Postal Realty Trust (PSTL) Q1 2026 earnings summary

Executive summary

• Portfolio expanded to 1,978 properties in 49 states and one territory, primarily leased to USPS, totaling 7.3 million net leasable square feet as of March 31, 2026.

• Achieved 6.1% average annual AFFO per share growth from 2021 to 2026, ranking second among net lease REITs.

• Net income attributable to common shareholders was $3.8 million, or $0.11 per diluted share, for Q1 2026, up from $2.1 million, or $0.06 per share, in Q1 2025.

• 61 USPS properties were acquired for $34.6 million in Q1 2026, expanding the portfolio and increasing annualized rent.

• Internally managed REIT focused on consolidating postal properties and generating stable earnings.

Financial highlights

• Q1 2026 total revenues were $26.6 million, up 20.3% year-over-year, driven by acquisitions and new leases.

• Funds from Operations (FFO) for Q1 2026 was $11.2 million ($0.32 per share, fully diluted); Adjusted FFO (AFFO) was $11.6 million ($0.33 per share, fully diluted).

• Net operating income for Q1 2026 was $21.5 million, up from $17.6 million in Q1 2025.

• Operating expenses increased to $17.4 million from $15.8 million year-over-year.

• Dividend declared at $0.2450 per share for the quarter, annualized to $0.98 per share.

Outlook and guidance

• 2026 AFFO guidance raised to $1.40–$1.42 per diluted share, reflecting a $0.01 increase.

• 2026 acquisition guidance increased to $130–$140 million, fully funded by strong liquidity.

• Same-store cash NOI growth projected at 6.0%–7.0% for 2026; 2027 same-store cash revenue growth outlook at 6.5%.

• 2026 AFFO payout ratio projected at 70%, among the lowest in the sector.

• Forward-looking statements highlight risks related to USPS lease renewals, economic conditions, interest rates, and acquisition opportunities.