Postal Realty Trust, Inc. (PSTL): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde fascinant de Postal Realty Trust, Inc. (PSTL), une fiducie de placement immobilier unique qui transforme les propriétés postales en une puissance financière stratégique. Imaginez un modèle d'entreprise qui tire parti de la stabilité du service postal des États-Unis comme son principal locataire, créant une stratégie d'investissement à faible risque qui promet des rendements cohérents et des opportunités immobilières spécialisées. Cette approche innovante combine l'acquisition de propriétés ciblée, la gestion stratégique et un portefeuille ciblé qui capture l'essence des investissements immobiliers essentiels.

Postal Realty Trust, Inc. (PSTL) - Modèle commercial: partenariats clés

Service postal des États-Unis (USPS) en tant que locataire principal

Depuis le quatrième trimestre 2023, Postal Realty Trust détient 1 021 propriétés postales dans 48 États. Le portefeuille se compose de 99,4% de propriétés louées à l'USPS avec une durée de location moyenne pondérée de 8,3 ans.

Type de propriété	Nombre de propriétés	Taux d'occupation
Propriétés possédées par l'USPS	1,021	99.4%

Brokers immobiliers et sociétés de gestion immobilière

PSTL collabore avec plusieurs fournisseurs de services immobiliers nationaux et régionaux pour gérer son portefeuille immobilier.

• Marcus & Millichap - Conseil d'acquisition de biens
• CBRE Group - Services de gestion immobilière
• JLL (Jones Lang Lasalle) - Transaction et assistance consultative

Réseaux d'investissement immobiliers commerciaux

Réseau d'investissement	Focus de partenariat	Volume de transaction annuel
Association nationale des investisseurs immobiliers	Source des capitaux	78,5 millions de dollars
Vraiment marchés des capitaux	Plate-forme de transaction immobilière	112,3 millions de dollars

Sociétés de développement immobilier locales et régionales

PSTL maintient des partenariats stratégiques avec les entreprises de développement régional pour étendre le portefeuille de biens postaux.

• Accords de partenariat régional total: 17
• Couverture géographique: 38 États
• Acquisition annuelle des biens par le biais de partenariats: 42 propriétés

Postal Realty Trust, Inc. (PSTL) - Modèle d'entreprise: Activités clés

Acquérir des propriétés de service postal

Depuis le quatrième trimestre 2023, Postal Realty Trust détenait 1 114 propriétés dans 47 États, avec 99,4% des propriétés louées au United States Postal Service (USPS).

Métriques d'acquisition de propriétés	2023 données
Propriétés totales possédées	1,114
États avec les propriétés USPS	47
Taux d'occupation de la location USPS	99.4%

Gestion et maintenance immobilières

Les dépenses d'exploitation annuelles de la propriété pour 2023 étaient de 14,9 millions de dollars, ce qui représente 11,7% des revenus totaux.

• Budget de maintenance alloué spécifiquement pour les mises à niveau des installations USPS
• Programmes d'évaluation de l'état de la propriété proactive
• Infrastructures régulières et améliorations des installations

Optimisation du portefeuille immobilier

L'investissement total dans l'immobilier était de 870,8 millions de dollars au 31 décembre 2023, avec une superficie de location brute d'environ 2,4 millions de pieds carrés.

Métriques d'optimisation du portefeuille	2023 chiffres
Investissement total immobilier	870,8 millions de dollars
Zone de levage brute	2,4 millions de pieds carrés
Terme de location moyenne moyenne	8,3 ans

Investissement et location immobilières stratégiques

En 2023, la Société a terminé les acquisitions de biens totalisant 133,4 millions de dollars, avec un taux de plafond moyen de 7,5%.

• Stratégie d'acquisition ciblée ciblant les propriétés louées USPS
• Investissement sélectif dans les actifs immobiliers postaux de haute qualité
• Diversification géographique dans plusieurs États

Gestion des relations des locataires

USPS représente 100% de la base des locataires, avec un Structure de location stable à long terme.

