PSTL - Small Model Updates, Raising Price Target to $25 From $23, Maintaining Buy Rating

研报英文原文证据摘录

PSTL - Small Model Updates, Raising Price Target to $25 From $23, Maintaining Buy Rating

Truist Securities

Equity Research Report June 9, 2026

REAL ESTATE INVESTMENT Postal Realty Trust, Inc. (PSTL)

TRUSTS: Triple Net REITs

PSTL - Small Model Updates, Raising Price Target to $25 From

Michael Lewis, CFA $23, Maintaining Buy Rating

212-319-5659

Michael.R.Lewis@truist.com

What’s Incremental to Our View: We are maintaining our 2026 FAD estimate and lowering

Kyle Bonci our 2027 estimate by a penny per share. We listed PSTL as one of the most attractive stocks

914-419-9491 in our coverage universe at the beginning of the year (see our 2026 REIT Outlook). It is up

Kyle.Bonci@truist.com 42% year-to-date versus 8% for REITs overall and we think it is getting closer to fair value,

but still with moderate upside remaining as it continues to realize strong rent spreads and

benefit from an improved cost of capital. We are raising our 12-month price target to $25

from $23 (calculation in Figure 2), which implies a 14.0% total return.

Stock Rating BUY

Unchanged

Adjusting Earnings Estimates: We are maintaining our 2026 FAD estimate of $1.41ps,

Price Target $25.00 which matches the midpoint of management’s $1.40-$1.42ps guidance range and is in line

↑ with consensus.

from

$23.00 We are lowering our 2027 FAD estimate by a penny per share to $1.57ps from $1.58ps,

which is still above the $1.51ps consensus. Our estimates imply 6.1% year-over-year FADps

growth in 2026, followed by 11.5% growth in 2027. We project 7.0% average annual FADps

growth from 2026-2031.

TR to Target 14.0%

Price (Jun. 8, 2026) $22.78

52-Wk Range $24.22-$13.70

Market Cap ($M) $804

ADTV 189,502

Shares Out (M) 35

Short Interest Ratio/% Of Float 10.8%

Dividend/Yield $0.98/4.3%