Postal Realty Trust, Inc. PSTL
We are an internally managed REIT with a focus on acquiring and managing properties leased primarily to the USPS, ranging from last-mile post offices to industrial facilities. We believe that we are the largest owner and manager, measured by net leasable square footage, of properties that are leased to the USPS.
We were organized in the state of Maryland on November 19, 2018 and commenced operations upon completion of our initial public offering ("IPO") on May 17, 2019 and the related formation transactions. Our Class A common stock trades on the New York Stock Exchange under the symbol "PSTL". We elected to qualify to be taxed as a REIT for U.S. federal income tax purposes, commencing with our short tax year ended December 31, 2019.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $95.8M | $76.4M | $63.7M | $53.3M | $39.9M | $24.4M | $11.3M | — |
| SG&A | $17.2M | $16.0M | $14.7M | $13.1M | $10.6M | $8.2M | $4.8M | — |
| Total operating expenses | $61.4M | $57.6M | $49.7M | $43.6M | $34.0M | $22.4M | $11.2M | — |
| Operating income | $34.3M | $21.2M | $14.0M | $9.7M | $5.9M | $2.0M | $68.5K | — |
| Interest expense | $15.2M | $12.0M | $9.3M | $5.4M | $2.7M | $2.3M | $1.1M | — |
| Pre-tax income | $18.1M | $8.4M | $4.7M | $4.8M | $2.7M | -$552.0K | -$1.5M | — |
| Income tax | $27.0K | $116.0K | $72.0K | $12.0K | $111.0K | $89.0K | $39.7K | — |
| Net income | $14.1M | $6.6M | $3.7M | $3.9M | $2.1M | -$352.0K | -$1.5M | — |
| EPS, basic | 0.47 | 0.21 | 0.12 | 0.15 | 0.10 | -0.10 | -0.30 | — |
| EPS, diluted | 0.47 | 0.21 | 0.12 | 0.15 | 0.10 | -0.10 | -0.30 | — |
| Shares, diluted (wtd. avg.) | $24.3M | $22.6M | $20.1M | $18.5M | $13.7M | $7.0M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.5M | $1.8M | $2.9M | $2.0M | $7.0M | $3.3M | $13.2M | $861.9K |
| Goodwill | $1.5M | $1.5M | $1.5M | $1.5M | $0 | — | — | — |
| Other intangibles | $16.4M | $12.9M | $14.2M | $15.7M | $14.4M | $13.0M | $7.3M | — |
| Total assets | $759.1M | $646.8M | $567.3M | $501.3M | $377.7M | $258.9M | $136.8M | — |
| Long-term debt | $361.1M | $296.7M | $240.6M | $196.7M | $95.3M | $124.6M | — | — |
| Total liabilities | $399.5M | $329.3M | $265.7M | $217.6M | $112.2M | $139.2M | $67.0M | — |
| Retained earnings | -$74.0M | -$64.2M | -$48.5M | -$32.6M | -$18.9M | -$8.9M | -$2.6M | — |
| Total equity | $285.2M | $251.3M | $301.6M | $283.7M | $265.5M | $119.6M | $69.8M | -$5.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $44.5M | $33.5M | $28.4M | $24.6M | $17.1M | $9.4M | $2.9M | — |
| Depreciation and amortisation | $24.0M | $22.2M | $19.7M | $17.7M | $14.0M | $4.5M | $1.7M | — |
| Stock-based compensation | $6.3M | $6.4M | $5.8M | $4.7M | $3.7M | $2.4M | $996.5K | — |
| Capital expenditure | $6.9M | $2.8M | $2.9M | $3.7M | $1.9M | $970.0K | $151.6K | — |
| Investing cash flow | -$123.7M | -$79.1M | -$72.6M | -$120.1M | -$106.7M | -$126.2M | -$72.7M | — |
| Financing cash flow | $78.7M | $45.3M | $45.0M | $90.6M | $93.4M | $106.8M | $82.1M | — |
| Dividends paid | $30.8M | $28.0M | $24.4M | $21.6M | $15.0M | $8.2M | $3.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-011212.
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