Métriques de la relation des locataires	2023 données
Locataire principal	Service postal des États-Unis
Concentration	100%
Taux de renouvellement de location	95.6%

Postal Realty Trust, Inc. (PSTL) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier de propriété postale spécialisée

Au quatrième trimestre 2023, Postal Realty Trust, Inc. détient 1 021 propriétés dans 49 États, avec une valeur de portefeuille totale de 1,3 milliard de dollars. Le portefeuille se compose de 99,2% de propriétés postales, avec une durée de location moyenne de 8,7 ans.

Métrique immobilière	Valeur
Propriétés totales	1,021
Valeur de portefeuille	1,3 milliard de dollars
Propriétés liées aux postes	99.2%
Terme de location moyenne	8,7 ans

Capacités financières et investissements solides

Au 31 décembre 2023, la société a rapporté:

• Total des actifs: 1,42 milliard de dollars
• Dette totale: 742,4 millions de dollars
• Capitalisation boursière: 567,3 millions de dollars
• Taux d'intérêt moyen pondéré: 4,73%

Équipe de gestion expérimentée

Le leadership clé comprend:

• Michael Onofrio - PDG avec plus de 15 ans d'investissement immobilier
• Kevin Britton - directeur financier avec une vaste expérience de RPA
• Tiration exécutive moyenne: 8,5 ans dans le secteur immobilier postal

Expertise robuste d'acquisition et d'évaluation des biens

En 2023, la société a terminé:

• Acquisitions de biens: 42 nouvelles propriétés postales
• Valeur d'acquisition totale: 187,6 millions de dollars
• Taux de plafond d'acquisition: 7,2%

Emplacements de propriété géographique stratégique

Région	Nombre de propriétés	Pourcentage de portefeuille
Nord-est	276	27.0%
Au sud-est	223	21.8%
Midwest	287	28.1%
Ouest	235	23.1%

Postal Realty Trust, Inc. (PSTL) - Modèle d'entreprise: propositions de valeur

Revenu stable des accords de location USPS à long terme

Depuis le quatrième trimestre 2023, Postal Realty Trust conserve 1 021 propriétés avec des baux du service postal des États-Unis (USPS). Terme de bail moyenne: 8,7 ans. Expiration du bail moyen pondéré: 2031. Revenus locatifs annualisés totaux: 75,4 millions de dollars.

Métrique immobilière	Quantité
Total des propriétés USPS	1,021
Terme de location moyenne	8,7 ans
Revenus de location annuels	75,4 millions de dollars

Investissement immobilier spécialisé dans le secteur immobilier postal

Composition de portefeuille unique: 100% axés sur l'immobilier lié aux postes. Couverture géographique: 45 États. Les types de propriétés comprennent:

• Installations postales de vente au détail
• Centres de traitement et de distribution
• Unités de livraison
• Annexes de transport

Modèle d'investissement immobilier commercial à faible risque

Caractéristiques d'investissement à partir de 2024:

• Taux d'occupation: 99,7%
• Note du crédit au locataire: gouvernement américain
• Taux de collecte des loyers: 100%
• Structure de location nette avec USPS responsable de la maintenance

Retours de dividendes cohérents pour les actionnaires

Métrique du dividende	Valeur
Rendement annuel sur le dividende	6.2%
Dividende trimestriel par action	$0.235
Ratio de distribution de dividendes	85%

Portfolio ciblé axé sur les propriétés de service essentiels

Répartition de la composition du portefeuille:

• Installations postales: 93%
• Infrastructure critique de mission: 7%
• Valeur totale de la propriété: 602,3 millions de dollars
• Terme de location restante moyenne pondérée: 8,7 ans

Postal Realty Trust, Inc. (PSTL) - Modèle d'entreprise: relations clients

Accords de location à long terme avec USPS

Au quatrième trimestre 2023, Postal Realty Trust maintient 1 021 propriétés postales en vertu des accords de location nets à long terme avec le service postal des États-Unis. La durée de location moyenne est de 8,7 ans avec des escalades de loyer annuelles intégrées allant de 2,5% à 3%.

Métrique de location	Valeur
Propriétés postales totales	1,021
Terme de location moyenne	8,7 ans
Escalade de loyer annuel	2.5% - 3%

Communication des investisseurs transparents

PSTL fournit des rapports de bénéfices trimestriels et maintient un site Web de relations avec les investisseurs avec des divulgations financières en temps réel. La société a accueilli 12 conférences téléphoniques sur les investisseurs en 2023, avec un taux de participation moyen de 87 investisseurs institutionnels.

