Peakstone Realty Trust (PKST) Q4 2025 earnings summary

Executive summary

• Entered into a definitive merger agreement for acquisition by a Brookfield fund at $21.00 per share, a 34% premium to the pre-announcement share price, with closing expected by Q2 2026.

• Completed strategic transformation to an industrial-only REIT, fully exiting the office segment by year-end 2025.

Financial highlights

• Q4 2025 revenue from continuing operations was $26.0 million; full year 2025 revenue was $106.0 million, both down year-over-year due to office asset sales.

• Q4 2025 net income attributable to common shareholders was $3.5 million ($0.09/share); full year net loss was $(307.7) million ($(8.37)/share), driven by discontinued operations and impairments.

• Q4 2025 Core FFO and AFFO were $0.28 per share/unit; full year Core FFO was $1.98 and AFFO was $1.99 per share/unit.

• Q4 2025 Same Store Cash NOI rose 3.7% year-over-year to $11.5 million; full year increased 2.4% to $45.5 million.

• Paid a Q4 dividend of $0.10 per share; future dividends suspended pending merger completion.

Outlook and guidance

• Merger with Brookfield expected to close by end of Q2 2026, subject to shareholder approval and customary conditions.

• No webcast for Q4 2025 results due to pending merger.