Debt-to-equity moved between 0.77 and 1.13 with total debt of $385.0M against equity of $408.1M, a leverage level that appears elevated for a REIT and leaves a thin $1.8M cash buffer dependent on continued capital market access.
Postal Realty Trust, Inc. (PSTL) balance sheet — 9-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Total Assets | 931.24M | 759.06M | 646.82M | 567.35M | 501.3M | 377.72M | 258.88M | 136.79M | 35.68M | 33.67M |
| Asset Growth % | 86.47% | 17.35% | 14.01% | 13.17% | 32.72% | 45.9% | 89.26% | 283.33% | 6% | - |
| Real Estate & Other Assets | 9.5M | -718.71M | 620.81M | 512.73M | 475.83M | 351.2M | 238.81M | 114.5M | 31.3M | 0 |
| PP&E (Net) | 850.69M | 0 | 0 | 967K | 0 | 0 | 0 | 22.12K | 10.91K | 29M |
| Investment Securities | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 30.35M | 6.83M | 11.84M | 9.16M | 7.85M | 11.86M | 7.01M | 14.93M | 1.62M | 1.45M |
| Cash & Equivalents | 1.76M | 1.45M | 1.8M | 2.23M | 1.5M | 5.86M | 2.21M | 12.48M | 262.93K | 159.7K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 615.73K | 614.65K |
| Other Current Assets | 1.02M | 0 | 744K | 632K | 547K | -6.34M | -3.38M | -2.04M | 744.96K | 675.55K |
| Intangible Assets | 23.39M | 16.41M | 12.64M | 14.51M | 16.09M | 14.65M | 13.07M | 7.34M | 2.75M | 3.22M |
| Total Liabilities | 429.11M | 399.5M | 329.32M | 265.72M | 217.59M | 112.24M | 139.25M | 66.96M | 41.3M | 43.68M |
| Total Debt | 384.99M | 404.79M | 296.71M | 240.62M | 196.66M | 95.35M | 124.63M | 63.81M | 34.79M | 37.7M |
| Net Debt | 383.22M | 403.33M | 294.91M | 238.39M | 195.17M | 89.49M | 122.42M | 51.34M | 34.53M | 37.54M |
| Long-Term Debt | 384.99M | 382.33M | 282.71M | 231.62M | 196.66M | 82.35M | 46.63M | 3.21M | 34.79M | 37.7M |
| Short-Term Borrowings | 0 | 637K | 14M | 9M | 0 | 13M | 78M | 54M | 0 | 0 |
| Capital Lease Obligations | 44.65M | 21.82M | 0 | 0 | 0 | 0 | 0 | 6.6M | 3.84M | 3.35M |
| Total Current Liabilities | 19.16M | 637K | 30.44M | 21M | 9.11M | 21.23M | 83.89M | 57.15M | 1.87M | 1.56M |
| Accounts Payable | 19.16M | 0 | 13.98M | 10.3M | 0 | 0 | 0 | 3.15M | 1.87M | 1.49M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 24.97M | -5.29M | 16.17M | 20.34M | 11.82M | 8.67M | 8.73M | 0 | 793.85K | 1.07M |
| Total Equity | 502.12M | 359.56M | 317.5M | 301.63M | 283.71M | 265.47M | 119.64M | 69.82M | -5.61M | -10.01M |
| Equity Growth % | 103.55% | 13.25% | 5.26% | 6.31% | 6.87% | 121.89% | 71.35% | 1343.86% | 43.93% | - |
| Shareholders Equity | 408.06M | 285.2M | 251.28M | 243.56M | 229.23M | 220.04M | 91.99M | 48.87M | -5.66M | -10.06M |
| Minority Interest | 94.06M | 74.36M | 66.21M | 58.06M | 54.48M | 45.43M | 27.65M | 20.95M | 44.59K | 44.58K |
| Common Stock | 335K | 268K | 235K | 219K | 195K | 186K | 95K | 53.13K | 4M | 4M |
| Additional Paid-in Capital | 480.68M | 358M | 310.03M | 287.27M | 254.11M | 237.97M | 100.81M | 51.4M | 3.44M | 3.65M |
| Retained Earnings | -80.79M | -74.02M | -64.21M | -48.55M | -32.56M | -18.88M | -8.92M | -2.58M | -11M | -10.69M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 2.47% | 2.01% | 1.09% | 0.69% | 0.88% | 0.65% | -0.18% | -1.2% | 3.28% | 3.27% |
| Return on Equity (ROE) | 4.97% | 4.18% | 2.13% | 1.27% | 1.4% | 1.07% | -0.37% | -3.22% | - | - |
| Debt / Assets | 41.34% | 53.33% | 45.87% | 42.41% | 39.23% | 25.24% | 48.14% | 46.65% | 97.5% | 111.99% |
| Debt / Equity | 0.77x | 1.13x | 0.93x | 0.80x | 0.69x | 0.36x | 1.04x | 0.91x | - | - |
| Net Debt / EBITDA | 5.61x | 6.91x | 6.80x | 7.62x | 7.73x | 4.50x | 12.32x | 13.27x | 8.39x | 10.80x |
| Book Value per Share | 16.42 | 14.77 | 14.07 | 14.97 | 15.30 | 19.39 | 17.06 | 13.52 | -1.06 | -1.88 |
Quick answers to the most common questions about buying PSTL stock.
