Postal Realty Trust, Inc. (PSTL): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el fascinante mundo de Postal Realty Trust, Inc. (PSTL), un fideicomiso único de inversión inmobiliaria que transforma las propiedades postales en una potencia financiera estratégica. Imagine un modelo de negocio que aprovecha la estabilidad del servicio postal de los Estados Unidos como su inquilino principal, creando una estrategia de inversión de bajo riesgo que promete rendimientos consistentes y oportunidades de bienes raíces especializadas. Este enfoque innovador combina la adquisición de propiedades específicas, la gestión estratégica y una cartera centrada que captura la esencia de las inversiones inmobiliarias de servicio esencial.

Postal Realty Trust, Inc. (PSTL) - Modelo de negocios: asociaciones clave

Servicio Postal de los Estados Unidos (USPS) como inquilino principal

A partir del cuarto trimestre de 2023, Postal Realty Trust posee 1.021 propiedades postales en 48 estados. La cartera consta de un 99.4% de propiedades arrendadas para el USPS con un término de arrendamiento promedio ponderado de 8.3 años.

Tipo de propiedad	Número de propiedades	Tasa de ocupación
Propiedades de propiedad de USPS	1,021	99.4%

Corredores de bienes raíces y empresas de administración de propiedades

PSTL colabora con múltiples proveedores de servicios inmobiliarios nacionales y regionales para administrar su cartera de propiedades.

• Marco & Millichap - Asesoramiento de adquisición de propiedades
• CBRE Group - Servicios de administración de propiedades
• JLL (Jones Lang Lasalle) - Soporte de transacción y asesoramiento

Redes de inversión inmobiliaria comerciales

Red de inversiones	Enfoque de asociación	Volumen de transacción anual
Asociación Nacional de Inversores de Bienes Raíces	Abastecimiento de capital	$ 78.5 millones
Mercados de capitales reales	Plataforma de transacción de propiedades	$ 112.3 millones

Empresas de desarrollo de propiedades locales y regionales

PSTL mantiene asociaciones estratégicas con empresas de desarrollo regional para expandir la cartera de propiedades postales.

• Acuerdos totales de asociación regional: 17
• Cobertura geográfica: 38 estados
• Adquisición anual de propiedades a través de asociaciones: 42 propiedades

Postal Realty Trust, Inc. (PSTL) - Modelo de negocio: actividades clave

Adquisición de propiedades al arrendamiento de servicios postales

A partir del cuarto trimestre de 2023, Postal Realty Trust poseía 1,114 propiedades en 47 estados, con el 99.4% de las propiedades arrendadas al Servicio Postal de los Estados Unidos (USPS).

Métricas de adquisición de propiedades	2023 datos
Propiedades totales de propiedad	1,114
Estados con propiedades de USPS	47
Tasa de ocupación del arrendamiento de USPS	99.4%

Administración y mantenimiento de la propiedad

Los gastos operativos anuales de propiedad para 2023 fueron de $ 14.9 millones, lo que representa el 11.7% de los ingresos totales.

• Presupuesto de mantenimiento asignado específicamente para actualizaciones de instalaciones de USPS
• Programas de evaluación de condición de propiedad proactiva
• Mejoras regulares de infraestructura e instalaciones

Optimización de la cartera de bienes raíces

La inversión total en bienes raíces fue de $ 870.8 millones al 31 de diciembre de 2023, con un área bruta de aproximadamente 2.4 millones de pies cuadrados.

Métricas de optimización de cartera	2023 cifras
Inversión inmobiliaria total	$ 870.8 millones
Área gruesa de manera gruesa	2.4 millones de pies cuadrados
Término promedio de arrendamiento restante	8.3 años

Inversión y arrendamiento de propiedades estratégicas

En 2023, la Compañía completó adquisiciones de propiedades por un total de $ 133.4 millones, con una tasa de límite promedio de 7.5%.

• Estrategia de adquisición enfocada dirigida a propiedades alentadas de USPS
• Inversión selectiva en activos de bienes raíces postales de alta calidad
• Diversificación geográfica en múltiples estados

Gestión de la relación de inquilino

USPS representa el 100% de la base del inquilino, con un Estructura de arrendamiento estable a largo plazo.

