NYSE$PKST

Peakstone Realty Trust · Q3 2023 earnings

Q3 2023 earnings · · Investor relations

Briefing

Reported financial results for the quarter ended September 30, 2023.

Peakstone Realty Trust reported a revenue of $61.7 million for Q3 2023. The company experienced a net loss of $(139.9) million, primarily due to a non-cash impairment of the office joint venture interest. Despite the net loss, the company is focused on deleveraging its balance sheet and has increased liquidity to over half a billion dollars.

  • Revenue was approximately $61.7 million.
  • Net loss was approximately $(139.9) million, impacted by a non-cash impairment of the office joint venture interest.
  • Adjusted Funds from Operation (AFFO) was $0.78 per basic and diluted share/unit.
  • Same Store Cash Net Operating Income increased to approximately $48.1 million.

Headline financials

Total Revenue

$61.7M

Previous: $101M-39.1%
EPS (adj)

$0.78

Previous: -$3.06+125.5%
Capital Expenditures

-$9.1M

Previous: -$13.7M+33.6%
Free Cash Flow

-$137M

Previous: -$125M-9.4%
Net Income

-$128M

Previous: -$111M-14.7%
Operating Income

$13.5M

Previous: $13.8M-2.6%
Gross Profit

$61.7M

Previous: $101M-39.1%
Cash & Equivalents

$364M

Previous: $75.8M+380.6%
Total Assets

$2.84B

Previous: $3.93B-27.8%
Stock-Based Comp

$2.44M

Previous: $2.7M-9.4%

Revenue & EPS history

Peakstone · Revenue · Quarterly

$61.7M

Q3 2023-39.1%vs Q3 2022
Beat estimate in 5 of 10 quarters(50%)
ActualEstimate

Revenue by segment

Peakstone · $8.3M total across 1 segment · Q3 2023

  • Other NOI
    $8.3M—

Forward guidance

Peakstone Realty Trust is focused on executing its business plan and reducing leverage to achieve an investment-grade balance sheet despite the challenging macroeconomic environment.

Tailwinds

  • Resilient cash flows.
  • Disposition of non-core assets to reduce leverage.
  • Improved 'Other' segment through property disposition and lease renewals.
  • Well-positioned to continue business plan execution.
  • Increased liquidity to over half a billion dollars.

Headwinds

  • Challenging macroeconomic environment.
  • Net loss due to non-cash impairment.
  • Decrease in revenue resulting from property dispositions.
  • Net loss from the interest in the office joint venture in the quarter
  • There is no guarantee that the company will achieve an investment grade balance sheet

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q3 2023

Historical avgQ3 2023

-0.0%

Avg return

Earnings day

+1.0%

Avg return

5 days after

+1.3%

Avg return

30 days after

29%

6 / 21 earnings

Positive

+9.9%

Q1 2023

Best reaction

-12.5%

Q2 2025

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026———
Q3 2025-1.3%-6.1%-1.0%
Q2 2025-12.5%-10.6%-1.7%
Q1 2025+4.1%+8.7%+15.1%
Q4 2024-2.3%+2.4%+23.5%
Q3 2024+0.8%+0.5%+5.5%
Q2 2024+2.7%+1.1%+17.3%
Q1 2024-6.0%+3.9%-15.0%
Q4 2023+2.9%+4.1%+17.9%
Q3 2023+3.4%+9.8%+28.8%
Q2 2023-2.5%-3.9%-14.3%
Q1 2023+9.9%+10.9%+55.0%
Q2 2022+0.0%+0.0%-53.7%
Q4 2022+0.0%+0.0%-53.7%
Q3 2022+0.0%+0.0%+0.0%
Q1 2022+0.0%+0.0%-1.7%
Q2 2021+0.0%+0.0%+0.0%
Q4 2021+0.0%+0.0%+15.2%
Q3 2021+0.0%+0.0%-9.0%
Q1 2021+0.0%+0.0%-1.1%
Q4 2020+0.0%+0.0%+0.0%
Q2 2020+0.0%+0.0%+0.0%
Q3 2020———
Q1 2020———
Q4 2019———
Q3 2019———
Q2 2019———
Q1 2019———
Q4 2018———
Q3 2018———
Q2 2018———
Q1 2018———
Q4 2017———
Q3 2017———
Q2 2017———
Q1 2017———
Q4 2016———
Q3 2016———
Q2 2016———
Q1 2016———
Q4 2015———
Q3 2015———
Q2 2015———
Q1 2015———
Q4 2014———
Q3 2014———
Q2 2014———
Q1 2014———
Q4 2013———
Q3 2013———
Q2 2013———
Q1 2013———

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