PSTL

It has been about a month since the last earnings report for Postal Realty Trust (PSTL). Shares have added about 2.2% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Postal Realty Trust due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Postal Realty Trust reported second-quarter 2026 AFFO per share of 36 cents, which rose 9.1% year over year and came in line with the Zacks Consensus Estimate. Total revenues rose 22.4% to $28.58 million and surpassed the consensus mark by 3.81%. Results benefited from acquisition-driven rent growth and internal growth. Rental income increased 23.3% year over year, while the owned portfolio remained 99.8% occupied at quarter-end. Rental income increased to $28.02 million from $22.73 million a year earlier. Fee and other revenues were $0.56 million compared with $0.62 million, leaving rental income as the main contributor to the top-line increase. Net operating income, which reflects property-level performance before corporate and financing costs, rose to $23.20 million from $18.88 million. Adjusted EBITDA increased to $20.13 million from $16.03 million, showing stronger operating earnings as the portfolio expanded. During the quarter, Postal Realty acquired 37 last-mile, flex and industrial properties leased to the USPS for $45.1 million, excluding closing costs. The properties totaled about 237,000 net leasable interior square feet and carried a weighted-average cash capitalization rate of roughly 7.3%. The owned portfolio ended June with 2,014 properties across 49 states and one territory, covering about 7.5 million net leasable interior square feet. The weighted-average rental rate was $12.40 per square foot, including $14.44 for last-mile and flex properties and $5.12 for industrial assets. Operating expenses increased 18.3% year over year to $17.33 million. Real estate taxes rose 15.5% to $3.20 million, property operating expenses climbed 30.6% to $2.59 million, and general and administrative expenses increased 9.3% to $4.72 million. Net interest expense rose 20.6% to $4.86 million as contractual interest expense increased to $4.58 million. Even with these higher costs, income from operations advanced 29.6% to $11.29 million, while net income rose 37.1% to $6.40 million. Postal Realty continues to build longer-duration rent visibility through leases with annual escalators. As of the second quarter, 45% of the portfolio had 10-year leases and 33% had leases with annual escalators of at least 3%. Including leases agreed through 2027, those figures rise to 59% and 54%, respectively. Annualized base rent totaled $92.85 million, and the company highlighted mark-to-market lease expirations as an internal growth opportunity. Postal Realty ended the quarter with net debt of $381.25 million. Net debt to pro forma annualized adjusted EBITDA was 4.6X, while pro forma adjusted net debt to pro forma annualized adjusted EBITDA was 4.0X after considering unsettled forward equity and subsequent ATM activity. The company had $205 million undrawn on its revolving credit facility at quarter-end, with 84% of debt set to fixed rates after hedges. During the quarter, it issued about 2.5 million shares through its ATM program for $47.40 million of gross proceeds, while unsettled forward sales represented another $39.10 million of expected gross proceeds. Subsequent to quarter-end, an expanded credit facility increased total commitments to $615 million and reduced SOFR-based borrowing margins by about 35-45 basis points. The company also declared a quarterly dividend of 24.5 cents per share, equal to 98 cents on an annualized basis. For 2026, Postal Realty increased AFFO guidance by one cent to $1.41-$1.43 per diluted share. The midpoint represents 7.6% year-over-year growth, extending the company's focus on both internal rent growth and accretive acquisitions. Postal Realty also raised acquisition guidance by $20 million to $150-$160 million and maintained same-store cash NOI growth guidance of 6%-7%. Management said its improved cost of capital broadens the range of properties and portfolios it can pursue as it continues consolidating the USPS-leased real estate market. It turns out, estimates review flatlined during the past month. At this time, Postal Realty Trust has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for this investment strategy. Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in. Postal Realty Trust has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Postal Realty Trust belongs to the Zacks REIT and Equity Trust - Other industry. Another stock from the same industry, Alexandria Real Estate Equities (ARE), has gained 5.2% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Alexandria Real Estate Equities reported revenues of $662.78 million in the last reported quarter, representing a year-over-year change of -13%. EPS of -$0.43 for the same period compares with $2.33 a year ago. Alexandria Real Estate Equities is expected to post earnings of $1.52 per share for the current quarter, representing a year-over-year change of -31.5%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.8%. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Alexandria Real Estate Equities. Also, the stock has a VGM Score of F. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Postal Realty Trust, Inc. (PSTL) : Free Stock Analysis Report Alexandria Real Estate Equities, Inc. (ARE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 9:00 a.m. ET Chief Executive Officer - Andrew Spodek President - Jeremy Garber Chief Financial Officer - Stephen Bakke Chief Accounting Officer - Matt Brandwein Senior Vice President of Finance and Capital Markets - Jordan Cooperstein Need a quote from a Motley Fool analyst? Email [email protected] Operator: Greetings, and welcome to the Postal Realty Trust's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jordan Cooperstein, Senior Vice President of Finance and Capital Markets. Welcome, Jordan. Jordan Cooperstein: Thank you, and good morning, everyone. Welcome to Postal Realty Trust's Second Quarter 2026 Earnings Conference Call. On the call today, we have Andrew Spodek, Chief Executive Officer; Jeremy Garber, President; Steve Bakke, Chief Financial Officer; and Matt Brandwein, Chief Accounting Officer. Please note the company may use forward-looking statements on this conference call, which are statements that are not historical facts and are considered forward-looking. These forward-looking statements are covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including, but not limited to, those contained in the company's latest 10-K and 10-Q and its other regulatory filings with the SEC. The company does not assume and specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, on this conference call, the company may refer to certain non-GAAP financial measures, such as funds from operations, adjusted funds from operations, adjusted EBITDA, pro forma adjusted EBITDA, pro forma annualized adjusted EBITDA, net debt, adjusted net debt, portfolio occupancy, same-store cash NOI, same-store cash revenue, and pro forma adjusted net debt. You can find the definitions and, to the extent available, tabular reconciliations of these non-GAAP financial measures to the most currently comparable GAAP measures in the company's earnings release and supplemental materials. With that, I will now turn the call over to Andrew Spodek, Chief Executive Officer of Postal Realty Trust. Andrew Spodek: Good morning, and thank you for joining us today. In the second quarter, we experienced strong momentum as we closed $45 million of acquisitions at a 7.3% weighted average cash cap rate. This was the highest volume quarter since June 2022. Our current improved access to capital allows us to expand the breadth of acquisition targets, including larger assets and portfolios that have strong postal specs and attractive growth profiles while maintaining a very attractive spread. A recent acquisition in San Diego is a perfect illustration. We acquired a $9.6 million facility located west of Interstate 805, locking in an attractive basis for a below-market lease with meaningful growth potential in Coastal California. Our disciplined approach to acquiring properties has not changed. We target properties that are day 1 accretive and offer embedded upside over time. With an improved cost of capital, we now acquire a broader universe of these high-quality assets, supporting the strong internal growth profile we have consistently delivered. Year-to-date through July, we have acquired $88 million at a 7.4% cap rate. As a result of our acquisition volume so far this year and our visibility into a large pipeline of opportunities, we are increasing our acquisitions guidance to $150 million to $160 million. We have increased our acquisition guidance by 30% so far this year, and we will update you later in the year as our pipeline progresses. The $110 million of equity we have sold through July sets us up to fully fund our acquisition pipeline. In addition, we recently increased the size and reduced the borrowing cost of our revolving credit facility, adding to our financial strength. Our decades of experience in the postal real estate market continues to fuel our growth and consistency. By marking rents to market, securing 3% annual escalators on new leases, and extending leases to 10-year terms, we have driven strong performance. We have delivered 5.5% average same-store cash NOI growth over the last 5 years, inclusive of this year, which is tracking to a range of 6% to 7%. Most recently, we have used our unique operational approach to solidify a same-store cash revenue growth outlook for 2027 of approximately 6.5%. Alongside this growth, we are achieving robust retention and occupancy rates that exceed 99%. The North Star that guides our efforts is delivering robust AFFO growth per share, which has been 6.2% annually over the last 5 years. With the AFFO per share guidance increase we announced yesterday, our midpoint for 2026 implies growth of 7.6%. With our expanded access to capital, the momentum we are seeing in our acquisition pipeline and the strength of our team, I've never felt more confident in our ability to scale the platform accretively. With that, I will turn the call over to Steve. Stephen Bakke: Thanks, Andrew. There are 4 pillars to our sector-leading AFFO per share growth. First, our lease mark-to-market opportunity is significant, representing a clear opportunity to capture embedded upside in our portfolio. Between 2027 and 2030, 28% of our rental income will expire with no remaining renewal options. Second, annual rent escalators provide