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Postal Realty Trust (NYSE: PSTL) lifts 2026 outlook on Q2 rental income surge

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

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.

Positive

  • Rental income grew 23.3% year-over-year in Q2 2026 to $28.0 million, supporting higher FFO and AFFO.
  • Management raised 2026 guidance, with AFFO per diluted share now $1.41–$1.43 and acquisition volume $150–$160 million, indicating increased growth expectations.
  • The portfolio remained 99.8% occupied and the company completed $45.1 million of USPS property acquisitions at a 7.3% cap rate.

Negative

  • None.

Filing Explained

As of August 4, 2.2 million forward-sale shares remained unsettled, representing $48.1 million of expected proceeds rather than completed issuance.

This Form 8-K reports the company’s second-quarter results and updates its post-quarter-end equity activity; the unsettled forward-sale shares are not reported as issued. Form 8-K filings report specified material events, and this filing says the results release was furnished under Item 2.02 rather than deemed filed for Section 18 purposes.

After June 30, the company issued approximately $2.0 million of gross ATM proceeds through approximately 0.08 million shares and entered a forward sale covering 0.4 million shares for an additional $9.0 million of expected gross proceeds.

As of August 4, 2026, forward-sale agreements covering 2.2 million shares remained unsettled, representing approximately $48.1 million of expected gross proceeds assuming full physical settlement. Those shares therefore remain a potential future increase in shares outstanding, rather than completed issuance or proceeds already received.

An at-the-market program permits gradual sales of new shares into the open market at prevailing prices instead of a single priced deal. The key unresolved line item is settlement of the 2.2 million outstanding forward-sale shares.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Rental income, Q2 2026 $28,022 Quarter ended June 30, 2026; in thousands, 23.3% year-over-year increase
Net income attributable to common stockholders, Q2 2026 $5,052 Quarter ended June 30, 2026; in thousands
FFO per share and unit, diluted, Q2 2026 $0.37 Funds from Operations per common share and common unit outstanding-diluted
AFFO per share and unit, diluted, Q2 2026 $0.36 Adjusted Funds from Operations per common share and common unit outstanding-diluted
Net debt as of June 30, 2026 approximately $381 million Total debt of approximately $384 million less cash and property-related reserves of approximately $3 million
Portfolio occupancy 99.8% Owned portfolio occupancy as of June 30, 2026
2026 AFFO guidance per diluted share $1.41–$1.43 Company’s 2026 AFFO per diluted share guidance range, increased by $0.01
2026 acquisition volume guidance $150 million–$160 million Full-year 2026 acquisition guidance, increased by $20 million
Funds from Operations financial
"Funds from Operations ("FFO") of $13.1 million, or $0.37 per diluted share"
Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.
Adjusted Funds from Operations financial
"Adjusted Funds from Operations ("AFFO") of $12.7 million, or $0.36 per diluted share"
Adjusted funds from operations is a financial measure that shows how much cash a real estate company generates from its property operations, excluding certain non-recurring items and accounting adjustments. It helps investors understand the company’s true cash flow ability to pay dividends or fund growth. This figure offers a clearer picture of ongoing financial performance by removing irregular or one-time factors that can distort regular income.
Same Store Cash NOI financial
"Same Store Cash NOI Growth | 6.0% | to | 7.0%"
Same-store cash NOI is a real estate metric that measures the cash profit a property or group of properties generated from operations over two comparable periods, excluding one-time items and accounting adjustments that don’t affect actual cash flow. It compares only properties owned and open in both periods—like comparing the same set of stores month to month—so investors can see true operational growth or decline without distortion from acquisitions, dispositions, or non-cash accounting entries. This helps investors judge recurring income quality and cash-generating performance.
net debt financial
"Net debt as of June 30, 2026 is calculated as total debt of approximately $384 million"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
ATM program financial
"$38.5 Million of Gross Equity Sales via ATM Program in Second Quarter"
An at-the-market (ATM) program is an arrangement that lets a publicly traded company sell newly issued shares gradually into the open market at prevailing prices, through a designated broker-dealer, instead of raising money in one large offering. It gives the company flexible, lower-cost fundraising; for existing shareholders it matters because each sale adds to the share count, which can dilute their ownership stake.
forward sale agreement financial
"settlement of a forward sale agreement consisting of 2.0 million shares"
A forward sale agreement is a contract where a holder of securities or assets agrees to sell them at a fixed price on a specific future date, like a farmer locking in a price for next season’s crop. For investors this matters because it creates predictable future cash or supply and reduces price uncertainty, but it can limit upside if prices rise and introduces risk if the other party fails to deliver or payment affects shareholder value through dilution or financing choices.
Net income attributable to common stockholders $5.1 million up from $3.6 million in Q2 2025
Diluted EPS $0.15 up from $0.12 in Q2 2025
Rental income $28.0 million 23.3% increase from Q2 2025
FFO $13.1 million reported FFO per diluted share of $0.37
AFFO $12.7 million reported AFFO per diluted share of $0.36
Guidance

