Postal Realty Trust reported higher third-quarter earnings and acquisition-driven growth, while raising its full-year acquisition and adjusted funds-from-operations forecasts. The postal-property owner bought 145 properties for $82 million during the quarter and said rental income rose 25.2% from a year earlier.
The company also reported $116.9 million of net equity sales through its at-the-market program since the second quarter, an expanded $615 million in unsecured credit facilities and a new BBB investment-grade rating from Fitch.
Third-quarter results and portfolio
- Net income attributable to common shareholders was $5.6 million, or $0.16 per diluted share.
- Funds from operations (FFO) totaled $14.0 million, or $0.36 per diluted share. Adjusted funds from operations (AFFO) was $13.9 million, also $0.36 per share, up 9.1% year over year.
- Rental income increased 25.2% compared with the third quarter of 2025, reflecting acquisitions and internal growth.
- At September 30, the portfolio comprised 2,159 properties across 49 states and one U.S. territory, with about 7.9 million square feet of leasable space. Occupancy was 99.8%.
- The weighted average rent was $12.69 per square foot. Rates averaged $14.68 for last-mile and flex properties and $5.16 for industrial properties.
Acquisitions and outlook
- Postal Realty acquired 145 last-mile and flex properties for $82.0 million, excluding closing costs.
- It raised its 2026 acquisition guidance by $37.5 million at the midpoint, to a range of $185 million to $200 million.
- Full-year AFFO guidance increased by $0.01 per diluted share, to $1.42–$1.44. At the midpoint, that range represents expected year-over-year growth of 8.3%.
Funding, debt and dividend
- The company generated $116.9 million in net equity sales through its at-the-market stock program since the second quarter. Its chief executive said the equity-market activity had strengthened the balance sheet.
- Postal Realty’s unsecured credit facilities were extended and expanded to $615 million. The company reported more than $340 million of liquidity.
- Including interest-rate hedges, 93% of outstanding debt was fixed-rate. The weighted average debt maturity was 3.2 years, with no maturities until 2028.
- Pro forma net debt to run-rate adjusted EBITDA was 3.5 times.
- After quarter-end, the company announced a quarterly dividend of $0.245 per share.
The acquisition outlook and portfolio growth point to continued expansion of Postal Realty’s USPS-focused property base. The equity sales and expanded credit facilities provide financing capacity, while the reported debt profile includes no maturities before 2028 and most debt fixed or hedged against rate changes.