a compounding tailwind. In 2027, approximately 52% of our rent will experience an escalation, a substantial increase from 5% in 2023, and higher than 37% in 2026. Moving forward, replacing legacy flat leases with new leases with escalators will further bolster our annual internal growth. Third, we benefit from retained cash flow. As we have scaled the business, this funding source has grown with our AFFO available after dividend payments expected to increase to $16 million in 2026, up considerably from $3 million 3 years ago. This provides us flexible capital we can selectively use to repay debt or to pursue acquisitions that further accelerate our growth. Fourth, we are crystallizing day 1 accretion from acquisitions. While the majority of our AFFO growth has been and continues to be internally driven, our significantly improved cost of capital is making upfront accretion, a more significant contributor to earnings growth. Our second quarter results reflect the strong growth foundation that these pillars establish. Yesterday, we reported AFFO per share of $0.36. This is a $0.03 increase from the first quarter and a $0.03 increase from 2025's second quarter. Note that in last year's second quarter, we earned approximately $0.005 from onetime lump sum catch-up payments compared to a de minimis amount this year. Reviewing our balance sheet, we ended the second quarter with net debt to pro forma annualized adjusted EBITDA of 4.6x, down from 5.2x last quarter. As of yesterday, $48 million of gross forward equity proceeds remain unsettled at a weighted average share price of $22.05 per share. Including unsettled forwards and sales post quarter end, pro forma adjusted net debt to pro forma annualized adjusted EBITDA was 4x. Leverage declined in the second quarter due to the expansion of our EBITDA as well as our decision to further equitize acquisitions. Operating with a low leverage balance sheet increases the stability of our cash flows and positions us to acquire accretively in a variety of environments. As a result, we plan to maintain balance sheet leverage no higher than 5.5x net debt to pro forma annualized adjusted EBITDA going forward, a level consistent with our approach the last 3-plus years. We further improved our balance sheet through a credit facility recast in July. In addition to increasing our facility size by $60 million, we further laddered our maturity schedule by bifurcating our prior 2028 maturity of $190 million into a $90 million maturity in 2028, and a $100 million maturity in 2029. Our largest maturity tower has been pushed out to 5 years in 2031. Our goal is to have no more than 25% of debt maturing in a given year. We also extended our weighted average maturity from 2.8 to 3.5 years, closer to our goal of 5 years or more. It is important to note the additional term loan borrowings and tenor extension have been fully hedged on a fixed rate basis, keeping our floating rate exposure at less than 10% of debt after the recast. Lastly, we reduced our interest rate margin by 30 basis points, a meaningful cost savings. Turning to guidance. We are raising our AFFO per share range by $0.01 to $1.41 to $1.43 per share, representing 7.6% growth at the midpoint for the year. The increase is supported by higher acquisition volume, our improved borrowing costs, and G&A efficiencies. Turning to additional guidance items. Cash G&A is tracking below the midpoint of our previously stated range. Same-store cash NOI remains in line with our forecast. And for the third quarter, we expect recurring capital expenditure in the range of $250,000 to $350,000. Our guidance includes de minimis dilution from treasury stock method accounting for unsettled forward equity. To quantify the impact, a $2 per share increase in our stock price from June 30 through year-end would result in a negative $0.002 impact on earnings. Similarly, a $2 per share decrease in our stock price over the period would result in a positive $0.002 benefit to earnings. Lastly, our Board of Directors has approved a quarterly dividend of $0.245 per share, representing a 1% increase from last year. Our dividend payout ratio for the second quarter is approximately 68%, and our dividend yield as of yesterday was 4.3%. I will now turn it over to Jeremy. Jeremy Garber: Thanks, Steve. As we like to remind investors, the real estate we own is critical American logistics infrastructure. These last-mile facilities form the backbone of the Postal Service's delivery network. These properties enable the Postal Service to meet its congressionally mandated obligation to provide universal service to approximately 170 million delivery points, 6 and often 7 days a week. The cost to lease this real estate backbone of this network is only 1.5% of the U.S. Postal Service's annual operating expenses. Turning to this quarter's leasing update. We have executed 90% of 2026 new leases by rent, and we anticipate executing the remaining 10% in the normal course of the back half of the year. As it relates to 2027 leases, substantially all rents have been agreed upon, and we are beginning the lease execution phase. All 2026 and 2027 new leases will have 3% escalators and the vast majority will have 10-year terms. This excludes leases subject to renewal options. As a result of leasing activities, 59% of leases in our portfolio contain annual escalators. 54% of our portfolio consists of leases with 10-year terms, and our weighted average lease term was 6.4 years at the end of the quarter, including executed and agreed-upon leases through 2027, more than doubling the 3-year WALT we reported a couple of years ago. Shifting to acquisitions. In the second quarter, we acquired 37 properties for $45 million at a weighted average cash cap rate of 7.3%. This brings our year-to-date total through July to $88 million at a weighted average cash cap rate of 7.4%. In the second quarter, we added 237,000 square feet to our portfolio, consisting of 29,600 square feet from 20 last-mile post offices, 141,500 square feet from 16 flex properties and 62,000 square feet from 1 industrial property. This concludes our prepared remarks. Operator, we would like to open the call for questions. Operator: [Operator Instructions] Our first question is coming from the line of Greg McGinniss with Scotiabank. Greg McGinniss: Andrew, you mentioned your confidence in scaling the platform accretively. To support the growing acquisition pipeline, how are you adding to or adjusting the investment team? What's the expected impact to G&A there? And maybe Steve can chime in on forward expectations or trends for G&A spend as a percentage of NOI. Andrew Spodek: Thanks for the question. Our investment team is pretty secure. We've really created a very strong team and a very strong process that gives us the ability to scale the platform and do the volume that we've been doing and that we hope to continue to grow. So I don't think there's going to be a significant change in the investment team. Stephen Bakke: And adding to that, Greg, thanks for the question. If you look at our cash G&A as a percentage of revenue, we've been on average for the last 5 years reducing that by about 150 basis points a year. Our guidance implies 10% to 10.9% cash G&A as a percentage of revenue for the year. And as we move forward, we continue to look for efficiencies. There's a lot of exciting technology out there. There are improvements to our approach and systems we can also look into that could help us derive additional efficiencies. Greg McGinniss: Okay. And then one more on transactions. You have 1 big industrial property acquired this quarter. You guys are also talking about an ability to maybe acquire some larger portfolios with improved cost of capital. So just curious what you're seeing out there in terms of more of these industrial properties or more of these potentially larger portfolios. Are these going to be a meaningful contributor to your acquisitions going forward? Andrew Spodek: Yes. I appreciate the question. We've always been clear that we look at industrial assets. We don't find them to be the bread and butter of the business. But when we do see them, we do underwrite them and try to acquire them as long as they are accretive day 1 and as long as there is some internal growth that can be added over the course of the lease. We look at -- like in all assets, and it doesn't matter if it's industrial or large assets or portfolios or single assets for that matter, we look at the basis that we're buying it, we look at the importance of the property to the Postal Service, and we want to make sure that this is accretive, not just day 1, but over time. And that tracks with everything that we buy. And over the years that we've been doing this, these acquisitions have always been accretive on day 1. And so, as our cost of capital gets better, it gives us the ability to buy more assets that fit those qualifications. Greg McGinniss: And so just to clarify, with the improved cost of capital, which has come down significantly since the beginning of the year, are we talking about materially more assets that you're able to acquire accretively? And is this the -- investment team is doing what it can in terms of its ability to be acquiring right now, and this is just the best of the best and so we could see material increase in acquisitions, or is this -- it's incremental? Stephen Bakke: Greg, this is Steve. Andrew in his prepared remarks spoke to some of the momentum we're seeing in our pipeline. I think from a cost of capital perspective, I'll say, last September, when I was in the process of joining the company, we had around a 7.3% weighted average cost of capital, and we were acquiring at a 7.7% cost of capital. So you can back into a 40 basis point investment spread from those numbers. And even with that, we're generating substantial growth because the majority of what we are really driving is internal growth. If you fast forward to today, you can look at our investment presentation, we have a 6% -- 6.0% weighted average cost of capital. And we're, today, this quarter, buying at a 7.3% cap rate. So we're deriving 3x or 4x the investment spread that we were doing a short time ago. And we're feeling as confident as ever, if not more confident about the long-term growth prospects of the properties we're acquiring. Operator: Our next question is coming from the line of John Kim with BMO Capital Markets. John Kim: Andrew, at the beginning of the call, you mentioned widening your acquisition opportunities, and you discussed the San Diego acquisition as one with a higher mark-to-market and growth potential in the coastal