Real Estate Investment TrustsIFRS · EUR

Peakstone Realty Trust

Peakstone Realty Trust is a U.S. real estate investment trust organized as a Maryland REIT with assets held through its operating partnership, PKST OP L.P. The company owns and operates industrial properties, with a portfolio centered on industrial outdoor storage (IOS) sites alongside traditional industrial assets such as distribution, warehouse, and light manufacturing facilities.

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Revenue106m EUR
−53.5 %y/y
Operating profit (EBIT)-14.2m EUR
+68.9 %y/y
EBIT margin-13.4%
+6.6 ppy/y
Net income-308m EUR
−2,851.6 %y/y
Free cash flow68.7m EUR
−27.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-400-2000200400600m EUR2020: 397 m EUR2020: EBIT 73 m EUR20202021: 460 m EUR2021: EBIT 96 m EUR20212022: 416 m EUR2022: EBIT -35 m EUR20222023: 254 m EUR2023: EBIT -278 m EUR20232024: 228 m EUR2024: EBIT -46 m EUR20242025: 106 m EUR2025: EBIT -14 m EUR2025106-14
RevenueOperating profit (EBIT)
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Business

Share of revenue
Industrial Outdoor Storage (IOS)55 %

Open-yard industrial sites used for storing, staging, and moving materials and equipment.

Traditional Industrial45 %

Distribution, warehouse, and light manufacturing properties leased to industrial users.

Office and Other Properties0 %

Office, R&D, and data center assets, including properties held for sale or discontinued operations.

Customers

Peakstone leases its properties to industrial and office tenants that need specialized real estate for operations, logistics, storage, or back-office use. In the industrial portfolio, tenants are typically businesses that value yard space, functional layouts, and locations suited to supply-chain activity. The company’s revenue base is concentrated in single-tenant properties, so tenant credit quality and lease renewal behavior are central to the business model.

Industrial outdoor storage tenants

Businesses that lease IOS yards for storage, staging, and movement of equipment and materials.

Traditional industrial tenants

Distribution, warehouse, and light manufacturing users that need functional industrial space.

Office tenants

Occupiers of office, R&D, and data center properties in the legacy portfolio.

Redevelopment/repositioning users

Tenants or buyers tied to properties being redeveloped or repositioned.

Strategy

Peakstone’s stated direction is to become an industrial-only REIT with IOS as the core growth subsector. The company is reshaping the portfolio by divesting non-core assets, especially office properties, while allocating capital toward IOS and maintaining leverage discipline.

Grow IOS exposureMedium term

IOS is the company’s preferred industrial niche and a key source of long-term portfolio differentiation.

Exit non-core office assetsShort term

Office properties are outside the target industrial-only strategy and can dilute portfolio focus.

Maintain capital disciplineMedium term

Industrial real estate is capital intensive and returns depend on disciplined acquisition, disposition, and leverage management.

Geography

Peakstone is a U.S.-based property owner, and its business is tied to the local industrial real estate markets where its assets are located. The filings emphasize concentration in certain states and markets rather than a broad international footprint, which makes local supply, demand, zoning, and tenant conditions especially important. Geography matters because industrial demand, municipal resistance to new development, and regional economic cycles can affect occupancy, rent growth, and asset disposition outcomes.

Risks

Peakstone’s largest risks come from tenant concentration, single-tenant leasing, and exposure to local industrial real estate cycles. The company also faces execution risk in disposing of office assets, re-leasing properties, and managing valuation and cybersecurity-related operational risks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Single-tenant concentration1Tenant credit deterioration2Market concentration4Cybersecurity and data privacy5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Single-tenant concentrationImpact: HighLikelihood: Medium

    Many properties are leased to one tenant, so a default or non-renewal can remove most of a property’s income stream.

    Exposure: Property-level cash flow and rent collection

  2. Tenant credit deteriorationImpact: HighLikelihood: Medium

    Rental income depends on tenants’ financial stability and ability to perform under leases.

    Exposure: Lease revenue and occupancy

  3. Office disposition and impairment riskImpact: High

    Selling or repositioning office assets can require impairment charges and may depend on market liquidity.

    Exposure: Discontinued operations and asset values

  4. Market concentrationImpact: MediumLikelihood: Medium

    Concentrated exposure to certain states or markets can amplify local downturns or oversupply.

    Exposure: Regional occupancy and rent growth

  5. Cybersecurity and data privacyImpact: MediumLikelihood: Low

    The company relies on technology and service providers, creating exposure to incidents and compliance costs.

    ExposureOperationsTenant relationsConfidential information
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Accounting

Judgemental items
Discontinued operations

Office properties classified as held for sale or sold are reported separately, changing comparability across periods.

Impact: Can materially alter revenue and earnings presentation

Property impairment

Redevelopment, repositioning, and office asset sales can trigger impairment charges.

Impact: Affects net income and asset carrying values

FFO/Core FFO/AFFO

These measures adjust GAAP earnings for real estate-specific non-cash items and are central to REIT analysis.

Impact: Important for evaluating operating performance and dividend capacity

Lease revenue recognition

Rental income depends on lease commencement, abatements, and renewal terms.

Impact: Affects quarterly revenue timing and occupancy metrics

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Last updated: 24/09/2026

Peakstone Realty Trust – Real Estate Investment Trusts | Financial Analysis – Clarifo