Postal Realty Trust (PSTL) Q4 2025 earnings summary

Executive summary

• Exceeded 2025 expectations with portfolio growth, stable USPS tenancy, and a 20% portfolio expansion, owning 1,917 properties totaling 7.1 million net leasable square feet as of year-end, plus 26 properties acquired post-quarter-end.

• Rental income rose 27.6% year-over-year, driven by acquisitions and internal growth.

• Q4 2025 net income attributable to common stockholders was $4.6 million ($0.15 per share); full-year net income was $14.1 million ($0.47 per share).

• Business benefits from economies of scale, technology investments, and robust pipeline, supporting continued growth.

• Quarterly dividend increased by 1% to $0.245 per share, continuing annual increases since IPO.

Financial highlights

• Q4 2025 AFFO per share was $0.33; full-year AFFO per share reached $1.32, up 13.8% year-over-year.

• Q4 2025 total revenues were $26.0 million, up from $21.4 million in Q4 2024; full-year revenues were $95.8 million, up from $76.4 million in 2024.

• 2025 acquisitions totaled 216 properties for $123.1 million at a 7.7% weighted average initial cash cap rate.

• Net operating income for Q4 2025 was $20.4 million, up from $16.4 million in Q4 2024.

• Cash G&A for 2025 was $10.9 million, declining as a share of revenue by 130 basis points.

Outlook and guidance

• 2026 AFFO per share guidance is $1.39–$1.41, representing 6.1% growth at the midpoint.

• 2026 acquisition guidance is $115–$125 million at a mid-7% cap rate, fully funded.

• Same-store cash NOI growth expected at 6.0%–7.0% for 2026.

• Cash G&A guidance for 2026 is $11.5–$12.5 million.

• Portfolio occupancy remains high at 99.8% as of February 13, 2026.