NYSE$PKST

Peakstone Realty Trust · Q4 2024 earnings

Q4 2024 earnings · · After market close · Investor relations

Briefing

Peakstone Realty Trust reported its fourth quarter and full year 2024 financial results, highlighting a strategic shift towards industrial outdoor storage (IOS) properties, significant acquisitions and dispositions, and strong leasing activity.

Peakstone Realty Trust reported a revenue of $57.9 million and net income attributable to common shareholders of $12.7 million, or $0.35 per basic and diluted share, for the fourth quarter of 2024. The company also completed a substantial industrial outdoor storage (IOS) portfolio acquisition for $490.0 million and divested $317 million of non-core assets in 2024, demonstrating a strategic shift towards industrial assets.

  • Revenue for Q4 2024 was approximately $57.9 million, primarily impacted by strategic dispositions.
  • Net income attributable to common shareholders for Q4 2024 was approximately $12.7 million, or $0.35 per basic and diluted share, a significant improvement from a net loss in the prior year.
  • The company acquired 51 industrial outdoor storage (IOS) properties for $490.0 million in Q4 2024, establishing a significant presence in this subsector.
  • Peakstone divested all remaining assets in its Other Segment (10 properties) for approximately $189.5 million in Q4 2024, contributing to total dispositions of $317.4 million for the full year.

Headline financials

Total Revenue

$57.9M

Previous: $63.1M-8.1%
EPS (adj)

$0.65

Previous: $0.80-18.8%
Occupancy Percentage (rentable square feet)

99.5%

No prior period
Net Debt to Normalized EBITDAre

7.5

No prior period
Total Debt

$1.36B

No prior period
Net Debt

$1.21B

No prior period
Available Capacity

$82M

No prior period
Total Liquidity

$229M

No prior period
Weighted Average Debt Maturity (years)

3.5

No prior period
Fixed Rate Debt, including Swaps

82.0%

No prior period
Total Same Store Cash NOI

$39M

Previous: $38.8M+0.4%
Industrial Same Store Cash NOI

$11.6M

Previous: $12.5M-7.3%
Office Same Store Cash NOI

$27.4M

Previous: $26.4M+4.1%
Other Same Store Cash NOI

$0.00

No prior period
Weighted Average Releasing Spreads (GAAP)

26.0%

No prior period
Weighted Average Releasing Spreads (Cash)

11.0%

No prior period
Industrial ABR Percentage

39.1%

No prior period
IOS Occupancy Rate (usable acres)

99.6%

No prior period
Traditional Industrial Occupancy Rate (rentable square feet)

100.0%

No prior period
Office Occupancy Rate (rentable square feet)

98.7%

No prior period
Capital Expenditures

$0.00

Previous: $0.00
Net Income

$13.8M

Previous: -$21.8M+163.4%
Operating Income

$9.88M

Previous: $1.09M+809.9%

Revenue & EPS history

Peakstone · Revenue · Quarterly

$57.9M

Q4 2024-8.1%vs Q4 2023
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 plans to continue its strategic shift towards industrial outdoor storage (IOS) properties in 2025, focusing on further non-core asset divestments and targeted IOS investments, while also managing debt reduction.

Tailwinds

  • Continued focus on investing in IOS properties to enhance growth profile.
  • Strategic divestment of non-core assets to streamline portfolio.
  • Commitment to reducing leverage while balancing debt reduction with new investments.
  • Leveraging experienced real estate operators to drive long-term growth and value.
  • Anticipated stabilization of redevelopment properties within 12 to 36 months.

Headwinds

  • Increased debt due to the closing of the IOS portfolio.
  • Potential challenges in divesting non-core assets.
  • Market volatility and interest rate fluctuations could impact future performance.
  • Competition for tenants and properties may affect leasing and acquisition activities.
  • Uncertainty regarding the timing and success of redevelopment property stabilization.

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 Q4 2024

Historical avgQ4 2024

-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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