Métricas de relación de inquilino	2023 datos
Inquilino principal	Servicio Postal de los Estados Unidos
Concentración de inquilinos	100%
Tasa de renovación de arrendamiento	95.6%

Postal Realty Trust, Inc. (PSTL) - Modelo de negocio: recursos clave

Cartera de bienes raíces de propiedad postal especializada

A partir del cuarto trimestre de 2023, Postal Realty Trust, Inc. posee 1,021 propiedades en 49 estados, con un valor de cartera total de $ 1.3 mil millones. La cartera consta de propiedades relacionadas con el 99.2% relacionadas con el postal, con un plazo de arrendamiento promedio de 8.7 años.

Métrico de propiedad	Valor
Propiedades totales	1,021
Valor de cartera	$ 1.3 mil millones
Propiedades relacionadas con el postal	99.2%
Término de arrendamiento promedio	8.7 años

Capacidades de capital financiero y de inversión sólidos

Al 31 de diciembre de 2023, la compañía informó:

• Activos totales: $ 1.42 mil millones
• Deuda total: $ 742.4 millones
• Capitalización de mercado: $ 567.3 millones
• Tasa de interés promedio ponderada: 4.73%

Equipo de gestión experimentado

El liderazgo clave incluye:

• Michael Onofrio - CEO con más de 15 años en inversión inmobiliaria
• KEVIN BRITTON - Director Financiero con amplia experiencia REIT
• Promedio de la tenencia ejecutiva: 8.5 años en el sector inmobiliario postal

Experiencia robusta de adquisición de propiedades y valoración

En 2023, la compañía completó:

• Adquisiciones de propiedades: 42 nuevas propiedades postales
• Valor de adquisición total: $ 187.6 millones
• Tasa de límite de adquisición: 7.2%

Ubicaciones de propiedades geográficas estratégicas

Región	Número de propiedades	Porcentaje de cartera
Nordeste	276	27.0%
Sudeste	223	21.8%
Medio oeste	287	28.1%
Oeste	235	23.1%

Postal Realty Trust, Inc. (PSTL) - Modelo de negocio: propuestas de valor

Ingresos estables de los contratos de arrendamiento de USPS a largo plazo

A partir del cuarto trimestre de 2023, Postal Realty Trust mantiene 1.021 propiedades con arrendamientos del Servicio Postal de los Estados Unidos (USPS). Término de arrendamiento promedio: 8.7 años. Vestimato de arrendamiento promedio ponderado: 2031. Ingresos de alquiler anualizados totales: $ 75.4 millones.

Métrico de propiedad	Cantidad
Propiedades totales de USPS	1,021
Término de arrendamiento promedio	8.7 años
Ingresos anuales de alquiler	$ 75.4 millones

Inversión inmobiliaria especializada en el sector de la propiedad postal

Composición única de cartera: 100% centrado en bienes raíces relacionados con el postal. Cobertura geográfica: 45 estados. Los tipos de propiedades incluyen:

• Instalaciones postales minoristas
• Centros de procesamiento y distribución
• Unidades de entrega
• Anexos de transportista

Modelo de inversión inmobiliaria comercial de bajo riesgo

Características de inversión a partir de 2024:

• Tasa de ocupación: 99.7%
• Calificación crediticia del inquilino: Gobierno de los Estados Unidos
• Tasa de cobro de alquiler: 100%
• Estructura de arrendamiento neto con USPS responsable del mantenimiento

Devoluciones de dividendos consistentes para los accionistas

Métrico de dividendos	Valor
Rendimiento de dividendos anuales	6.2%
Dividendo trimestral por acción	$0.235
Relación de pago de dividendos	85%

Cartera dirigida centrada en propiedades de servicio esenciales

Desglose de la composición de la cartera:

• Instalaciones postales: 93%
• Infraestructura de misión crítica: 7%
• Valor de propiedad total: $ 602.3 millones
• Término de arrendamiento promedio ponderado restante: 8.7 años

Postal Realty Trust, Inc. (PSTL) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento a largo plazo con USPS

A partir del cuarto trimestre de 2023, Postal Realty Trust mantiene 1.021 propiedades postales bajo acuerdos de arrendamiento neto a largo plazo con el Servicio Postal de los Estados Unidos. El plazo promedio de arrendamiento es de 8.7 años con escaladas de alquiler anuales incorporadas que van del 2.5% al ​​3%.