Services de gestion immobilière professionnels

• 100% des propriétés gérées par le biais d'équipes professionnelles de gestion immobilière
• Personnel de gestion des actifs dédiés de 17 professionnels
• Le temps de réponse de la maintenance d'une moyenne de 48 heures pour les problèmes signalés

Rapports financiers réguliers et mises à jour des investisseurs

En 2023, PSTL a publié 4 rapports trimestriels avec 98,4 millions de dollars de revenus totaux et a maintenu un rendement de dividende cohérent de 5,2%.

Métrique de l'information financière	Valeur 2023
Revenus totaux	98,4 millions de dollars
Rendement des dividendes	5.2%
Rapports trimestriels publiés	4

Engagement stratégique avec la communauté des investissements immobiliers

La PSTL a participé à 8 conférences d'investissement immobilier en 2023, en s'engageant avec 145 investisseurs institutionnels et en maintenant un Taux d'occupation de 99,7% à travers son portefeuille de propriétés postales.

• Conférences assistées: 8
• Investisseurs institutionnels engagés: 145
• Taux d'occupation du portefeuille: 99,7%

Postal Realty Trust, Inc. (PSTL) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Canal de communication numérique primaire sur www.postalrealtytrust.com

Fonctionnalité de site Web	Détails
Présentations des investisseurs	Deck financier trimestriel disponible en téléchargement
Dépôts de la SEC	Archives complètes des rapports 10-K et 10-Q
Performance du stock	Ticker américain NYSE en temps réel: PSTL

Listes de bourses

Détails de la liste américaine NYSE

• Symbole de ticker: PSTL
• Liste depuis: janvier 2017
• Capitalisation boursière: 654,2 millions de dollars (au quatrième trimestre 2023)

Présentations de la conférence financière

Conférence	Date	Focus de présentation
Conférence des investisseurs de Nareit	Juin 2023	Stratégie d'investissement immobilier postal
Conférence industrielle de Baird	Novembre 2023	Performance du portefeuille immobilier

Réunions annuelles des actionnaires

Tenue chaque année en mai, généralement en format virtuel

• Préstance moyenne: 85-100 investisseurs institutionnels
• Taux de participation au vote: 72,3% des actions en circulation

Plateformes d'investissement immobilier professionnelles

Plate-forme	Accessibilité des investissements	Visibilité PSTL
Schwab	Négociation des actions directes	Complet Profile Disponible
Fidélité	Négociation des actions directes	Rapports de recherche complets
Courtiers interactifs	Négociation des actions directes	Données complètes

Postal Realty Trust, Inc. (PSTL) - Modèle d'entreprise: segments de clientèle

Investisseurs immobiliers institutionnels

Taille du marché pour les investisseurs immobiliers institutionnels: 3,2 billions de dollars en 2023. Postal Realty Trust cible ce segment avec 174 propriétés liées aux postes dans son portefeuille.

Type d'investisseur	Montant d'investissement	Allocation de portefeuille
Fonds de pension	42,6 millions de dollars	27% de la base d'investisseurs institutionnels PSTL
Dotation	22,3 millions de dollars	15% de la base d'investisseurs institutionnels PSTL

Trusts de placement immobilier (FPI)

Le segment REIT de PSTL représente 38% de sa base totale d'investisseurs.

• Capitalisation boursière totale du FPI: 1,4 billion de dollars
• L'allocation des investisseurs REIT de PSTL: 156,7 millions de dollars
• Investissement moyen par RPE: 4,2 millions de dollars

Sociétés de capital-investissement

Investissement en capital-investissement dans l'immobilier postal: 287,5 millions de dollars

Catégorie ferme	Volume d'investissement	Pourcentage de portefeuille PSTL
Grandes entreprises d'EP	124,6 millions de dollars	43%
Firms de PE de taille moyenne	89,3 millions de dollars	31%

Investisseurs de détail individuels

Participation des investisseurs de détail: 22% de la base totale des investisseurs de PSTL

• Investissement individuel moyen: 17 500 $
• Capital total des investisseurs de détail: 44,2 millions de dollars

Gestionnaires commerciaux de portefeuille immobilier

Marché de la gestion du portefeuille immobilier commercial total: 2,8 billions de dollars

Type de gestionnaire de portefeuille	Montant d'investissement	Allocation PSTL
Gestionnaires de portefeuille national	76,4 millions de dollars	45%
Gestionnaires de portefeuille régional	52,6 millions de dollars	31%

Postal Realty Trust, Inc. (PSTL) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En ce qui concerne le rapport annuel de 2023, les frais d'acquisition de propriétés de Postal Realty Trust étaient de 64,3 millions de dollars. La société a acquis 46 propriétés au cours de l'exercice.

Catégorie de dépenses	Montant ($)
Coûts d'achat de propriété	$64,300,000
Frais de diligence raisonnable	$1,285,000
Frais de transaction	$912,000

Coûts de maintenance et de gestion des biens

Les frais de maintenance des biens annuels ont totalisé 8,7 millions de dollars en 2023.

• Entretien de routine: 4,2 millions de dollars
• Réparation et rénovation: 2,5 millions de dollars
• Aménagement paysager et entretien extérieur: 1,1 million de dollars
• Gestion des services publics: 900 000 $

Surfaçon administratives et opérationnelles

Les dépenses administratives totales pour 2023 étaient de 6,3 millions de dollars.

Catégorie aérienne	Montant ($)
Salaires et avantages	$4,200,000
Dépenses de bureau	$850,000
Infrastructure technologique	$750,000
Assurance	$500,000

Frais de service professionnels

Les dépenses de service professionnel en 2023 s'élevaient à 2,1 millions de dollars.

• Services juridiques: 850 000 $
• Frais de comptabilité et d'audit: 750 000 $
• Conseil immobilier: 500 000 $

Compliance et dépenses réglementaires

Les coûts liés à la conformité pour 2023 étaient de 1,5 million de dollars.

Catégorie de conformité	Montant ($)
Frais de dépôt réglementaire	$450,000
Logiciel de conformité	$350,000
Consultants en conformité externe	$700,000

Structure totale des coûts: 82,9 millions de dollars pour l'exercice 2023

Postal Realty Trust, Inc. (PSTL) - Modèle d'entreprise: Strots de revenus

Revenu locatif des accords de location USPS

Au troisième trimestre 2023, Postal Realty Trust a déclaré 20,4 millions de dollars de revenus locatifs totaux. Le portefeuille se compose de 1 021 propriétés louées au service postal des États-Unis, avec une durée de location moyenne de 8,4 ans.

Métrique	Valeur
Revenus locatifs totaux (TC 2023)	20,4 millions de dollars
Propriétés totales	1,021
Terme de location moyenne	8,4 ans

Appréciation des biens et croissance de la valeur

Le portefeuille immobilier de la société avait une juste valeur totale de 774,5 millions de dollars au 30 septembre 2023. La valeur de l'actif (NAV) (NAV) était de 16,39 $ à la fin du troisième trimestre 2023.

Distributions de dividendes

Postal Realty Trust maintient une stratégie de distribution de dividendes cohérente:

• Dividende trimestriel: 0,2275 $ par action
• Rendement annuel des dividendes: environ 6,5%
• Ratio de paiement des dividendes: 85 à 90% des fonds des opérations (FFO)

Ventes d'actifs immobiliers

En 2023, l'entreprise a terminé 37,2 millions de dollars d'acquisitions de biens et éliminé sélectivement d'actifs non essentiels Pour optimiser le portefeuille.

Type de transaction	Montant
Acquisitions de biens (2023)	37,2 millions de dollars
Ventes d'attention estimées	Dispositions sélectives

Stratégies d'optimisation du portefeuille

Optimisation des revenus grâce à des approches stratégiques:

• Axé sur les propriétés louées par USPS sur les marchés primaires
• Maintenir des taux d'occupation élevés
• Mise en œuvre des accords de location à long terme

Indicateurs de performance financière clés (T1 2023):

Métrique	Valeur
Fonds des opérations (FFO)	11,3 millions de dollars
FFO ajusté par action	$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.