Peakstone Realty Trust PKST

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
40/100
Developing

About Peakstone Realty Trust

Peakstone Realty Trustis a real estate investment trust executing a strategic transition to become an industrial-only REIT, targeting growth in the industrial outdoor storage sector. As part of this transition, the Company is actively reshaping its portfolio by divesting its office properties and increasing its exposure to IOS. The Company's fiscal year ends on December 31, 2025. PKST OP, L.P., … Full PKST analysis →

Competitive advantage assessment

Key strengths

  • Strong AFFO Generation AFFO generation is strong (score 0.82), supporting dividend sustainability.
  • Dividend Well-Covered by AFFO Dividend coverage is healthy (score 0.82).

Key risks

  • Weak NOI Margins NOI margins lag peers (score 0.21), indicating weak pricing power.
  • Portfolio Quality Concerns Portfolio quality is concerning (occupancy stability 0.21).

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

Upgrade to unlock the signals and evidence behind each defense.

Premium access

Unlock full defense analysis

Get key signals, strengths, and risks for every moat dimension.

Upgrade to Premium Unlock all moat defenses and evidence.

Rent Pricing Power

Weak
21

Where PKST ranks in REIT - Office

Peakstone Realty Trust ranks #18 of 27 scored companies in REIT - Office by moat score — the top 67%. The widest moat in the group is Easterly Government Properties, (DEA) at 78/100.

Moat scores for companies ranked near PKST in REIT - Office
# Company Moat score Rating
14 Equity EQC 55/100 Moderate
15 Alexandria Real Estate Equities ARE 51/100 Moderate
16 Piedmont Office Realty Trust, I PDM 49/100 Developing
17 SL Green Realty Corp SLG 44/100 Developing
18 Peakstone Realty Trust PKST 40/100 Developing
19 City Office REIT, Inc. CIO 37/100 Developing
20 Brandywine Realty Trust BDN 35/100 Developing
21 Franklin Street Properties Corp FSP 34/100 Developing
22 JBG SMITH Properties JBGS 29/100 Developing

See every Real Estate Investment Trusts company ranked by moat score →

How PKST scores on the REIT Specialized defenses

Rent Pricing Power

Score 21 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 82 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 49 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 11 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 52 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 18 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding PKST's moat

What is Peakstone Realty Trust's moat score?

Peakstone Realty Trust (PKST) scores 40 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #18 of 27 scored companies in REIT - Office, the top 67%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 30 companies in REIT - Office. Its strongest defense is AFFO Strength (82/100) and its weakest is Capital Recycling & Growth (11/100).

How does Peakstone Realty Trust compare with other REIT - Office companies?

Peakstone Realty Trust ranks #18 of 27 scored companies in REIT - Office by moat score. The widest moat in REIT - Office is Easterly Government Properties, (DEA) at 78/100. The companies ranked closest are SL Green Realty Corp (SLG) at 44 just above it and City Office REIT, Inc. (CIO) at 37 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 30 companies in REIT - Office. The defenses are then weighted to produce the overall score out of 100.

Why is Peakstone Realty Trust scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for Peakstone Realty Trust?

The REIT Specialized template measures 6 defenses, and PKST scores: Rent Pricing Power (21), AFFO Strength (82), Balance Sheet & Cost of Capital (49), Capital Recycling & Growth (11), Operational Efficiency (52), Portfolio Quality & Diversification (18). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

Send Feedback
Please select a category.
0/1000