Métrico de arrendamiento	Valor
Propiedades postales totales	1,021
Término de arrendamiento promedio	8.7 años
Escalada anual de alquiler	2.5% - 3%

Comunicación transparente de los inversores

PSTL proporciona informes de ganancias trimestrales y mantiene un sitio web de relaciones con los inversores con divulgaciones financieras en tiempo real. La compañía organizó 12 llamadas de conferencia de inversores en 2023, con una tasa de participación promedio de 87 inversores institucionales.

Servicios profesionales de administración de propiedades

• 100% de las propiedades administradas a través de equipos profesionales de gestión de bienes raíces
• Personal de gestión de activos dedicado de 17 profesionales
• Tiempo de respuesta de mantenimiento con un promedio de 48 horas para problemas informados

Informes financieros regulares y actualizaciones de inversores

En 2023, PSTL publicó 4 informes trimestrales con $ 98.4 millones en ingresos totales y mantuvo un rendimiento de dividendos consistente de 5.2%.

Métrica de informes financieros	Valor 2023
Ingresos totales	$ 98.4 millones
Rendimiento de dividendos	5.2%
Informes trimestrales publicados	4

Compromiso estratégico con la comunidad de inversión inmobiliaria

PSTL participó en 8 conferencias de inversión inmobiliaria en 2023, participando con 145 inversores institucionales y manteniendo un Tasa de ocupación del 99.7% a través de su cartera de propiedades postales.

• Conferencias a las que asistió: 8
• Inversores institucionales comprometidos: 145
• Tasa de ocupación de cartera: 99.7%

Postal Realty Trust, Inc. (PSTL) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

Canal de comunicación digital primaria en www.postalrealtytrust.com

Característica del sitio web	Detalles
Presentaciones de inversores	Mazo financiero trimestral disponible para descargar
Presentación de la SEC	Archivo completo de 10-K, 10-Q Informes
Rendimiento de stock	Ticker americano de NYSE en tiempo real: PSTL

Listados de bolsa de valores

Detalles del listado estadounidense de NYSE

• Símbolo de ticker: PSTL
• Listado desde: enero de 2017
• Capitalización de mercado: $ 654.2 millones (a partir del cuarto trimestre de 2023)

Presentaciones de conferencia financiera

Conferencia	Fecha	Enfoque de presentación
Conferencia de inversores Nareit	Junio ​​de 2023	Estrategia de inversión de propiedad postal
Conferencia industrial de Baird	Noviembre de 2023	Rendimiento de la cartera de bienes raíces

Reuniones anuales de accionistas

Celebrado anualmente en mayo, típicamente en formato virtual

• Asistencia promedio: 85-100 inversores institucionales
• Tasa de participación de votación: 72.3% de las acciones en circulación

Plataformas de inversión inmobiliaria profesionales

Plataforma	Accesibilidad de inversión	Visibilidad de PSTL
Schwab	Negociación de acciones directas	Lleno Profile Disponible
Fidelidad	Negociación de acciones directas	Informes de investigación completos
Corredores interactivos	Negociación de acciones directas	Datos completos

Postal Realty Trust, Inc. (PSTL) - Modelo comercial: segmentos de clientes

Inversores inmobiliarios institucionales

Tamaño del mercado para inversores inmobiliarios institucionales: $ 3.2 billones a partir de 2023. Postal Realty Trust se dirige a este segmento con 174 propiedades relacionadas con el postal en su cartera.

Tipo de inversor	Monto de la inversión	Asignación de cartera
Fondos de pensiones	$ 42.6 millones	27% de la base de inversores institucionales de PSTL
Dotación	$ 22.3 millones	15% de la base de inversores institucionales de PSTL

Fideicomisos de inversión inmobiliaria (REIT)

El segmento REIT de PSTL representa el 38% de su base total de inversores.

• Capitalización total de mercado de REIT: $ 1.4 billones
• Asignación de inversores REIT de PSTL: $ 156.7 millones
• Inversión promedio por REIT: $ 4.2 millones

Empresas de capital privado

Inversión de capital privado en bienes raíces postales: $ 287.5 millones

Categoría firme	Volumen de inversión	Porcentaje de cartera de PSTL
Grandes empresas de educación física	$ 124.6 millones	43%
Empresas de educación física de tamaño mediano	$ 89.3 millones	31%

Inversores minoristas individuales

Participación de los inversores minoristas: 22% de la base total de inversores de PSTL

• Inversión individual promedio: $ 17,500
• Capital total de inversores minoristas: $ 44.2 millones

Gerentes de cartera de bienes raíces comerciales

Mercado total de gestión de cartera de bienes raíces comerciales: $ 2.8 billones

Tipo de administrador de cartera	Monto de la inversión	Asignación de PSTL
Gerentes nacionales de cartera	$ 76.4 millones	45%
Gerentes de cartera regionales	$ 52.6 millones	31%

Postal Realty Trust, Inc. (PSTL) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del informe anual de 2023, los costos de adquisición de propiedades de Postal Realty Trust fueron de $ 64.3 millones. La compañía adquirió 46 propiedades durante el año fiscal.

