Postal Realty Trust Inc
F:2WP

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Postal Realty Trust Inc Logo
Postal Realty Trust Inc
F:2WP
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Price: 19.5 EUR
Market Cap: €679.8m

Postal Realty Trust Inc
Investor Relations

Postal Realty Trust is a real estate investment trust that owns and leases properties used by the U.S. Postal Service. It buys post office buildings and mail processing-related real estate, then rents those properties back under long-term leases. In simple terms, it acts like a landlord for postal facilities. Its main customer is the U.S. Postal Service, so most of its income comes from rent rather than from selling property or developing projects. The company focuses on smaller, often hard-to-replace postal locations that are important for local mail delivery. That makes its business different from a general office landlord because it is tied to a very specific tenant and a very specific use. Postal Realty Trust makes money from lease payments and from managing a portfolio of properties built around that rental income. For investors, the key point is that the company sits in the middle of the postal real estate market: it owns the buildings, the Postal Service uses them, and the trust collects rent while handling property ownership and leasing duties.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Aug 5, 2026
AI Summary
Q2 2026

Acquisitions: Postal Realty Trust bought $45 million of properties in the quarter at a 7.3% weighted average cash cap rate, its busiest quarter since June 2022, and raised full-year acquisition guidance to $150 million to $160 million.

AFFO: AFFO per share came in at $0.36, up $0.03 from both the first quarter and the second quarter of 2025, and management raised full-year AFFO per share guidance to $1.41 to $1.43.

Balance sheet: Leverage improved to 4.6x net debt to pro forma annualized adjusted EBITDA from 5.2x last quarter, and pro forma adjusted net debt to EBITDA was 4x after unsettled forward equity and post-quarter sales.

Growth engine: Management said internal growth remains the main driver, helped by mark-to-market rent resets, 3% escalators on new leases, and lease terms that are increasingly 10 years long.

Capital access: The company sold $110 million of equity through July and recently expanded and lowered the cost of its revolver, giving it more capacity to fund acquisitions.

Outlook: Management said it feels very confident about scaling accretively and sees a larger opportunity set, including larger assets, portfolios, and some industrial properties when they fit the underwriting bar.

Key Financials
Acquisitions
$45 million
Weighted average cash cap rate
7.3%
Year-to-date acquisitions through July
$88 million
Year-to-date weighted average cash cap rate
7.4%
AFFO per share
$0.36
Net debt to pro forma annualized adjusted EBITDA
4.6x
Pro forma adjusted net debt to pro forma annualized adjusted EBITDA
4x
Forward equity proceeds unsettled
$48 million
Weighted average share price of unsettled forward equity
$22.05 per share
Credit facility size increase
$60 million
Weighted average maturity
3.5 years
Interest rate margin reduction
30 basis points
Quarterly dividend
$0.245 per share
Dividend payout ratio
68%
Dividend yield
4.3%
Cash G&A as a percentage of revenue
10% to 10.9%
Same-store cash NOI growth
5.5% average over the last 5 years
Same-store cash revenue growth outlook for 2027
approximately 6.5%
AFFO available after dividend payments
$16 million in 2026
Recurring capital expenditure for Q3
$250,000 to $350,000
Portfolio lease escalators
59% of leases
Portfolio leases with 10-year terms
54% of portfolio
Weighted average lease term
6.4 years
2027 rent escalation exposure
52% of rent
2027 to 2030 rental income expiring with no renewal options
28%
Earnings Call Recording
Other Earnings Calls

Management

Mr. Andrew Spodek
CEO & Director
No Bio Available
Mr. Jeremy Garber J.D.
President, Treasurer & Secretary
No Bio Available
Mr. Robert B. Klein
Chief Financial Officer
No Bio Available
Mr. Matthew H. Brandwein
Senior VP & Chief Accounting Officer
No Bio Available
Ms. Carrie Herz
Senior VP & Corporate Counsel
No Bio Available
Mr. Raphael Harel
Senior Vice President of Acquisitions
No Bio Available
Mr. Isaac Richter
Executive VP & Head of Asset Management
No Bio Available
Mr. David Loss
Executive VP & Head of Real Estate
No Bio Available
Mr. Jie Chai
Senior VP and Corporate Counsel Securities & Capital Markets
No Bio Available
Mr. Marc Lefkovich
VP & Property Controller
No Bio Available

Contacts

Address
NEW YORK
Cedarhurst
75 Columbia Ave
Contacts