PSTL · Postal Realty Trust, Inc.

Postal Realty Trust delivered solid Q1 2026 results with net income of $3.8 million ($0.11 per diluted share), FFO of $11.2 million ($0.32 per share), and AFFO of $11.6 million ($0.33 per share). Rental income surged 21.6% year-over-year, fueled by internal growth from escalators and 61 USPS property acquisitions totaling $34.6 million at a 7.4% cap rate, adding 195,000 square feet at $14.56 per square foot. The portfolio remains robust at 99.8% occupancy across 1,978 properties in 49 states and one territory, with 7.3 million net leasable square feet and a $12.05 weighted average rental rate. CEO Andrew Spodek highlighted the platform's strength, citing consistent AFFO growth, long-term USPS leases with escalators, capital access, and a strong pipeline. Balance sheet improvements include expanding the revolving credit facility to $250 million and term loan to $190 million in February 2026, yielding $385 million net debt at 4.4% weighted average rate (84% fixed). Equity raised $59.7 million via ATM (3.3 million shares), with $52.8 million unsettled forwards as of May 5. Guidance uplifts signal confidence: AFFO to $1.40-$1.42 per share (includes $0.01 dilution from forwards), acquisitions to $130-$140 million, same-store cash NOI 6-7%, and new 2027 same-store cash revenue growth at ~6.5%, underpinned by 99.6% USPS retention and 100% rent payment. A $0.2450 quarterly dividend ($0.98 annualized) reinforces shareholder returns amid predictable cash flows.