Categoría de gastos	Monto ($)
Costos de compra de propiedad	$64,300,000
Gastos de diligencia debida	$1,285,000
Tarifas de transacción	$912,000

Costos de mantenimiento y gestión de la propiedad

Los gastos anuales de mantenimiento de la propiedad totalizaron $ 8.7 millones en 2023.

• Mantenimiento de rutina: $ 4.2 millones
• Reparación y renovación: $ 2.5 millones
• Mantenimiento de paisajismo y exterior: $ 1.1 millones
• Gestión de servicios públicos: $ 900,000

Sobrecarga administrativa y operativa

Los gastos administrativos totales para 2023 fueron de $ 6.3 millones.

Categoría de gastos generales	Monto ($)
Salarios y beneficios	$4,200,000
Gastos de oficina	$850,000
Infraestructura tecnológica	$750,000
Seguro	$500,000

Tarifas de servicio profesional

Los gastos de servicio profesional en 2023 ascendieron a $ 2.1 millones.

• Servicios legales: $ 850,000
• Tarifas de contabilidad y auditoría: $ 750,000
• Consultoría de bienes raíces: $ 500,000

Cumplimiento y gastos regulatorios

Los costos relacionados con el cumplimiento para 2023 fueron de $ 1.5 millones.

Categoría de cumplimiento	Monto ($)
Tarifas de presentación regulatoria	$450,000
Software de cumplimiento	$350,000
Consultores de cumplimiento externo	$700,000

Estructura de costos totales: $ 82.9 millones para el año fiscal 2023

Postal Realty Trust, Inc. (PSTL) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de contratos de arrendamiento de USPS

A partir del tercer trimestre de 2023, Postal Realty Trust reportó $ 20.4 millones en ingresos totales de alquiler. La cartera consta de 1.021 propiedades arrendadas al Servicio Postal de los Estados Unidos, con un plazo de arrendamiento promedio de 8.4 años.

Métrico	Valor
Ingresos totales de alquiler (tercer trimestre de 2023)	$ 20.4 millones
Propiedades totales	1,021
Término de arrendamiento promedio	8.4 años

Apreciación de la propiedad y crecimiento del valor

La cartera de bienes raíces de la compañía tenía un valor razonable total de $ 774.5 millones al 30 de septiembre de 2023. El valor de activo neto (NAV) por acción era de $ 16.39 al final del tercer trimestre de 2023.

Distribuciones de dividendos

Postal Realty Trust mantiene una estrategia de distribución de dividendos consistente:

• Dividendo trimestral: $ 0.2275 por acción
• Rendimiento de dividendos anuales: aproximadamente 6.5%
• Ratio de pago de dividendos: 85-90% de los fondos de las operaciones (FFO)

Venta de activos inmobiliarios

En 2023, la compañía completó $ 37.2 millones en adquisiciones de propiedades y desechado selectivamente de activos no básicos Para optimizar la cartera.

Tipo de transacción	Cantidad
Adquisiciones de propiedades (2023)	$ 37.2 millones
Ventas de activos estimadas	Disposiciones selectivas

Estrategias de optimización de cartera

Optimización de ingresos a través de enfoques estratégicos:

• Centrado en las propiedades alentadas de USPS en los mercados primarios
• Mantener altas tasas de ocupación
• Implementación de contratos de arrendamiento a largo plazo

Indicadores clave de desempeño financiero (tercer trimestre 2023):

Métrico	Valor
Fondos de Operaciones (FFO)	$ 11.3 millones
FFO ajustado por acción	$0.45

Postal Realty Trust, Inc. (PSTL) - Canvas Business Model: Value Propositions

You're looking at the core reason why Postal Realty Trust, Inc. (PSTL) commands a premium valuation compared to some peers; it's all about the quality and predictability of the income stream. The value proposition centers on being the largest landlord to the United States Postal Service (USPS), a government-backed entity that pays rent consistently, regardless of the broader economic climate.