market. So I was wondering if you could just expand on that a little bit, especially the growth potential and the asset in the West Coast market. Is that something that's important to you given it's a region that you're relatively underweight and land costs maybe a little bit higher, but again, potentially has higher growth? Andrew Spodek: Sure. I appreciate it. The -- like I said to Greg, the fundamentals of these properties are all relatively similar, right? We are still driving to buy things at a good basis, important to the Postal Service and that are accretive in day 1 and have long-term growth potential. Now that applies everywhere. But what we do is we underwrite each asset within its particular market. And so we just highlighted San Diego just to show everybody that there's a wide breadth types of properties that we buy in San Diego or types of properties like that, especially in the location at the basis that we buy them in with the growth was something that I wanted the investor universe to really understand. John Kim: Okay. And as the USPS evaluates both its cost structure and the monetization of its network, including the recent DHL eCommerce deal, how are you seeing that impact either your current portfolio or acquisitions that you're looking at? Stephen Bakke: Yes. Again, you used the word monetization of the last-mile. We spoke about a process that they put in place a few months ago around trying to monetize the last-mile. After that announcement, we saw Amazon and DHL renew and extend their relationships. I think it just shows how important these assets are to the Postal Service. These are -- as Andrew described, those are our bread and butter. And as we continue to look at acquisition opportunities, the breadth of opportunities continues to expand. And as I described, the Postal Service is showing us that these are the assets that are critical and important and that they want to make sure we're secure. John Kim: Maybe one quick last one for Steve. Your pro forma leverage is at 4x. To maximize your cost of capital, are you looking to further reduce leverage going forward? Or are you comfortable at these levels? Stephen Bakke: I think a short answer to your question is comfortable at these levels. We made an intentional decision to equitize acquisitions this quarter because we see a number of benefits from running with lower leverage with minimal impact on our forward earnings trajectory. We enhanced the stability of our cash flows. It adds optionality for us to potentially zig while others are zagging in a challenging economic environment and continue to deploy capital maybe when others are on the sideline. And lastly, to the point you made, we think that our overall cost of capital, including both debt and equity, can be lower by running at lower leverage levels. Operator: [Operator Instructions] Our next question is coming from the line of Anthony Paolone with JPMorgan. Nahom Tesfazghi: You have Nahom on for Tony this morning. I guess my first question, it looks like cap rates came down from 1Q to 2Q. I guess, was that driven by the industrial asset you guys purchased in the quarter? And maybe if you guys could give any color on as to what you guys are seeing in the transaction market in terms of pricing would be helpful as well. Andrew Spodek: Thanks for the question. So, like I've said in the prepared remarks and like I've said before, our North Star is growing earnings per share. It's not based on the type of particular asset, right? We are going to buy assets that make sense, not just today out of the gate that are accretive, but that have long-term potential. The lowering of the cap rate is not specifically tied to that asset. We are going to -- as you see volumes rise and cap rates compress somewhat, we are -- just understand that we're solving for that higher earnings growth, not just currently, but in the future years. If we didn't do that, we would be settling for a lower volume, and some are higher cap rates, it would be less accretive to earnings. And that's really what we're driving for. Nahom Tesfazghi: Got it. And I guess looking at, like, portfolio expirations, I think for about 40% of the portfolio that the USPS has the option to renew with sort of the older legacy terms, like the flat 5-year lease terms. I guess, how long will it take for those to burn off? And is it when they expire on the next term that you'll be able to mark those to market? Stephen Bakke: It really depends, Nahom. We have -- in 2027, we have a large master lease that is footnoted in our investor presentation. That one, in particular, has one more 5-year extension before that rent, which is materially below market, has a chance to be mark-to-market, but it depends asset by asset. I mean, one thing we could do or look into in the future is providing a fully extended expiration schedule to give you a better sense. But I think for the next few years, we have ample growth opportunity simply within the mark-to-market leases. Operator: It appears we have no additional questions at this time. So I'd like to pass the floor back over to management for any closing comments. Andrew Spodek: Thank you, everybody, for joining us. Look, we've built a scalable platform designed to maximize the value of postal real estate backed by a growing rent stream from a tenant who pays 100% of the rent 100% of the time. Our North Star has continued delivering strong compound AFFO per share growth over time. We have never been more confident in our ability to consolidate the postal real estate market given our access to capital, momentum in our acquisition pipeline, and the team and platform we have in place. We look forward to sharing our progress next quarter. Thank you, everybody. Operator: Thank you. Ladies and gentlemen, this does conclude today's teleconference. Once again, we thank you for your participation, and you may disconnect your lines at this time. Before you buy stock in Postal Realty Trust, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Postal Realty Trust wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $411,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,252!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 11, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Postal Realty Trust (PSTL) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Postal Realty Trust, Inc.? Here are five stocks we like better. Postal Realty Trust raised its 2026 outlook, increasing acquisition guidance to $150 million–$160 million and AFFO-per-share guidance to $1.41–$1.43, implying 7.6% growth at the midpoint. The company acquired $45 million of properties in the second quarter at a 7.3% weighted-average cash cap rate, bringing 2026 acquisitions through July to $88 million. Lower borrowing costs and equity issuance have improved its ability to pursue larger assets and portfolios. Operational and balance-sheet metrics strengthened: occupancy and retention remained above 99%, net leverage fell to 4.6 times EBITDA, and a credit-facility expansion extended debt maturities while reducing interest-rate costs and floating-rate exposure. Postal Realty Trust (NYSE:PSTL) raised its 2026 acquisition and adjusted funds from operations, or AFFO, guidance after reporting increased transaction activity, continued leasing progress and lower borrowing costs during the second quarter. Chief Executive Officer Andrew Spodek said the company closed $45 million of acquisitions during the quarter at a 7.3% weighted-average cash capitalization rate, representing its highest quarterly acquisition volume since June 2022. Through July, the company had acquired $88 million of properties at a 7.4% weighted-average cash cap rate. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling The company increased its full-year acquisition guidance to $150 million to $160 million, which Spodek said reflects visibility into a large pipeline of opportunities. Postal Realty Trust sold $110 million of equity through July, which management said positions it to fully fund its acquisition pipeline. Spodek said improved access to capital has broadened the company’s potential acquisition universe to include larger assets and portfolios with postal-related characteristics and growth potential. He highlighted a $9.6 million acquisition in San Diego, describing it as a facility west of Interstate 805 with a below-market lease and potential for future growth in coastal California. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High During the second quarter, Postal Realty Trust acquired 37 properties for $45 million and added 237,000 square feet to its portfolio. The acquired space included 20 last-mile post offices totaling 29,600 square feet, 16 flex properties totaling 141,500 square feet, and one industrial property totaling 62,000 square feet. In response to analyst questions, Spodek said industrial assets are not the company’s “bread and butter,” but it will pursue them when they are accretive from the outset and offer internal growth potential over the lease term. He said the company evaluates properties based on purchase basis, their importance to the Postal Service, day-one accretion and long-term growth prospects. → No Hangover: Revisiting Microsoft One Week After Earnings Chief Financial Officer Steve Bakke said the company’s weighted-average cost of capital was approximately 6.0%, compared with acquisition cap rates of 7.3% during the quarter. He contrasted that with a roughly 7.3% weighted-average cost of capital and a 7.7% acquisition cap rate when he was joining the company last September. Postal Realty Trust reported second-quarter AFFO per share of $0.36, up $0.03 from both the first quarter and the year-ago period. Bakke noted that the prior-year quarter included approximately half a cent of earnings from one-time lump-sum catch-up payments, while such payments were de minimis in the latest quarter. The company raised its 2026 AFFO per share guidance by $0.01 to a range of $1.41 to $1.43. At the midpoint, the outlook implies 7.6% growth for the year, according to management. Bakke said the increase was supported by higher acquisition volume, reduced borrowing costs and general and administrative efficiencies. Management identified lease mark-to-market opportunities, annual rent escalators, retained cash flow and acquisition accretion as the primary drivers of AFFO per-share growth. Bakke said 28% of rental income is scheduled to expire between 2027 and 2030 without remaining renewal options. He also said approximately 52% of rent will experience an escalation in 2027, compared with 37% in 2026 and 5% in 2023. Postal Realty