For 2026, the company guides AFFO per diluted share to $1.41–$1.43, Same Store Cash NOI growth to 6.0%–7.0%, acquisition volume to $150–$160 million, and cash G&A expense to $11.5–$12.5 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Postal Realty Trust (PSTL)'s Q2 2026 earnings and EPS?
Postal Realty Trust reported net income attributable to common stockholders of $5.1 million, or $0.15 per diluted share, for Q2 2026. Consolidated net income was $6.4 million, reflecting continued portfolio expansion and higher rental income.

How did PSTL's rental income change in Q2 2026 versus Q2 2025?
In Q2 2026, rental income rose to $28.0 million, a 23.3% increase from Q2 2025. Total revenues reached $28.6 million compared with $23.4 million a year earlier, driven by internal growth and acquisitions.

What is Postal Realty Trust (PSTL)'s 2026 AFFO guidance?
Postal Realty Trust now guides 2026 AFFO to $1.41–$1.43 per diluted share, an increase of $0.01 from prior guidance and representing 7.6% year-over-year growth at the midpoint, including de minimis estimated dilution from outstanding forward equity.

What acquisitions did PSTL complete in Q2 2026?
During Q2 2026, PSTL acquired 37 USPS-leased last-mile, flex and industrial properties for $45.1 million, excluding closing costs. These properties total about 237,000 square feet, with a weighted average rent of $14.69 per square foot and a 7.3% cash capitalization rate.

What dividend did Postal Realty Trust (PSTL) declare for Q2 2026?
Postal Realty Trust announced a quarterly dividend of $0.245 per share of Class A common stock, equivalent to $0.98 per share on an annualized basis. The dividend will be paid on August 28, 2026, to stockholders of record on August 14, 2026.

What is PSTL's debt and liquidity position as of June 30, 2026?
As of June 30, 2026, PSTL had approximately $381 million of net debt with a 4.4% weighted average interest rate. About 84% of debt was effectively fixed, and $205.0 million remained undrawn on its revolving credit facility, providing liquidity for acquisitions.

How large is Postal Realty Trust (PSTL)'s property portfolio and occupancy?
PSTL’s owned portfolio comprised 2,014 properties across 49 states and one territory, totaling approximately 7.5 million net leasable square feet as of June 30, 2026. The portfolio was 99.8% occupied, with a weighted average rent of $12.40 per square foot.
0001759774False00017597742026-08-042026-08-04

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 4, 2026
 
POSTAL REALTY TRUST, INC.
(Exact name of registrant as specified in its charter)
 
Maryland
001-38903
83-2586114
(State or other jurisdiction of Incorporation or organization)
Commission File Number
(I.R.S. Employer Identification No.)
75 Columbia Avenue
Cedarhurst,NY 11516
(Address of principal executive offices and zip code)
(516) 295-7820
(Registrant’s telephone number)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-I2 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.I4d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, par value $0.01 per share
PSTL
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.

Postal Realty Trust, Inc. (the “Company”) issued a press release on August 4, 2026 announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished herewith and attached hereto as Exhibit 99.1. The information in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act except as set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.
 
(d)
Exhibits.
Exhibit No.
Document
99.1
Press Release of Postal Realty Trust, Inc. dated August 4, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: August 4, 2026
 
POSTAL REALTY TRUST, INC.
By:
/s/ Jeremy Garber
Name: Jeremy Garber
Title: President, Treasurer and Secretary

imagea.jpg

POSTAL REALTY TRUST, INC. REPORTS SECOND QUARTER 2026 RESULTS

- Net Income of $0.15 Per Diluted Share -
- Increased 2026 AFFO Guidance $0.01 to $1.41 - $1.43 Per Diluted Share, Representing Growth of 7.6% Year-Over-Year at the Midpoint -
- Increased 2026 Acquisition Guidance $20 Million to $150 Million - $160 Million -
- $38.5 Million of Gross Equity Sales via ATM Program in Second Quarter -
- Acquired 37 USPS Properties for $45.1 Million at a Weighted Average Capitalization Rate of 7.3% -

Cedarhurst, New York, August 4, 2026 (GLOBE NEWSWIRE) — Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally managed real estate investment trust that owns and manages over 2,300 properties leased primarily to the United States Postal Service (the “USPS”), ranging from last-mile post offices to industrial facilities, today announced results for the quarter ended June 30, 2026.