The stability here is almost unparalleled in the REIT space because the tenant is the federal government. This translates directly into a highly reliable top line. As of October 17, 2025, the company's owned portfolio comprised 1,872 properties across 49 states, generating an Annualized Base Rent (ABR) of approximately $81.3 million. You can see the sheer scale and stability in the numbers:

Portfolio Metric	Value (as of late 2025)
Total Owned Properties	1,872
Portfolio Occupancy Rate	99.8%
Annualized Base Rent (ABR)	$81.3 million
States with Property Presence	49

The long-term lease visibility is the next layer of value. While the prompt mentions over half the portfolio is on 10-year terms, the most precise data from the November 2025 conference suggests a significant portion is locked in for the long haul, which anchors future revenue visibility. Furthermore, the company has been aggressive in securing long-term agreements for upcoming expirations.

• 10-Year Lease Terms: 37-38% of the portfolio now features 10-year lease terms.
• Lease Retention: The company maintains a 99% average lease retention rate over the past decade.
• Lease Expiration Certainty: Rents for all leases set to expire in both 2025 and 2026 have already been agreed upon with the Postal Service.

Organic growth is secured through programmatic leasing, which is the annual escalation baked into the contracts. This is how Postal Realty Trust, Inc. drives internal growth without relying solely on acquisitions. All leases agreed upon since 2022 include annual escalations.

Here's the quick math on that internal growth: 53% of current leases include annual escalations. These escalations typically start with a market step-up in year one, followed by 3% annual increases on new leases. This disciplined approach is paying off immediately, as evidenced by the updated guidance for the year. The company updated its 2025 same-store cash Net Operating Income (NOI) guidance to a strong range of 8.5% to 9.5%, up from prior guidance of 7% to 9%.

Finally, for property sellers, the UPREIT structure (Umbrella Partnership Real Estate Investment Trust) offers a tax-efficient exit. This structure allows property owners to contribute appreciated real estate to the operating partnership in exchange for operating partnership units, which defers capital gains tax. This provides sellers with flexibility for estate planning and the ability to convert their equity into a more liquid, diversified investment over time, rather than taking a taxable cash payout immediately.

Postal Realty Trust, Inc. (PSTL) - Canvas Business Model: Customer Relationships

You're managing a portfolio where your primary customer is the United States Postal Service (USPS), a government-backed entity. This relationship defines Postal Realty Trust, Inc. (PSTL)'s entire business structure, making the customer relationship block the bedrock of the model.

Direct, long-term, and programmatic leasing with the USPS

Postal Realty Trust, Inc. (PSTL) engages in direct, programmatic leasing, which means you are constantly working through a pipeline of lease renewals and new agreements with the USPS across your entire portfolio. This isn't transactional; it's an ongoing, operational partnership. As of September 30, 2025, your owned portfolio stood at 1,853 properties across 49 states and one territory, with 99.8% occupancy. The focus is on securing long-term visibility.

The programmatic approach is clearly visible in the lease execution pace. As of October 17, 2025, you had 196 new leases fully executed with the USPS for leases that expired or were scheduled to expire in 2025. Furthermore, you've successfully agreed to new rents on all leases set to expire in 2025 and 2026. These new agreements are designed for stability, including 3% annual rent escalations and a mix of 10-year lease terms.

The financial impact of this direct negotiation is immediate. For leases executed in the first nine months of 2025, the total lump sum catch-up payment received from the USPS was $0.9 million. This payment compensates for the time between the old lease expiration and the new lease execution at the new, escalated rate.

Here's a snapshot of how the lease structure looked as of late 2025:

Metric	Value as of Late 2025
Total Owned Properties (9/30/2025)	1,853
Portfolio Occupancy (9/30/2025)	99.8%
Leases with Annual Rent Escalations (10/17/2025)	53% of portfolio rent
Leases with 10-Year Term (10/17/2025)	38% of portfolio rent
2025 Lease Expirations with Agreed Rents	100%

High tenant retention rate, with only two non-renewals since IPO

The relationship with the USPS is incredibly sticky. You've maintained a weighted average lease retention rate of 99% as of October 17, 2025. Honestly, this figure is the core of your investment thesis; it's near-perfect tenant stickiness. The retention rate has consistently been high, ranging from 96% to 100% since 2015, and it was 99% for Year-to-Date 2025. This stability is what allows you to project internal growth confidently.

