Postal Realty Trust (PSTL) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 11, 2019
Document And Entity Information
Entity Registrant Name	Postal Realty Trust, Inc.
Entity Central Index Key	0001759774
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Entity File Number	001-38903
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	MD
Entity Common Stock, Shares Outstanding		5,285,904
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019

Consolidated and Combined Conso

Consolidated and Combined Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Real estate properties
Land	$ 16,827,724
Buildings and improvements	57,177,951
Tenant improvements	2,114,364
Total real estate properties	76,120,039
Less: accumulated depreciation	(8,180,839)
Total real estate properties, net	67,939,200
Cash	10,969,557
Escrows and reserves	610,200
Rent and other receivables	1,138,621
Prepaid expenses and other assets	2,853,298
Deferred rent receivable	31,687
In-place lease intangibles (net of accumulated amortization of $5,628,459 and $4,388,699, respectively)	4,776,515
Above market leases (net of accumulated amortization of $16,539 and $8,688, respectively)	9,401
Total assets	88,328,479
Liabilities
Secured borrowings, net	3,237,327
Revolving credit facility	17,000,000
Accounts payable, accrued expenses and other	4,224,599
Below market leases (net of accumulated amortization of $1,860,167 and $1,525,540, respectively)	5,365,118
Deferred tax liability, net
Due to affiliates	512,530
Total liabilities	30,339,574
Commitments and contingencies
Equity (deficit)
Common stock, PSTL - $.01 par value per share Class A, 500,000,000 shares authorized: 5,285,904 shares issued and outstanding	52,859
Common stock, PSTL - $.01 par value per share Class B, 27,206 shares authorized: 27,206 shares issued and outstanding	272
UPH - no par, 1,000 shares authorized: 1,000 shares issued and outstanding
NPM - no par, 200 shares authorized: 200 shares issued and outstanding
Additional paid-in capital	46,502,630
Accumulated deficit	(1,034,471)
Member's deficit
Total Stockholders' and Predecessor Equity (Deficit)	45,521,290
Operating Partnership unitholders' noncontrolling interests	12,467,615
Noncontrolling interest in properties
Total equity (deficit)	57,988,905
Total liabilities and equity (deficit)	$ 88,328,479
Predecessor [Member]
Real estate properties
Land		$ 7,239,213
Buildings and improvements		29,550,076
Tenant improvements		1,646,215
Total real estate properties		38,435,504
Less: accumulated depreciation		(7,121,532)
Total real estate properties, net		31,313,972
Cash		262,926
Escrows and reserves		598,949
Rent and other receivables		601,670
Prepaid expenses and other assets		146,014
Deferred rent receivable		14,060
In-place lease intangibles (net of accumulated amortization of $5,628,459 and $4,388,699, respectively)		2,735,927
Above market leases (net of accumulated amortization of $16,539 and $8,688, respectively)		10,914
Total assets		35,684,432
Liabilities
Secured borrowings, net		34,792,419
Revolving credit facility
Accounts payable, accrued expenses and other		1,869,084
Below market leases (net of accumulated amortization of $1,860,167 and $1,525,540, respectively)		3,842,495
Deferred tax liability, net		793,847
Due to affiliates
Total liabilities		41,297,845
Commitments and contingencies
Equity (deficit)
Common stock, PSTL - $.01 par value per share Class A, 500,000,000 shares authorized: 5,285,904 shares issued and outstanding
Common stock, PSTL - $.01 par value per share Class B, 27,206 shares authorized: 27,206 shares issued and outstanding
UPH - no par, 1,000 shares authorized: 1,000 shares issued and outstanding		4,000,000
NPM - no par, 200 shares authorized: 200 shares issued and outstanding		200
Additional paid-in capital		3,441,493
Accumulated deficit		(11,003,876)
Member's deficit		(2,095,823)
Total Stockholders' and Predecessor Equity (Deficit)		(5,658,006)
Operating Partnership unitholders' noncontrolling interests
Noncontrolling interest in properties		44,593
Total equity (deficit)		(5,613,413)
Total liabilities and equity (deficit)		$ 35,684,432

Consolidated and Combined Con_2

Consolidated and Combined Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
In-place lease intangibles of accumulated amortization	$ 5,628,459
Above market leases of accumulated amortization	16,539
Below market leases of accumulated amortization	$ 1,860,167
Class A [Member]
Common stock, par value	$ 0.01
Common stock, shares authorized	500,000,000
Common stock, shares issued	5,285,904
Common stock, shares outstanding	5,285,904
Class B [Member]
Common stock, par value	$ 0.01
Common stock, shares authorized	27,206
Common stock, shares issued	27,206
Common stock, shares outstanding	27,206
Predecessor [Member]
In-place lease intangibles of accumulated amortization		$ 4,388,699
Above market leases of accumulated amortization		8,688
Below market leases of accumulated amortization		$ 1,525,540
Predecessor [Member] | NPM
Common stock, par value
Common stock, shares authorized		200
Common stock, shares issued		200
Common stock, shares outstanding		200
Predecessor [Member] | UPH
Common stock, par value
Common stock, shares authorized		1,000
Common stock, shares issued		1,000
Common stock, shares outstanding		1,000

Consolidated and Combined Con_3

Consolidated and Combined Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Rent income	$ 2,387,082		$ 5,735,896
Tenant reimbursements	342,419		852,504
Fee and other income	278,846		842,097
Total revenues	3,008,347		7,430,497
Operating expenses
Real estate taxes	353,663		880,117
Property operating expenses	332,892		821,839
General and administrative	1,207,197		2,385,228
Equity-based compensation	394,530		584,873
Depreciation and amortization	1,066,338		2,314,553
Total operating expenses	3,354,620		6,986,610
Income (loss) from operations	(346,273)		443,887
Interest expense, net:
Contractual interest expense	(48,916)		(635,423)
Amortization of deferred financing costs	(4,523)		(9,558)
Loss on early extinguishment of Predecessor debt			(185,586)
Interest income	1,136		3,394
Total interest expense, net	(52,303)		(827,173)
Income (loss) before income tax (expense) benefit	(398,576)		(383,286)
Income tax (expense) benefit	6,259		(39,749)
Net income (loss)	(392,317)		(423,035)
Less: Net income attributable to noncontrolling interest in properties			(4,336)
Net (income) loss attributable to Predecessor			(463,414)
Net loss attributable to Operating Partnership unitholders' noncontrolling interests	84,348		191,020
Net income (loss) attributable to common stockholders	$ (307,969)		$ (699,765)
Net income (loss) per share (basic and diluted)	$ (0.06)		$ (0.14)
Weighted average common shares outstanding (basic and diluted)	5,164,264		5,164,264
Predecessor [Member]
Revenues
Rent income		$ 1,417,534		$ 4,199,767
Tenant reimbursements		220,676		668,502
Fee and other income		255,971		862,317
Total revenues		1,894,181		5,730,586
Operating expenses
Real estate taxes		227,373		688,953
Property operating expenses		203,994		639,289
General and administrative		282,361		1,086,384
Equity-based compensation
Depreciation and amortization		457,907		1,363,575
Total operating expenses		1,171,635		3,778,201
Income (loss) from operations		722,546		1,952,385
Interest expense, net:
Contractual interest expense		(361,743)		(1,112,353)
Amortization of deferred financing costs		(3,126)		(9,375)
Loss on early extinguishment of Predecessor debt
Interest income		1,158		3,370
Total interest expense, net		(363,711)		(1,118,358)
Income (loss) before income tax (expense) benefit		358,835		834,027
Income tax (expense) benefit		143,382		83,742
Net income (loss)		502,217		917,769
Less: Net income attributable to noncontrolling interest in properties		(2,829)		(9,462)
Net (income) loss attributable to Predecessor		$ 499,388		$ 908,307