Trust expects AFFO available after dividend payments to reach $16 million in 2026, compared with $3 million three years earlier. Spodek said the company has generated average same-store cash net operating income growth of 5.5% over the last five years, including the current year, which is tracking toward a 6% to 7% range. The company also expects approximately 6.5% same-store cash revenue growth in 2027. President Jeremy Garber said the company had executed 90% of its 2026 new leases by rent and expects to complete the remaining 10% during the second half of the year. Substantially all rents for 2027 leases have been agreed upon, he said, with the company beginning the execution process. All new leases for 2026 and 2027 are expected to include 3% annual rent escalators, while the vast majority are expected to have 10-year terms, excluding leases subject to renewal options. Following the leasing activity, 59% of the portfolio’s leases contain annual escalators and 54% have 10-year terms. The weighted-average lease term was 6.4 years at quarter-end, including executed and agreed-upon leases through 2027. The company reported occupancy and retention above 99%, according to Spodek. Garber said the properties serve as last-mile logistics infrastructure for the U.S. Postal Service and that the cost of leasing the real estate network represents 1.5% of the Postal Service’s annual operating expenses. Postal Realty Trust ended the quarter with net debt to pro forma annualized adjusted EBITDA of 4.6 times, down from 5.2 times in the prior quarter. Including unsettled forward equity and post-quarter-end equity sales, pro forma adjusted net debt to pro forma annualized adjusted EBITDA was 4.0 times, Bakke said. In July, the company expanded its credit facility by $60 million, extended its weighted-average debt maturity from 2.8 years to 3.5 years and reduced its interest-rate margin by 30 basis points. Management said the new term loan borrowings and maturity extensions were fully hedged at fixed rates, leaving floating-rate exposure below 10% of total debt. Bakke said management intends to keep leverage no higher than 5.5 times net debt to pro forma annualized adjusted EBITDA. The board also approved a quarterly dividend of 24.5, representing a 1% increase from the prior year, with a second-quarter dividend payout ratio of approximately 68% and a dividend yield of 4.3% as of the day before the call. Postal Realty Trust is a real estate investment trust that acquires, owns and manages single-tenant commercial properties net-leased primarily to the United States Postal Service and other government agencies. The trust focuses on facilities that support mail processing, distribution and retail operations, targeting assets that offer long-term, inflation-protected lease structures. The company’s portfolio includes post offices, distribution centers and mail processing facilities located throughout the contiguous United States. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Postal Realty Trust Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved the highest acquisition volume since June 2022, driven by improved access to capital which allows for a broader range of targets including larger assets and portfolios. Maintained a disciplined acquisition strategy focused on properties that are day-one accretive while offering embedded upside through below-market leases and growth potential. Leveraged a unique operational approach to secure 3% annual escalators on new leases and extend terms to 10 years, driving a same-store cash revenue growth outlook of approximately 6.5% for 2027. Attributed strong performance to a 'North Star' focus on AFFO growth per share, which has averaged 6.2% annually over the last five years. Utilized a low-leverage balance sheet strategy to increase cash flow stability and maintain the ability to acquire accretively across various economic environments. Capitalized on the critical nature of last-mile postal facilities, which represent only 1.5% of USPS operating expenses but form the essential backbone of universal service delivery. Increased 2026 acquisition guidance to a range of $150 million to $160 million, a 30% upward revision year-to-date based on pipeline visibility. Identified a significant internal growth tailwind as 28% of rental income expires between 2027 and 2030 with no remaining renewal options, allowing for market-rate resets. Projected a substantial increase in rent escalations, with approximately 52% of rent expected to experience an escalation in 2027 compared to only 5% in 2023. Committed to maintaining balance sheet leverage no higher than 5.5x net debt to pro forma annualized adjusted EBITDA to preserve financial flexibility. Anticipate utilizing growing retained cash flow, expected to reach $16 million in 2026, to selectively repay debt or fund further accretive acquisitions. Recast the credit facility in July, increasing size by $60 million and reducing the interest rate margin by 30 basis points to lower borrowing costs. Successfully laddered debt maturities, pushing the largest maturity tower out to 2031 and extending weighted average maturity from 2.8 to 3.5 years. Maintained high interest rate protection with less than 10% floating rate debt exposure following the facility recast and fixed-rate hedging. Noted a de minimis earnings sensitivity to stock price fluctuations related to unsettled forward equity, estimated at $0.002 per $2 share price movement. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed the current investment team and processes are secure and capable of scaling without significant personnel changes. Cash G&A as a percentage of revenue has decreased by approximately 150 basis points annually over the last five years, with further efficiencies expected from new technology. Industrial assets are considered when they are day-one accretive and offer internal growth, though they remain secondary to the core last-mile postal office focus. Improved cost of capital has expanded the investment spread to 3x or 4x what it was in late 2025, enabling the pursuit of larger, high-quality assets. Management views recent DHL and Amazon contract extensions as validation of the critical importance of last-mile postal infrastructure. The USPS focus on monetizing the last-mile reinforces the value of the company's 'bread and butter' asset class. The decision to lower leverage to 4x pro forma was intentional to enhance cash flow stability and lower the overall weighted average cost of capital. Lower leverage provides the optionality to continue deploying capital even if the broader economic environment becomes more challenging.

- Net Income of $0.15 Per Diluted Share - - Increased 2026 AFFO Guidance $0.01 to $1.41 - $1.43 Per Diluted Share, Representing Growth of 7.6% Year-Over-Year at the Midpoint -- Increased 2026 Acquisition Guidance $20 Million to $150 Million - $160 Million -- $38.5 Million of Gross Equity Sales via ATM Program in Second Quarter - - Acquired 37 USPS Properties for $45.1 Million at a Weighted Average Capitalization Rate of 7.3% - CEDARHURST, N.Y., Aug. 04, 2026 (GLOBE NEWSWIRE) -- Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally managed real estate investment trust that owns and manages over 2,300 properties leased primarily to the United States Postal Service (the “USPS”), ranging from last-mile post offices to industrial facilities, today announced results for the quarter ended June 30, 2026. Highlights for the Quarter Ended June 30, 2026 Net income attributable to common shareholders of $5.1 million, or $0.15 per diluted share Acquired 37 USPS properties for $45.1 million, excluding closing costs Rental income increased 23.3% from second quarter 2025 to second quarter 2026, reflecting internal growth and acquisitions Funds from Operations ("FFO") of $13.1 million, or $0.37 per diluted share Adjusted Funds from Operations ("AFFO") of $12.7 million, or $0.36 per diluted share Subsequent to quarter end, the Company announced a quarterly dividend of $0.245 per share "Our continued outsized AFFO growth illustrates the strength of Postal Realty's platform," said Andrew Spodek, Chief Executive Officer of Postal Realty Trust. "Having closed an expanded credit facility in July and raised $110 million of equity year to date, we have never been in a better position to acquire properties that reinforce our long-term growth trajectory." Mr. Spodek continued, "Our improved cost of capital enhances our ability to acquire a broader swath of assets, including larger properties and portfolios, that are day one accretive and offer long term growth." Property Portfolio & Acquisitions The Company’s owned portfolio was 99.8% occupied, comprised of 2,014 properties across 49 states and one territory with approximately 7.5 million net leasable interior square feet and a weighted average rental rate of $12.40 per leasable square foot based on rents in place as of June 30, 2026. The weighted average rental rate consisted of $14.44 per leasable square foot on last-mile and flex properties and $5.12 on industrial properties. During the second quarter, the Company acquired 37 last-mile, flex and industrial properties leased to the USPS for $45.1 million excluding closing costs, comprising approximately 237,000 net leasable interior square feet at a weighted average rental rate of $14.69 per leasable square foot based on rents in place as of June 30, 2026. These acquisitions were completed at a weighted average cash capitalization rate of approximately 7.3%. Balance Sheet & Capital Markets Activity As of June 30, 2026, the Company had approximately $2.6 million of cash and property-related reserves, and approximately $381 million of net debt with a weighted average interest rate of 4.4%. At the end of the quarter, 84% of the Company's debt outstanding was set to fixed rates (when taking into account interest rate hedges), and $205.0 million of the Company's revolving credit facility was undrawn. Subsequent to quarter end, and after giving effect to interest rate hedges entered into by the Company in connection with its expanded Credit Facility, the percentage of the Company's debt set to fixed rates increased to 92%. During the second quarter, the Company issued approximately 2.5 million shares via the ATM for $47.4 million of gross proceeds, consisting of regular-way sales accounting for 0.5 million shares and approximately $11.8 million of gross proceeds, and settlement of a forward sale agreement consisting of 2.0 million shares and approximately $35.6 million of gross proceeds. At the end of the second quarter, the Company had unsettled forward sale agreements covering 1.8 million shares, representing approximately $39.1 million of expected gross proceeds, assuming full physical settlement. Subsequent to quarter end, the Company issued approximately 0.08 million shares via the ATM for $2.0 million of gross proceeds, and entered into a forward sale agreement covering 0.4 million shares for an additional $9.0 million of gross proceeds. As of August 4, 2026, forward sale agreements covering 2.2 million shares remain unsettled, representing approximately $48.1 million of expected gross proceeds, assuming full physical settlement. Dividend On August 3, 2026, the Company announced a quarterly dividend of $0.245 per share of Class A common stock. The dividend equates to $0.98 per share on an annualized basis. The dividend will be paid on August 28, 2026 to stockholders of record as of the close of business on August 14, 2026. 