Peakstone Realty Trust | 10-K: FY2025 Revenue: USD 105.98 M

Revenue: As of FY2025, the actual value is USD 105.98 M.

EPS: As of FY2025, the actual value is USD -8.37.

EBIT: As of FY2025, the actual value is USD 42.4 M.

Segment Revenue

Annualized Base Rent (ABR) by State (Industrial Segment as of December 31, 2025)

• Total ABR: $78,146 thousand
• Georgia: $12,523 thousand (16.0% of ABR)
• Florida: $11,474 thousand (14.7% of ABR)
• Illinois: $9,582 thousand (12.3% of ABR)
• Ohio: $8,130 thousand (10.4% of ABR)
• California: $7,789 thousand (10.0% of ABR)
• Pennsylvania: $5,312 thousand (6.8% of ABR)
• Texas: $4,155 thousand (5.3% of ABR)
• Virginia: $3,957 thousand (5.1% of ABR)
• South Carolina: $2,611 thousand (3.3% of ABR)
• New Jersey: $2,570 thousand (3.3% of ABR)
• All Others: $10,043 thousand (12.8% of ABR)

Annualized Base Rent (ABR) by Industry (Industrial Segment as of December 31, 2025)

• Capital Goods: $25,791 thousand (33.0% of ABR)
• Consumer Discretionary Distribution & Retail: $20,164 thousand (25.8% of ABR)
• Consumer Durables & Apparel: $8,001 thousand (10.2% of ABR)
• Transportation: $7,641 thousand (9.8% of ABR)
• Food, Beverage & Tobacco: $5,380 thousand (6.9% of ABR)
• Commercial & Professional Services: $4,130 thousand (5.3% of ABR)
• Materials: $3,448 thousand (4.4% of ABR)
• Automobiles & Components: $2,845 thousand (3.6% of ABR)
• Real Estate Management & Development: $746 thousand (1.0% of ABR)

Top Ten Tenants by ABR (Industrial Segment as of December 31, 2025)

• Amazon: $10,147 thousand (13.0% of ABR)
• RH: $7,789 thousand (10.0% of ABR)
• 3M Company: $5,202 thousand (6.7% of ABR)
• Samsonite: $4,666 thousand (6.0% of ABR)
• PepsiCo: $3,360 thousand (4.3% of ABR)
• Shaw: $3,335 thousand (4.3% of ABR)
• Huntington Ingalls: $2,667 thousand (3.4% of ABR)
• United Rentals: $2,278 thousand (2.9% of ABR)
• Maxim Crane: $2,051 thousand (2.6% of ABR)
• Pepsi Bottling Ventures: $2,020 thousand (2.6% of ABR)

Total Industrial Revenues

• 2025: $100,204 thousand
• 2024: $64,750 thousand
• 2023: $57,304 thousand

Total Office Revenues

• 2025: $5,777 thousand
• 2024: $20,825 thousand
• 2023: $32,288 thousand

Total Other Revenues

• 2025: $0 thousand
• 2024: $30,782 thousand
• 2023: $54,246 thousand

Operational Metrics

Net Loss

• 2025: -$332,633 thousand
• 2024: -$11,363 thousand
• 2023: -$605,102 thousand

General and Administrative Expenses

• 2025: $34,918 thousand
• 2024: $36,973 thousand
• 2023: $42,843 thousand

Corporate Operating Expenses to Related Parties

• 2025: $570 thousand
• 2024: $617 thousand
• 2023: $1,154 thousand

Real Estate Impairment Provision

• 2025: $18,195 thousand
• 2024: $53,313 thousand
• 2023: $283,804 thousand

Goodwill Impairment Provision

• 2025: $0 thousand
• 2024: $10,274 thousand
• 2023: $16,031 thousand

Depreciation and Amortization

• 2025: $52,182 thousand
• 2024: $47,503 thousand
• 2023: $61,169 thousand

Interest Expense

• 2025: $56,565 thousand
• 2024: $55,978 thousand
• 2023: $59,371 thousand

Other Income, Net

• 2025: $7,351 thousand
• 2024: $14,479 thousand
• 2023: $13,107 thousand

Loss (Gain) on Extinguishment of Debt

• 2025: $2,482 thousand
• 2024: -$10,466 thousand
• 2023: $0 thousand

Gain from Disposition of Assets

• 2025: $6,407 thousand
• 2024: $38,368 thousand
• 2023: $29,164 thousand

Transaction Expenses

• 2025: $555 thousand
• 2024: $821 thousand
• 2023: $24,961 thousand

Net (Loss) Income from Discontinued Operations

• 2025: -$272,610 thousand
• 2024: $38,028 thousand
• 2023: -$92,361 thousand

Total Net Operating Income (NOI)

