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.

35,9 %

−290,3 %

−53,5 %

— Peakstone Realty Trust
%
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.

Peakstone leases its properties to industrial and office tenants that need specialized real estate for operations,...

  • Industrial outdoor storage tenantsprimary

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

  • Traditional industrial tenantsprimary

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

  • Office tenantssecondary

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

  • Redevelopment/repositioning userssecondary

    Tenants or buyers tied to properties being redeveloped or repositioned.

Peakstone is a U.S.-based property owner, and its business is tied to the local industrial real estate markets where...

  • •U.S. property portfolio with no meaningful international exposure disclosed
  • •Concentration in selected states and local industrial markets
  • •Local zoning and redevelopment constraints affect IOS supply
  • •Regional tenant health drives rent collection and renewals
  • •Market concentration can amplify state-level economic downturns

Peakstone’s stated direction is to become an industrial-only REIT with IOS as the core growth subsector...

01
Grow IOS exposuremedium-term

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

02
Exit non-core office assetsshort-term

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

03
Maintain capital disciplinemedium-term

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

Peakstone’s largest risks come from tenant concentration, single-tenant leasing, and exposure to local industrial real...

high

Single-tenant concentration

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

Scope
Property-level cash flow and rent collection
Materiality
high
high

Tenant credit deterioration

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

Scope
Lease revenue and occupancy
Materiality
high
high

Office disposition and impairment risk

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

Scope
Discontinued operations and asset values
Materiality
high
medium

Market concentration

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

Scope
Regional occupancy and rent growth
Materiality
medium
medium

Cybersecurity and data privacy

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

Scope
Operations, tenant relations, confidential information
Materiality
medium
Discontinued operations
Can materially alter revenue and earnings presentation
Property impairment
Affects net income and asset carrying values
FFO/Core FFO/AFFO
Important for evaluating operating performance and dividend capacity
Lease revenue recognition
Affects quarterly revenue timing and occupancy metrics

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: 29/04/2026