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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Peakstone Realty Trust
Peakstone Realty Trust (PKST) investor relations material
Peakstone Realty Trust has been acquired by Brookfield Asset Management Ltd
Peakstone Realty Trust Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary5 May, 2026
Executive summary
Completed strategic transformation to an industrial-only REIT, eliminating the Office segment by December 31, 2025; portfolio now consists of 77 industrial properties, including 61 IOS and 16 Traditional Industrial assets.
Entered into a definitive merger agreement on February 2, 2026, with shareholders approving the transaction on April 29, 2026; each common share to be converted into $21.00 in cash upon closing.
Net loss for Q1 2026 was $18.8 million, a significant improvement from a $53.4 million net loss in Q1 2025, primarily due to the absence of real estate impairments and discontinued operations losses.
Financial highlights
Q1 2026 total revenue was $25.7 million, up from $24.0 million in Q1 2025, driven by acquisitions and leasing activity.
Net operating income (NOI) for Q1 2026 was $22.4 million, down from $25.1 million in Q1 2025, reflecting the elimination of the Office segment.
Adjusted Funds from Operations (AFFO) for Q1 2026 was $6.6 million ($0.16 per share/unit), down from $24.8 million ($0.62 per share/unit) in Q1 2025.
Cash and cash equivalents as of March 31, 2026, were $109.7 million; total debt, net, was $475.1 million with a weighted average effective interest rate of 5.24%.
Same Store NOI increased 6% year-over-year, primarily due to leasing activity.
Outlook and guidance
The merger is expected to close around May 6, 2026, subject to remaining conditions.
Regular quarterly dividends have been suspended until the earlier of the merger closing or termination.
Management expects continued strong demand for industrial assets, especially IOS, supported by structural trends in supply chains and e-commerce.
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Latest events from Peakstone Realty Trust
- Shareholders to vote on $21.00 per share cash merger with strong board support and premium value.PKST
Proxy Filing - Shareholders to vote on $21.00/share cash merger; board unanimously recommends approval.PKSTProxy Filing
- Announced $1.2B merger, exited office, cut debt by $874M, and posted a $308M net loss for 2025.PKSTQ4 2025
- Brookfield to acquire all shares pending shareholder vote, with operations unchanged until closing.PKSTProxy Filing
- Definitive $1.2B all-cash acquisition announced, with shareholder vote and go-shop period.PKSTProxy Filing
- Brookfield to acquire all shares for $21.00 each, with operations unchanged until Q2 2026 close.PKSTProxy Filing
- Industrial transformation nearly complete, with strong IOS growth and improved leverage.PKSTQ3 2025
- Q3 revenue $55M, net loss narrowed, 96% leased, and leverage down to 6.2x.PKSTQ3 2024
- Industrial focus, deleveraging, and high occupancy drive growth and improved financials.PKSTQ4 2024
Peakstone Realty Trust
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Frequently asked questions
Peakstone Realty Trust is an internally managed real estate investment trust (REIT) specializing in the ownership and operation of a portfolio of predominantly single-tenant industrial and office properties. These properties are strategically located and are generally leased to creditworthy tenants under long-term net lease agreements. The company's focus is on generating superior risk-adjusted returns for its shareholders through a real estate-centric philosophy. This involves the management of a high-quality, newer-vintage portfolio that is designed to meet the demands of its tenants and the market. The company is headquartered in El Segundo, California, and its shares are listed on the New York Stock Exchange.