Postal Realty Trust (NYSE: PSTL) is a real estate investment trust that acquires, owns, and manages properties leased primarily to the United States Postal Service. The company generates revenue through rental income collected under long-term net leases with the USPS as its dominant tenant. PSTL operates as an internally managed REIT focused on a single-tenant, government-backed leasing model, giving it a concentrated but creditworthy revenue stream. The portfolio consists largely of last-mile postal facilities, including post offices and mail processing properties, across the United States. Because the USPS is an independent establishment of the executive branch of the U.S. federal government, tenant credit risk is effectively sovereign. The business is capital-intensive and acquisition-driven, with growth dependent on sourcing and closing property purchases from a fragmented universe of private landlords who have historically owned individual postal facilities. As of the 10-K filed February 24, 2026 (accession 000162828026011212), PSTL is headquartered in the United States and structured as a Maryland corporation.

Revenue model

Rental income from net leases with the United States Postal Service as the primary tenant across a portfolio of postal facilities.

Products and services

Ownership and leasing of last-mile postal facilities, including post offices and mail processing properties, leased to the USPS under net lease structures.

Customers and end markets

Primary tenant is the United States Postal Service, an independent establishment of the U.S. federal government. End market is government-occupied real estate, specifically postal infrastructure.

Value-chain role

Property owner and landlord to the USPS; acquires facilities from private sellers and leases them back to the postal service under long-term net leases.

Geographic exposure

United States, with a focus on last-mile postal facility locations across the country.

Source: SEC 10-K, filed 2026-02-24

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