Postal Realty Trust is an internally managed REIT that owns and manages real estate leased exclusively to the U.S. Postal Service. The company claims to be the largest owner of USPS-leased real estate, owning roughly 8% of the market. As of year-end 2025, Postal Realty owned 1,917 properties across 49 states totaling approximately 7.1M net leasable square feet at 99.8% occupancy. The portfolio consists of two property types: last-mile post offices, which are the storefront locations consumers interact with, and larger flex/industrial sorting and distribution facilities. Postal Realty collects rent under modified double-net leases, where the USPS pays utilities, certain maintenance, and property taxes, while Postal Realty covers insurance, roof, and structural costs. Revenue grows through two channels: organic growth via a programmatic leasing approach that locks in 3% annual rent escalators and 10-year terms on lease renewals, and external growth through acquisitions of postal properties from private owners at target cap rates above 7.5%. The postal real estate market is highly fragmented — Postal Realty owns only ~8% despite being the largest single owner — giving the company a long runway to consolidate properties from private sellers, often sourced off-market. Postal Realty can also issue operating partnership units as acquisition currency, which appeals to sellers seeking tax deferral. The company also manages an additional 333 postal properties owned by its CEO through a taxable REIT subsidiary, with a right of first offer on 189 of those properties.