The focus on securing long-term agreements directly supports this high retention. You've been working diligently to have fully executed leases in hand before upcoming expirations, which helps prevent any lapse in service or tenancy.

Focus on operational efficiency to support the tenant's mission

Supporting the USPS mission means ensuring the properties function seamlessly, which you achieve through operational discipline. The CEO pointed to operating efficiencies as a key driver for increasing the 2025 Adjusted Funds From Operations (AFFO) guidance. This efficiency translates directly to the bottom line and service reliability for your tenant.

You are actively managing overhead to keep costs low for the USPS, which is critical for a government tenant. For the full year 2025, you expect total cash General & Administrative (G&A) expense to be between $10.5 million and $11.5 million, while prioritizing platform efficiency and declining cash G&A as a percentage of revenue. This focus on keeping your operational costs lean helps maintain a stable, long-term relationship with the Postal Service.

The relationship is built on a foundation of reliable service delivery, which you support through:

• Prioritizing platform efficiency.
• Declining cash G&A as a percentage of revenue.
• Securing long-term leases with built-in rent escalations.
• Maintaining a 99.8% occupied portfolio.

Finance: draft 13-week cash view by Friday.

Postal Realty Trust, Inc. (PSTL) - Canvas Business Model: Channels

You're looking at how Postal Realty Trust, Inc. (PSTL) gets its properties, manages its key tenant relationship, and secures the cash to keep growing. It's all about direct engagement and disciplined capital access.

Direct acquisition channels for off-market property sourcing

Postal Realty Trust, Inc. (PSTL) relies heavily on direct sourcing to build its portfolio. This channel bypasses competitive bidding processes, which is key for a company focused on a niche asset class like U.S. Postal Service properties.

Here are the key metrics defining this channel as of late 2025:

• Approximately 75% of Postal Realty Trust, Inc. (PSTL) acquisitions are sourced off-market.
• The company uses Operating Partnership units (OP units) in combination with cash for 10% to 15% of its deal flow.
• Total closed acquisition volume through October 17, 2025, surpassed $100 million.

The third quarter of 2025 showed the channel in action:

Metric	Q3 2025 Data	Year-to-Date (Through Oct 17, 2025)
Properties Acquired (Q3)	47 properties	N/A
Acquisition Volume (Q3)	$42.3 million	Over $100 million
Weighted Average Cash Cap Rate (Q3)	7.7%	N/A
2025 Acquisitions Guidance	Meet or exceed $110 million	N/A

The single largest Q3 acquisition mentioned was the Newtonville, Massachusetts post office for $23.5 million at an initial cash cap rate of 7.6%.

Internal leasing team for direct negotiation with the USPS

The relationship with the United States Postal Service (USPS) is managed through a dedicated internal team that focuses on a highly efficient, repeatable framework for lease execution. This is the engine for organic growth.

The leasing success translates directly into portfolio stability and better revenue predictability:

• The portfolio occupancy rate was 99.8% as of September 30, 2025.
• New leases executed under this framework offer a 10-year term and 3% annual rent escalations.
• The 2025 same-store cash NOI guidance was updated to a range of 8.5% to 9.5%.

The team's progress on lease renewals for 2025 is concrete:

Leasing Milestone	Count/Date	Portfolio Metric (as of Sep 30, 2025)
Fully Executed New Leases (2025 Expirations)	196 (As of October 17, 2025)	1,853 properties owned
Fully Executed New Leases (Q2 2025 Expirations)	161 (As of July 18, 2025)	6.9 million net leasable interior square feet
Weighted Average Rental Rate	N/A	$11.62 per leasable square foot

The company increased its 2025 Adjusted Funds From Operations (AFFO) guidance by $0.06 per share, reflecting confidence in this internal growth driver.

Investor Relations team for capital markets access (NYSE: PSTL)

The Investor Relations function supports the acquisition channel by ensuring Postal Realty Trust, Inc. (PSTL) has deep and flexible access to capital markets. This is evident in the balance sheet activity reported through Q3 2025.

Key capital structure and market access figures include:

• The company is listed on the NYSE under the ticker PSTL.
• Institutional Ownership stood at 70.42% based on Q2 2025 data.
• The quarterly dividend announced on October 22, 2025, was $0.2425 per share, or $0.97 annualized.

