Postal Realty Trust, Inc. (PSTL) SEC Filings

Postal Realty Trust, Inc. (PSTL) received an amended Schedule 13D from Andrew Spodek updating his ownership position and related arrangements. He reports beneficial ownership of 971,128 shares of Common Stock and Class B Common Stock, representing 3.2% of the Common Stock class, all with sole voting and dispositive power.

The position includes 29,346 Common shares held directly, 277,518 Common shares held through the 2016 Spodek Family Trust, 637,058 Common shares over which he retains voting control, and 27,206 Class B shares convertible 1:1 into Common. He also holds 1,418,412 OP Units and 1,164,073 LTIP Units of the operating partnership, which are not currently convertible within 60 days and are therefore excluded from beneficial ownership, though they contribute to an estimated 9.2% economic interest on a fully diluted basis.

The amendment reiterates that the company’s charter generally caps ownership at 8.5% of outstanding Common Stock, but Spodek has been designated an “Excepted Holder” with a higher 15% Spodek Excepted Holder Limit, applicable while the company qualifies as a real estate investment trust. Other than the arrangements described, he discloses no additional contracts or understandings regarding PSTL securities.

Postal Realty Trust, Inc. (PSTL) completed a $27.75 million related-party acquisition of 72 USPS-leased properties effective September 4, 2026. The purchase price comprised $25.75 million in cash and $2.0 million in Operating Partnership Units of Postal Realty LP, where Postal Realty Trust is the sole general partner.

The portfolio is 100% occupied and includes approximately 148,374 net leasable interior square feet, of which 144,731 square feet are leased to the United States Postal Service, with a weighted average rental rate of $14.71 per leasable square foot based on rents in place as of September 4, 2026. CEO and Director Andrew Spodek, through related entities that owned 50% of the portfolio, beneficially received about $11.88 million of the cash consideration and all of the OP Units, which totaled 85,300 units valued using a 10-trading-day volume-weighted average price of $23.4465. A special committee of four independent and disinterested directors reviewed and approved the transaction, determining it to be in the best interests of the company and its stockholders, and Mr. Spodek did not participate in the deliberations or approval.

FMR LLC and Abigail P. Johnson report beneficial ownership of Postal Realty Trust Inc Class A common stock on a Schedule 13G/A. FMR LLC reports beneficial ownership of 3,152,456.46 shares, representing 11.4% of the Class A common stock.

FMR LLC has sole dispositive power over 3,152,456.46 shares and sole voting power over 3,087,504.00 shares, with no shared voting or dispositive power. Other persons have rights to dividends or sale proceeds in these securities, but no single such person holds more than five percent of the outstanding Class A common stock.

Postal Realty Trust, Inc. established an at-the-market and forward equity offering program for up to $300,000,000 of Class A common stock, to be sold from time to time through designated sales agents and forward counterparties.

The structure allows direct stock sales and separate Forward Sale Agreements, including contingent and non-contingent forms, with settlement that may be physical, cash or net share. The company will generally pay up to 2.0% commissions on sales and forward hedging activity. Net proceeds and any contingency premiums are intended for general corporate purposes, including acquiring properties, paying dividends, capital expenditures, working capital and repayment of credit-facility debt. Existing agreements for a prior at-the-market program were terminated when the new arrangements were executed.

Postal Realty Trust, Inc. is establishing an at-the-market equity program to offer up to $300,000,000 of Class A common stock through multiple sales agents and related forward sale arrangements. Shares may be sold directly by the company or by forward sellers on behalf of forward purchasers, including both contingent and non-contingent forward transactions.

The company will receive cash only from shares it sells itself, from settlement of any forward sale agreements, and from any contingency premiums, and plans to contribute these amounts to its operating partnership. Uses include acquiring additional USPS‑leased properties, paying dividends, funding capital expenditures and working capital, and repaying borrowings under its $275.0 million revolving credit facility and three term loans totaling $340.0 million.

Class A common stock trades on the NYSE under symbol PSTL; 30,248,873 shares were outstanding as of August 3, 2026. As a REIT, Postal Realty’s charter generally limits any holder to 8.5% ownership of its common or preferred equity to help preserve REIT status.