Highlights for the Quarter Ended June 30, 2026

•Net income attributable to common shareholders of $5.1 million, or $0.15 per diluted share
•Acquired 37 USPS properties for $45.1 million, excluding closing costs
•Rental income increased 23.3% from second quarter 2025 to second quarter 2026, reflecting internal growth and acquisitions
•Funds from Operations ("FFO") of $13.1 million, or $0.37 per diluted share
•Adjusted Funds from Operations ("AFFO") of $12.7 million, or $0.36 per diluted share
•Subsequent to quarter end, the Company announced a quarterly dividend of $0.245 per share

"Our continued outsized AFFO growth illustrates the strength of Postal Realty's platform," said Andrew Spodek, Chief Executive Officer of Postal Realty Trust. "Having closed an expanded credit facility in July and raised $110 million of equity year to date, we have never been in a better position to acquire properties that reinforce our long-term growth trajectory."
Mr. Spodek continued, "Our improved cost of capital enhances our ability to acquire a broader swath of assets, including larger properties and portfolios, that are day one accretive and offer long term growth."

Property Portfolio & Acquisitions

The Company’s owned portfolio was 99.8% occupied, comprised of 2,014 properties across 49 states and one territory with approximately 7.5 million net leasable interior square feet and a weighted average rental rate of $12.40 per leasable square foot based on rents in place as of June 30, 2026. The weighted average rental rate consisted of $14.44 per leasable square foot on last-mile and flex properties and $5.12 on industrial properties.

1


During the second quarter, the Company acquired 37 last-mile, flex and industrial properties leased to the USPS for $45.1 million excluding closing costs, comprising approximately 237,000 net leasable interior square feet at a weighted average rental rate of $14.69 per leasable square foot based on rents in place as of June 30, 2026. These acquisitions were completed at a weighted average cash capitalization rate of approximately 7.3%.

Balance Sheet & Capital Markets Activity

As of June 30, 2026, the Company had approximately $2.6 million of cash and property-related reserves, and approximately $381 million of net debt with a weighted average interest rate of 4.4%. At the end of the quarter, 84% of the Company's debt outstanding was set to fixed rates (when taking into account interest rate hedges), and $205.0 million of the Company's revolving credit facility was undrawn. Subsequent to quarter end, and after giving effect to interest rate hedges entered into by the Company in connection with its expanded Credit Facility, the percentage of the Company's debt set to fixed rates increased to 92%.

During the second quarter, the Company issued approximately 2.5 million shares via the ATM for $47.4 million of gross proceeds, consisting of regular-way sales accounting for 0.5 million shares and approximately $11.8 million of gross proceeds, and settlement of a forward sale agreement consisting of 2.0 million shares and approximately $35.6 million of gross proceeds. At the end of the second quarter, the Company had unsettled forward sale agreements covering 1.8 million shares, representing approximately $39.1 million of expected gross proceeds, assuming full physical settlement. Subsequent to quarter end, the Company issued approximately 0.08 million shares via the ATM for $2.0 million of gross proceeds, and entered into a forward sale agreement covering 0.4 million shares for an additional $9.0 million of gross proceeds. As of August 4, 2026, forward sale agreements covering 2.2 million shares remain unsettled, representing approximately $48.1 million of expected gross proceeds, assuming full physical settlement.
Dividend

On August 3, 2026, the Company announced a quarterly dividend of $0.245 per share of Class A common stock. The dividend equates to $0.98 per share on an annualized basis. The dividend will be paid on August 28, 2026 to stockholders of record as of the close of business on August 14, 2026.












2




2026 Guidance

2026 Guidance
Low
High
AFFO per Diluted Share(1)
$1.41
to
$1.43
Same Store Cash NOI Growth
6.0%
to
7.0%
Acquisition Volume
$150 million
to
$160 million
Cash G&A Expense
$11.5 million
to
$12.5 million

(1) The Company's AFFO per share guidance range includes de minimus estimated dilution due to the impact of the Company's outstanding forward equity calculated in accordance with the treasury stock method.     