Consolidated and Combined Con_4

Consolidated and Combined Consolidated Statements of Changes in Equity (Deficit) (Unaudited) - USD ($)	Common StockPredecessor	Common Stock	Additional Paid-In CapitalPredecessor	Additional Paid-In Capital	Retained Earnings / Accumulated DeficitPredecessor	Retained Earnings / Accumulated Deficit	Member's Equity (Deficit)Predecessor	Member's Equity (Deficit)	Total stockholder's equityPredecessor	Total stockholder's equity	Operating Partnership unitholders' noncontrolling interestsPredecessor	Operating Partnership unitholders' noncontrolling interests	Noncontrolling interest in propertiesPredecessor	Noncontrolling interest in properties	Predecessor	Total
Beginning Balance at Dec. 31, 2017	$ 4,000,200		$ 3,650,309		$ (10,693,356)		$ (7,012,369)		$ (10,055,216)				$ 44,577		$ (10,010,639)
Beginning Balance, Shares at Dec. 31, 2017	1,200
Capital contributions			135,577				1,046,284		1,181,861				2,651		1,184,512
Distributions and dividends			(100,245)				(1,904,107)		(2,004,352)				(2,651)		(2,007,003)
Net income (loss)					(228,940)		319,581		90,641				3,822		94,463
Ending Balance at Mar. 31, 2018	$ 4,000,200		3,685,641		(10,922,296)		(7,550,611)		(10,787,066)				48,399		(10,738,667)
Ending Balance, Shares at Mar. 31, 2018	1,200
Beginning Balance at Dec. 31, 2017	$ 4,000,200		3,650,309		(10,693,356)		(7,012,369)		(10,055,216)				44,577		(10,010,639)
Beginning Balance, Shares at Dec. 31, 2017	1,200
Distributions and dividends															(4,076,535)
Net income (loss)															917,769
Ending Balance at Sep. 30, 2018	$ 4,000,200		3,466,603		(10,845,928)		(2,853,117)		(6,232,242)				54,039		(6,178,203)
Ending Balance, Shares at Sep. 30, 2018	1,200
Beginning Balance at Mar. 31, 2018	$ 4,000,200		3,685,641		(10,922,296)		(7,550,611)		(10,787,066)				48,399		(10,738,667)
Beginning Balance, Shares at Mar. 31, 2018	1,200
Capital contributions			199,003				5,038,920		5,237,923				1,854		5,239,777
Distributions and dividends			(200,142)				(780,516)		(980,658)				(1,854)		(982,512)
Net income (loss)					(51,721)		369,999		318,278				2,811		321,089
Ending Balance at Jun. 30, 2018	$ 4,000,200		3,684,502		(10,974,017)		(2,922,208)		(6,211,523)				51,210		(6,160,313)
Ending Balance, Shares at Jun. 30, 2018
Capital contributions			10,601				549,680		560,281				6,632		566,913
Distributions and dividends			(228,500)				(851,888)		(1,080,388)				(6,632)		(1,087,020)
Net income (loss)					128,089		371,299		499,388				2,829		502,217
Ending Balance at Sep. 30, 2018	$ 4,000,200		3,466,603		(10,845,928)		(2,853,117)		(6,232,242)				54,039		(6,178,203)
Ending Balance, Shares at Sep. 30, 2018	1,200
Beginning Balance at Dec. 31, 2018	$ 4,000,200		3,441,493		(11,003,876)		(2,095,823)		(5,658,006)				44,593		(5,613,413)
Beginning Balance, Shares at Dec. 31, 2018	1,200
Capital contributions			397,121				1,377,758		1,774,879						1,774,879
Distributions and dividends			(150,000)				(1,067,515)		(1,217,515)				(521)		(1,218,036)
Net income (loss)					(173,554)		427,787		254,233				2,843		257,076
Ending Balance at Mar. 31, 2019	$ 4,000,200		3,688,614		(11,177,430)		(1,357,793)		(4,846,409)				46,915		(4,799,494)
Ending Balance, Shares at Mar. 31, 2019	1,200
Beginning Balance at Dec. 31, 2018	$ 4,000,200		3,441,493		(11,003,876)		(2,095,823)		(5,658,006)				44,593		(5,613,413)
Beginning Balance, Shares at Dec. 31, 2018	1,200
Net income (loss)															467,750
Ending Balance at May. 16, 2019	$ 4,000,200	$ 4,000,200	3,139,423	$ 3,139,423	(11,174,220)	$ (11,174,220)	(1,168,623)	$ (1,168,623)	(5,203,220)	$ (5,203,220)			42,741	$ 42,741	(5,160,479)	$ (5,160,479)
Ending Balance, Shares at May. 16, 2019	1,200	1,200
Beginning Balance at Dec. 31, 2018	$ 4,000,200		3,441,493		(11,003,876)		(2,095,823)		(5,658,006)				44,593		(5,613,413)
Beginning Balance, Shares at Dec. 31, 2018	1,200
Distributions and dividends																(2,508,962)
Net income (loss)																(423,035)
Ending Balance at Sep. 30, 2019		$ 53,131		46,502,630		(1,034,471)				45,521,290		12,467,615				57,988,905
Ending Balance, Shares at Sep. 30, 2019		5,313,110
Beginning Balance at Mar. 31, 2019	$ 4,000,200		3,688,614		(11,177,430)		(1,357,793)		(4,846,409)				46,915		(4,799,494)
Beginning Balance, Shares at Mar. 31, 2019	1,200
Capital contributions	$ 0		0		0		293,373		293,373				0		293,373
Distributions and dividends	0		(549,191)		0		(310,174)		(859,365)				(5,667)		(865,032)
Net income (loss)	0		0		3,210		205,971		209,181				1,493		210,674
Ending Balance at May. 16, 2019	$ 4,000,200	$ 4,000,200	3,139,423	3,139,423	(11,174,220)	(11,174,220)	(1,168,623)	(1,168,623)	(5,203,220)	(5,203,220)			42,741	42,741	(5,160,479)	(5,160,479)
Ending Balance, Shares at May. 16, 2019	1,200	1,200
Net proceeds from sale of common stock		$ 45,000		64,665,261						64,710,261						64,710,261
Net proceeds from sale of common stock, shares		4,500,000
Formation transactions		$ (3,993,557)		(31,798,499)		11,174,220		1,168,623		(23,449,213)		22,662,907		(42,741)		(829,047)
Formation transactions, shares		664,264
Issuance and amortization of equity-based compensation		$ 1,485		126,755						128,240		62,103				190,343
Issuance and amortization of equity-based compensation, shares		148,529
Dividends declared						(334,706)				(334,706)		(91,213)				(425,919)
Net income (loss)						(391,796)				(391,796)		(106,672)				(498,468)
Reallocation of non-controlling interest				10,117,974						10,117,974		(10,117,974)
Ending Balance at Jun. 30, 2019		$ 53,128		46,250,914		(726,502)				45,577,540		12,409,152				57,986,692
Ending Balance, Shares at Jun. 30, 2019		5,312,793
Beginning Balance at May. 16, 2019	$ 4,000,200	$ 4,000,200	$ 3,139,423	3,139,423	$ (11,174,220)	(11,174,220)	$ (1,168,623)	(1,168,623)	$ (5,203,220)	(5,203,220)			$ 42,741	42,741	$ (5,160,479)	(5,160,479)
Beginning Balance, Shares at May. 16, 2019	1,200	1,200
Net income (loss)																(498,468)
Ending Balance at Sep. 30, 2019		$ 53,131		46,502,630		(1,034,471)				45,521,290		12,467,615				57,988,905
Ending Balance, Shares at Sep. 30, 2019		5,313,110
Beginning Balance at Jun. 30, 2019		$ 53,128		46,250,914		(726,502)				45,577,540		12,409,152				57,986,692
Beginning Balance, Shares at Jun. 30, 2019		5,312,793
Issuance and amortization of equity-based compensation		$ 3		262,181						262,184		132,346				394,530
Issuance and amortization of equity-based compensation, shares		317
Net income (loss)						(307,969)				(307,969)		(84,348)				(392,317)
Reallocation of non-controlling interest				(10,465)						(10,465)		10,465
Ending Balance at Sep. 30, 2019		$ 53,131		$ 46,502,630		$ (1,034,471)				$ 45,521,290		$ 12,467,615				$ 57,988,905
Ending Balance, Shares at Sep. 30, 2019		5,313,110

