Earnings

Postal Realty Lifts 2026 Acquisition Range to $185 Million–$200 Million

The Tip Desk · November 10, 2026 · 4 min read

Third-quarter rental income of $29.7 million rose 25.2% as the REIT bought 145 USPS properties for $82.0 million and lifted full-year acquisition guidance $37.5 million at the midpoint.

Postal Realty Trust, Inc. (PSTL), an internally managed REIT that owns properties leased primarily to the United States Postal Service, reported third-quarter 2026 rental income of $29.7 million, up 25.2% from a year earlier, and lifted its 2026 acquisition volume guidance $37.5 million at the midpoint to $185 million to $200 million after a record third-quarter buying spree.

The company acquired 145 last-mile and flex properties leased to the USPS for $82.0 million, excluding closing costs, in the quarter ended September 30, 2026, versus 37 properties for $45.1 million in the second quarter and 61 properties for $34.6 million in the first quarter. Those third-quarter purchases comprised about 387,000 net leasable interior square feet at a weighted average rental rate of $15.34 a square foot and closed at a weighted average cash capitalization rate of approximately 6.9%, down from 7.3% in the second quarter and 7.4% in the first.

Rental income was $29.7 million, up 25.2% from a year earlier, accelerating from 23.3% growth in the second quarter and 21.6% in the first. Total revenues were $30.3 million. The company said the rental-income increase reflected internal growth and acquisitions.

Net income attributable to common stockholders was $5.6 million, or $0.16 a share, versus $3.8 million, or $0.13 a share, a year earlier. Funds from operations were $14.0 million, or $0.36 a share. Adjusted funds from operations were $13.9 million, or $0.36 a share, which the company said represented 9.1% AFFO-per-share growth year over year.

The owned portfolio expanded to 2,159 properties at September 30, 2026, from 2,014 properties at June 30 and 1,978 properties at March 31. At September 30, it comprised about 7.9 million net leasable interior square feet. Occupancy was 99.8% at September 30, 2026. The weighted average rental rate was $12.69 a square foot, with last-mile and flex rates of $14.68 and industrial rates of $5.16.

The company issued about 3.3 million shares via its at-the-market program for $72.2 million of net proceeds in the third quarter, including regular-way sales of 1.5 million shares for about $34.0 million of net proceeds and settlement of a forward sale agreement covering 1.8 million shares for about $38.2 million of net proceeds. It reported $116.9 million of net equity sales via the ATM program since the second quarter. It also issued about 313,000 common units in its operating partnership as acquisition consideration at an average price of $23.06 a unit.

As of September 30, net debt was about $387 million with a weighted average interest rate of 3.9%, versus about $381 million at 4.4% at June 30. Ninety-three percent of debt outstanding was fixed when interest-rate hedges were taken into account, with a weighted average maturity of 3.2 years and no maturities until 2028. Cash and property-related reserves were about $2.2 million, and $264.0 million of the revolving credit facility was undrawn. The company said it extended and expanded aggregate unsecured credit facilities to $615 million and achieved a BBB investment-grade rating from Fitch. Run-rate adjusted EBITDA was $87.6 million, and the company cited 3.5x pro forma net debt to run-rate adjusted EBITDA.

Unsettled forward sale agreements covered 3.4 million shares at quarter-end, representing about $77.7 million of expected net proceeds assuming full physical settlement. As of November 3, 2026, forward agreements covering 3.6 million shares remained unsettled, representing about $82.5 million of expected net proceeds at a weighted average initial gross price of $23.27. Chief Executive Officer Andrew Spodek said the company had a robust acquisition pipeline and more than $340 million of liquidity.

The company raised 2026 AFFO guidance $0.01 to $1.42 to $1.44 a share, representing 8.3% growth at the midpoint year over year, after $0.01 increases in the first and second quarters. Same-store cash NOI growth guidance is 6.0% to 7.0%, and cash G&A expense guidance is $11.5 million to $12.5 million. On November 2, 2026, it announced a quarterly dividend of $0.245 a share, matching the dividend announced after the prior two quarters.

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Postal Realty Trust, Inc. — all coverage and financials