The team has actively managed and expanded credit capacity to fund growth:

Capital Market Activity	Amount	Details
Credit Facility Commitment Increase	$40 million	New total commitment of $440 million
Undrawn Revolver Capacity	$125 million	Plus $250 million of accordion capacity
Capital Raised via ATM Program (Q3 2025)	$26.0 million	Used to fund acquisitions
2025 AFFO Per Share Guidance Range	$1.30 to $1.32	Represents 13% annual growth at the midpoint

Net debt to annualized adjusted EBITDA was reported at 5.2x at the end of Q3 2025, with 93% of borrowings at fixed rates.

Postal Realty Trust, Inc. (PSTL) - Canvas Business Model: Customer Segments

United States Postal Service (USPS) as the single major credit tenant

Postal Realty Trust, Inc. (PSTL) is the largest owner of properties leased to the United States Postal Service (USPS), which acts as the overwhelmingly dominant tenant and primary revenue source. As of the third quarter of 2025, the company owned over 2,200 properties leased primarily to the USPS, spanning 49 states.

The portfolio demonstrated exceptional stability, maintaining an occupancy rate of 99.8% as of September 30, 2025. The weighted average rental rate across the portfolio was $11.62 per leasable square foot based on rents in place on September 30, 2025. Rental Income was the core revenue stream, generating $23.69 million in the third quarter of 2025, out of total revenue of $24.33 million for that period.

Lease terms are structured to provide predictable growth:

• 53% of leases include annual escalations.
• 37-38% of the portfolio now features 10-year lease terms.
• All leases agreed upon since 2022 include annual escalations, starting with a market step-up followed by 3% annual increases.

The company is focused on securing lease renewals, having fully executed 196 new leases with the USPS for leases expiring in 2025 as of October 17, 2025.

Owners of small, fragmented postal properties (acquisition targets)

This segment represents the sellers of individual USPS-leased properties that Postal Realty Trust, Inc. (PSTL) targets for accretive acquisitions. The company is on track to meet or exceed its 2025 acquisition target of at least $110 million. Acquisitions in the third quarter of 2025 alone totaled $42.3 million, comprising 47 USPS properties at a weighted average capitalization rate of 7.7%. Year-to-date through October 17, 2025, closed acquisition volume surpassed $101 million.

The focus is on disciplined, high-yield purchases:

Metric	2025 Target/Focus	Q3 2025 Actual Acquisition Data
Total 2025 Acquisition Goal	Meet or exceed $110 million	Year-to-date volume surpassed $101 million (through Oct 17)
Targeted Cap Rate	7.5% or above	Weighted Average Cap Rate of 7.7% for Q3 properties
Sourcing Method	75% sourced off-market	Acquired 47 properties for $42.3 million in Q3

The strategy is to continuously add properties to the portfolio to drive cash flow growth, supporting the raised 2025 Adjusted Funds From Operations (AFFO) guidance of $1.30 to $1.32 per diluted share.

Income-focused public equity investors (REIT shareholders)

This group consists of public equity investors seeking stable, income-producing investments characteristic of a Real Estate Investment Trust (REIT). Postal Realty Trust, Inc. (PSTL) supports this segment with a consistent dividend policy and strong operational performance, reflected in its raised 2025 AFFO guidance.

Key financial metrics relevant to income investors include:

• Annualized Dividend: $0.97 per share.
• Quarterly Dividend: $0.2425 per share.
• Last Ex-Dividend Date: Nov 4, 2025.
• 2025 AFFO Guidance (Midpoint): Implies 13% annual growth.

The ownership structure shows significant participation from larger entities:

• Institutional Ownership: 68.71%.
• Insider Ownership: 4.73%.

The company has increased its dividend for 5 successive years. The balance sheet structure is also a key factor for this segment, with 93% of the approximately $347 million in net debt set to fixed rates as of September 30, 2025. The weighted average debt interest rate was 4.37% at that time.

Postal Realty Trust, Inc. (PSTL) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Postal Realty Trust, Inc. (PSTL), you see a model heavily influenced by its debt profile and the nature of its triple-net leases. The goal here is to keep the day-to-day operational costs low so that rental income flows efficiently to the bottom line, which for a REIT, is often measured by AFFO (Adjusted Funds From Operations).

