Highlights

  • For the quarter ended June 30, 2026, revenues were $28,582 thousand and net income was $6,403 thousand, compared with $4,672 thousand.
  • The company owned 2,014 properties in 49 states and one territory and acquired 98 properties for approximately $82.2 million.
  • Principal indebtedness was approximately $383.9 million at June 30, 2026, and a Second Amended and Restated Credit Agreement was signed July 2.
  • On the August call, management guided 2026 AFFO of $1.41 to $1.43 per share and acquisitions of $150 million to $160 million.

Postal Realty Trust, Inc. (NYSE: PSTL) shares were trading at USD 21.55 on October 27, 2026, down 0.42%, with a relative volume at time of 2.51. The real estate investment trust that leases properties primarily to the U.S. Postal Service entered into a Second Amended and Restated Credit Agreement on July 2, 2026, declared a second quarter dividend of $0.245 per share on August 3, and filed its Form 10-Q for the quarter ended June 30, 2026 on August 4.

Postal Realty Trust is a Maryland corporation formed on November 19, 2018, with principal executive offices at 75 Columbia Avenue in Cedarhurst, New York. It is an internally managed REIT focused on acquiring and managing properties leased primarily to the U.S. Postal Service (USPS), ranging from last-mile post offices to industrial facilities. It conducts business through an umbrella partnership structure and reports a single segment. A taxable REIT subsidiary provides fee-based property management and advisory services. Its fiscal year ends December 31.

Second Quarter 2026 Results

The figures below are unaudited and cover the three months ended June 30, 2026. Rental income was $28,022 thousand, compared with $22,730 thousand, and total revenues were $28,582 thousand, compared with $23,351 thousand. Total operating expenses were $17,326 thousand, compared with $14,642 thousand.

Income from operations was $11,286 thousand, compared with $8,709 thousand. Total interest expense, net, was $4,856 thousand, compared with $4,027 thousand, which the company attributed to higher net borrowings on its credit facilities. Net income was $6,403 thousand, and net income attributable to common stockholders was $5,052 thousand, or $0.15 per diluted share, compared with $0.12.

For the six months ended June 30, 2026, total revenues were $55,230 thousand, net income was $11,241 thousand, and net cash provided by operating activities was $25.0 million. It issued 3,154,725 shares under its at-the-market program for approximately $59.2 million in gross proceeds.

Debt, Liquidity and Dividends

At June 30, 2026, the company had approximately $1.8 million of cash and approximately $383.9 million of outstanding consolidated principal indebtedness. Approximately $350.0 million was variable-rate debt, of which $290.0 million relates to term loans fixed through interest rate swaps. The company reported compliance with its credit facility covenants.

The Second Amended and Restated Credit Agreement, dated July 2, 2026, provides a $275.0 million senior unsecured revolving credit facility and $340.0 million of term loan facilities. The Board declared a second quarter 2026 dividend of $0.245 per share, payable August 28, 2026 to stockholders as of August 14, 2026. A share repurchase program of up to $25.0 million remained available, with no shares repurchased in the quarter.

Tenant Concentration and Disclosed Risks

The company said it depends on the financial and operational stability of the USPS, which it said is facing circumstances that threaten its ability to fund operations without federal intervention. As of August 4, 2026, 17 leases at 16 properties were occupied by the USPS as a holdover tenant, and the USPS had not notified the company of an intention to vacate any property. The company said it has not experienced a material impact from recent USPS initiatives.

The filing also states that the company expects to lose its smaller reporting company status beginning with its Form 10-Q for the quarter ended March 31, 2027, and to prepare for a Section 404(b) auditor attestation for fiscal year 2027.

Outlook

On its August 11, 2026 call, management raised its 2026 AFFO guidance to $1.41 to $1.43 per diluted share and raised 2026 acquisition guidance by $20 million to $150 million to $160 million. It also projected 2026 same-store cash NOI growth of 6.0% to 7.0% and cash G&A of $11.5 million to $12.5 million. As of August 4, 2026, the company had acquired 34 properties after June 30 for approximately $7.9 million, excluding closing costs.