The company has achieved a debt-free capital structure as of 2026Q1, a complete reversal from the 1.24x debt-to-equity ratio observed in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Assets | 1.33B | 1.35B | 2.68B | 2.79B | 3.63B | 5.27B | 4.15B | 4.18B | 1.14B | 1.18B | 1.18B | 536.72M | 2.07B | 1.23B |
| Asset Growth % | -136.79% | -49.45% | -4.05% | -23.24% | -31.09% | 27% | -0.57% | 267.13% | -3.61% | -0.38% | 120.69% | -74.01% | 68.55% | - |
| Real Estate & Other Assets | 0 | 1.12B | 2.33B | 2.13B | 31.88M | 4.67B | 76.57M | 82.96M | -4.28B | -2.3B | -2.46B | 14.21M | 22.01M | 25.18M |
| PP&E (Net) | 5.23M | 1.32M | 32.97M | 33.74M | 35.45M | 39.48M | 3.2B | 3.26B | 2.3B | 2.19B | 2.34B | 2.35B | 1.42B | 910.17M |
| Investment Securities | 0 | 0 | 0 | 0 | 1000K | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 128.59M | 164.61M | 214.58M | 513.95M | 338.33M | 295.31M | 302.83M | 187.11M | 73.92M | 69.47M | 68.98M | 122.87M | 232.55M | 49.47M |
| Cash & Equivalents | 109.73M | 138.67M | 146.51M | 391.8M | 233.18M | 168.62M | 168.95M | 54.83M | 28.62M | 33.16M | 49.34M | 17.61M | 68.92M | 10.41M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 7.77M | 7.7M | 58.88M | -237.94M | 17.52M | 35.76M | 59.27M | 35.49M | 12.89M | 14.22M | 71.78M | 147.72M | 32.68M |
| Intangible Assets | 110.97M | 1.26M | 28.02M | 29.69M | 33.86M | 43.1M | 338.06M | 403.17M | 17.1M | 3.29M | 3.53M | 450.05M | 324.36M | 239.16M |
| Total Liabilities | 564.86M | 574.12M | 1.52B | 1.59B | 1.65B | 2.77B | 2.41B | 2.32B | 583.47M | 585M | 613.09M | 307.21M | 811.92M | 575.93M |
| Total Debt | 0 | 475.34M | 1.44B | 1.5B | 1.53B | 2.61B | 2.24B | 2.04B | 481.95M | 481.85M | 456.47M | 297.22M | 625.7M | 489.78M |
| Net Debt | -109.73M | 336.67M | 1.29B | 1.11B | 1.3B | 2.45B | 2.07B | 1.98B | 453.33M | 448.68M | 407.13M | 279.61M | 556.78M | 479.37M |
| Long-Term Debt | 0 | 474.01M | 1.34B | 1.44B | 1.49B | 2.53B | 2.19B | 1.99B | 481.95M | 481.85M | 456.47M | 261.95M | 625.7M | 489.78M |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43K | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 132.81M | 1.33M | 93.86M | 62.3M | 46.52M | 81.52M | 45.65M | 45.02M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 22.15M | 42.91M | 47.07M | 94.03M | 86.97M | 56.04M | 64.98M | 39.93M | 33.17M | 41.64M | 39.93M | 47.05M | 26.01M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40.12M | 15.93M |
| Deferred Revenue | 0 | 2.98M | 9.87M | 9.71M | 12.4M | 26.48M | 0 | 0 | 4.71M | 4.3M | 9.48M | 2.38M | 0 | 0 |
| Other Liabilities | 564.86M | 76.63M | 42.81M | 40.08M | 21.29M | 70.71M | 117.88M | 220.94M | 61.58M | 69.98M | 114.98M | 1.4B | 139.17M | 60.15M |
| Total Equity | 763.33M | 778.7M | 1.15B | 1.2B | 1.99B | 2.5B | 1.74B | 1.85B | 553.87M | 594.95M | 571.38M | 224.94M | 1.25B | 649.46M |
| Equity Growth % | -127.61% | -32.41% | -4.29% | -39.39% | -20.6% | 43.94% | -6.13% | 234.26% | -6.91% | 4.12% | 154.02% | -82.06% | 93.01% | - |
| Shareholders Equity | 731.29M | 745.42M | 1.09B | 1.11B | 1.81B | 2.28B | 1.51B | 1.6B | 552.68M | 594.87M | 571.3M | 224.84M | 1.22B | 624.84M |
| Minority Interest | 32.03M | 33.28M | 66.8M | 91.63M | 178.47M | 223.42M | 231.16M | 249.87M | 1.18M | 76K | 84K | 97.19K | 30.02M | 24.62M |
| Common Stock | 37K | 37K | 37K | 36K | 36K | 36K | 230K | 228K | 37.43M | 32.48M | 17M | 28.56K | 1.33M | 508K |
| Additional Paid-in Capital | 0 | 3.03B | 3.02B | 2.99B | 2.95B | 2.95B | 2.1B | 2.06B | 1.56B | 656.71M | 615.65M | 250.76M | 1.13B | 433.64M |
| Retained Earnings | 0 | -1.15B | -838.28M | -827.85M | -269.93M | 141.98M | 0 | 0 | -15.95M | -12.67M | -23.79M | -25.94M | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 125M | 125M | 125M | 125M | 129.89M | 0 | 0 | 273.88M | 250M | 250M |
| Return on Assets (ROA) | -16.13% | -15.27% | -0.38% | -17.14% | -9.02% | 0.24% | -0.1% | 1.24% | -0.28% | 0.94% | -0.71% | -1.27% | -1.13% | -2.01% |
