive $31 million in Q4 2025.
- Increased Capital Expenditures
- Capital expenditures were $14.8 million in Q1 2026, primarily related to acquisitions and property improvements.
- Investment in Expanding Portfolio
- The company reported $12.9 million spent on property acquisitions in Q1 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Negative Operating Cash Flow
- Operating cash flows declined significantly, showing cash used of $(9.7) million vs $20.2 million provided in the prior year.
- High Transaction Expenses
- Transaction expenses surged to $12.1 million from just $0.2 million in the prior year due to merger-related costs.
- Increased Debt Obligations
- Total debt obligations stood at $485.9 million, with a weighted average interest rate of 5.24% as of March 31, 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.15
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 18, 2026
- Peakstone completed its strategic transformation to an industrial-only REIT, owning 76 industrial properties (60 IOS, 16 Traditional) as of December 31, 2025, and on February 2, 2026 entered into a merger agreement that…
- 10-Q · August 7, 2025
- Peakstone reported Q2 2025 rental revenue of $54.026M, modestly below prior-year Q2 revenue, but the quarter was dominated by a large real estate impairment that produced a GAAP net loss and collapsed EPS. Management…
- 10-K · February 20, 2025
- Peakstone Realty Trust (PKST) is repositioning its portfolio toward industrial assets, prioritizing investments in the industrial outdoor storage (IOS) subsector while divesting non‑core assets. As of December 31, 2024…
- 10-Q · October 30, 2024
- Peakstone reported Q3 rental revenue of $54,960,000, down from $61,713,000 in Q3 2023, and recorded a GAAP net loss of $26,549,000 (net loss per common share $(0.67)). Operating results were pressured by a $42,894,000…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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