2026 Guidance (1) The Company's AFFO per share guidance range includes de minimus estimated dilution due to the impact of the Company's outstanding forward equity calculated in accordance with the treasury stock method. Note: The Company does not provide guidance with respect to the most directly comparable GAAP financial measure or provide reconciliations to GAAP from its forward-looking non-GAAP financial measures of AFFO per share guidance, Same Store Cash NOI and Cash NOI, due to the inherent difficulty of forecasting the effect, timing and significance of certain amounts in the reconciliation that would be required by Item 10(e)(1)(i)(B) of Regulation S-K. Examples of these amounts include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions or developments. In addition, certain non-recurring items may also significantly affect net income but are generally adjusted for in AFFO, Same Store Cash NOI and Cash NOI. Based on our historical experience, the dollar amounts of these items could be significant, and could have a material impact on the Company's GAAP results for the guidance period. Webcast and Conference Call Details The Company will host a webcast and conference call to discuss the second quarter 2026 financial results on Wednesday, August 5, 2026, at 9:00 A.M. Eastern Time. A live audio webcast of the conference call will be available on the Company’s investor website at https://investor.postalrealtytrust.com/Investors/events-and-presentations/default.aspx. To participate in the conference call, callers from the United States and Canada should dial-in ten minutes prior to the scheduled call time at 1-877-407-9208. International callers should dial 1-201-493-6784. Replay A telephonic replay of the call will be available starting at 1:00 P.M. Eastern Time on Wednesday, August 5, 2026, through 11:59 P.M. Eastern Time on Wednesday, August 19, 2026, by dialing 1-844-512-2921 in the United States and Canada or 1-412-317-6671 internationally. The passcode for the replay is 13760644. Non-GAAP Supplemental Financial Information An explanation of certain non-GAAP financial measures used in this press release, including, FFO, AFFO, net debt, Same Store Cash NOI, NOI and Cash NOI, as well as reconciliations of certain of those non-GAAP financial measures, to the most directly comparable GAAP financial measure, is included below. The Company calculates FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines FFO as follows: net income (loss) (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by an entity. Other REITs may not define FFO in accordance with the NAREIT definition or may interpret the current NAREIT definition differently than the Company does and therefore the Company’s computation of FFO may not be comparable to such other REITs. The Company calculates AFFO by starting with FFO and adjusting for recurring capital expenditures (defined as all capital expenditures and leasing costs that are recurring in nature, excluding expenditures that (i) are for items identified or existing at the time a property was acquired or contributed (including through the Company's formation transactions), (ii) are part of a strategic plan intended to increase the value or revenue-generating ability of a property, (iii) are for replacements of roof or parking lots, (iv) are considered infrequent or extraordinary in nature, or (v) for casualty damage), acquisition-related expenses (defined as expenses that are incurred for investment purposes and business acquisitions and do not correlate with the ongoing operations of the Company's existing portfolio, including due diligence costs for acquisitions not consummated and certain professional fees incurred that were directly related to completed acquisitions or dispositions and integration of acquired business) that are not capitalized, and certain other non-recurring expenses and then adding back non-cash items including: write-off and amortization of deferred financing fees, straight-line rent and other adjustments (including (a) lump sum catch up amounts for increased rents, net of any lease incentives and (b) beginning in Q2 2026, amortization of investment in financing leases, net), fair value lease adjustments, non-real estate depreciation and amortization (which beginning in Q1 2026 includes amortization of software development costs), non-cash components of compensation expense and casualty losses (recoveries). AFFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company's operating performance. The Company believes that AFFO is widely used by other REITs and is helpful to investors as a meaningful additional measure of the Company's ability to make capital investments. Other REITs may not define AFFO in the same manner as the Company does and therefore the Company's calculation of AFFO may not be comparable to such other REITs. The Company calculates its net debt as total debt less cash and property-related reserves. The Company believes excluding cash and restricted cash deposits held for the benefit of lenders from total debt, all of which could be used to repay debt, provides an estimate of the net contractual amount of borrowed capital to be repaid, which it believes is a beneficial disclosure to investors and analysts. Net debt as of June 30, 2026 is calculated as total debt of approximately $384 million less cash and property-related reserves of approximately $3 million. The Company calculates its occupancy rate by dividing the amount of the Company's owned portfolio's total net leasable interior square feet currently under lease agreements, regardless of the actual use or occupation by the tenant of the area being leased, by the Company's owned portfolio's total net leasable interior square feet. Net Operating Income (“NOI”), Cash NOI, and Same Store Cash NOI are non-GAAP financial measures which we use to assess our operating results. We compute NOI as net income (computed in accordance with GAAP), excluding general and administrative expenses, interest expense, net, income tax expense, depreciation and amortization, gains (or losses) on sale of real estate, casualty and impairment (gains) losses, net, property management expenses and other income, expenses, net. We further adjust NOI for non-cash revenue components of straight-line rent and other non-cash adjustments to derive Cash NOI. We further adjust Cash NOI for other adjustments that primarily consist of adjustments to NOI based on contractual lease terms and due to disposed and non-stabilized properties and Cash NOI for recently acquired properties to derive Same Store Cash NOI. We believe NOI and Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. Same Store Cash NOI is considered by management to be an important operating performance measure frequently used by analysts and investors because it includes only the Cash NOI of operating properties that have been owned and stabilized for the entire current and prior year reporting periods. NOI, Cash NOI, and Same Store Cash NOI are not measurements of financial performance under GAAP and may not be comparable to similarly titled measures of other companies. You should not consider our measures as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. NOI, Cash NOI, and Same Store Cash NOI are supplemental non-GAAP financial measures of real estate companies' operating performance and should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity. These metrics are non-GAAP financial measures and should not be viewed as an alternative measurement of the Company’s operating performance to net income. Management believes that accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. As a result, the Company believes that the additive use of FFO and AFFO, net debt, Same Store Cash NOI, NOI and Cash NOI, together with the required GAAP presentation, is widely-used by the Company’s competitors and other REITs and provides a more complete understanding of the Company’s performance and a more informed and appropriate basis on which to make investment decisions. Forward-Looking and Cautionary Statements This press release contains “forward-looking statements.” Forward-looking statements include statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements, including, among others, statements regarding the Company’s anticipated growth and ability to obtain financing and close on pending transactions on the terms or timing it expects, if at all, are based on the Company's current expectations and assumptions regarding capital market conditions, the Company’s business, the economy, the Company's 2026 and 2027 guidance, the Company's beliefs regarding AFFO growth, the Company's expectations regarding the settlement of open forward equity positions and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the USPS’s terminations or non-renewals of leases, changes in demand for postal services delivered by the USPS, the solvency and financial health of the USPS, competitive, financial market and regulatory conditions, disruption in market, general real estate market conditions, the Company’s competitive environment and other factors set forth under “Risk Factors” in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. About Postal Realty Trust, Inc. Postal Realty Trust, Inc. is an internally managed real estate investment trust that owns and manages over 2,300 properties leased primarily to the USPS. More information is available at postalrealtytrust.com. Contact: Steve BakkeEVP and Chief Financial OfficerEmail: [email protected] Phone: (516) 734-0420 Jordan CoopersteinSenior Vice President of Finance, Capital MarketsEmail: [email protected] Phone: (516) 295-7820 Explanatory Notes:(1) Excluded revenue primarily consists of property management fees and professional services(2) Other adjustments primarily consists of adjustments to NOI based on contractual lease terms, and due to disposed and non-stabilized properties

