Postal Realty Trust, Inc.
Business
Postal Realty Trust, Inc. is an internally managed REIT that acquires and manages properties leased primarily to the USPS, including post offices and industrial facilities. The company owns 1,917 properties across 49 states and one territory, leased under modified double-net leases where the USPS covers utilities and certain maintenance while the company covers insurance and structural maintenance. Properties are leased through an UPREIT structure and generate recurring rental income.
Summary from 10-K filed 2026-02-24
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Rental income | 93 | 73 | 61 | 51 | 38 | |
| Fee and other | 3 | 3 | 3 | 2 | 2 | |
| Total revenues | 96 | 76 | 64 | 53 | 40 | |
| Real estate taxes | 11 | 10 | 9 | 7 | 5 | |
| Property operating expenses | 10 | 9 | 7 | 6 | 4 | |
| General and administrative | 17 | 16 | 15 | 13 | 11 | |
| Casualty and impairment (gains) losses, net | −775,000 | 404,000 | 0 | — | — | |
| Depreciation and amortization | 24 | 22 | 20 | 18 | 14 | |
| Total operating expenses | 61 | 58 | 50 | 44 | 34 | |
| (Loss) gain on sale of real estate assets | −50,000 | 2 | 0 | — | — | |
| Income from operations | 34 | 21 | 14 | 10 | 6 | |
| Other income | 30,000 | 21,000 | 679,000 | — | — | |
| Contractual interest expense | −15 | −12 | −9 | — | — | |
| Write-off and amortization of deferred financing fees and amortization of debt discount | −869,000 | −746,000 | −686,000 | −596,000 | −714,000 | |
| Loss on early extinguishment of debt | −100,000 | 0 | — | 0 | −202,000 | |
| Interest income | 7,000 | 26,000 | 5,000 | 1,000 | 2,000 | |
| Total interest expense, net | −16 | −13 | −10 | — | — | |
| Income before income tax expense | 18 | 8 | 5 | 5 | 3 | |
| Income tax expense | −27,000 | −116,000 | −72,000 | −12,000 | −111,000 | |
| Net income | 18 | 8 | 5 | 5 | 3 | |
| Net income attributable to operating partnership unitholders non-controlling interests | −4 | −2 | −874,000 | −890,000 | −501,000 | |
| Net income attributable to common stockholders | 14 | 7 | 4 | 4 | 2 | |
| Basic (in dollars per share) | 0.47 | 0.21 | 0.12 | 0.15 | 0.1 | |
| Diluted (in dollars per share) | 0.47 | 0.21 | 0.12 | 0.15 | 0.1 | |
| Basic (in shares) | 24 | 23 | 20 | 19 | 14 | |
| Diluted (in shares) | 24 | 23 | 20 | 19 | 14 | |
| Unrealized (loss) gain on derivative instruments | −5 | 735,000 | −4 | 8 | 960,000 | |
| Comprehensive income | 13 | 9 | 1 | 13 | 4 | |
| Comprehensive income attributable to operating partnership unitholders non-controlling interests | −3 | −2 | −239,000 | −2 | −695,000 | |
| Comprehensive income attributable to common stockholders | 10 | 7 | 844,000 | 11 | 3 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Land | 163 | 128 | 106 | 90 | 65 | |
| Building and improvements | 603 | 512 | 443 | 379 | 278 | |
| Tenant improvements | 9 | 8 | 7 | 6 | 5 | |
| Total real estate properties, at cost | 776 | 648 | 557 | 475 | 348 | |
| Less: Accumulated depreciation | −75 | −58 | −44 | −31 | −21 | |
| Total real estate properties, net | 701 | 590 | 513 | 444 | 327 | |
| Investment in financing leases, net | 16 | 16 | 16 | 16 | 16 | |
| Total real estate investments, net | 717 | 606 | 529 | 460 | 344 | |
| Cash | 1 | 2 | 2 | 1 | 6 | |
| Escrow and reserves | 643,000 | 744,000 | 632,000 | 547,000 | 1 | |
| Rent and other receivables | 5 | 7 | 5 | 5 | 4 | |
| Prepaid expenses and other assets, net | 12 | 15 | 13 | 16 | 8 | |
| Goodwill | 2 | 2 | 2 | 2 | 0 | |
| Deferred rent receivable | 5 | 3 | 2 | 1 | 666,000 | |
| Lease intangible assets, net | 16 | 13 | 14 | 16 | 14 | |
| Total Assets | 759 | 647 | 567 | 501 | 378 | |
| Term loans, net | 288 | 249 | 199 | 164 | 49 | |
| Revolving credit facility | 39 | 14 | 9 | 0 | 13 | |
| Secured borrowings, net | 34 | 34 | 33 | 33 | 33 | |
| Accounts payable, accrued expenses and other, net | 19 | 16 | 12 | 9 | 8 | |
| Below market leases, net | 20 | 16 | 13 | 12 | 9 | |
| Total Liabilities | 399 | 329 | 266 | 218 | 112 | |
| Commitments and Contingencies | — | — | — | — | — | |
| Additional paid-in capital | 358 | 310 | 287 | 254 | 238 | |
| Accumulated other comprehensive income | 954,000 | 5 | 5 | 7 | 766,000 | |
| Accumulated deficit | −74 | −64 | −49 | −33 | −19 | |
| Total Stockholders Equity | 285 | 251 | 244 | 229 | 220 | |
| Operating partnership unitholders non-controlling interests | 74 | 66 | 58 | 54 | 45 | |
| Total Equity | 360 | 317 | 302 | 284 | 265 | |
| Total Liabilities and Equity | 759 | 647 | 567 | 501 | 378 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 24 | 22 | 20 | 18 | 14 | |
