Postal Realty Trust, Inc. Q3 2026 Earnings Recap

Postal Realty reported third-quarter AFFO per share of $0.36, up $0.03 year over year, and raised its 2026 acquisition guidance. The stock rose 2.5% after earnings, a roughly flat reaction that suggests a measured market response rather than a clear vote of confidence.

Key Takeaways

• AFFO per share was $0.36, unchanged from the second quarter; management cited expense seasonality and one-time costs. Last year’s third quarter included approximately $5 million more in one-time lump-sum payments.
• The company raised its 2026 acquisition guidance to $185 million–$200 million, targeting a low-7% weighted average cap rate, after acquiring $82 million of properties in the quarter at a 6.9% blended cash cap rate.
• Same-store cash NOI growth guidance remains 6%–7%; management said it is on track to achieve the midpoint.
• Pro forma net debt to run-rate adjusted EBITDA was 3.5x, including unsettled forward equity; after equity settled in the quarter, the ratio was 4.4x.
• Management cited approximately $340 million of liquidity, including unsettled forwards, and said 2020–2022 acquisitions have generated cash yields about 200 basis points above their original levels.