CEDARHURST, N.Y., Aug. 03, 2026 (GLOBE NEWSWIRE) -- Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally managed real estate investment trust that owns and manages over 2,300 properties leased primarily to the United States Postal Service (the “USPS”), ranging from last-mile post offices to industrial facilities, announced today that its board of directors has approved a quarterly dividend on the Company’s Class A common stock in the amount of $0.245 per share. This represents a 1.0% increase from the second quarter 2025 dividend. The dividend will be payable on August 28, 2026 to stockholders of record as of the close of business on August 14, 2026. About Postal Realty Trust, Inc. Postal Realty Trust, Inc. is an internally managed real estate investment trust that owns and manages over 2,300 properties leased primarily to the USPS. More information is available at postalrealtytrust.com. Forward-Looking and Cautionary Statements This press release contains “forward-looking statements.” Forward-looking statements include statements that are based on various assumptions (some of which are beyond the Company’s control) and may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the USPS’s terminations or non-renewals of leases, changes in demand for postal services delivered by the USPS, the solvency and financial health of the USPS, competitive, financial market and regulatory conditions, general real estate market conditions, the Company’s competitive environment and other factors set forth under “Risk Factors” in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Contact:Steve BakkeEVP and Chief Financial OfficerEmail: [email protected]: (516) 734-0420

A month has gone by since the last earnings report for Postal Realty Trust (PSTL). Shares have lost about 4.8% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Postal Realty Trust due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Postal Realty Trust, Inc. before we dive into how investors and analysts have reacted as of late. Postal Realty Trust Q1 AFFO Misses Estimates on Higher Expenses, Guidance Raised Postal Realty Trust reported first-quarter 2026 AFFO per share of 33 cents, up 3.1% year over year, but missed the Zacks Consensus Estimate of 35 cents by 5.7%. Total revenues were $26.6 million, up 20.3% year over year, but came in 0.8% below the consensus mark. Results reflected strong rent roll growth from acquisitions and embedded internal growth, partly offset by higher corporate overhead as the platform scaled. The owned portfolio ended the quarter 99.8% occupied, underscoring steady demand for USPS-leased assets. Rental income increased 21.6% year over year to $26.1 million, supported by internal growth and acquisition volume. Fee and other revenues were $0.5 million, bringing total revenues to $26.6 million for the quarter. During the period, Postal Realty Trust acquired 61 USPS-leased properties for $34.6 million (excluding closing costs). The purchases comprised about 195,000 net leasable interior square feet, with a weighted-average rental rate of $14.56 per square foot and a weighted-average cash capitalization rate of approximately 7.4%, adding to the rent base and supporting revenue growth. Management emphasized the predictability of its rent stream and pointed to improving visibility from longer-duration leases that include annual escalators. The company also introduced a 2027 same-store cash revenue growth outlook of approximately 6.5%, which it tied to its leasing approach with the Postal Service. As of March 31, 2026, the owned portfolio consisted of 1,978 properties across 49 states and one territory, totaling about 7.3 million net leasable interior square feet. The company also cited a high tenant retention backdrop, referencing a 99.6% retention rate. Expense pressure weighed on results despite revenue growth. On a year-over-year basis, real estate taxes were up to $3.1 million from $2.6 million, and property operating expenses of $2.8 million increased from $2.5 million, reflecting the larger portfolio base. General and administrative expenses rose to $5.4 million from $4.9 million. Net interest expense totaled $4.4 million, up from $3.6 million, reflecting a larger debt load alongside portfolio expansion. Postal Realty ended first-quarter 2026 with net debt of $385.4 million and leverage of 5.2X net debt to pro forma annualized adjusted EBITDA. Net debt to enterprise value was 36.9%, while fixed charge coverage and adjusted interest coverage were 4.2X and 4.4X, respectively. Liquidity improved following the February 2026 credit facility expansion that increased the revolver to $250 million and the 2028 term loan capacity to $190 million. At quarter-end, PSTL had $201.0 million undrawn on the revolver and said that 84% of debt was set to fixed rates (including hedges), supporting balance sheet flexibility, with no meaningful maturities showing up until 2028 in the company’s debt schedule. Equity issuance remained a key funding source, with $59.7 million of gross proceeds raised through the ATM program in the first quarter and $52.8 million of forward ATM equity unsettled as of May 5, 2026. For 2026, Postal Realty Trust increased AFFO guidance by one cent to a range of $1.40-$1.42 per share. The company also raised its 2026 acquisition guidance by $15 million to $130-$140 million and guided same-store cash NOI growth in the range of 6%-7%. The updated acquisition target signals a continued emphasis on external growth as Postal Realty works to scale its footprint in last-mile and flex assets. Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions. At this time, Postal Realty Trust has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. However, the stock has a grade of D on the value side, putting it in the bottom 40% for this investment strategy. Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in. Postal Realty Trust has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Postal Realty Trust belongs to the Zacks REIT and Equity Trust - Other industry. Another stock from the same industry, American Tower (AMT), has gained 1.2% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026. American Tower reported revenues of $2.74 billion in the last reported quarter, representing a year-over-year change of +6.8%. EPS of $1.84 for the same period compares with $2.75 a year ago. For the current quarter, American Tower is expected to post earnings of $2.69 per share, indicating a change of +3.5% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days. American Tower has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Postal Realty Trust, Inc. (PSTL) : Free Stock Analysis Report American Tower Corporation (AMT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Wednesday, May 6, 2026 at 9:00 a.m. ET Chief Executive Officer — Andrew Spodek President — Jeremy Garber Chief Financial Officer — Stephen Bakke Chief Accounting Officer — Matt Brandwein Need a quote from a Motley Fool analyst? Email [email protected] Andrew Spodek, Chief Executive Officer; Jeremy Garber, President; Steve Bakke, Chief Financial Officer; and Matt Brandwein, Chief Accounting Officer. Please note the company may use forward-looking statements on this conference call, which are statements that are not historical facts and are considered forward-looking. These forward-looking statements are covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including, but not limited to, those contained in the company's latest 10-K and its other regulatory filings. The company does not assume and specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, on this conference call, the company may refer to certain non-GAAP financial measures such as funds from operations, adjusted funds from operations, adjusted EBITDA, pro forma adjusted EBITDA, pro forma annualized adjusted EBITDA, same-store cash NOI, same-store cash revenue, net debt, adjusted net debt and pro forma adjusted net debt. You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP measures in the company's earnings release and supplemental materials. With that, I will now turn the call over to Andrew Spodek, Chief Executive Officer of Postal Realty Trust. Andrew Spodek: Good morning, and thank you for joining us today. In a couple of weeks, we will be celebrating our seventh anniversary as a public company. Over the past 7 years, we've created a purpose-built platform to unlock the value inherent in U.S. postal real estate. As we have developed and continue to refine this platform, we have delivered on multiple fronts. It starts with the 6.1% average annual AFFO per share growth we are on track to achieve from 2021 to 2026 based on AFFO guidance we increased yesterday. This performance ranks us second among net lease REITs. Our progression continued last year with the introduction of AFFO per share guidance made possible by refining our leasing approach with the Postal Service. Today, we are taking another step by sharing our forward-looking top line revenue outlook for 2027 despite being only 5 months into 2026. It is a testament to the unique leasing approach we have developed with the Postal Service that gives us this much visibility into 2027, and it speaks to the benefit of having primarily a single high credit tenant who consistently pays us 100% of contractual rent across our 99.8% occupied portfolio. We are expecting same-store cash revenue growth of approximately 6.5% in 2027, which is approximately 30 basis points higher than what we're expecting for 2026. Higher expected growth in 2027 reflects the increased presence of annual rent escalators across the portfolio as well as the rental mark-to-market tailwind. On our first quarter 2025 earnings call, I shared that we have the systems and people in place to ramp up acquisitions should our cost of capital and opportunity set align. With a stock price improvement of over 70% since then, this symmetry has materialized, allowing us to accelerate the pace of acquisition activity relative to the last few years. Based on the strength of our pipeline, we are increasing our acquisition guidance by $15 million to $130 million to $140 million for the year, and we will revisit this guidance as the year progresses. In the first quarter, we acquired $35 million at a 7.5% weighted average cap rate. In the second quarter to date, we have acquired and have under definitive contracts $17 million, putting us at $52 million year-to-date with a strong pipeline of anticipated