| Write-off and amortization of deferred financing costs and debt discounts | 869,000 | 748,000 | 686,000 | 596,000 | 714,000 | |
| Amortization of above/below market leases | −3 | −3 | −2 | −2 | −2 | |
| Amortization of intangible liability | −287,000 | −258,000 | −140,000 | −91,000 | −23,000 | |
| Casualty and impairment losses | 1 | 404,000 | — | — | — | |
| Insurance recovery on casualty losses | −2 | −55,000 | −654,000 | 843,000 | — | |
| Equity based compensation | 6 | 6 | 6 | 5 | 4 | |
| Other | 248,000 | 5,000 | 50,000 | 47,000 | 58,000 | |
| Loss on early extinguishment of debt | 63,000 | 0 | — | — | — | |
| Deferred rent receivable | −3 | −1 | 3,000 | 8,000 | 12,000 | |
| Rent and other receivables | 2 | −2 | 128,000 | −358,000 | −765,000 | |
| Prepaid expenses and other assets | −813,000 | 67,000 | −501,000 | −95,000 | −2 | |
| Accounts payable, accrued expenses and other | 1 | 4 | 2 | 852,000 | 1 | |
| Net cash provided by operating activities | 45 | 34 | 28 | 25 | 17 | |
| Acquisition of real estate | −119 | −82 | −70 | −116 | −89 | |
| Proceeds from sale of real estate assets | 1 | 6 | 0 | — | — | |
| Escrows for acquisition and construction deposits | −277,000 | −307,000 | −103,000 | −273,000 | −487,000 | |
| Insurance proceeds related to property damage claims | 2 | 55,000 | 654,000 | 843,000 | 1 | |
| Capital improvements | −7 | −3 | −3 | −4 | −2 | |
| Other investing activities | −135,000 | −77,000 | −68,000 | −808,000 | −337,000 | |
| Net cash used in investing activities | −124 | −79 | −73 | −120 | −107 | |
| Repayments of secured borrowings | −118,000 | −112,000 | −106,000 | −100,000 | −14 | |
| Proceeds from term loans | 40 | 50 | 35 | 115 | 50 | |
| Proceeds from revolving credit facility | 127 | 71 | 62 | 115 | 139 | |
| Repayments of revolving credit facility | −102 | −66 | −53 | −128 | −204 | |
| Net proceeds from issuance of shares | 47 | 19 | 27 | 11 | 139 | |
| Debt issuance costs | −2 | −366,000 | −266,000 | −811,000 | −1 | |
| Proceeds from issuance of ESPP shares | 171,000 | 163,000 | 183,000 | 185,000 | 127,000 | |
| Shares withheld for payment of taxes on restricted share vesting | −348,000 | −700,000 | −467,000 | −383,000 | −242,000 | |
| Distributions and dividends | −31 | −28 | −24 | −22 | −15 | |
| Net cash provided by financing activities | 79 | 45 | 45 | 91 | 93 | |
| Net decrease in Cash and Escrows and Reserves | −446,000 | −324,000 | 825,000 | −5 | 4 | |
| Operating partnership units issued for property acquisitions | 7 | 9 | 10 | 9 | 16 | |
| Unrealized (loss) gain on derivative instruments, net | −5 | 735,000 | −4 | 8 | 960,000 | |
| Reallocation of non-controlling interest | 4 | 407,000 | 3 | 2 | 3 | |
| Reclassification of acquisition deposits included in prepaid expenses and other assets | 322,000 | 188,000 | 210,000 | 696,000 | 792,000 | |
| Accrued capital expenditures included in accounts payable and accrued expenses | 396,000 | 235,000 | 348,000 | 231,000 | 660,000 | |
| Reclassification of construction deposits included in prepaid expenses and other assets | 56,000 | 0 | — | — | — | |
| Accrued costs of capital included in accounts payable and accrued expenses | 53,000 | 0 | 130,000 | 107,000 | 198,000 | |
| Right of use assets, net | 119,000 | 1 | 169,000 | 131,000 | 1 | |
| Shares issued upon redemption of operating partnership units | 2 | 862,000 | 7 | — | — | |
| Write-off of fixed assets no longer in service | 0 | 88,000 | 147,000 | 327,000 | 40,000 | |
| Assumption of seller financing | 0 | 1 | 0 | — | — | |
| Accrued taxes withheld included in accounts payable and accrued expenses | 0 | 54,000 | 118,000 | 140,000 | 99,000 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Postal Realty Trust, Inc.'s CIK number?
Postal Realty Trust, Inc.'s SEC CIK number is 0001759774 (1759774). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Postal Realty Trust, Inc.'s SEC filings?
All of Postal Realty Trust, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Postal Realty Trust, Inc. last report earnings?
Postal Realty Trust, Inc. (PSTL) most recently filed an earnings 8-K with the SEC on May 5, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-030687). This is Postal Realty Trust, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Postal Realty Trust, Inc.'s most recent earnings 8-K?
Postal Realty Trust, Inc.'s latest earnings 8-K (Item 2.02) was filed May 5, 2026 under accession 0001628280-26-030687. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Postal Realty Trust, Inc.'s latest earnings 8-K →
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