Postal Realty Trust (PSTL)
Owner of post offices and postal-service properties leased almost entirely to the USPS.
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Rents post offices, last-mile depots, and flex or industrial space almost entirely to the United States Postal Service under net leases, then grows by buying more such properties from small, often family-owned landlords, frequently in exchange for operating-partnership units rather than cash.
Rents nearly all of its properties to a single tenant, the United States Postal Service, under short-to-medium net leases that keep occupancy near full and rent collection reliable. The portfolio spans post-office branches, last-mile depots, and flex or industrial space across most US states.
Growth comes from consolidating a market still dominated by small, often family-owned landlords; the founder's family began assembling USPS-leased properties in the early 1980s, and the platform now ranks as the largest owner of this asset type. Acquisitions are often financed with operating-partnership units, giving aging sellers a tax-deferred exit over a cash sale.
A taxable-subsidiary arm also manages USPS-leased properties owned by the founder and affiliates, a look-through into future purchases. The business depends on continued USPS occupancy decisions and on meeting REIT distribution and asset tests to keep favorable tax treatment.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 14, 2026 | BMO Capital | Reiterate | Rating: —Target: $23 | Target: $29 |
| Jun 9, 2026 | Truist Financial | Target | Target: $20 | Target: $25 |
| May 12, 2026 | Scotiabank | Reiterate | Rating: —Target: $23 | Target: $26 |
| May 4, 2026 | Scotiabank | Target | Target: — | Target: $23 |
| Apr 17, 2026 | BMO Capital | Upgrade | Target: — | Target: $23 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.8M · Total debt $348.6M · Total assets $836.6M · Shareholders' equity $334.6M
- Revenue
- $28.6M
- Operating income
- $11.3M
- Net income
- $6.4M
HistoryDividendAnnual yield
| Institutions | 80.25% | 24.28M shares | |
|---|---|---|---|
| 226 holders · as of Jun 30, 2026 | |||
| Insiders | 2.48% | 751.5K shares | |
| 5 holders · as of Mar 6, 2026 | |||
| Other | 17.27% | 5.22M shares | |
| remainder | |||
30.25M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (30.25M in the company's Sep 22, 2026 report, 37.71M elsewhere); stakes use the report.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
FMR LLCInstitution | 10.42% | 3.15M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 9.76% | 2.95M | as of Jun 30, 2026 |
Federated Hermes, Inc.Institution | 4.38% | 1.33M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.85% | 1.16M | as of Jun 30, 2026 |
Two Sigma Investments, LPInstitution | 3.55% | 1.07M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 4, 2026 | Jeremy Garber | officer: Pres., Treasurer & Secretary | −19,914 | $20.58 |
- Easterly Government Properties
Closest listed analog — sole US-federal-agency-leased single-tenant REIT.
- NNN REIT
Large-cap single-tenant net-lease REIT and dividend-growth benchmark.
- STAG Industrial
Industrial single-tenant net-lease REIT — last-mile / logistics overlap.
- Agree Realty
Investment-grade single-tenant net-lease REIT and AFFO-multiple benchmark.
- Alpine Income Property Trust
Small-cap single-tenant net-lease REIT — direct market-cap-tier peer.
- Global Net Lease
Diversified US-plus-Europe net-lease REIT with a higher-leverage risk profile.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Postal Realty Trust | $24.06 | +1.84% | $890.6M | 42.9 | 33.5 | 8.4 | +20.0% |
| Easterly Government Properties | $23.39 | +0.24% | $1.08B | 112.4 | 80.6 | 3.0 | +11.6% |
| NNN REIT | $41.72 | +0.20% | $7.92B | 20.4 | 19.9 | 8.3 | +7.2% |
| STAG Industrial | $37.47 | −0.11% | $7.23B | 28.9 | 74.7 | 8.2 | +7.8% |
| Agree Realty | $67.55 | −0.11% | $8.12B | 36.4 | 34.8 | 10.4 | +16.9% |
| Alpine Income Property Trust | $17.38 | −0.60% | $288.9M | 90.4 | 26.9 | 4.1 | +34.6% |
| Global Net Lease | $8.76 | +0.17% | $1.85B | — | — | 4.0 | −10.0% |
| Median | 36.4 | 34.8 | 6.2 | +9.7% |