Postal Realty Trust (PSTL) Q2 2026 earnings summary

Executive summary

• Portfolio expanded to 2,014 properties across 49 states and one territory, primarily leased to USPS, totaling 7.5 million net leasable square feet as of June 30, 2026, with 98 properties acquired for $82.2 million in the first half and 37 properties for $45.1 million in Q2 at a 7.3% cap rate.

• Net income attributable to common stockholders for Q2 2026 was $5.1 million, or $0.15 per diluted share, up from $3.6 million, or $0.12 per share, in Q2 2025.

• Rental income rose 23.3% year-over-year for Q2 2026, driven by acquisitions and new leases with escalations.

• Raised $38.5 million in gross equity sales via ATM program in Q2 and $110 million year-to-date.

• Portfolio occupancy and retention rates exceed 99%, with robust internal growth and operational consistency.

Financial highlights

• Q2 2026 total revenues were $28.6 million, up 22.4% year-over-year; net operating income was $23.2 million, and adjusted EBITDA was $20.1 million.

• FFO was $13.1 million ($0.37 per share); AFFO was $12.7 million ($0.36 per share); AFFO per share for Q2 was up $0.03 sequentially and year-over-year.

• Dividend declared at $0.245 per share for Q2 2026, annualized to $0.98 per share, with a payout ratio of 68% and a yield of 4.3%.

• Net debt to pro forma annualized adjusted EBITDA was 4.6x, and pro forma to 4x including unsettled equity.

• Market capitalization (fully diluted) at quarter-end was $943.3 million; enterprise value was $1.32 billion.

Outlook and guidance

• Acquisition guidance raised to $150–$160 million for 2026, reflecting a 30% increase.

• AFFO per share guidance raised to $1.41–$1.43, implying 7.6% growth at the midpoint for 2026.

• Same-store cash NOI growth tracking 6–7% for 2026; 2027 same-store cash revenue growth outlook at 6.5%.

• Recurring capital expenditures for Q3 expected at $250,000–$350,000.

• Management continues to focus on consolidating postal properties and expects further acquisitions.