Peakstone Realty Trust is an industrial REIT focused on owning and operating industrial outdoor storage (IOS) properties, with a secondary portfolio of traditional industrial assets. IOS properties are characterized by low building-to-land ratios, where most of the site is open yard space rather than enclosed building. Tenants — typically logistics operators, equipment rental companies, contractors, and municipal services providers — use these sites to store, display, and move equipment and materials. As of year-end 2025, Peakstone owned 76 industrial properties, of which 60 were IOS and 16 were traditional industrial (distribution, warehouse, and light manufacturing). Peakstone completed its transformation to a pure industrial REIT in 2025 by selling its entire office portfolio, recycling over $2B in proceeds to pay down debt and fund IOS acquisitions. Peakstone leases properties under long-term net leases, where tenants pay base rent plus most property-level operating costs. Key earnings drivers include rent escalations (typically 2.5%–8% annually), re-leasing at market rents as below-market legacy leases expire, and low capital expenditure requirements inherent to IOS assets. Management has cited roughly 70% upside on in-place IOS rents to market, and re-leasing spreads have been strong. Peakstone sources acquisitions off-market through tenant and broker relationships, targeting infill urban and Sunbelt/coastal markets with supply constraints and strong tenant demand. In February 2026, Peakstone announced an agreement to be acquired by Brookfield-affiliated entities for $21.00 per share in cash.