Consolidated and Combined Con_5

Consolidated and Combined Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net (loss) income	$ (423,035)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	1,074,793
Amortization of in-place intangibles	1,239,760
Amortization of deferred financing costs	9,558
Amortization of above market leases	7,851
Amortization of below market leases	(334,627)
Equity-based compensation	584,873
Loss on extinguishment of debt	185,586
Deferred rent receivable	(17,627)
Deferred rent expense payable	(41,374)
Deferred tax liability	(65,895)
Change in assets and liabilities
Rent and other receivables	(802,618)
Prepaid expenses and other assets	(260,038)
Due to affiliates	8,569
Accounts payable, accrued expenses and other	935,122
Net cash provided by operating activities	2,100,898
Cash flows from investing activities
Acquisition of real estate	(38,925,771)
Capital improvements	(105,116)
Acquisition deposits	(410,000)
Net cash used in investing activities	(39,440,887)
Cash flows from financing activities
Net proceeds from issuance of common stock	66,624,167
Formation transactions	(2,007,417)
Proceeds from mortgage payable	445,000
Repayments of mortgages payable	(32,191,238)
Proceeds from revolving credit facility	17,000,000
Debt issuance costs	(1,371,931)
Capital contributions	2,068,252
Distributions and dividends	(2,508,962)
Net cash provided by (used in) financing activities	48,057,871
Net increase in cash and restricted cash	10,717,882
Cash and restricted cash at beginning of period	861,875
Cash and restricted cash at end of period	11,579,757
Predecessor [Member]
Cash flows from operating activities
Net (loss) income		$ 917,769
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation		747,125
Amortization of in-place intangibles		616,450
Amortization of deferred financing costs		9,375
Amortization of above market leases		6,319
Amortization of below market leases		(215,955)
Equity-based compensation
Loss on extinguishment of debt
Deferred rent receivable		1,481
Deferred rent expense payable
Deferred tax liability		(255,224)
Change in assets and liabilities
Rent and other receivables		2,863
Prepaid expenses and other assets		(12,737)
Due to affiliates
Accounts payable, accrued expenses and other		406,829
Net cash provided by operating activities		2,224,295
Cash flows from investing activities
Acquisition of real estate		(1,334,591)
Capital improvements		(92,525)
Acquisition deposits
Net cash used in investing activities		(1,427,116)
Cash flows from financing activities
Net proceeds from issuance of common stock
Formation transactions
Proceeds from mortgage payable		960,000
Repayments of mortgages payable		(798,179)
Proceeds from revolving credit facility
Debt issuance costs
Capital contributions		3,446,987
Distributions and dividends		(4,076,535)
Net cash provided by (used in) financing activities		(467,727)
Net increase in cash and restricted cash		329,452
Cash and restricted cash at beginning of period	$ 861,875	694,418
Cash and restricted cash at end of period		$ 1,023,870

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2019
Organization and Description of Business [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	1. ORGANIZATION AND DESCRIPTION OF BUSINESS Postal Realty Trust, Inc. (the “Company” “we”, “us”, or “our”) was organized in the state of Maryland on November 19, 2018. On May 17, 2019, the Company completed its initial public offering (“IPO”) of the Company’s Class A common stock, par value $0.01 per share (our “Class A Common Stock”). The Company contributed the net proceeds from the IPO to Postal Realty LP, a Delaware limited partnership (the “Operating Partnership”), in exchange for common units of limited partnership interest in the Operating Partnership (“OP Units”). Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related formation transactions (the “Formation Transactions”). Prior to the completion of the IPO and the Formation Transactions, the Company had no operations. The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners. As of September 30, 2019, the Company held a 78.5% interest in the Operating Partnership. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. The Operating Partnership is considered a variable interest entity, or VIE, in which we are the primary beneficiary. Our Predecessor (the “Predecessor”) is a combination of limited liability companies (the “LLCs”), one C-Corporation (“UPH”), one S-Corporation (“NPM”) and one limited partnership. The entities that comprise the Predecessor were majority owned and controlled by Mr. Andrew Spodek and his affiliates and were acquired by contribution to, or merger with, the Company and the Operating Partnership. The Predecessor does not represent a legal entity. The Predecessor and its related assets and liabilities are under common control and were contributed to the Operating Partnership in connection with the Company’s IPO. For the periods prior to May 17, 2019, the Predecessor, through the LLCs, UPH and the limited partnership, owned 190 post office properties in 33 states. NPM was formed on November 17, 2004, for the purposes of managing commercial real estate properties. As of September 30, 2019, the Company owns and manages a portfolio of 289 postal properties located in 43 states. All of the properties were leased to a single tenant, the United States Postal Service (the “USPS”) other than a de-minimis non-postal tenant that shares space in a building leased to the USPS. In addition, through its taxable REIT subsidiary (“TRS”), Postal Realty Management TRS, LLC (“PRM”), the Company provides fee-based third party property management services for an additional 403 postal properties, which are owned by Mr. Spodek and his family members and their partners. The Company is a Maryland corporation formed on November 19, 2018 and until May 15, 2019, was authorized to issue up to 600,000,000 shares of common stock, par value $0.01 per share. On May 15, 2019, in connection with the IPO, we amended our articles of incorporation such that the Company is currently authorized to issue up to 500,000,000 shares of Class A Common Stock, 27,206 shares of Class B common stock, $0.01 par value per share (our “Class B Common Stock”), and up to 100,000,000 shares of preferred stock. The Company elected to be taxed as an S-Corporation under the Internal Revenue Code of 1986, as amended (the “Code”), effective November 19, 2018, and as such, all federal tax liabilities were the responsibility of the Company’s sole stockholder until the completion of our IPO. In anticipation of the IPO, the Company revoked its S-Corporation election on May 14, 2019. The Company intends to qualify and elect to qualify as a real estate investment trust (“REIT”) under the Code beginning with its short taxable year ending December 31, 2019. As a REIT, the Company generally will not be subject to federal income tax to the extent that it distributes at least 90% of its taxable income for each tax year to its stockholders. REITs are subject to a number of organizational and operational requirements.