transactions behind it. We are capitalizing on the opportunity in front of us from a position of strength. Our revised acquisition guidance is fully funded with liquidity of approximately $250 million at the end of the quarter, consisting of unused revolver capacity and $48 million of unsettled forward equity proceeds. We are laser-focused on maintaining a strong liquidity profile, supported by our access to equity and our recent BBB investment-grade rating from Kroll, KBRA. In summary, our internal growth, supported by our robust acquisition pipeline and access to capital places us in a strong position to generate continued earnings growth. Earlier this week, we attended the Postal Service's National Postal Forum in Phoenix, a conference that brings together the broader logistics ecosystem surrounding the Postal Service. For us, the conference confirms that as the logistics marketplace continues to evolve, the U.S. Postal Service's facilities will remain a critical tool for accessing the American people. These facilities form the backbone of the Postal Service's delivery infrastructure and are the very assets we invest in. This network enables the Postal Service to provide universal service across 170 million delivery points nationwide and is utilized 6 days a week by logistics providers and online retailers. As we'd like to remind investors, the cost to lease the real estate backbone of this network is only 1.5% of the Postal Service's annual operating expenses. This annual expense equates to $1.4 billion of annual rent, resulting in a $12 billion to $15 billion market for Postal real estate, creating a long runway for future acquisitions. With that, I will turn the call over to Steve. Stephen Bakke: Thank you, Andrew. I'll make a few comments on the multiyear earnings growth opportunity at Postal Realty before unpacking first quarter results and our updated guidance in more detail. When considering Postal Realty's medium-term earnings growth algorithm, we see 4 primary drivers. First is the mark-to-market opportunity. From 2027 to 2030, approximately 33% of our rental income is expected to reset to market. This represents a meaningful source of embedded growth beyond 2026. Second, annual rent escalators are becoming an increasingly significant driver of organic growth. In 2022, approximately 3% of our rental income experienced an annual escalation. By 2027, that figure will have increased significantly to approximately 53% experiencing an escalation. Moving from a portfolio with predominantly flat leases to one with the majority 3% plus annual escalators signifies a major shift into the visibility of our annual growth for years to come. To that point, our visibility into annual escalations in our mark-to-market allows us to provide a 2027 same-store cash revenue growth outlook of approximately 6.5%. Third is retained cash flow. As we have scaled, we have reduced our pay out ratio while continuing to grow the dividend. In 2026, we expect to pay out only 70% of our AFFO, which is one of the lowest pay out ratios among net lease REITs. Our Board has balanced retained cash flow with a dividend yield above the REIT median at approximately 4.5%. Moreover, retained cash flow, which we can deploy into acquisitions or to repay debt is a meaningful source of recurring growth for us, increasing our per share growth rate by about 15% in 2026. Fourth is day 1 accretion. Our improved cost of capital in conjunction with our increased access to capital has led us to begin accelerating the velocity of acquisitions relative to the last few years. With our weighted average cost of capital currently standing at approximately 6.1%, day 1 accretion from acquisitions is becoming an even more meaningful source of AFFO per share growth. In summary, we remain focused on utilizing these 4 growth levers to drive attractive AFFO per share growth in the coming years. Turning to first quarter results. Yesterday, we reported AFFO per share of $0.33, which is $0.01 ahead of the first quarter of 2025. Note that last year's quarter benefited from holdover payments and prior year property tax reimbursements totaling $0.02 per share. In comparison, in this year's first quarter, we realized $11,000 of holdover payments from recent acquisitions. We ended the quarter with net debt to pro forma annualized adjusted EBITDA of 5.2x, within the leverage target we updated last quarter of under 6x. Giving effect to approximately $53 million of unsettled forward equity raised year-to-date at an initial forward price of $18.44 per share, our pro forma adjusted net debt to pro forma annualized adjusted EBITDA is 4.5x. A brief note on our leverage metrics. This quarter's supplemental includes metrics based on pro forma annualized adjusted EBITDA. The only difference with the prior metric is that it gives effect to acquisitions and dispositions as if they took place at the start of the quarter, consistent with many peers' reporting methodologies. As it relates to sources and uses, the midpoint of our guidance implies $100 million of acquisitions for the remaining 3 quarters of 2026, which we plan to fund on a leverage-neutral basis using unsettled equity and retained cash flow. In terms of debt funding specifically, we are focused on limiting floating rate exposure and adding duration to our maturity schedule. We anticipate refinancing our floating rate revolver and term loan balances with longer-term fixed rate private placements or term loans in the coming months. Turning to our expectations for the remainder of 2026. With yesterday's earnings release, we raised the AFFO per share guidance range we provided last quarter by $0.01 to $1.40 to $1.42 per share, representing 6.8% growth at the midpoint for the year. The increase is supported by higher acquisition volume. Related to additional guidance items, cash G&A and same-store cash NOI are tracking in line with our forecast. Recurring capital expenditures of approximately $143,000 for the first quarter was within our guidance range, and we are expecting $150,000 to $200,000 in the second quarter. Lastly, guidance includes approximately $0.01 per share of dilutive impact from unsettled forward equity compared to the $0.05 assumption we shared on the fourth quarter call, calculated in accordance with the treasury stock method, largely due to a higher stock price. Our Board of Directors has approved a quarterly dividend of $0.2450 per share, representing a 1% increase from last year. Our dividend pay out ratio for the first quarter is approximately 74% and our dividend yield as of yesterday was approximately 4.5%. With that, I will turn the call over to Jeremy. Jeremy Garber: Thank you, Steve. I will provide an update on our re-leasing efforts, followed by more detail on first quarter acquisition activity. All 2020 rents have been agreed upon and are currently in lease production. In addition, we have substantially agreed on 2027 expirations that do not include renewal options. These leases have also commenced lease production. All 2026 and 2027 leases will have 3% escalators and the vast majority will have 10-year terms. As of quarter end, 53% of leases in our portfolio contain annual rent escalators. The first escalation takes place in year 2. Therefore, 41% of leases will get the benefit of an escalator in 2026. Shifting to 10-year leases, 45% of our portfolio consists of leases with 10-year terms based on executed and agreed-upon leases as of March 31, 2026. The increase in rent subject to 10-year terms compared to last quarter was predominantly a result of successfully amending the majority of our 2022 expirations to 10 years from 5 years. By the end of 2026, we expect the weighted average lease term of our current portfolio will extend to over 6 years compared to the 3 years when we went public. Moving on to acquisitions. In the first quarter, we acquired 61 properties for $34.6 million at a weighted average cap rate of 7.4%, adding 195,000 square feet to our portfolio. First quarter acquisitions consisted of 48,900 square feet from 34 -- last-mile post offices and 146,200 square feet from 27 Flex properties. As Andrew mentioned, based on acquisition volume closed in the first quarter, plus our robust forward pipeline, we are increasing our acquisition guidance to $130 million to $140 million for the year. This concludes our prepared remarks. Operator, we would like to open the call for questions. Operator: [Operator Instructions] Our first question comes from John Kim with BMO Capital Markets. John Kim: I wanted to ask what drove the decision to provide '27 same-store revenue guidance at this time? And how should we think about cash same-store NOI? Will it be a similar improvement of 30 basis points that you're seeing on the revenue side from '27 to '26. Stephen Bakke: This is Steve. To answer your question, the reason we're providing 2027 same-store cash revenue relates back to Jeremy's point that we have substantially completed all of our 2027 lease expiration negotiations with USPS. So given this high level of visibility we have into 2027, we felt it appropriate to share it with the market. To your second question on how that filters down to same-store NOI, it's early in the year. You can make -- early in 2026, I should say, so hard for us to have visibility into 2027, but you can use a range of inflationary or maybe slightly above inflationary expense assumptions to get to a same-store NOI estimate for modeling purposes. John Kim: And what are your expenses this year? Stephen Bakke: Yes. We expect them to be in the 5% range. That's what's underpinning our guidance assumption. John Kim: Okay. And then you mentioned roughly 1/3 of your portfolio going to market over the next few years and the mark-to-market opportunity. How much of -- what is the mark-to-market, first of all? And second of all, how much of that can you capture given you have one tenant that's essentially a partner? Stephen Bakke: Yes, it's a great question. We don't provide too much specific quantitative detail on the mark-to-market given the nature of having one primary tenant. But fair to say the mark-to-market has been healthy. And at least as it relates to '26, '27, it's been a pretty consistent mark-to-market opportunity. We have a really efficient leasing approach that we've developed with USPS. It works well for them, and it works well for us. And at least for the next couple of years, it will continue. Operator: Our next question comes from Jon Petersen with Jefferies. Jonathan Petersen: Congrats guys on another strong quarter. Can you -- on the same-store revenue guidance for 2027, can you break down the