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…
Earnings analysis · 10-Q
PKST earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.15
What stood out
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Revenue Growth vs Prior Year
Total revenue for Q1 2026 was $25.7 million, a 2% increase from $25.2 million in Q1 2025.
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Improved Net Loss
Net loss narrowed to $18.8 million in Q1 2026 from $53.4 million in Q1 2025.
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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.
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Free Cash Flow
Negative free cash flow reported at $(14.8) million, significantly down from a positive $31 million in Q4 2025.
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Increased Capital Expenditures
Capital expenditures were $14.8 million in Q1 2026, primarily related to acquisitions and property improvements.
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Investment in Expanding Portfolio
The company reported $12.9 million spent on property acquisitions in Q1 2026.
What to watch
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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.
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High Transaction Expenses
Transaction expenses surged to $12.1 million from just $0.2 million in the prior year due to merger-related costs.
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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.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.