| Return on Equity (ROE) | -35.73% | -31.87% | -0.89% | -34.52% | -17.9% | 0.54% | -0.24% | 2.74% | -0.57% | 1.91% | -1.53% | -2.23% | -1.96% | -3.8% |
| Debt / Assets | 0% | 35.14% | 53.75% | 53.72% | 42.16% | 49.57% | 53.95% | 48.81% | 42.38% | 40.84% | 38.54% | 55.38% | 30.29% | 39.97% |
| Debt / Equity | 0.00x | 0.61x | 1.25x | 1.24x | 0.77x | 1.04x | 1.29x | 1.10x | 0.87x | 0.81x | 0.80x | 1.32x | 0.50x | 0.75x |
| Net Debt / EBITDA | -1.43x | 5.99x | 8.80x | 7.01x | 4.59x | 7.84x | 6.14x | 6.00x | 1.63x | 4.15x | 5.82x | 19.50x | 7.23x | 16.83x |
| Book Value per Share | 20.53 | 21.16 | 31.67 | 33.45 | 55.08 | 72.80 | 7.55 | 8.34 | 32.10 | 34.48 | 33.12 | 13.04 | 100.41 | 230.08 |
Asset liquidation and volatility
According to reported financial statements, PKST has successfully reduced total debt from $1.5B in 2024Q1 to $0 in 2026Q1, reflecting a radical balance sheet transformation that prioritizes debt elimination over portfolio growth as the company aggressively sheds legacy assets to stabilize its capital structure.
The complete elimination of debt by 2026Q1 suggests a defensive posture intended to insulate the company from interest rate volatility during its transition. While this significantly lowers financial risk, it also leaves the company with a much smaller asset base, raising questions about the long-term scalability of the remaining portfolio.
Based on the 2026Q1 balance sheet, PKST has achieved a debt-free position, a stark contrast to the 1.24x debt-to-equity ratio observed in 2023Q4, which indicates that the company has prioritized the total repayment of obligations over maintaining leverage for potential future acquisitions or capital deployment.
The transition to a zero-debt balance sheet appears to be a strategic move to eliminate interest expense burdens that previously pressured FFO. Investors should monitor whether this lack of leverage is a permanent state or a temporary bridge to a more efficient, lower-cost capital structure as the company redefines its investment strategy.
As reported in recent filings, PKST maintains $109.7M in cash as of 2026Q1, providing a liquidity buffer that, while lower than the $446.8M peak in 2024Q2, remains sufficient to cover near-term operational requirements during the ongoing portfolio restructuring and the exit from legacy office assets.
The current cash position suggests that the company is prioritizing liquidity to manage the costs of its portfolio pivot rather than immediate reinvestment. This cash-heavy, debt-free profile may provide a temporary safety net, but it also highlights the lack of active capital deployment currently occurring within the REIT.
Financial data indicates that total assets have declined from $2.8B in 2023Q4 to $1.3B in 2026Q1, suggesting that the company's aggressive disposition strategy may be eroding its long-term earnings power faster than it can replace those assets with higher-quality, industrial-focused properties.
The rapid shrinkage of the asset base warrants further investigation into whether the company is liquidating its best assets to pay down debt, potentially leaving behind a 'stub' portfolio of lower-quality office properties. This trend may indicate that the balance sheet is being cleaned up at the expense of future growth potential.
Quick answers to the most common questions about buying PKST stock.
As of 2025, Peakstone Realty Trust (PKST) had total assets of $1.35B including $164.6M in current assets.
Peakstone Realty Trust (PKST) carries total debt of $475.3M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Peakstone Realty Trust (PKST) has total shareholders' equity (book value) of $745.4M ($21.16 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Peakstone Realty Trust (PKST) reported a current ratio of 7.43x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.