THE COMPANY'S IPO AND THE FORMA

THE COMPANY'S IPO AND THE FORMATION TRANSACTIONS	9 Months Ended
	Sep. 30, 2019
The Company's Initial Public Offering and Formation Transactions [Abstract]
THE COMPANY'S IPO AND THE FORMATION TRANSACTIONS	2. THE COMPANY’S IPO AND THE FORMATION TRANSACTIONS Both the Company and the Operating Partnership commenced operations upon completion of the IPO and the Formation Transactions on May 17, 2019. The Company’s operations are carried out primarily through the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. On May 17, 2019, the Company completed the IPO, pursuant to which it sold 4,500,000 shares of its Class A Common Stock at a public offering price of $17.00 per share. The Company raised $76.5 million in gross proceeds, resulting in net proceeds of approximately $71.1 million after deducting approximately $5.4 million in underwriting discounts and before giving effect to $6.4 million in other expenses relating to the IPO. The Company’s Class A Common Stock began trading on the New York Stock Exchange under the symbol “PSTL” on May 15, 2019. In connection with the IPO and Formation Transactions, the Company, through its Operating Partnership, used a portion of the net proceeds to repay approximately $31.7 million of outstanding indebtedness related to the Predecessor. Pursuant to the Formation Transactions, the Company, directly or through the Operating Partnership, acquired the entities that comprise the Predecessor. The initial properties and other interests were contributed in exchange for 1,333,112 OP Units, 637,058 shares of our Class A Common Stock, 27,206 shares of our Class B Common Stock and $1.9 million of cash. In addition, the Operating Partnership purchased 100% interests in 81 post office properties (the “Acquisition Properties”) in exchange for $26.9 million in cash, including approximately $1.0 million paid to Mr. Spodek, the Company’s chief executive officer and a director for his non-controlling ownership in nine of the Acquisition Properties. Because of the timing of the IPO and the Formation Transactions, the Company’s financial condition as of December 31, 2018 and results of operations for the three and nine months ended September 30, 2018 reflect the financial condition and results of operations of the Predecessor. The results of operations for the three months ended September 30, 2019 reflects solely the operations of the Company and the results of operations for the nine months ended September 30, 2019 reflect the results of operations of the Predecessor together with the Company, while the financial condition as of September 30, 2019 reflects solely the Company. References in these notes to consolidated financial statements to “Postal Realty Trust, Inc.” signify the Company for the period after the completion of the IPO and the Formation Transactions and the Predecessor for all prior periods. The following is a summary of the Predecessor Statements of Operations for the period from April 1, 2019 through May 16, 2019 and for the period from January 1, 2019 through May 16, 2019, and the Company’s Statement of Operations for the period from May 17, 2019 through September 30, 2019. These amounts are included in the consolidated and combined consolidated statement of operations herein for the three and Nine months ended September 30, 2019. All balances as of December 31, 2018 and for the three and nine months ended September 30, 2018 are those of the Predecessor. Predecessor Postal Realty Trust, Inc. April 1, January 1, May 17, Revenues: Rent income $ 756,969 $ 2,249,355 $ 3,486,541 Tenant reimbursements 111,219 348,075 504,429 Fee and other income 141,033 427,959 414,138 Total revenues $ 1,009,221 $ 3,025,389 $ 4,405,108 Operating Expenses: Real estate taxes 114,783 358,693 521,424 Property operating expenses 117,958 357,779 464,060 General and administrative 106,549 501,204 1,884,024 Equity-based compensation - - 584,873 Depreciation and amortization 245,313 725,756 1,588,797 Total operating expenses $ 584,603 $ 1,943,432 $ 5,043,178 Income (loss) from operations 424,618 1,081,957 (638,070 ) Interest expense, net: Contractual interest expense (212,352 ) (570,819 ) (64,604 ) Amortization of deferred financing costs (1,592 ) (4,773 ) (4,785 ) Loss on early extinguishment of Predecessor debt - - (185,586 ) Interest income - 1,134 2,260 Total interest expense, net (213,944 ) (574,458 ) (252,715 ) Income (loss) before income tax expense 210,674 507,499 (890,785 ) Income tax (benefit) expense - (39,749 ) - Net income (loss) $ 210,674 $ 467,750 $ (890,785 ) Less: Net income attributable to noncontrolling interest in properties (1,493 ) (4,336 ) - Net income attributable to Predecessor $ 209,181 $ 463,414 - Net loss attributable to Operating Partnership unitholders’ noncontrolling interests 191,020 Net loss attributable to common stockholders $ (699,765 )