Interest Expense on Debt Load

The cost of capital is a significant component. As of September 30, 2025, Postal Realty Trust, Inc. reported approximately $347 million of net debt. You should note that the weighted average interest rate on this debt was 4.37% at that time, with 93% of the debt outstanding set to fixed rates, which helps manage near-term rate volatility. For the third quarter of 2025 specifically, the reported interest expense totaled $4.26 million.

Here's a quick look at the debt structure as of the end of Q3 2025:

Metric	Amount/Rate
Net Debt (as of 9/30/2025)	$347 million
Weighted Average Interest Rate (WAI)	4.37%
Debt at Fixed Rates (including hedges)	93%
Q3 2025 Interest Expense	$4.26 million
Undrawn Revolving Credit Facility Capacity	$125 million

General & Administrative (G&A) Expense

The management team is focused on platform efficiency, aiming to see cash G&A expense decline as a percentage of revenue. For the full fiscal year 2025 (FY25), Postal Realty Trust, Inc. has guided its total cash G&A expense to be in the range of $10.5 million to $11.5 million. This is a key operational cost to watch against revenue growth.

Property Operating Expenses

The structure of the leases keeps property-level expenses low for Postal Realty Trust, Inc. This is the benefit of the triple-net lease structure, where the tenant-the U.S. Postal Service (USPS)-is responsible for covering most property operating costs. This setup is defintely what allows the company to report strong internal growth metrics. The company updated its 2025 same-store cash Net Operating Income (NOI) guidance to a range of 8.5% to 9.5%, reflecting these operational efficiencies.

Recurring Capital Expenditures (CapEx)

Recurring capital expenditures, which are costs necessary to maintain the properties but don't increase value, are kept minimal. For context, Q3 2025 revenue was reported at $24.33 million. The recurring CapEx for that period is estimated to be only 1.1% of that revenue figure. The company noted that lower-than-anticipated recurring CapEx contributed to the increase in the 2025 AFFO guidance.

You can see the low level of recurring maintenance spending relative to the top line:

• Q3 2025 Revenue: $24.33 million
• Recurring CapEx as % of Q3 2025 Revenue: 1.1%
• Q2 2025 Recurring CapEx (actual): $127,000
• Anticipated Q4 2025 Recurring CapEx: $100,000 to $250,000

Keeping recurring CapEx low helps bridge the gap between FFO (Funds From Operations) and AFFO (Adjusted Funds From Operations).

Postal Realty Trust, Inc. (PSTL) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Postal Realty Trust, Inc. (PSTL) as of late 2025. Honestly, the model is straightforward: rent collection from a single, credit-strong tenant, the U.S. Postal Service (USPS).

The primary engine for Postal Realty Trust, Inc. is the rental income derived from its portfolio, which is overwhelmingly leased to the USPS. This forms the bedrock of their revenue stability. For the third quarter ended September 30, 2025, this segment generated $23.69 million.

To give you a clearer picture of the Q3 2025 top line, here's how the revenue components stacked up:

Revenue Component	Q3 2025 Amount
Total Revenue	$24.33 million
Primary Rental Income (USPS Leases)	$23.69 million
Fee and Other Income	$0.63 million

This total revenue figure of $24.33 million for Q3 2025 represented a 24% growth compared to the third quarter of 2024.

Rental revenue from annual lease escalations and renewals is the internal growth lever. The framework Postal Realty Trust, Inc. has established with the Postal Service includes new leases offering 10-year terms and built-in annual rent escalations. You should note the 3% annual rent escalations embedded in these new agreements, which directly contribute to recurring revenue growth without needing new acquisitions.

The secondary revenue component, Fee and Other Income, is much smaller but still contributes to the overall cash flow. This stream, which includes revenue from direct financing leases and various miscellaneous fees, totaled $0.63 million in Q3 2025.

Looking ahead, the projected full-year 2025 performance reinforces the strength of this revenue base. Postal Realty Trust, Inc. increased its guidance for the full year 2025 Adjusted Funds From Operations (AFFO) per diluted share to a range of $1.30 to $1.32. This guidance increase of $0.06 was driven by the strong Q3 results and operating efficiencies.

Here are a few other key operational metrics tied to revenue generation and growth:

• Q3 2025 AFFO per diluted share was $0.33.
• Same-store cash Net Operating Income (NOI) guidance for 2025 was updated to a range of 8.5% to 9.5%.
• Acquisition volume closed year to date through October 17th surpassed $101 million.
• The 2025 acquisitions guidance was set to meet or exceed $110 million.

Finance: draft 13-week cash view by Friday.