Postal Realty Trust, Inc.

Listed Company

PSTLCIK 0001759774NYSENon-AcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$95.82M

Net Income

$14.15M

Total Assets

$759.06M

Equity

$285.20M

Shares Out

27.47M

Op. Cash Flow

$44.51M

Business

Postal Realty Trust, Inc. is an internally managed real estate investment trust that acquires and manages properties leased primarily to the United States Postal Service. It offers ownership, asset management, leasing and related real estate services, including acquisition, disposition and property management through a taxable REIT subsidiary. The company reports a single reportable segment and conducts its operations through an UPREIT/operating partnership structure that holds properties directly or through subsidiaries. Its portfolio is distributed nationwide across U.S. states and territories and primarily leased to the USPS.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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

As of · In millions, except per-share amounts

Concept	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

Year Ended · In millions, except per-share amounts

Concept	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

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