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated and combined consolidated financial statements of the Company include the financial position and results of operations of the Company, the Operating Partnership and its wholly owned subsidiaries. The Predecessor represents a combination of certain entities holding interests in real estate that were commonly controlled prior to the Formation Transactions. Due to their common control, the financial statements of the separate entities which own the properties and the management company are presented on a combined basis. The effects of all significant intercompany balances and transactions have been eliminated. We consolidate the Operating Partnership, a VIE in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. A non-controlling interest is defined as the portion of the equity in an entity not attributable, directly or indirectly, to the Company. Non-controlling interests are required to be presented as a separate component of equity in the consolidated and combined consolidated balance sheets. Accordingly, the presentation of net income is modified to present the income attributed to controlling and non-controlling interests. The accompanying consolidated and combined consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished in the accompanying consolidated and combined consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated and combined consolidated financial statements for the interim periods. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. These interim financial statements should be read in conjunction with, and follow the same policies and procedures as outlined in the audited combined consolidated financial statements for the year ended December 31, 2018, included in the Company’s final prospectus dated May 14, 2019. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the consolidated and combined consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. Offering and Other Costs Certain of the costs related to the IPO and the Formation Transactions paid by an affiliate of the Company’s initial sole shareholder were reimbursed by the Company from the proceeds of the IPO. Offering costs were recorded in stockholders’ equity as a reduction of additional paid-in capital. Transaction costs related to asset acquisitions were capitalized as part of the acquisition. As of September 30, 2019, approximately $0.5 million of offering and other costs are owed to an affiliate of the Company’s initial sole shareholder. Investments in Real Estate Upon the acquisition of real estate, the purchase price is allocated based upon the fair value of the assets acquired and liabilities assumed. The allocation of the purchase price to the fair value of the tangible assets of an acquired property is derived by valuing the property as if it were vacant. All real estate acquisitions in the periods presented qualified as asset acquisitions and, as such, acquisition-related fees and acquisition-related expenses related to these asset acquisitions were capitalized and allocated to tangible and intangible assets and liabilities. Investments in real estate generally include land, buildings, tenant improvements and identified intangible assets, such as in-place lease intangibles and above or below-market lease intangibles. Direct and certain indirect costs clearly associated with the development, construction, leasing or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. Depreciation on buildings generally is provided on a straight-line basis over 40 years. Tenant improvements are depreciated over the shorter of their estimated useful lives or the term of the related lease. The acquired in-place lease values are amortized to expense over the average remaining non-cancellable term of the respective in-place leases. The acquired above or below-market lease intangibles are amortized to rent income over the applicable lease term, inclusive of any option periods for below-market leases. The carrying value of real estate investments and related intangible assets is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the asset’s carrying amount over its estimated fair value. Impairment analyses will be based on current plans, intended holding periods and available market information at the time the analyses are prepared. If estimates of the projected future cash flows, anticipated holding periods or market conditions change, the evaluation of impairment losses may be different and such differences may be material. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. For the three and nine months ended September 30, 2019 and 2018, no impairment loss was recorded. During the three months ended September 30, 2019, the Company acquired eighteen properties for a purchase price of $11.1 million, inclusive of acquisition costs of $0.1 million. During the three months ended June 30, 2019, the Company acquired the Acquisition Properties in connection with the IPO for a purchase price of $27.3 million, inclusive of acquisition costs of $0.4 million. During the three months ended March 31, 2019, the Predecessor acquired one property for a purchase price of $645,120, inclusive of acquisition costs of $10,120. The purchase prices were allocated to the separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of acquisition. The total purchase price was allocated as follows: Three months ended September 30, June 30, March 31, Land $ 2,619,719 $ 6,789,589 $ 179,202 Building and improvements 8,301,678 18,774,918 456,550 Tenant improvements 190,343 259,640 18,166 In-place lease intangibles 982,974 2,227,870 69,504 Above-market leases - 6,338 - Below market leases (1,024,644 ) (754,300 ) (78,302 ) Total $ 11,070,070 $ 27,304,055 $ 645,120 During the nine months ended September 30, 2018, the Predecessor acquired seven properties for an aggregate purchase price of $1,334,591, inclusive of acquisition costs of $19,598. The purchase price was allocated to the separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of acquisition. The total purchase price was allocated as follows: Nine months ended September 30, Land $ 502,667 Building and improvements 825,811 Tenant improvements 29,029 In-place lease intangibles 171,713 Above-market leases 19,602 Below market leases (214,231 ) Total $ 1,334,591 Cash and Restricted Cash Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. Restricted cash is presented as escrows and reserves in the accompanying consolidated and combined consolidated balance sheets. Cash and restricted cash consist of the following: September 30, December 31, Cash $ 10,969,557 $ 262,926 Restricted cash: Maintenance reserve 602,306 598,949 ESPP reserve 7,894 - Total cash and restricted cash $ 11,579,757 $ 861,875 Fair Value of Financial Instruments The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities at September 30, 2019 and December 31, 2018. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash, escrows and deposits, receivables, prepaid expenses, accounts payable and accrued expenses and due to affiliates are carried at amounts which reasonably approximate their fair values as of September 30, 2019 and December 31, 2018 due to their short maturities. The fair value of the Company’s borrowings under its senior revolving credit facility approximates carrying value. The fair value of the Company’s secured borrowings aggregated approximately $3,208,680 and $33,586,000, as compared to the principal balance of $3,272,911 and $35,019,149 as of September 30, 2019 and December 31, 2018, respectively. The fair value of the Company’s debt was categorized as a level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of September 30, 2019 and December 31, 2018, respectively. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since September 30, 2019 and current estimates of fair value may differ significantly from the amounts presented herein. Revenue Recognition The Company has operating lease agreements with tenants, some of which contain provisions for future rent increases. Rental income is recognized on a straight-line basis over the term of the lease. In addition, certain lease agreements provide for reimbursements from tenants for real estate taxes and other recoverable costs, which are recorded on an accrual basis as tenant reimbursement revenue. Fee and other income primarily consist of property management fees. These fees arise from contractual agreements with entities that are affiliated with the Company’s CEO. Management fee income is recognized as earned under the respective agreements. The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to property damage and business interruption. The Company records the estimated amount of expected insurance proceeds for property damage and other losses incurred as an asset (typically a receivable from the insurer) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the amount of the losses incurred is considered a gain contingency and is not recorded in fee and other income until the proceeds are received. Insurance recoveries for business interruption for lost revenue or profit are accounted for as gain contingencies in their entirety, and therefore are not recorded in income until the proceeds are received. Income Taxes UPH was subject to federal income tax and state franchise taxes in jurisdictions where it conducts business. See Note 8. Income Taxes for a discussion of the treatment of the deferred tax assets and liabilities in connection with the IPO. Income taxes or credits resulting from earnings or losses for the LLCs, the limited partnership and NPM were payable by or accrue to the benefit of the members/partners/shareholders of such entities. No provision has been made for income taxes for these pass-through entities in the combined consolidated financial statements. For periods subsequent to the completion of the IPO and the Formation Transactions, PRM is subject to federal, state and local corporate income taxes to the extent there is taxable income. Noncontrolling Interests Noncontrolling interests in the Company represent common units of limited partnership interest of the Operating Partnership (“Common Units”) held by the Predecessor’s prior investors and long term incentive units of the Operating Partnership (“LTIP Units”) held by the Company’s CEO. Upon completion of the IPO and the Formation Transactions, the Operating Partnership issued 1,333,112 Common Units to the Predecessor’s prior investors as partial consideration for the contribution of their interest in the Predecessor to the Operating Partnership and 114,706 LTIP Units to the Company’s CEO. During the three months ended September 30, 2019, the Company issued 5,298 LTIP Units to an employee. Dividends On June 26, 2019, the board of directors of the Company approved and the Company declared a pro-rated cash dividend of $0.063 per share and common unit for the period from May 17, 2019, the closing date of the IPO, to September 30, 2019. The dividend was paid on July 31, 2019 to stockholders and common unitholders of record as of the close of business on July 9, 2019 consisting of $0.3 million in dividends to stockholders and $0.1 million to common unitholders. On November 5, 2019, the board of directors of the Company approved and the Company declared a cash dividend of $0.14 per share and common unit for the quarter ended September 30, 2019. The dividend will be paid on December 2, 2019 to stockholders and common unitholders of record as of the close of business on November 15, 2019 consisting of $0.7 million in dividends to stockholders and $0.2 million to common unitholders. Equity Based Compensation The Company accounts for equity-based compensation in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the grant date fair value of equity-based awards. The estimated grant date fair value of restricted stock units is amortized over their respective vesting periods. See Note 11. Stockholder’s Equity for further details. Earnings per Share The Company calculates net income (loss) per share based upon the weighted average shares outstanding during the period beginning May 17, 2019. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. There were 1,453,116 potentially dilutive shares outstanding related to the issuance of Common Units and LTIP Units held by noncontrolling interests as of September 30, 2019. Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation. Accounting Standards Adopted in 2019 In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers This standard is effective for interim and annual reporting periods that begin on or after December 15, 2018 as a result of the Company’s status as an emerging growth company. The Company and the Predecessor adopted ASU 2014-09 on January 1, 2019 using the modified retrospective method however, there was no cumulative effect required to be recognized in retained earnings at the date of application. Substantially all of the Company’s revenue is derived from its tenant leases and therefore falls outside the scope of this guidance. With respect to its fee-based revenue, the Company earns monthly base management fees subject to the terms of the contractual agreements with entities that are affiliated with the Company for the day-to-day operations and administration of its managed properties. These services are provided in exchange for monthly management fees, which are based on a percentage of revenues collected from post offices owned by entities that are affiliated with the Company. The Company determined that there is no change to revenue recognition for base management fees as the underlying services are considered to be individual performance obligations composed of a series of distinct services satisfied over time, for which revenue is recognized monthly as earned over the life of the management agreement as services are provided. The total amount of consideration from the contracts is variable as it is based on monthly revenues, which are influenced by multiple factors, some of which are outside the Company’s control. Therefore, the Company recognizes the revenue at the end of each month once the uncertainty is resolved. Due to the standardized terms of the management agreements, the Company accounts for all management agreements in a similar, consistent manner. Therefore, no disaggregated information relating to management agreements is presented. Future Application of Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases Revenue from Contracts with Customers initial direct costs Leases ASU 2016-02 initially provided for one retrospective transition method; however, a second transition method was later added with ASU 2018-11 as described below. To ease the transition, the new lease accounting guidance permits companies to utilize certain practical expedients in their implementation of the new standard: ● A package of three practical expedients that must be elected together for all leases and includes: (i) not reassessing expired or existing contracts as to whether they are or contain leases; (ii) not reassessing lease classification of existing leases and (iii) not reassessing the amount of capitalized initial direct costs for existing leases; ● ASU 2016-02 also includes a practical expedient to use hindsight in determining the lease term or assessing purchase options for existing leases and in assessing impairment of right of use assets; ● ASU 2018-01, Land Easements Practical Expedient for Transition to Topic 842 ● A new practical expedient under ASU 2018-11, described below. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842 Leases Leases Leases Targeted Improvements Leases As lessor, the Company expects that post-adoption substantially all existing leases will have no change in the timing of revenue recognition until their expiration or termination. The Company expects to elect the package of practical expedients and the lessor practical expedient to not separate non-lease components such as maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease component. The timing of revenue recognition is expected to be the same for the majority of the Company’s new leases as compared to similar existing leases; however, certain categories of new leases could have different revenue recognition patterns as compared to similar existing leases. As lessee, the Company expects to record a right of use asset and related liability for the office lease disclosed in Note 9. Related Party Transactions. In December 2018, the FASB issued ASU 2018-20 Leases , Narrow-Scope Improvements for Lessors Topic 842 will be effective for the Company on January 1, 2021 as a result of its classification as an emerging growth company. The Company continues to evaluate the FASB’s activities related to the new leasing standard and the potential impact on its financial results, policies and disclosures upon adoption, including the accounting for costs which may be paid by the lessee directly to a third party, such as real estate taxes. In December 2018, the FASB issued ASU No. 2018-20, Leases — Narrow-Scope Improvements for Lessors In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses Codification Improvements to Topic 326, Financial Instruments - Credit Losses

INTANGIBLE ASSETS AND LIABILITI

INTANGIBLE ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2019
Intangible Assets and Liabilities [Abstract]
INTANGIBLE ASSETS AND LIABILITIES	4.INTANGIBLE ASSETS AND LIABILITIES Amortizationof in-place lease intangibles was $1.2 million and $0.6 million for the nine months ended September 30, 2019 and 2018, respectively.This amortization is included in depreciation and amortization in the consolidated and combined consolidated statements of operations.Amortization of acquired above market leases was $7,851 and $6,319 for the nine months ended September 30, 2019 and 2018, respectively,and is included in rent income in the consolidated and combined consolidated statements of operations. Amortization of acquiredbelow market leases was $334,627 and $215,955 for the nine months ended September 30, 2019 and 2018, respectively, and is includedin rent income in the consolidated and combined consolidated statements of operations. Thebalance of these intangible assets and liabilities will be amortized as follows: Year ending December 31, In-Place Lease Intangibles Below Market Leases Above Market Leases 2019 – Remaining $ 567,742 $ 167,579 $ 1,372 2020 1,850,310 622,436 4,903 2021 1,304,600 555,645 1,975 2022 516,851 503,120 1,151 2023 265,875 455,109 - Thereafter 271,137 3,061,229 - Total $ 4,776,515 $ 5,365,118 $ 9,401

