Postal Realty buys $27.75M USPS portfolio

Postal Realty Trust closes a $27.75 million, fully occupied USPS-leased portfolio acquisition from entities tied to its CEO, approved by an independent special committee.

Rhea-AI Filing Summary

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.

Positive

• $27.75 million acquisition of 72, 100%-occupied USPS-leased properties adds 148,374 leasable square feet at a $14.71 weighted average rent, potentially expanding recurring rental income.
• The related-party transaction was reviewed and approved by an independent special committee, with the CEO recused, which may strengthen governance around conflicts of interest.

Negative

• None.

Filing Explained

The completed acquisition changes 72 USPS-leased properties from assets the company managed but did not own into company-owned assets; after closing, it still manages 250 properties it does not own, including 177 subject to the ROFO Agreement.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Key Figures

Purchase Price: $27.75 million Cash Consideration: $25.75 million OP Unit Consideration: $2.0 million +5 more

8 metrics

Purchase Price $27.75 million Total consideration for the acquisition of 72 properties

Cash Consideration $25.75 million Cash portion of the purchase price

OP Unit Consideration $2.0 million Value of Operating Partnership Units issued as consideration

Operating Partnership Units Issued 85,300 units OP Units issued to related parties for the OP Unit Consideration

Volume-Weighted Average Price $23.4465 per share 10-trading-day VWAP of Class A common stock used to value OP Units

Portfolio Size 72 properties Number of properties acquired, leased to the USPS

Net Leasable Interior Square Feet 148,374 square feet Total net leasable interior square feet in the acquired portfolio

Weighted Average Rental Rate $14.71 per square foot Based on rents in place as of September 4, 2026

Key Terms

Operating Partnership Units, Right of First Offer Agreement, volume-weighted average price, third-party property management services, +1 more

5 terms

Operating Partnership Units financial

"The Purchase Price was paid in the form of ... Operating Partnership Units"

Operating partnership units are ownership stakes in a limited partnership that typically sits under a real estate investment trust or similar corporate structure; each unit represents a claim on the partnership’s cash flow and assets and is often convertible into the parent company’s common shares. For investors, these units matter because they convey economic interest and potential voting influence, can be used to compensate managers, and may dilute or change the value of common shares — think of them as second-layer shares that interact with the main stock like shares in a holding company.

Right of First Offer Agreement financial

"acquired independently from, the Right of First Offer Agreement"

volume-weighted average price financial

"Based on the 10-trading day volume-weighted average price of the Company's stock"

Volume-weighted average price (VWAP) is the average price of a stock over a specific time period where each trade is weighted by the number of shares traded, so larger trades influence the average more than small ones. Investors and traders use VWAP as a reference point to judge whether trades are happening at relatively good or poor prices—like checking the average price paid for an item at a market where bulk purchases count more than single-item buys.

third-party property management services financial

"the Company will continue to provide third-party property management services"

Related Parties financial

"from certain entities partially owned either directly or indirectly ... (collectively, the “Related Parties”)"

Related parties are people or organizations that have close ties to a company—such as owners, executives, family members, or other companies under common control—that can do business with it in ways a stranger would not. Investors care because deals between related parties can favor insiders, hide true costs or benefits, or mask risks; like a family agreeing on a price for a used car, these transactions may not reflect what an independent buyer would pay and can affect a company’s honesty about its finances.

FAQ

What transaction did PSTL announce on September 4, 2026?

Postal Realty Trust announced closing a $27.75 million acquisition of a 72-property portfolio mostly leased to the USPS, effective September 4, 2026, using cash and Operating Partnership Units as consideration.

How was the $27.75 million purchase price for PSTL’s acquisition funded?

The purchase price was paid with $25.75 million in cash and $2.0 million in Operating Partnership Units of Postal Realty LP, totaling 85,300 OP Units valued using a $23.4465 10-day volume-weighted average price.

What is the relationship between PSTL’s CEO and the acquired USPS portfolio?