Note: The Company does not provide guidance with respect to the most directly comparable GAAP financial measure or provide reconciliations to GAAP from its forward-looking non-GAAP financial measures of AFFO per share guidance, Same Store Cash NOI and Cash NOI, due to the inherent difficulty of forecasting the effect, timing and significance of certain amounts in the reconciliation that would be required by Item 10(e)(1)(i)(B) of Regulation S-K. Examples of these amounts include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions or developments. In addition, certain non-recurring items may also significantly affect net income but are generally adjusted for in AFFO, Same Store Cash NOI and Cash NOI. Based on our historical experience, the dollar amounts of these items could be significant, and could have a material impact on the Company's GAAP results for the guidance period.

Webcast and Conference Call Details

The Company will host a webcast and conference call to discuss the second quarter 2026 financial results on Wednesday, August 5, 2026, at 9:00 A.M. Eastern Time. A live audio webcast of the conference call will be available on the Company’s investor website at https://investor.postalrealtytrust.com/Investors/events-and-presentations/default.aspx. To participate in the conference call, callers from the United States and Canada should dial-in ten minutes prior to the scheduled call time at 1-877-407-9208. International callers should dial 1-201-493-6784.

Replay

A telephonic replay of the call will be available starting at 1:00 P.M. Eastern Time on Wednesday, August 5, 2026, through 11:59 P.M. Eastern Time on Wednesday, August 19, 2026, by dialing 1-844-512-2921 in the United States and Canada or 1-412-317-6671 internationally. The passcode for the replay is 13760644.

Non-GAAP Supplemental Financial Information

3


An explanation of certain non-GAAP financial measures used in this press release, including, FFO, AFFO, net debt, Same Store Cash NOI, NOI and Cash NOI, as well as reconciliations of certain of those non-GAAP financial measures, to the most directly comparable GAAP financial measure, is included below.

The Company calculates FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines FFO as follows: net income (loss) (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by an entity. Other REITs may not define FFO in accordance with the NAREIT definition or may interpret the current NAREIT definition differently than the Company does and therefore the Company’s computation of FFO may not be comparable to such other REITs.

The Company calculates AFFO by starting with FFO and adjusting for recurring capital expenditures (defined as all capital expenditures and leasing costs that are recurring in nature, excluding expenditures that (i) are for items identified or existing at the time a property was acquired or contributed (including through the Company's formation transactions), (ii) are part of a strategic plan intended to increase the value or revenue-generating ability of a property, (iii) are for replacements of roof or parking lots, (iv) are considered infrequent or extraordinary in nature, or (v) for casualty damage), acquisition-related expenses (defined as expenses that are incurred for investment purposes and business acquisitions and do not correlate with the ongoing operations of the Company's existing portfolio, including due diligence costs for acquisitions not consummated and certain professional fees incurred that were directly related to completed acquisitions or dispositions and integration of acquired business) that are not capitalized, and certain other non-recurring expenses and then adding back non-cash items including: write-off and amortization of deferred financing fees, straight-line rent and other adjustments (including (a) lump sum catch up amounts for increased rents, net of any lease incentives and (b) beginning in Q2 2026, amortization of investment in financing leases, net), fair value lease adjustments, non-real estate depreciation and amortization (which beginning in Q1 2026 includes amortization of software development costs), non-cash components of compensation expense and casualty losses (recoveries). AFFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company's operating performance. The Company believes that AFFO is widely used by other REITs and is helpful to investors as a meaningful additional measure of the Company's ability to make capital investments. Other REITs may not define AFFO in the same manner as the Company does and therefore the Company's calculation of AFFO may not be comparable to such other REITs.

The Company calculates its net debt as total debt less cash and property-related reserves. The Company believes excluding cash and restricted cash deposits held for the benefit of lenders from total debt, all of which could be used to repay debt, provides an estimate of the net contractual amount of borrowed capital to be repaid, which it believes is a beneficial disclosure to investors and analysts. Net debt as of June 30, 2026 is calculated as total debt of approximately $384 million less cash and property-related reserves of approximately $3 million.
4



The Company calculates its occupancy rate by dividing the amount of the Company's owned portfolio's total net leasable interior square feet currently under lease agreements, regardless of the actual use or occupation by the tenant of the area being leased, by the Company's owned portfolio's total net leasable interior square feet.

Net Operating Income (“NOI”), Cash NOI, and Same Store Cash NOI are non-GAAP financial measures which we use to assess our operating results. We compute NOI as net income (computed in accordance with GAAP), excluding general and administrative expenses, interest expense, net, income tax expense, depreciation and amortization, gains (or losses) on sale of real estate, casualty and impairment (gains) losses, net, property management expenses and other income, expenses, net. We further adjust NOI for non-cash revenue components of straight-line rent and other non-cash adjustments to derive Cash NOI. We further adjust Cash NOI for other adjustments that primarily consist of adjustments to NOI based on contractual lease terms and due to disposed and non-stabilized properties and Cash NOI for recently acquired properties to derive Same Store Cash NOI. We believe NOI and Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. Same Store Cash NOI is considered by management to be an important operating performance measure frequently used by analysts and investors because it includes only the Cash NOI of operating properties that have been owned and stabilized for the entire current and prior year reporting periods. NOI, Cash NOI, and Same Store Cash NOI are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. NOI, Cash NOI, and Same Store Cash NOI are supplemental non-GAAP financial measures of real estate companies' operating performance and should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity.

These metrics are non-GAAP financial measures and should not be viewed as an alternative measurement of the Company’s operating performance to net income. Management believes that accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. As a result, the Company believes that the additive use of FFO and AFFO, net debt, Same Store Cash NOI, NOI and Cash NOI, together with the required GAAP presentation, is widely-used by the Company’s competitors and other REITs and provides a more complete understanding of the Company’s performance and a more informed and appropriate basis on which to make investment decisions.

Forward-Looking and Cautionary Statements

This press release contains “forward-looking statements.” Forward-looking statements include statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking
5


statements, including, among others, statements regarding the Company’s anticipated growth and ability to obtain financing and close on pending transactions on the terms or timing it expects, if at all, are based on the Company's current expectations and assumptions regarding capital market conditions, the Company’s business, the economy, the Company's 2026 and 2027 guidance, the Company's beliefs regarding AFFO growth, the Company's expectations regarding the settlement of open forward equity positions and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the USPS’s terminations or non-renewals of leases, changes in demand for postal services delivered by the USPS, the solvency and financial health of the USPS, competitive, financial market and regulatory conditions, disruption in market, general real estate market conditions, the Company’s competitive environment and other factors set forth under “Risk Factors” in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

About Postal Realty Trust, Inc.

Postal Realty Trust, Inc. is an internally managed real estate investment trust that owns and manages over 2,300 properties leased primarily to the USPS. More information is available at postalrealtytrust.com.








Contact:

Steve Bakke
EVP and Chief Financial Officer
Email: Sbakke@postalrealty.com
Phone: (516) 734-0420

Jordan Cooperstein
Senior Vice President of Finance, Capital Markets
Email: Jcooperstein@postalrealty.com
Phone: (516) 295-7820
6


Postal Realty Trust, Inc.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share data)

For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2026
2025
2026
2025
Revenues:
Rental income
$
28,022 
$
22,730 
$
54,136 
$
44,210 
Fee and other
560 
621 
1,094 
1,291 
Total revenues
28,582 
23,351 
55,230 
45,501 
Operating expenses:
Real estate taxes
3,202 
2,773 
6,271 
5,422 
Property operating expenses
2,591 
1,984 
5,407 
4,445 
General and administrative
4,716 
4,316 
10,103 
9,252 
Casualty and impairment losses (gains), net
89 
(345)
(174)
(195)
Depreciation and amortization
6,728 
5,914 
13,130 
11,538 
Total operating expenses
17,326 
14,642 
34,737 
30,462 
    Gain (loss) on sale of real estate assets
30 
— 
30 
(49)
Income from operations
11,286 
8,709 
20,523 
14,990 
Other income
— 
— 
— 
30 
Interest expense, net:
Contractual interest expense
(4,578)
(3,817)
(8,702)
(7,254)
Write-off and amortization of deferred financing fees and amortization of debt discount
(278)
(211)
(531)
(422)
Interest income
— 
1 
— 
7 
Total interest expense, net
(4,856)
(4,027)
(9,233)
(7,669)
Income before income tax expense
6,430 
4,682 
11,290 
7,351 
Income tax expense
(27)
(10)
(49)
(24)
Net income
6,403 
4,672 
11,241 
7,327 
Net income attributable to operating partnership unitholders’ non-controlling interests
(1,351)
(1,058)
(2,363)
(1,631)
Net income attributable to common stockholders
$
5,052 
$
3,614 
$
8,878 
$
5,696 
Net income per share:
Basic
$
0.15 
$
0.12 
$
0.27 
$
0.19 
Diluted
$
0.15 
$
0.12 
$
0.26 
$
0.19 
Weighted average common shares outstanding:
Basic
27,398,120 
23,509,083 
27,246,371 
23,375,607 
Diluted
27,734,846 
23,509,083 
27,535,502 
23,375,607 