DEBT

DEBT	9 Months Ended
	Sep. 30, 2019
Mortgage Loans Payable [Abstract]
DEBT	5. DEBT The following table summarizes indebtedness as of September 30, 2019 and December 31, 2018: Borrowing September 30, December 31, Revolving Credit Facility (1) $ 17,000,000 $ - Vision Bank 1,538,330 15,636,243 Atlanta Postal Credit Union - 17,313,481 First Oklahoma Bank 381,391 389,599 Vision Bank – 2018 908,190 936,750 Seller Financing (2) 445,000 - First Oklahoma Bank – 2018 - 743,076 Total debt $ 20,272,911 $ 35,019,149 (1) On September 27, 2019, the Company entered into a $100 million Senior Revolving Credit Facility (“Facility”), which includes an accordion feature that will permit the Company to borrow up to $200 million, subject to customary terms and conditions. The Facility matures in September 2023. Borrowings under the Facility carry an interest rate of either a base rate plus a range of 70 to 140 basis points or LIBOR plus a range of 170 to 240 basis points, each depending on a consolidated leverage ratio. As of September 30, 2019, the Company had $17 million drawn under the Facility and the Facility bore interest at LIBOR (at September 30, 2019, the one-month LIBOR rate was 2.02%) plus 170 bps. In addition, the Company will pay, for the period through and including the calendar quarter ending March 31, 2020, an unused facility fee on the revolving commitments under the Facility of .75% per annum for the first $100 million and .25% per annum for the portion of revolving commitments exceeding $100 million, and for the period thereafter, an unused facility fee of .25% per annum for the aggregate unused revolving commitments, with both periods utilizing calculations of daily unused commitments under the Facility. The Company’s ability to borrow under the Facility is subject to ongoing compliance with a number of customary affirmative and negative covenants. As of September 30, 2019, the Company was in compliance with the Facility’s debt covenants. (2) In connection with the acquisition of a property, the Company obtained seller financing secured by the property in the amount of $0.4 million requiring five annual payments of principal and interest of $105,661 with the first payable on January 2, 2021 based on a 6% interest rate per annum through January 2, 2025. Principal payments on debt through maturity are as follows: Year Ending December 31, Amount 2019 – Remaining $ 27,409 2020 109,182 2021 191,562 2022 196,553 2023 17,204,951 Thereafter 2,543,254 20,272,911 Less: Deferred financing costs, net 35,584 Total $ 20,237,327 In connection with the IPO, the Company repaid approximately $31.7 million of outstanding indebtedness and wrote off approximately $0.2 million of deferred financing costs which are recorded in loss on extinguishment of debt in the consolidated and combined consolidated statements of operations. The Vision Bank loan, First Oklahoma Bank loan and Vision Bank – 2018 loan contain a personal guaranty of payment by Mr. Spodek.

LOANS PAYABLE - RELATED PARTY

LOANS PAYABLE - RELATED PARTY	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
LOANS PAYABLE - RELATED PARTY	6. LOANS PAYABLE – RELATED PARTY In June 2018, pursuant to a loan modification agreement, interest-only promissory notes aggregating $3,544,215 bearing interest at 1.9% per annum, requiring interest only payments, and maturing between August 1, 2036 through July 1, 2041 were assumed by an affiliate of the Predecessor and recorded as an increase in equity of the Predecessor. Interest expense incurred for these notes was $33,671 for the nine months ended September 30, 2018.

OPERATING LEASE AGREEMENTS

OPERATING LEASE AGREEMENTS	9 Months Ended
	Sep. 30, 2019
Leases, Operating [Abstract]
OPERATING LEASE AGREEMENTS	7. OPERATING LEASE AGREEMENTS At September 30, 2019, all of the properties owned by the Company are leased to a single tenant, the USPS, other than a de-minimis non-postal tenant that shares space in a building leased to the USPS. The leases expire at various dates through January 31, 2028. Future minimum rental income to be received on non-cancellable leases is as follows: Year Ending December 31, Amount 2019 – Remaining $ 2,313,353 2020 8,090,250 2021 6,934,226 2022 4,403,081 2023 3,107,616 Thereafter 4,930,879 Total $ 29,779,405

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	8. INCOME TAXES For the three and nine months ended September 30, 2018, in order to determine the quarterly provision for income taxes for UPH, the Company used an estimated annual effective tax rate (“ETR”), which is based on expected annual income and statutory tax rates in the various jurisdictions. Certain significant or unusual items are separately recognized as discrete items in the quarter during which they occur and can be a source of variability in the effective tax rates from quarter to quarter. Income tax expense (benefit) related to UPH for the three and nine months ended September 30, 2019 was zero and $39,749 at an effective tax rate of 13.4% and $(143,382) and $(83,742) at an effective tax rate of 6.4% for the three and nine months ended September 30, 2018. The effective tax rate for the three and nine months ended September 30, 2019 and September 30, 2018 differs from the statutory rate of 21% due to certain entities included in the consolidated and combined consolidated financial statements that are not subject to tax at the entity level, state taxes and interest and penalties from unrecognized tax benefits primarily related to the utilization of loss carryforwards. In connection with the IPO, the indirect sole shareholder of UPH agreed to reimburse the Company for unrecognized tax benefits primarily related to the utilization of certain loss carryforwards at UPH. The Company recorded an indemnification asset in the same amount as the unrecognized tax benefits. The amount will be adjusted going forward as new information becomes available in regard to such liability. The indirect sole shareholder of UPH will be responsible for all tax related matters related to UPH. The Company has unrecognized tax benefits at September 30, 2019 of $516,529, which is inclusive of interest and penalties and a corresponding indemnification asset which is recorded in prepaid expenses and other assets on the consolidated balance sheet. During the three months ended September 30, 2019, the Company reversed $191,391 of unrecognized tax benefits and the corresponding indemnification asset due to the expiration of statute of limitations. In connection with the IPO, the UPH $727,952 deferred tax liability at May 16, 2019 was reversed through equity. Deferred taxes have not been recorded with respect to the Company’s acquired basis differences of UPH due to the Company’s election to be taxed as a REIT in addition to the insignificant state effective tax rate for states that do not conform to federal taxation of REITs. In connection with the IPO, the Company elected to treat PRM as a TRS which performs management services for properties the Company does not own. PRM generates income, resulting in Federal and state income tax liability for these entities. For the three and nine months ended September 30, 2019, income tax benefit related to PRM was $6,259 and zero, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS Management Fee Income Prior to the IPO, the Predecessor recognized management fee income of $249,813 for the three months ended September 30, 2018 and $393,030 and $800,557 for the nine months ended September 30, 2019 and 2018, respectively, from various properties which are affiliated with the Company’s CEO and are included in fee and other income in the consolidated and combined consolidated statements of operations. Following the IPO, PRM recognized management fee income of $236,137 and $365,443, respectively, for the three and nine months ended September 30, 2019 from various properties which are affiliated with the Company’s CEO and are included in fee and other income in the consolidated statements of operations. These amounts include accrued management fees receivable of $16,344 and zero at September 30, 2019 and 2018, respectively, which is included in rents and other receivables on the consolidated and combined consolidated balance sheets. Related Party Lease On October 1, 2018, the Predecessor entered into a lease for office space in Cedarhurst, New York with an entity affiliated with the Predecessor (the “Office Lease”). Pursuant to the Office Lease, the monthly rent was $15,000 subject to escalations. The term of the Office Lease was five years commencing on October 1, 2018 (with rent commencing on January 1, 2019) and was set to expire on September 30, 2023. In connection with the IPO, the Office Lease was terminated. On May 17, 2019, the Company entered into a new lease for office space in Cedarhurst, New York with an entity affiliated with the Company’s CEO (the “New Lease”). Pursuant to the New Lease, the monthly rent is $15,000 subject to escalations. The term of the Office Lease is five years commencing on May 17, 2019 and will expire on May 16, 2024. For the nine months ended September 30, 2019, rent expense was $93,626 and was recorded in general and administrative expenses in the consolidated and combined consolidated statements of operations. As of September 30, 2019, future minimum rental payments on the noncancelable lease is as follows: Year Ending December 31, Amount 2019 – Remaining $ 45,000 2020 183,368 2021 188,869 2022 194,535 2023 200,371 Thereafter 76,244 Total $ 888,387 Due to Affiliates At September 30, 2019, the Company owed $0.5 million to an affiliate of the Company’s CEO for amounts funded in connection with the Company’s IPO (See Note 3. Summary of Significant Accounting Policies). This amount is non-interest bearing and is due on demand.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	10. EARNINGS PER SHARE The following table shows the amounts used in computing the Company’s basic and diluted earnings per share. As of the three and nine months ended September 30, 2019, there is no dilution to earnings per share because there is a net loss. Three Months Ended Nine Months Ended Numerator for earnings per share – basic and diluted Net loss attributable to common stockholders $ (307,969 ) (699,765 ) Less: income attributable to participating securities - (16,715 ) Numerator for earnings per share – basic and diluted $ (307,969 ) $ (716,480 ) Denominator for earnings per share – basic and diluted $ 5,164,264 $ 5,164,264 Basic and diluted earnings per share $ (0.06 ) $ (0.14 )