CEO Andrew Spodek, directly or indirectly, beneficially owned 50% of the portfolio and, through related entities, beneficially received about $11.88 million of the cash consideration and all of the 85,300 OP Units issued.

What are the occupancy and rental characteristics of PSTL’s newly acquired properties?

The acquired portfolio is 100% occupied, with about 148,374 net leasable interior square feet, including 144,731 square feet leased to the USPS, and a $14.71 weighted average rental rate per leasable square foot based on rents in place.

How did PSTL address the related-party nature of this acquisition?

A special committee of four independent and disinterested directors reviewed the terms, considered the company’s strategic objectives, and approved the acquisition, concluding it was in the best interests of the company and stockholders; the CEO did not participate in deliberations or approval.

Does PSTL continue to manage third-party properties after this acquisition?

Yes. After the acquisition, Postal Realty Trust continues providing third-party property management services for 250 properties not owned by the company, 177 of which are subject to a Right of First Offer Agreement.

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

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Available on EDGAR 09/09/2026 - 06:07 AM Accepted by SEC EDGAR 09/09/2026 - 06:07 AM Learn about SEC filing dates

0001759774False00017597742026-09-042026-09-04

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): September 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 8.01. Other Events

Effective September 4, 2026 (the “Effective Date”), Postal Realty Trust, Inc. (the “Company”) closed on the acquisition (the “Acquisition”) from certain entities partially owned either directly or indirectly by Andrew Spodek, the Company's Chief Executive Officer and Director (collectively, the “Related Parties”), a portfolio of 72 properties (the “Portfolio”) currently leased to the United States Postal Service (the “USPS”) for approximately $27.75 million, excluding closing costs and adjustments (the “Purchase Price”). The Purchase Price was paid in the form of (i) $25.75 million in cash (the “Cash Consideration”) and (ii) $2.0 million of Operating Partnership Units (the “OP Unit Consideration”) of Postal Realty LP, a Delaware limited partnership, of which the Company is the sole general partner. Mr. Spodek, either directly or indirectly through the Related Parties, beneficially owned fifty percent (50%) of the Portfolio and, as part of the Acquisition, beneficially received, on a direct or indirect basis, approximately $11.88 million of the Cash Consideration and all of the OP Unit Consideration. Based on the 10-trading day volume-weighted average price of the Company's Class A common stock immediately prior to the Effective Date of $23.4465, 85,300 OP Units were provided to the Related Parties in satisfaction of the OP Unit Consideration.

The Portfolio was not subject to, and was acquired independently from, the Right of First Offer Agreement (the “ROFO Agreement”) previously entered into by the Company with certain family members of, and entities related to, Andrew Spodek, in connection with the Company's initial public offering and related formation transactions.

Prior to giving effect to the Acquisition, the Portfolio was managed, but not owned, by the Company. After giving effect to the Acquisition, the Company will continue to provide third-party property management services for 250 properties not owned by the Company (177 of which are subject to the ROFO Agreement).

The Acquisition was approved by a special committee of the Company’s Board of Directors (the “Special Committee”), consisting solely of the Company's four independent and disinterested directors. Based on, among other things, its review of the terms of the Acquisition and the Company’s strategic objectives, the Special Committee determined that the Acquisition, including the allocation of the Cash Consideration and the OP Unit Consideration, was in the best interests of the Company and its stockholders. Mr. Spodek did not participate in the deliberations regarding, or approval of, the Acquisition.

The 100% occupied Portfolio comprises approximately 148,374 net leasable interior square feet (of which 144,731 net leasable interior square feet are leased to the USPS) with a weighted average rental rate of $14.71 per leasable square foot based on rents in place as of September 4, 2026.

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: September 9, 2026

			POSTAL REALTY TRUST, INC.
			By:			/s/ Jeremy Garber
						Name: Jeremy Garber
						Title: President, Treasurer & Secretary

Filing Exhibits & Attachments

3 documents

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.1 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB