Observer Lite: 1/12/2026

When you control the mail, you control information
Postal Realty Trust (NYSE: PSTL) provided a business update including:
-4Q acquisitions totaled $29.1 million for 65 USPS-leased properties (7.5% cash cap)
-FY2025 acquisitions totaled $123 million (216 properties; 7.7% cash cap rate)
-12/31/2025 owned portfolio includes 1,917 properties totaling 7.1 million square feet across 49 states with 99.8% occupancy

Check out PSTL CEO Andrew Spodek on the Net Lease Observer podcast (no subscription required) here:
Apple podcast: Andrew Spodek of Postal Realty-NLO Pod–Apple
Spotify: Andrew Spodek of Postal Realty-NLO Pod-Spotify

Get(ty) deals done
Getty Realty (NYSE: GTY) provided a business update including:
-4Q investments totaled $135 million at a 7.9% initial cash yield (including the acquisition of 15 convenience stores, 6 auto service centers, and 2 express tunnel car washes)
-FY2025 investments totaled $269 million (7.9% cash yield)
-Current committed investment pipeline of >$75 million for the development and acquisition of 28 convenience and automotive retail assets (12 unique tenants)
-Established initial 2026 AFFO guidance at a range of $2.48 to $2.50 per diluted share (implying 2.7% growth from the 2025 guidance provided during 3Q earnings season)

Check out GTY CEO Christopher Constant on the Net Lease Observer podcast (no subscription required) here:
Apple podcast: Chris Constant of Getty Realty-NLO Pod–Apple
Spotify: Chris Constant of Getty Realty-NLO Pod-Spotify

What would you say…you do here?
With over 200 stores across 26 states, private equity (Bain Capital) owned Bob’s Discount Furniture has filed a Form S-1 with the intention of completing an initial public offering (IPO) on the New York Stock Exchange under the ticker BOBS.

Founded in 1991 in Newington, CT, BOBS generated $2.3 billion, $237 million, and $119 million of net revenue, adjusted EBITDA, and net income, respectively, for the 12 months ended 9/28/2025. This follows three years of essentially flat top-line sales but improving profitability. Early 2026 presents an opportunistic time for the IPO given 17 new stores were opened in the first nine months of 2025 and overall comparable sales grew 10.5%.