Postal Realty Trust
Owner of post offices and postal-service properties leased almost entirely to the USPS.
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Profile
Rents post offices, last-mile depots, and flex or industrial space almost entirely to the United States Postal Service under net leases, then grows by buying more such properties from small, often family-owned landlords, frequently in exchange for operating-partnership units rather than cash.
Rents nearly all of its properties to a single tenant, the United States Postal Service, under short-to-medium net leases that keep occupancy near full and rent collection reliable. The portfolio spans post-office branches, last-mile depots, and flex or industrial space across most US states.
Growth comes from consolidating a market still dominated by small, often family-owned landlords; the founder's family began assembling USPS-leased properties in the early 1980s, and the platform now ranks as the largest owner of this asset type. Acquisitions are often financed with operating-partnership units, giving aging sellers a tax-deferred exit over a cash sale.
A taxable-subsidiary arm also manages USPS-leased properties owned by the founder and affiliates, a look-through into future purchases. The business depends on continued USPS occupancy decisions and on meeting REIT distribution and asset tests to keep favorable tax treatment.
Company facts
Key statistics
Year to date +47.5% · Average volume (30d) 278.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jun 9, 2026 | Truist Financial | Target | $20 | $25 | ||
| May 12, 2026 | Scotiabank | Reiterate | Sector Outperform | $23 | $26 | |
| May 4, 2026 | Scotiabank | Target | $23 | |||
| Apr 17, 2026 | BMO Capital | Upgrade | Market Perform | Outperform | $23 | |
| Feb 25, 2026 | Jefferies | Target | $18 | $24 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $0.14 | $0.15 | +5.5% | $26.3M | $28.0M | +6.7% | +0.95% |
| May 5, 2026Q1 FY26 | $0.10 | $0.11 | +7.1% | $25.4M | $26.1M | +2.7% | +3.53% |
| Feb 24, 2026Q4 FY25 | $0.12 | $0.15 | +25.0% | $23.6M | $25.4M | +7.7% | +3.92% |
| Nov 4, 2025Q3 FY25 | $0.31 | $0.13 | −58.1% | $24.6M | $24.3M | −1.3% | +3.18% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $22.2M | $23.4M | $24.3M | $26.0M | $26.7M | $28.6M | |
| Gross profit | $17.0M | $18.6M | $19.1M | $29.8M | $8.3M | $25.4M | |
| Operating income | $6.3M | $8.7M | $9.1M | $10.2M | $9.2M | $11.3M | |
| Net income | $2.1M | $3.6M | $3.8M | $4.6M | $3.8M | $6.4M | |
| Diluted EPS | $0.06 | $0.12 | $0.13 | $0.16 | $0.11 | $0.15 | |
| Gross margin | 76.9% | 79.6% | 78.5% | 114.5% | 30.9% | 88.8% | |
| Operating margin | 28.4% | 37.3% | 37.6% | 39.2% | 34.5% | 39.5% |
Fiscal years (4-quarter sums)FY21 $39.9M · FY22 $53.3M · FY23 $63.7M · FY24 $76.4M · FY25 $95.8M
Balance sheet, Jun 30, 2026Cash & short-term investments $1.8M · Total debt $348.6M · Total assets $836.6M · Shareholders' equity $334.6M
Dividends
Raised for 5 straight years — most recently to $0.245 from $0.2425 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 14, 2026 | Aug 14 | Aug 28 | $0.245 | |
| May 15, 2026 | May 15 | May 29 | $0.245 | |
| Feb 13, 2026 | Feb 13 | Feb 27 | $0.245 | raised from $0.2425 |
| Nov 4, 2025 | Nov 4 | Nov 28 | $0.2425 | |
| Jul 31, 2025 | Jul 31 | Aug 29 | $0.2425 | |
| May 1, 2025 | May 1 | May 30 | $0.2425 | |
| Feb 14, 2025 | Feb 14 | Feb 28 | $0.2425 | raised from $0.24 |
| Nov 4, 2024 | Nov 4 | Nov 29 | $0.24 |
Ownership
Shares outstanding 37.71M · Float 35.44M · 94.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FMR LLC | 3.15M | 8.36% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 2.95M | 7.83% | 13F | Aug 7, 2026 |
| Federated Hermes, Inc. | 1.33M | 3.52% | 13F | Aug 12, 2026 |
| Vanguard Capital Management LLC | 1.16M | 3.09% | 13F | Aug 13, 2026 |
| Two Sigma Investments, LP | 1.07M | 2.84% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 4, 2026 | Jeremy Garber | officer: Pres., Treasurer & Secretary | −19,914 | $20.58 |
| Sep 11, 2025 | Matt Brandwein | officer: EVP & Chief Accounting Officer | −1,803 | $16.00 |
| Sep 9, 2025 | Matt Brandwein | officer: EVP & Chief Accounting Officer | −4,112 | $16.00 |
Peers
- Easterly Government Properties
Closest listed analog — sole US-federal-agency-leased single-tenant REIT.
- NNN REIT
Large-cap single-tenant net-lease REIT and dividend-growth benchmark.
- STAG Industrial
Industrial single-tenant net-lease REIT — last-mile / logistics overlap.
- Agree Realty
Investment-grade single-tenant net-lease REIT and AFFO-multiple benchmark.
- Alpine Income Property Trust
Small-cap single-tenant net-lease REIT — direct market-cap-tier peer.
- Global Net Lease
Diversified US-plus-Europe net-lease REIT with a higher-leverage risk profile.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Postal Realty Trust | $23.85 | +0.29% | $896.3M | 43.2 | 33.1 | 8.5 | +20.0% |
| Easterly Government Properties | $24.63 | +0.08% | $1.14B | 118.6 | 84.9 | 3.2 | +6.4% |
| NNN REIT | $45.67 | −0.01% | $8.69B | 22.4 | 21.9 | 9.1 | +7.0% |
| STAG Industrial | $37.18 | +0.01% | $7.17B | 28.6 | 74.1 | 8.1 | +7.7% |
| Agree Realty | $73.20 | −0.05% | $8.79B | 39.4 | 37.7 | 11.3 | +16.9% |
| Alpine Income Property Trust | $19.53 | 0.00% | $322.7M | 101.0 | 29.9 | 4.6 | +34.6% |
| Global Net Lease | $9.16 | −0.05% | $1.94B | — | — | 4.2 | −10.0% |
| Median | 39.4 | 37.7 | 6.4 | +7.3% |