7



Postal Realty Trust, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except par value and share data)
June 30, 2026
December 31, 2025
Assets
Investments:
Real estate properties, at cost:
Land
$
186,456 
$
163,485 
Building and improvements
661,459 
603,390 
Tenant improvements
9,116 
8,649 
Total real estate properties, at cost
857,031 
775,524 
Less: Accumulated depreciation
(84,103)
(74,769)
Total real estate properties, net
772,928 
700,755 
Investment in financing leases, net
15,794 
15,851 
Total real estate investments, net
788,722 
716,606 
Cash
1,835 
1,454 
Escrow and reserves
961 
643 
Rent and other receivables
5,853 
5,232 
Prepaid expenses and other assets, net
10,874 
11,800 
Goodwill
1,536 
1,536 
Deferred rent receivable
7,959 
5,373 
Lease intangible assets, net
18,415 
16,413 
Assets held for sale, net
415 
— 
Total Assets
$
836,570 
$
759,057 
Liabilities and Equity
Liabilities:
Term loans, net
$
303,557 
$
288,313 
Revolving credit facility
45,000 
39,000 
Secured borrowings, net
33,564 
33,828 
Accounts payable, accrued expenses and other, net
15,647 
18,597 
Below market leases, net
21,518 
19,758 
Total Liabilities
419,286 
399,496 
Commitments and Contingencies
Equity:
Class A common stock, par value $0.01 per share; 500,000,000 shares authorized; 30,114,848 and 26,849,381 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
302 
268 
Class B common stock, par value $0.01 per share; 27,206 shares authorized; 27,206 shares issued and outstanding as of June 30, 2026 and December 31, 2025
— 
— 
Additional paid-in capital
410,476 
358,001 
Accumulated other comprehensive income
2,763 
954 
Accumulated deficit
(78,929)
(74,024)
Total Stockholders’ Equity
334,612 
285,199 
Operating partnership unitholders’ non-controlling interests
82,672 
74,362 
Total Equity
417,284 
359,561 
Total Liabilities and Equity
$
836,570 
$
759,057 

8


Postal Realty Trust, Inc.
Reconciliation of Net Income to Same Store Cash NOI
(Unaudited)
(In thousands)


For the Year Ended December 31, 2025
Net income
$
18,098 
Excluded revenue(1)
(1,481)
Income tax expense
27 
Interest expense, net
16,243 
Depreciation and amortization
23,989 
Casualty and impairment (gains), net
(775)
General and administrative
17,192 
Property management expenses
3,031 
Loss on sale of real estate
49 
Other income
(30)
Net Operating Income ("NOI")
$
76,343 
Straight-line rent and other non-cash adjustments
(7,349)
Deferred ground leases
23 
Cash NOI ("Cash NOI")
$
69,017 
Other adjustments(2)
103 
Cash NOI for recently acquired properties
(4,417)
Same Store Cash NOI
$
64,703 
Explanatory Notes:
(1) Excluded revenue primarily consists of property management fees and professional services
(2) Other adjustments primarily consists of adjustments to NOI based on contractual lease terms, and due to disposed and non-        stabilized properties
9


Postal Realty Trust, Inc.
Reconciliation of Net Income to FFO and AFFO
(Unaudited)
(In thousands, except share and per share data)
For the Three Months Ended
June 30, 2026
Net income
$
6,403 
Depreciation and amortization of real estate assets
6,700 
Gain on sale of real estate assets
(30)
Impairment charges
68 
FFO
$
13,141 
Recurring capital expenditures
(176)
Write-off and amortization of deferred financing fees and amortization of debt discount
278 
Straight-line rent and other adjustments
(1,733)
Fair value lease adjustments
(930)
Acquisition-related and other expenses
167 
Casualty losses
21 
Non-real estate depreciation and amortization
32 
Non-cash components of compensation expense
1,881 
AFFO
$
12,681 
FFO per common share and common unit outstanding-diluted
$
0.37 
AFFO per common share and common unit outstanding-diluted
$
0.36 
Weighted average common shares and common units outstanding
Basic
35,374,419 
Diluted
35,711,145 
10

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