NYSE: PSTL
Postal Realty Trust, Inc.CIK 0001759774 · SIC 6798 · Real Estate Investment Trusts
We are an internally managed REIT with a focus on acquiring and managing properties leased primarily to the USPS, ranging from last-mile post offices to industrial facilities. We believe that we are the largest owner and manager, measured by net leasable square footage, of properties that are… About this business →
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Postal Realty Trust launches up to $300M at-the-market offering of Class A common stock
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Postal Realty Trust Q2 revenue +22.4% to $28.6M, net income +39.8% to $5.1M
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Latest financial statements
From 10-Q filed Nov 3, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations and Comprehensive Income (Unaudited)
(in thousands, except share and per share data)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Rental income | 29,651 | 23,692 | 83,787 | 67,902 |
| Fee and other | 627 | 634 | 1,721 | 1,925 |
| Total revenues | 30,278 | 24,326 | 85,508 | 69,827 |
| Operating expenses: | ||||
| Real estate taxes | 3,393 | 2,865 | 9,664 | 8,287 |
| Property operating expenses | 2,899 | 2,355 | 8,306 | 6,800 |
| General and administrative | 5,091 | 3,751 | 15,193 | 13,003 |
| Casualty and impairment (gains) losses, net | (39) | 97 | (213) | (98) |
| Depreciation and amortization | 7,033 | 6,109 | 20,163 | 17,647 |
| Total operating expenses | 18,377 | 15,177 | 53,113 | 45,639 |
| Gain (loss) on sale of real estate assets | — | — | 30 | (49) |
| Income from operations | 11,901 | 9,149 | 32,425 | 24,139 |
| Other income | — | — | — | 30 |
| Interest expense, net: | ||||
| Contractual interest expense | (4,274) | (3,903) | (12,976) | (11,157) |
| Write-off and amortization of deferred financing fees and amortization of debt discounts | (402) | (215) | (933) | (637) |
| Loss on early extinguishment of debt | (232) | (142) | (232) | (142) |
| Interest income | 2 | — | 2 | 7 |
| Total interest expense, net | (4,906) | (4,260) | (14,139) | (11,929) |
| Income before income tax expense | 6,995 | 4,889 | 18,286 | 12,240 |
| Income tax expense | (14) | (6) | (64) | (30) |
| Net income | 6,981 | 4,883 | 18,222 | 12,210 |
| Net income attributable to operating partnership unitholders’ non-controlling interests | (1,377) | (1,073) | (3,740) | (2,704) |
| Net income attributable to common stockholders | 5,604 | 3,810 | 14,482 | 9,506 |
| Net income per share: | ||||
| Basic | 0.16 | 0.13 | 0.42 | 0.32 |
| Diluted | 0.16 | 0.13 | 0.42 | 0.32 |
| Weighted average common shares outstanding: | ||||
| Basic | 30,341,104 | 24,627,866 | 28,282,282 | 23,810,318 |
| Diluted | 30,586,891 | 24,627,866 | 28,556,965 | 23,810,318 |
| Comprehensive income: | ||||
| Net income | 6,981 | 4,883 | 18,222 | 12,210 |
| Unrealized gain (loss) on derivative instruments | 6,315 | (533) | 8,606 | (5,002) |
| Comprehensive income | 13,296 | 4,350 | 26,828 | 7,208 |
| Comprehensive income attributable to operating partnership unitholders’ non-controlling interests | (2,623) | (956) | (5,468) | (1,604) |
| Comprehensive income attributable to common stockholders | 10,673 | 3,394 | 21,360 | 5,604 |
Consolidated Balance Sheets (Unaudited)
(In thousands, except par value and share data)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Investments: | ||
| Real estate properties, at cost: | ||
| Land | 217,666 | 163,485 |
| Building and improvements | 712,703 | 603,390 |
| Tenant improvements | 9,513 | 8,649 |
| Total real estate properties, at cost | 939,882 | 775,524 |
| Less: Accumulated depreciation | (89,189) | (74,769) |
| Total real estate properties, net | 850,693 | 700,755 |
| Investment in financing leases, net | 15,769 | 15,851 |
| Total real estate investments, net | 866,462 | 716,606 |
| Cash | 1,764 | 1,454 |
| Escrow and reserves | 605 | 643 |
| Rent and other receivables | 8,919 | 5,232 |
| Prepaid expenses and other assets, net | 18,645 | 11,800 |
| Goodwill | 1,536 | 1,536 |
