Revenue growth remains deeply negative, with a 55.0% YoY decline in 2026Q1, while NOI margins have shown extreme volatility, swinging from -18.5% in 2025Q4 to 89.9% in 2026Q1.
| 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 |
|---|
| Revenue | 131.48M | 105.98M | 228.07M | 254.28M | 416.49M | 459.87M | 390.93M | 381.8M | 106.39M | 107.38M | 62.81M | 25.15M | 201.04M | 68.97M |
| Revenue Growth % | -41.78% | -53.53% | -10.31% | -38.95% | -9.43% | 17.64% | 2.39% | 258.86% | -0.92% | 70.96% | 149.76% | -87.49% | 191.48% | - |
| Property Operating Expenses | 45.32M | 14.29M | 43.72M | 52.43M | 93.26M | 106.57M | 98.71M | 95.86M | 17.5M | 16.77M | 11.47M | 4.03M | 73.42M | 23.08M |
| Net Operating Income (NOI) | 86.16M | 91.69M | 184.35M | 201.86M | 323.22M | 353.3M | 292.22M | 285.94M | 88.89M | 90.61M | 51.34M | 21.12M | 127.61M | 45.89M |
| NOI Margin % | 65.53% | 86.51% | 80.83% | 79.38% | 77.61% | 76.83% | 74.75% | 74.89% | 83.55% | 84.38% | 81.73% | 83.98% | 63.48% | 66.53% |
| Operating Expenses | 72.7M | 87.67M | 132.57M | 156.32M | 231.09M | 251.21M | 46.04M | 32.4M | 62.3M | 62.11M | 39.78M | 18.84M | 103M | 56.44M |
| G&A Expenses | 35.7M | 34.92M | 36.97M | 42.96M | 38.99M | 39.05M | 46.04M | 32.4M | 17.63M | 18.16M | 11.89M | 6.78M | 5.13M | 2.76M |
| EBITDA | 76.69M | 56.2M | 146.76M | 157.74M | 282.88M | 311.73M | 337.58M | 330.67M | 277.38M | 107.99M | 69.96M | 14.34M | 76.97M | 28.49M |
| EBITDA Margin % | 58.33% | 53.03% | 64.35% | 62.03% | 67.92% | 67.79% | 86.35% | 86.61% | 260.71% | 100.57% | 111.38% | 57.03% | 38.29% | 41.3% |
| Depreciation & Amortization | 63.19M | 52.18M | 94.98M | 112.2M | 190.75M | 209.64M | 91.4M | 77.14M | 258.35M | 81.35M | 58.39M | 12.06M | 27.25M | 9.55M |
| D&A / Revenue % | 48.06% | 49.24% | 41.65% | 44.13% | 45.8% | 45.59% | 23.38% | 20.2% | 242.82% | 75.76% | 92.96% | 47.96% | 13.56% | 13.84% |
| Operating Income | 13.51M | 4.02M | 51.78M | 45.54M | 92.13M | 102.09M | 246.18M | 253.53M | 19.03M | 26.64M | 11.57M | 2.28M | 49.72M | 18.94M |
| Operating Margin % | 10.27% | 3.79% | 22.7% | 17.91% | 22.12% | 22.2% | 62.97% | 66.4% | 17.88% | 24.81% | 18.41% | 9.07% | 24.73% | 27.46% |
| Interest Expense | 3.18M | 56.56M | 62.05M | 65.62M | 84.82M | 85.09M | 79.65M | 73.56M | 55.19M | 51.02M | 10.38M | 4.85M | 0 | 0 |
| Interest Coverage | - | -0.06x | 0.83x | -8.22x | -4.20x | 1.14x | 1.13x | 1.41x | 1.40x | 3.86x | 0.41x | -2.40x | - | - |
| Non-Operating Income | 286.89M | 7.47M | 0 | 585.02M | 448.7M | 5.43M | 156.15M | 149.84M | 748K | 6.6M | 7.28M | 13.93M | -27.22M | -29.54M |
| Pretax Income | -326.48M | -60.02M | -11.36M | -605.1M | -441.38M | 11.57M | -5.77M | 37.04M | -3.29M | 11.12M | -6.11M | -16.5M | 14K | -24.47M |
| Pretax Margin % | -248.31% | -56.64% | -4.98% | -237.96% | -105.98% | 2.52% | -1.48% | 9.7% | -3.09% | 10.35% | -9.72% | -65.62% | 0.01% | -35.48% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.8M | 13.66M | 10.39M | 4.82M | 18.67M | 195K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -389.35% | 122.84% | -170.2% | -29.21% | 133342.86% | -0.8% |
| Net Income | -276.47M | -307.71M | -10.43M | -550.55M | -401.67M | 11.5M | -4.25M | 32.98M | -3.28M | 11.12M | -6.1M | -16.47M | -18.65M | -24.66M |
| Net Margin % | -210.28% | -290.34% | -4.57% | -216.51% | -96.44% | 2.5% | -1.09% | 8.64% | -3.08% | 10.35% | -9.72% | -65.51% | -9.28% | -35.76% |
| Net Income Growth % | -326.44% | -2851.63% | 98.11% | -37.07% | -3591.55% | 370.68% | -112.89% | 1105.03% | -129.52% | 282.11% | 62.95% | 11.69% | 24.37% | - |
| Funds From Operations (FFO) | -213.28M | -255.53M | 84.56M | -438.34M | -210.92M | 221.14M | 87.15M | 110.12M | 255.07M | 92.47M | 52.29M | -4.41M | 8.6M | -15.12M |
| FFO Margin % | -162.22% | -241.1% | 37.07% | -172.38% | -50.64% | 48.09% | 22.29% | 28.84% | 239.74% | 86.11% | 83.25% | -17.55% | 4.28% | -21.92% |
| FFO Growth % | -230.11% | -402.19% | 119.29% | -107.82% | -195.38% | 153.76% | -20.86% | -56.83% | 175.84% | 76.84% | 1284.89% | -151.33% | 156.88% | - |
| FFO per Share | -5.74 | -6.94 | 2.32 | -12.18 | -5.85 | 6.44 | 0.38 | 0.50 | 14.78 | 5.36 | 3.03 | -0.26 | 0.69 | -5.36 |
