Postal Realty Trust, Inc. (NYSE: PSTL)

Postal Realty Trust, Inc. is an internally managed real estate investment trust that acquires and manages properties leased primarily to the United States Postal Service. The company's portfolio includes last mile post offices and industrial facilities spread across 49 states and one territory. As of December 31, 2025 it owned approximately 1,917 properties totaling about 7,100,000 net leasable square feet with a weighted average remaining lease term of roughly four years.

Postal Realty Trust, Inc. generates revenue primarily from lease payments received from the United States Postal Service under double net lease agreements where the tenant covers utilities, certain maintenance and property tax reimbursements while the landlord handles insurance, roof and structural responsibilities. The company also manages additional postal properties owned by affiliates of its chief executive officer, earning fees for property management services. Lease income provides a predictable cash flow stream supported by high occupancy rates and long term lease durations.

The company operates through the following segments:

• Single Reportable Segment: The company acquires and manages properties leased primarily to the United States Postal Service, including last mile post offices and industrial facilities, under double net leases that allocate certain operating expenses to the tenant.

Postal Realty Trust, Inc. believes it is the largest owner and manager of USPS leased properties measured by net leasable square feet, giving it a distinctive scale advantage in a niche market. Its focus on double net leases helps insulate the company from fluctuations in certain operating costs and supports steady earnings. While direct competitors are limited due to the specialized nature of the portfolio, the company benefits from long term tenant relationships and a disciplined acquisition strategy aimed at consolidating the postal logistics network.

The company's primary customer is the United States Postal Service, which leases the vast majority of its properties. In addition, Postal Realty Trust, Inc. manages postal properties for affiliates of its chief executive officer, though those assets are also occupied by the USPS. No other significant customer concentrations are disclosed in the filing.