| Deferred rent receivable | 9,499 | 5,373 |
| Lease intangible assets, net | 23,390 | 16,413 |
| Assets held for sale, net | 415 | — |
| Total Assets | 931,235 | 759,057 |
| Liabilities and Equity | ||
| Liabilities: | ||
| Term loans, net | 337,610 | 288,313 |
| Revolving credit facility | 11,000 | 39,000 |
| Secured and other borrowings, net | 36,375 | 33,828 |
| Accounts payable, accrued expenses and other, net | 19,157 | 18,597 |
| Below market leases, net | 24,971 | 19,758 |
| Total Liabilities | 429,113 | 399,496 |
| Commitments and Contingencies | ||
| Equity: | ||
| Class A common stock, par value $0.01 per share; 500,000,000 shares authorized; 33,460,576 and 26,849,381 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 335 | 268 |
| Class B common stock, par value $0.01 per share; 27,206 shares authorized; 27,206 shares issued and outstanding as of September 30, 2026 and December 31, 2025 | — | — |
| Additional paid-in capital | 480,683 | 358,001 |
| Accumulated other comprehensive income | 7,832 | 954 |
| Accumulated deficit | (80,787) | (74,024) |
| Total Stockholders’ Equity | 408,063 | 285,199 |
| Operating partnership unitholders’ non-controlling interests | 94,059 | 74,362 |
| Total Equity | 502,122 | 359,561 |
| Total Liabilities and Equity | 931,235 | 759,057 |
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 18,222 | 12,210 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 20,170 | 17,647 |
| Write-off and amortization of deferred financing fees and debt discounts | 933 | 637 |
| Amortization of above/below market leases | (2,637) | (2,481) |
| Amortization of intangible liability | (183) | (224) |
| Loss on early extinguishment of debt | 232 | 63 |
| Casualty and impairment losses | 95 | 731 |
| (Gain) loss on sale of real estate assets | (30) | 49 |
| Gain on insurance proceeds received for damage due to property | (323) | (837) |
| Equity based compensation | 6,300 | 4,812 |
| Deferred rent receivable | (4,126) | (1,953) |
| Other | (9) | 250 |
| Changes in assets and liabilities: | ||
| Rent and other receivables | (3,765) | (237) |
| Prepaid expenses and other assets | 2,198 | 425 |
| Accounts payable, accrued expenses and other | 694 | 2,068 |
| Net cash provided by operating activities | 37,771 | 33,160 |
| Cash flows from investing activities: | ||
| Acquisition of real estate | (154,956) | (89,558) |
| Proceeds from sale of real estate assets | 50 | 825 |
| Escrows for acquisition deposits | (317) | (364) |
| Capital improvements | (2,774) | (5,164) |
| Insurance proceeds related to property damage claims | 482 | 837 |
| Other investing activities, net | 107 | (344) |
| Net cash used in investing activities | (157,408) | (93,768) |
| Cash flows from financing activities: | ||
| Repayments of secured borrowings | (447) | (113) |
| Proceeds from term loans | 50,000 | 40,000 |
| Proceeds from revolving credit facility | 119,000 | 93,000 |
| Repayments of revolving credit facility | (147,000) | (82,000) |
| Net proceeds from issuance of shares | 129,166 | 34,796 |
| Debt issuance costs | (3,052) | (2,250) |
| Proceeds from issuance of ESPP shares | 175 | 171 |
| Repurchase of common stock for tax withholding obligations | (940) | (348) |
| Dividends and distributions | (26,715) | (22,658) |
| Other financing activities | (278) | (194) |
| Net cash provided by financing activities | 119,909 | 60,404 |
| Net increase (decrease) in Cash and Escrows and Reserves | 272 | (204) |
| Cash and Escrows and Reserves at the beginning of period | 2,097 | 2,543 |
| Cash and Escrow and Reserves at the end of period | 2,369 | 2,339 |
| Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
| Operating partnership units issued for property acquisitions, net | 7,939 | 6,746 |
| Unrealized gain (loss) on derivative instruments, net | 8,606 | (5,002) |
| Reallocation of non-controlling interest | 8,519 | 2,422 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except share and per share data); (In thousands, except par value and share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About Postal Realty Trust, Inc.
