Postal Realty Trust (PSTL) Q4 2025 earnings summary

Executive summary

• Exceeded 2025 expectations with 20% portfolio growth, driven by stable USPS tenancy, successful execution of the business plan, and 216 USPS-leased property acquisitions totaling $123.1 million.

• Portfolio reached 1,917 properties across 49 states and one territory, totaling 7.1 million net leasable square feet and 99.8% occupancy at year-end.

• Rental income rose 27.6% year-over-year, with gross real estate value up 10x since IPO.

• Strong 2026 guidance issued, leveraging economies of scale, technology investments, and robust acquisition pipeline.

• Access to capital at record levels, supported by investment grade rating, increased liquidity, and expanded unsecured credit facilities to $555 million.

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

• Q4 FFO was $12.4 million ($0.37 per share); full-year FFO was $42.4 million ($1.33 per share).

• 2025 acquisitions totaled $123.1 million, exceeding guidance.

• Total revenues for 2025 were $95.8 million, up from $76.4 million in 2024.

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.