Postal Realty Trust, Inc. filed a Form S-3 automatic shelf registration as a well-known seasoned issuer, allowing it and Postal Realty LP to offer, from time to time after effectiveness, primary securities including Class A common stock, preferred stock, warrants, units and debt securities, while selling securityholders may resell shares of common stock. The filing does not specify a maximum aggregate amount, and the company will not receive proceeds from sales by selling securityholders.

Net proceeds from any primary offerings are expected to be contributed to Postal Realty LP in exchange for OP units and then used to acquire or develop additional properties leased primarily to the USPS and for general corporate purposes such as dividends, capital expenditures, working capital and debt repayment. As of August 3, 2026, Postal Realty Trust owned approximately 80.4% of outstanding OP units in its UPREIT operating partnership and maintains REIT-qualifying ownership limits, generally capping common and preferred stock ownership at 8.5% with a 15% excepted limit for its CEO, Andrew Spodek.

Postal Realty Trust, Inc. reported strong results for the quarter ended June 30, 2026, with net income attributable to common stockholders of $5.1 million, or $0.15 per diluted share. Rental income rose 23.3% year-over-year to $28.0 million. FFO was $13.1 million, or $0.37 per diluted share, and AFFO was $12.7 million, or $0.36 per diluted share.

The owned portfolio was 99.8% occupied across 2,014 properties totaling about 7.5 million square feet, with a weighted average rental rate of $12.40 per square foot. During the quarter, the company acquired 37 USPS-leased properties for $45.1 million at a weighted average capitalization rate of 7.3%.

As of June 30, 2026, the company had approximately $381 million of net debt at a weighted average interest rate of 4.4%, with 84% of debt effectively fixed and $205.0 million available on its revolving credit facility. It raised $47.4 million of gross proceeds via ATM share issuances and had forward sale agreements covering 1.8 million shares. For 2026, guidance increased to AFFO of $1.41–$1.43 per diluted share, Same Store Cash NOI growth of 6.0%–7.0%, and acquisitions of $150–$160 million. A quarterly dividend of $0.245 per share (annualized $0.98) was declared, payable August 28, 2026.

Postal Realty Trust, Inc. reported for the quarter ended June 30, 2026 total revenues of $28,582 thousand and net income attributable to common stockholders of $5,052 thousand, or $0.15 basic and diluted EPS, up from $23,351 thousand of revenues and $3,614 thousand of net income a year earlier. For the first six months of 2026, total revenues were $55,230 thousand and net income attributable to common stockholders was $8,878 thousand.

As of June 30, 2026, total assets were $836,570 thousand, including $788,722 thousand of real estate investments, net. Total liabilities were $419,286 thousand and total equity was $417,284 thousand. Debt consisted of $303,557 thousand of term loans, a $45,000 thousand revolving credit facility balance and $33,564 thousand of secured borrowings, with total debt of $382,121 thousand. The company used 11 interest rate swaps with $290,000 thousand notional to hedge term loan SOFR exposure.

The company owned 2,014 properties in 49 states and one territory, leased primarily to the USPS, and managed 322 additional postal properties via its TRS. It acquired 98 properties in the first half of 2026 for total cost of $82.2 million. Future minimum lease payments under operating leases totaled $531,179 thousand, and approximately 10.2% of rental income for the six months was concentrated in Pennsylvania. The company paid dividends of $0.245 per share or unit in each of the first two quarters and issued 1,013 thousand shares under its ATM program for net proceeds of $20,147 thousand.

Postal Realty Trust, Inc. entered into a Second Amended and Restated Credit Agreement that recasts and expands its unsecured credit facilities to $615 million, combining a $275 million revolving credit facility and $340 million of term loans. The new structure adds $60 million of total capacity, introduces a $335 million accordion feature, and extends weighted average maturities, with the revolver maturing in November 2030 and term loans maturing in 2028, 2029 and 2031.

Pricing improves by about 30 basis points, with loans bearing interest at SOFR plus 1.10%–1.55% or a base rate plus smaller margins, subject to leverage-based grids and a potential 0.02% margin reduction for meeting sustainability targets. As of June 30, 2026, the company reported 30.1 million Class A common shares outstanding and 38.3 million fully diluted shares.