components there? Like how much of that is coming from escalators? How much of that is upside on lease renewals? Stephen Bakke: Yes, great question. So to answer your question, of the 6.5%, 25% of that growth is due to the escalators. So as Jeremy mentioned in his remarks, a little more than 50% of our portfolio will experience an escalator in 2027. The remainder of the growth is derived from the mark-to-market. Jonathan Petersen: Okay. All right. That's helpful. And then maybe on acquisitions, good to see the acquisition volume rise and your cost of capital improving. For a number of years, the question was when does your cost of capital get to a point when you can be more aggressive on acquisitions. Now we're there. And I guess it raises the question of what's the total addressable market for you guys now? Like at what point do you start to run out of post offices to buy, I guess, is the short way to ask that question. So just talk about the opportunity and how many years of opportunity there is out there for you. Andrew Spodek: Sure. I appreciate the question. Yes, we're very happy that we have the access to the capital and the cost of capital that we have today, and we're looking forward to continuing to grow the business and acquire postal assets. The runway is very long. You've got -- as I stated before, you've got about $1.4 billion in rent paid by the Postal Service. Any cap rate or margin you want to put on that makes it a $12 billion to $15 billion market. We probably want to address probably $6 billion to $8 billion of that. So I believe we have a lot of opportunities sitting in front of us. And I'm happy to say that the conversations we've had and the pipeline is looking very good. We're -- these are deals that I've been talking to for decades and some new ones, but we're looking forward to the year ahead. Jonathan Petersen: Okay. Outside of your improved ability to transact, is there any change on the seller side of things, the way that they're positioning, the way that their conversations with you are changing and their willingness to transact? Andrew Spodek: The reality is that the properties that we're looking at today are similar to the properties that we've always looked at. Sellers' tone is somewhat similar. The only thing that has changed is the buzz around us and our stock price, which has, I guess, created sellers' motivation to facing off with us. We're constantly in front of owners. As everybody knows, I've been in the space my whole life. And so interacting with them is nothing new for being able to transact given our access and cost of capital is really what's going to change. Operator: Our next question -- our next question comes from Greg McGinniss from Scotiabank. Greg McGinniss: We understand you don't want to provide too many details on the mark-to-market. But looking at the kind of forward opportunity, could you provide some color on how it tends to compare between assets that you've controlled for years versus those that you're acquiring? Andrew Spodek: So the opportunity set on the mark-to-market is interesting, and it varies deal by deal, right? So we underwrite each deal individually. Some of the properties that we acquire have a more significant mark-to-market opportunity and some of them don't. And that's just the nature of any real estate transaction and any real estate lease. As we continue to grow and as we continue to acquire, the mark-to-market opportunity in that particular year changes, and it's constantly fluid. What I could tell you is it seems, at least from what we've done to date and what we're seeing in our pipeline and what we're seeing as our leases are rolling is that, that opportunity still exists. And from our perspective, we look for it to continue to exist. Greg McGinniss: Okay. And I guess from an acquisition standpoint, is the increased guidance a result of stronger cost of capital opening up the funnel a bit more efficiency on the acquisition side? Or are you seeing some broader macro trends supporting the increased acquisitions? Andrew Spodek: The guidance is really based on what we're seeing us being able to acquire based on the access and cost of capital. The deals that we are looking at, like I just said, are very similar to the deals that we've always looked to buy, right, primarily properties that are important to the Postal Service's network that have good underlying real estate value. We look to buy deals that are accretive on day 1 and that we can add our internal growth to it as the leases continue to expire. And that's the model for what we're looking to acquire, and that's what we'll continue. Greg McGinniss: Andrew, on the acquisition cap rate, right, it's been fairly 7.5-ish percent range for few years now. But with the stronger cost of capital that you have, would an increased level of acquisitions necessitate a lower cap rate, meaning should we expect a similar investment spread, although considering how much the WACC has come down, still quite strong to get to a higher acquisition volume that results in ultimately more growth, but just a lower cap rate that we'll see on the face initially? Andrew Spodek: Yes. I think that we can expect the cap rate to come down a little bit because what we are going to do is acquire some larger properties, some larger portfolios. These are things that we weren't able to acquire in the past few years given our cost of capital. And so as time goes on, we don't -- we believe the cap rates will constrain slightly. But again, keeping in mind that it needs to be accretive on day 1, and we need to be able to have some internal growth on the acquisitions that we're buying. Stephen Bakke: Just to supplement Andrew's answer to your point you made, what we're solving for is higher per share growth in future years. So the total dollar value of accretion is going to be higher by making more acquisitions at potentially somewhat lower cap rate than it would have if we pass up on those opportunities. Greg McGinniss: Right. Makes sense. And then just a final one for me. With the stock price performance the recent time frame, have you seen an increased preference for OP Unit from sellers? Andrew Spodek: Yes, we have, and we're constantly in conversations with owners interested in using the Operating Partnership Unit currency. And we're always balancing that between our sources of debt and equity. But we have definitely seen an increased appetite for the Operating Partnership Units given our stock price growth. Operator: Our next question comes from Anthony Paolone with JPMorgan. Anthony Paolone: I guess my first question just goes back to the Postal Service and the back and forth they had with Amazon earlier in the year. And I was just wondering if you can maybe just summarize kind of how that played out just to someone that's not in the weeds on those machinations and just any implications back to your portfolio? Jeremy Garber: Yes. This is Jeremy. This was a 5-year contract that was coming due in October of 2026. As we've seen in the past, a lot of these discussions are played out in the public domain. But we were happy to see that they reached a final agreement. They are going to keep the lion's share of their capacity with the Postal Service. As we stated before, this really doesn't have an impact on our business, right? The scale and size of this industry in terms of other users doesn't change how critical these assets are for the American people. And just to give you some context, we were just, as Andrew mentioned, at the Postal Forum with over 4,000 industry professionals who touch the Postal Service. I mean this is a massive industry, $1.9 trillion mailing industry and 7.9 million jobs associated with this industry and the Postal Service plays a much broader role in the U.S. economy than any of us really appreciate. So the Amazon contract was important. It has been renewed, and we're looking forward to seeing other logistics providers take advantage of this critical network. Anthony Paolone: Okay. Got it. And then on the leases, you've been so successful with the rent increases, the bumps, the duration. What's the impediment to full net lease pass-through of expenses? Andrew Spodek: It's a somewhat complicated question. I don't know that there's an impediment to it. The Postal Service lease structure has been in place the way it is for a very long time. As a government agency, I think they have some difficulty in general with a full pass-through on the insurance side. But like we've said before, the vast majority of our leases are this modified double net structure where we're predominantly responsible for roof structure and insurance. I think this works well for us and it works well for them. And so I think the current structure of the lease is going to stay in place. Anthony Paolone: Okay. And then if I could sneak one last one in. You mentioned maybe tapping private placement debt to extend out some duration. Just can you give us any color around maybe cost and what you're being quoted or what that might look like? Stephen Bakke: Tony, this is Steve. It depends on the duration. I think if we're looking to issue anywhere from 5 to 10 years, the cost could be anywhere from the low 5% range to high 5%, low 6% range, depending on where the markets are. Treasury yields have expanded coming out of late February, early March. We also had a rise in spreads that have since contracted. So I think somewhere, if you estimate 5.5% to 5.7% for a coupon, that's our best guess at the current time. Operator: [Operator Instructions] Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Andrew Spodek for the closing remarks. Andrew Spodek: We believe the unique platform we've built to maximize the value of Postal real estate in addition to the inherent stability and growth of the real estate we own offers a unique investment profile in the public REIT space. We look forward to speaking with many of you in the coming months and updating you on our progress next quarter. Thank you again for joining us. Operator: Ladies and gentlemen, the conference of Postal Realty Trust has now concluded. Thank you for your participation. You may now disconnect your lines. Before you buy stock in Postal Realty Trust, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Postal Realty Trust wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $476,034!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,274,109!* Now, it’s worth noting Stock Advisor’s total average return is 975% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Postal Realty (PSTL) Q1 2026 Earnings Transcript was originally published by The Motley Fool