Source: Item 1 (Business) from the 10-K filed February 24, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS
General
We are an internally managed REIT with a focus on acquiring and managing properties leased primarily to the USPS, ranging from last-mile post offices to industrial facilities. We believe that we are the largest owner and manager, measured by net leasable square footage, of properties that are leased to the USPS.
We were organized in the state of Maryland on November 19, 2018 and commenced operations upon completion of our initial public offering ("IPO") on May 17, 2019 and the related formation transactions. Our Class A common stock trades on the New York Stock Exchange under the symbol “PSTL”. We elected to qualify to be taxed as a REIT for U.S. federal income tax purposes, commencing with our short tax year ended December 31, 2019.
We conduct our business through an umbrella partnership, commonly referred to as an UPREIT structure, in which our properties are owned by our Operating Partnership directly or through limited partnerships, limited liability companies or other subsidiaries. We are the sole general partner of our Operating Partnership through which our properties are directly or indirectly owned. As of December 31, 2025, we owned approximately 79.3% of the outstanding common units of limited partnership interest in our Operating Partnership (the “OP Units”), including long term incentive units of our Operating Partnership (the “LTIP Units”). Our Board of Directors oversees our business and affairs.
Real Estate Investments
As of December 31, 2025, we had net investments of approximately $716.6 million in 1,917 real estate properties (including two properties accounted for as financing leases). The properties are located in 49 states and one territory, totaling approximately 7.1 million net leasable interior square feet in the aggregate and were 99.8% occupied as of December 31, 2025 with a weighted average remaining lease term of approximately 4 years. As of December 31, 2025, we manage, through our taxable REIT subsidiary ("TRS"), an additional 333 postal properties owned by our chief executive officer, Andrew Spodek, and his affiliates. During the year ended December 31, 2025, we acquired from our chief executive officer, Andrew Spodek, and his affiliates a portfolio of 25 postal properties currently leased to the USPS for approximately $13.9 million in cash, excluding closing costs. We have a remaining right of first offer to purchase 189 of our 333 managed postal properties.
Read full description ↓
The majority of our leases are modified double-net leases, whereby the USPS is responsible for utilities, certain maintenance obligations and reimbursement of property taxes and the landlord is responsible for insurance, roof and structure. We believe this structure helps insulate us from increases in certain operating expenses and provides a more predictable cash flow. We believe the overall opportunity for consolidation that exists within the postal logistics network is very attractive. We continue to execute our strategy to acquire and consolidate postal properties that we believe will generate strong earnings for our stockholders. We may also sell assets from time to time to recycle capital, including through transactions that are intended to qualify for federal income tax deferral as a “like-kind exchange” under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code").
2025 Highlights
•Our owned portfolio was 99.8% occupied as of December 31, 2025.
•We acquired 216 properties leased primarily to the USPS totaling approximately 641,599 net leasable interior square feet, for approximately $123.1 million, excluding closing costs, during 2025.
•We amended our existing Credit Facilities (as defined below) in September 2025 to, among other things, (i) upsize the capacity of our Credit Facilities to $440 million and (ii) extend the maturity dates on each of our senior unsecured revolving credit facility (from January 2026 to November 2029) and Term Loan (from January 2027 to January 2030).
•We issued 3,154,321 shares of Class A common stock under our at-the-market equity offering program (the "ATM Program") during 2025, raising approximately $48.4 million in gross proceeds.
Dividends
•We have increased our quarterly dividend from $0.2425 for the fourth quarter 2024 dividend to $0.2450 for the fourth quarter 2025 dividend. Our dividend per share has increased every year since our IPO. Although we expect to continue our policy of paying regular dividends, we cannot guarantee that we will maintain our current level of dividends, that we will continue our recent pattern of increasing dividends per share or what our actual dividend yield will be in any future period.
Tenant Concentration
We acquire and manage postal properties and report our business as a single reportable segment. Our properties are leased primarily to the USPS. See the discussions under