ペンキがはげている。

ぺんきがはげている。

The paint is off.

ペンキがはげている。

Penki ga hageteiru.

ペンキ (ペンキ)

paint

が (が)

indicates sentence subject (occasionally object); indicates possessive (esp. in literary expressions); but; however; still; and

禿げる (はげる、ハゲる)

to lose hair; to become bald; to become bare (e.g. a mountain becomes bare of trees)