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
STOCKHOLDER'S EQUITY	11. STOCKHOLDER’S EQUITY The Company issued 4,500,000 Class A Common Shares in conjunction with the IPO resulting in net proceeds of approximately $71.1 million after deducting approximately $5.4 million in underwriting discounts and before giving effect to $6.4 million in other expenses relating to the IPO. In addition, the Company issued 637,058 shares of Class A Common Stock and 27,206 shares of Class B Common Stock in connection with the Formation Transactions. Each outstanding share of Class B Common Stock entitles its holder to 50 votes on all matters on which Class A common stockholders are entitled to vote, including the election of directors, and holders of shares of Class A Common Stock and Class B Common Stock will vote together as a single class. Shares of Class B Common Stock are convertible into shares of Class A Common Stock, on a one-for-one basis, at the election of the holder at any time. Additionally, one share of Class B Common Stock will automatically convert into one share of Class A common stock for each 49 OP Units transferred (including by the exercise of redemption rights afforded with respect to OP Units) to a person other than a permitted transferee. This ratio is a function of the fact that each share of Class B Common Stock entitles its holder to 50 votes on all matters on which Class A common stockholders are entitled to vote and maintains the voting proportion of holders of Class B Common Stock with the holder’s economic interest in our Company. Noncontrolling Interests Noncontrolling interests in the Company primarily represent Common Units held by the Predecessor’s prior investors and LTIP Units issued to the Company’s CEO in connection with the IPO and in lieu of cash compensation. During the three months ended September 30, 2019, the Company issued 5,298 LTIP Units to an employee. Noncontrolling interests consisted of 1,333,112 Common Units and 120,004 LTIP Units and represented approximately 21.5% of the Operating Partnership as of September 30, 2019. Operating Partnership units and shares of common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of the Operating Partnership. Beginning on or after the date which is 12 months after the later of (i) the completion of the IPO or (ii) the date on which a person first became a holder of common units, each limited partner and assignees of limited partners will have the right, subject to the terms and conditions set forth in the partnership agreement to require the Operating Partnership to redeem all or a portion of the Common Units held by such limited partner or assignee in exchange for shares of the Company’s Class A Common Stock, on a one-for-one basis, or, at the Company’s sole discretion, cash, in an amount per Common Unit equal to the value of one share of Class A Common Stock, determined in accordance with and subject to adjustment under the partnership agreement. The Operating Partnership unitholders are entitled to share in cash distributions from the Operating Partnership in proportion to its percentage ownership of Common Units. Restricted Stock and Other Awards Pursuant to the Company’s 2019 Equity Incentive Plan, or Equity Incentive Plan, the Company may grant equity incentive awards to our directors, officers, employees and consultants. Upon completion of the IPO, the Company issued 73,529 LTIP units to the Company’s CEO, 58,824 restricted shares of Class A Common Stock to the Company’s president, 33,824 restricted shares of Class A Common Stock to other employees and 38,235 restricted shares of Class A Common Stock to the Company’s non-employee directors under the Equity Incentive Plan. In addition, the Company issued 41,177 LTIP Units to the Company’s CEO and an aggregate of 17,647 restricted shares of Class A Common Stock to its non-employee directors, in each case in lieu of cash compensation for the twelve month period following completion of the IPO. During the quarter ended September 30, 2019, the Company issued an aggregate 5,298 LTIP Units and 317 restricted shares of Class A Common Stock to certain employees. The maximum number of shares of Class A Common Stock that is available to be issued under our Equity Incentive Plan is 541,584 shares. To the extent an award granted under the Equity Incentive Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. Awards issued in connection with the IPO will vest in three equal, annual installments on each of the first three anniversaries of the date of grant. Awards issued to the Company’s non-employee directors in lieu of cash compensation vest on the anniversary of the grant and awards issued as equity compensation vest in three equal, annual installments on each of the first three anniversaries of the date of grant. Awards issued to the Company’s CEO in lieu of cash compensation cliff vest on the eighth anniversary of the date of grant. For the three and nine months ended September 30, 2019, the Company recognized compensation expenses of $0.4 million and $0.6 million related to all awards, respectively. As of September 30, 2019, there was $4.0 million of total unrecognized compensation cost related to unvested awards, which is expected to be recognized over a weighted average period of 3.6 years. Employee Stock Purchase Plan In connection with the IPO, the Postal Realty Trust, Inc. 2019 Qualified Employee Stock Purchase Plan, or the ESPP, allows the Company’s employees to purchase shares of the Company’s Class A Common Stock at a discount. A total of 100,000 shares of Class A common stock will be reserved for sale and authorized for issuance under the ESPP. The Code permits us to provide up to a 15% discount on the lesser of the fair market value of such shares of stock at the beginning of the offering period and the code of the offering period. No shares have been purchased as of September 30, 2019.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES At September 30, 2019, the Company was not involved in any litigation nor to its knowledge is any litigation threatened against the Predecessor or the Company, as applicable, that, in management’s opinion, would result in any material adverse effect on the Company’s financial position, or which is not covered by insurance. In the ordinary course of the Company’s business, the Company enters into non-binding (except with regard to exclusivity and confidentiality) letters of intent indicating a willingness to negotiate for acquisitions. There can be no assurance that definitive contracts will be entered into with respect to any matter covered by letters of intent, that the Company will close the transactions contemplated by such contracts on time, or that the Company will consummate any transaction contemplated by any definitive contract.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS On October 30, 2019, the Company borrowed an additional $20 million under the Facility. In October 2019, the Company, through its Operating Partnership, acquired 55 properties leased to the USPS located in various states for approximately $9.5 million. In November 2019, the Company, through its Operating Partnership, acquired 22 properties leased to the USPS located in various states for approximately $7.8 million. As of November 11, 2019, the Company entered into definitive agreements to acquire 98 properties leased to the USPS for approximately $27.6 million, which includes $14.0 million in OP Units valued at $17.00 per unit. Formal due diligence has been completed and the transactions are expected to close in the fourth quarter, subject to the satisfaction of customary closing conditions.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated and combined consolidated financial statements of the Company include the financial position and results of operations of the Company, the Operating Partnership and its wholly owned subsidiaries. The Predecessor represents a combination of certain entities holding interests in real estate that were commonly controlled prior to the Formation Transactions. Due to their common control, the financial statements of the separate entities which own the properties and the management company are presented on a combined basis. The effects of all significant intercompany balances and transactions have been eliminated. We consolidate the Operating Partnership, a VIE in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. A non-controlling interest is defined as the portion of the equity in an entity not attributable, directly or indirectly, to the Company. Non-controlling interests are required to be presented as a separate component of equity in the consolidated and combined consolidated balance sheets. Accordingly, the presentation of net income is modified to present the income attributed to controlling and non-controlling interests. The accompanying consolidated and combined consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished in the accompanying consolidated and combined consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated and combined consolidated financial statements for the interim periods. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. These interim financial statements should be read in conjunction with, and follow the same policies and procedures as outlined in the audited combined consolidated financial statements for the year ended December 31, 2018, included in the Company’s final prospectus dated May 14, 2019.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the consolidated and combined consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates.