| FFO Payout Ratio % | -9.65% | -11.31% | 39.12% | -9.31% | -54.1% | 37.52% | 82.78% | 81.84% | 28.16% | 76.92% | 22.07% | -59.64% | 580.2% | -60.1% |
| EPS (Diluted) | -7.44 | -1.51 | -0.29 | -15.50 | -11.41 | 0.05 | -0.06 | 0.11 | -0.19 | 8.15 | -0.35 | -0.95 | -1.49 | -8.74 |
| EPS Growth % | -346.63% | -420.69% | 98.13% | -35.85% | -24171.73% | 184.19% | -151.18% | 157.89% | -102.33% | 2428.57% | 63.16% | 36.24% | 82.95% | - |
| EPS (Basic) | - | -1.51 | -0.29 | -15.50 | -11.41 | 0.05 | -0.06 | 0.11 | -0.19 | 8.15 | -0.35 | -0.95 | -1.49 | -8.74 |
| Diluted Shares Outstanding | 37.18M | 36.8M | 36.38M | 35.99M | 36.06M | 34.36M | 230.04M | 222.12M | 17.25M | 17.25M | 17.25M | 17.25M | 12.48M | 2.82M |
Portfolio contraction and volatility
According to reported financial data, PKST experienced a significant 55.0% YoY revenue decline in 2026Q1, reflecting an aggressive disposition strategy that has fundamentally altered the company's scale and revenue base as it attempts to pivot away from legacy office assets toward a more streamlined portfolio.
The sharp contraction in top-line revenue suggests that management is prioritizing the exit of non-core or underperforming assets over maintaining historical scale. Investors should monitor whether this rapid downsizing will eventually lead to a more stable, higher-quality industrial-focused revenue stream or if it merely accelerates the erosion of the company's earnings power.
As reported in recent filings, PKST's FFO per share has exhibited extreme volatility, swinging from a negative $6.58 in 2025Q2 to a positive $0.46 by 2025Q4, which highlights the difficulty in assessing core earnings stability during this period of intense corporate restructuring and asset liquidation.
The erratic nature of FFO suggests that non-recurring items and significant impairment charges are heavily distorting the company's reported performance. Analysts should exercise caution when projecting future dividend capacity, as the current FFO trajectory appears disconnected from sustainable operational cash flow generation.
Based on the provided income statement data, PKST's NOI margin has fluctuated wildly, dropping to a negative 18.5% in 2025Q4 before recovering to 89.9% in 2026Q1, indicating that property-level profitability remains highly susceptible to the timing of asset dispositions and associated one-time operating costs.
While the triple-net lease structure typically supports high margins, the recent instability suggests that the company is struggling to maintain consistent property-level performance during its transition. This volatility warrants further investigation into whether the current margin recovery is sustainable or merely a temporary artifact of the shrinking portfolio.
Financial statements indicate that PKST's net income remains deeply negative, with a $18.1M loss in 2026Q1, suggesting that the costs of managing a legacy office footprint continue to outweigh the benefits of the ongoing industrial pivot, potentially threatening the long-term viability of the current business model.
The persistent net losses raise concerns about the company's ability to achieve profitability without further dilutive capital actions or asset sales. Investors should monitor whether the remaining office assets will continue to act as a drag on the balance sheet, potentially offsetting the gains from the industrial segment.
Quick answers to the most common questions about buying PKST stock.
For fiscal year 2025, Peakstone Realty Trust (PKST) reported total revenue of $106.0M. This represents a 53.7% increase compared to $69.0M in 2013.
Peakstone Realty Trust (PKST) reported a net loss of $307.7M for the fiscal year ending 2025.
Peakstone Realty Trust (PKST) reported an operating income of $4.0M, resulting in an operating profit margin of 3.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Peakstone Realty Trust (PKST) generated $91.7M in gross profit for the year, representing a gross profit margin of 86.5%. This demonstrates the company's core pricing power and production efficiency.