As of 2025, Postal Realty Trust, Inc. (PSTL) had total assets of $759.1M including $6.8M in current assets.
Postal Realty Trust, Inc. (PSTL) carries total debt of $404.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Postal Realty Trust, Inc. (PSTL) has total shareholders' equity (book value) of $285.2M ($14.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Postal Realty Trust, Inc. (PSTL) reported a current ratio of 10.72x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Acquisition-funded growth dilution risk
Metrics are mathematically derived from official filings.
Total Assets Grow Faster Than Debt
Based on reported quarterly figures, PSTL's total assets rose from $608.2M in 2024Q2 to $931.2M in 2026Q3, a roughly 53% expansion that appears to be driven by acquisitions rather than organic rent growth alone.
The growth in total assets has been broadly matched by equity and debt additions, which suggests the balance sheet is expanding through external capital rather than retained earnings. Total debt moved from $273.7M to $385.0M over the same period, indicating that acquisitions are being layered onto a growing but still modest leverage base. Investors should monitor whether deployment of the recently raised equity remains accretive to per-share FFO.
Debt-to-Equity Figures Warrant Verification
As reported in the financial statements, PSTL's debt-to-equity ratio moved from 0.88 in 2024Q2 to 0.77 in 2026Q3, peaking at 1.13 in 2025Q4, a range that is unusually elevated for a REIT balance sheet of this type.
The reported ratio fluctuated materially, with a sharp move to 1.10 in 2026Q1 followed by a decline in 2026Q3, which may reflect equity issuance timing or reporting snapshots rather than a durable deleveraging trend. The absence of property-level debt breakdowns in the supplied data limits the ability to assess secured versus unsecured mix or maturity concentration. Analysts should reconcile these figures against full SEC filings before drawing firm conclusions about leverage capacity.
Equity Base Expands Through Issuance
According to reported figures, PSTL's equity increased from $245.6M in 2024Q3 to $408.1M in 2026Q3, alongside management's disclosed $110M year-to-date equity raise, indicating reliance on external capital markets for growth.
The equity expansion is substantial relative to retained earnings implied by ROE in the 0.3% to 1.6% range, which suggests most book equity growth is issuance-driven. Dilution becomes a meaningful concern if shares are issued below net asset value, a relationship the supplied data does not allow us to verify. FFO per share improvement from $0.28 to $0.41 over the period would need to outpace dilution for the equity raises to be value-supportive.
Thin Cash Position Against Growing Obligations
Based on reported figures, PSTL held cash of $1.8M in 2026Q3 against total debt of $385.0M, a minimal cash buffer that places heavy weight on continued access to credit facilities and capital markets.
Cash balances have remained in the $0.6M to $1.9M range throughout the period, which is small relative to both quarterly FFO of $12.6M and the debt stack. This suggests liquidity is managed through revolver availability and periodic equity raises rather than cash reserves. The supplied data does not disclose covenant headroom or fixed charge coverage, so the adequacy of this liquidity structure remains an open question for further investigation.
Reported Ratios May Mask Real Exposure
Based on reported quarterly data, PSTL's balance sheet metrics show erratic swings, including PPE net moving from zero reported values to $850.7M, which may indicate classification or reporting inconsistencies that could obscure true asset quality.
The PPE net line reads as zero for several quarters before appearing at $772.9M and $850.7M, a pattern that makes period-over-period comparisons unreliable without reconciliation. Given these inconsistencies, headline leverage and equity ratios may not fully reflect the property-level economics investors rely on. Investors should verify the consistency of reported balance sheet line items against full filings before relying on trend conclusions.