• 2025: $91,686 thousand
• 2024: $92,775 thousand
• 2023: $111,088 thousand

Industrial NOI

• 2025: $86,218 thousand
• 2024: $55,678 thousand
• 2023: $49,649 thousand

Office NOI

• 2025: $5,468 thousand
• 2024: $18,262 thousand
• 2023: $27,669 thousand

Other NOI

• 2025: $0 thousand
• 2024: $18,835 thousand
• 2023: $33,770 thousand

Total Same Store NOI

• 2025: $46,029 thousand
• 2024: $45,539 thousand
• 2023: $66,639 thousand

Industrial Same Store NOI

• 2025: $46,029 thousand
• 2024: $50,830 thousand
• 2023: $49,328 thousand

Office Same Store NOI

• 2025: Not applicable (segment eliminated)
• 2024: $17,534 thousand
• 2023: $17,311 thousand

Lease Expirations (Industrial Segment as of December 31, 2025)

• 2026: $6,911 thousand (8.8% of ABR)
• 2027: $5,577 thousand (7.1% of ABR)
• 2028: $12,531 thousand (16.0% of ABR)
• 2029: $9,317 thousand (11.9% of ABR)
• 2030: $13,650 thousand (17.5% of ABR)
• 2031: $13,130 thousand (16.8% of ABR)
• 2032: $4,292 thousand (5.5% of ABR)
• 2033: $7,283 thousand (9.3% of ABR)
• 2034: $1,934 thousand (2.5% of ABR)
• 2035: $1,302 thousand (1.7% of ABR)
• >2035: $2,219 thousand (2.9% of ABR)

IOS Leasing Activity (Year Ended December 31, 2025)

• New Leases: 6 leases covering 64.8 usable acres, with a weighted average lease term of 7.5 years, resulting in 73.1% GAAP Rent Change and 71.1% Cash Rent Change.
• Renewal Leases: 4 leases covering 20.0 usable acres, with a weighted average lease term of 2.2 years, resulting in 37.4% GAAP Rent Change and 35.5% Cash Rent Change.

Cash Flow

Net Cash Provided by Operating Activities

• 2025: $68,721 thousand
• 2024: $94,655 thousand

Net Cash Provided by (Used in) Investing Activities

• 2025: $834,095 thousand
• 2024: -$215,839 thousand

Net Cash Used in Financing Activities

• 2025: -$910,586 thousand
• 2024: -$125,616 thousand

Unique Metrics

Funds from Operations (FFO) attributable to common shareholders and noncontrolling interests

• 2025: $74,865 thousand
• 2024: $98,952 thousand
• 2023: -$94,887 thousand
• FFO per share/unit (basic and diluted) 2025: $1.88
• FFO per share/unit (basic and diluted) 2024: $2.50
• FFO per share/unit (basic and diluted) 2023: -$2.40

Core FFO attributable to common shareholders and noncontrolling interests

• 2025: $78,607 thousand
• 2024: $100,033 thousand
• 2023: $81,845 thousand
• Core FFO per share/unit (basic and diluted) 2025: $1.98
• Core FFO per share/unit (basic and diluted) 2024: $2.53
• Core FFO per share/unit (basic and diluted) 2023: $2.07

Adjusted Funds from Operations (AFFO) available to common shareholders and noncontrolling interests

• 2025: $78,968 thousand
• 2024: $106,602 thousand
• 2023: $118,067 thousand
• AFFO per share/unit (basic and diluted) 2025: $1.99
• AFFO per share/unit (basic and diluted) 2024: $2.69
• AFFO per share/unit (basic and diluted) 2023: $2.99

Outlook / Guidance

Peakstone Realty Trust’s management anticipates that cash flow from properties will continue to fund normal operating expenses, debt service, capital expenditures, and dividends. The Company may also obtain additional capital from credit facilities, debt, property sales, and equity issuances. Peakstone Realty Trust estimates that current average market rental rates for expiring industrial leases within the next four years are approximately 20% to 25% greater than current in-place cash rental rates; however, there is no assurance these estimates will be accurate or that expiring leases will be renewed at or above current market rates.