Offering and Other Costs	Offering and Other Costs Certain of the costs related to the IPO and the Formation Transactions paid by an affiliate of the Company’s initial sole shareholder were reimbursed by the Company from the proceeds of the IPO. Offering costs were recorded in stockholders’ equity as a reduction of additional paid-in capital. Transaction costs related to asset acquisitions were capitalized as part of the acquisition. As of September 30, 2019, approximately $0.5 million of offering and other costs are owed to an affiliate of the Company’s initial sole shareholder.
Investments in Real Estate	Investments in Real Estate Upon the acquisition of real estate, the purchase price is allocated based upon the fair value of the assets acquired and liabilities assumed. The allocation of the purchase price to the fair value of the tangible assets of an acquired property is derived by valuing the property as if it were vacant. All real estate acquisitions in the periods presented qualified as asset acquisitions and, as such, acquisition-related fees and acquisition-related expenses related to these asset acquisitions were capitalized and allocated to tangible and intangible assets and liabilities. Investments in real estate generally include land, buildings, tenant improvements and identified intangible assets, such as in-place lease intangibles and above or below-market lease intangibles. Direct and certain indirect costs clearly associated with the development, construction, leasing or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. Depreciation on buildings generally is provided on a straight-line basis over 40 years. Tenant improvements are depreciated over the shorter of their estimated useful lives or the term of the related lease. The acquired in-place lease values are amortized to expense over the average remaining non-cancellable term of the respective in-place leases. The acquired above or below-market lease intangibles are amortized to rent income over the applicable lease term, inclusive of any option periods for below-market leases. The carrying value of real estate investments and related intangible assets is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the asset’s carrying amount over its estimated fair value. Impairment analyses will be based on current plans, intended holding periods and available market information at the time the analyses are prepared. If estimates of the projected future cash flows, anticipated holding periods or market conditions change, the evaluation of impairment losses may be different and such differences may be material. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. For the three and nine months ended September 30, 2019 and 2018, no impairment loss was recorded. During the three months ended September 30, 2019, the Company acquired eighteen properties for a purchase price of $11.1 million, inclusive of acquisition costs of $0.1 million. During the three months ended June 30, 2019, the Company acquired the Acquisition Properties in connection with the IPO for a purchase price of $27.3 million, inclusive of acquisition costs of $0.4 million. During the three months ended March 31, 2019, the Predecessor acquired one property for a purchase price of $645,120, inclusive of acquisition costs of $10,120. The purchase prices were allocated to the separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of acquisition. The total purchase price was allocated as follows: Three months ended September 30, June 30, March 31, Land $ 2,619,719 $ 6,789,589 $ 179,202 Building and improvements 8,301,678 18,774,918 456,550 Tenant improvements 190,343 259,640 18,166 In-place lease intangibles 982,974 2,227,870 69,504 Above-market leases - 6,338 - Below market leases (1,024,644 ) (754,300 ) (78,302 ) Total $ 11,070,070 $ 27,304,055 $ 645,120 During the nine months ended September 30, 2018, the Predecessor acquired seven properties for an aggregate purchase price of $1,334,591, inclusive of acquisition costs of $19,598. The purchase price was allocated to the separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of acquisition. The total purchase price was allocated as follows: Nine months ended September 30, Land $ 502,667 Building and improvements 825,811 Tenant improvements 29,029 In-place lease intangibles 171,713 Above-market leases 19,602 Below market leases (214,231 ) Total $ 1,334,591
Cash and Restricted Cash	Cash and Restricted Cash Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. Restricted cash is presented as escrows and reserves in the accompanying consolidated and combined consolidated balance sheets. Cash and restricted cash consist of the following: September 30, December 31, Cash $ 10,969,557 $ 262,926 Restricted cash: Maintenance reserve 602,306 598,949 ESPP reserve 7,894 - Total cash and restricted cash $ 11,579,757 $ 861,875
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities at September 30, 2019 and December 31, 2018. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash, escrows and deposits, receivables, prepaid expenses, accounts payable and accrued expenses and due to affiliates are carried at amounts which reasonably approximate their fair values as of September 30, 2019 and December 31, 2018 due to their short maturities. The fair value of the Company’s borrowings under its senior revolving credit facility approximates carrying value. The fair value of the Company’s secured borrowings aggregated approximately $3,208,680 and $33,586,000, as compared to the principal balance of $3,272,911 and $35,019,149 as of September 30, 2019 and December 31, 2018, respectively. The fair value of the Company’s debt was categorized as a level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of September 30, 2019 and December 31, 2018, respectively. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since September 30, 2019 and current estimates of fair value may differ significantly from the amounts presented herein.
Revenue recognition	Revenue Recognition The Company has operating lease agreements with tenants, some of which contain provisions for future rent increases. Rental income is recognized on a straight-line basis over the term of the lease. In addition, certain lease agreements provide for reimbursements from tenants for real estate taxes and other recoverable costs, which are recorded on an accrual basis as tenant reimbursement revenue. Fee and other income primarily consist of property management fees. These fees arise from contractual agreements with entities that are affiliated with the Company’s CEO. Management fee income is recognized as earned under the respective agreements. The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to property damage and business interruption. The Company records the estimated amount of expected insurance proceeds for property damage and other losses incurred as an asset (typically a receivable from the insurer) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the amount of the losses incurred is considered a gain contingency and is not recorded in fee and other income until the proceeds are received. Insurance recoveries for business interruption for lost revenue or profit are accounted for as gain contingencies in their entirety, and therefore are not recorded in income until the proceeds are received.
Income Taxes	Income Taxes UPH was subject to federal income tax and state franchise taxes in jurisdictions where it conducts business. See Note 8. Income Taxes for a discussion of the treatment of the deferred tax assets and liabilities in connection with the IPO. Income taxes or credits resulting from earnings or losses for the LLCs, the limited partnership and NPM were payable by or accrue to the benefit of the members/partners/shareholders of such entities. No provision has been made for income taxes for these pass-through entities in the combined consolidated financial statements. For periods subsequent to the completion of the IPO and the Formation Transactions, PRM is subject to federal, state and local corporate income taxes to the extent there is taxable income.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests in the Company represent common units of limited partnership interest of the Operating Partnership (“Common Units”) held by the Predecessor’s prior investors and long term incentive units of the Operating Partnership (“LTIP Units”) held by the Company’s CEO. Upon completion of the IPO and the Formation Transactions, the Operating Partnership issued 1,333,112 Common Units to the Predecessor’s prior investors as partial consideration for the contribution of their interest in the Predecessor to the Operating Partnership and 114,706 LTIP Units to the Company’s CEO. During the three months ended September 30, 2019, the Company issued 5,298 LTIP Units to an employee.
Dividends	Dividends On June 26, 2019, the board of directors of the Company approved and the Company declared a pro-rated cash dividend of $0.063 per share and common unit for the period from May 17, 2019, the closing date of the IPO, to September 30, 2019. The dividend was paid on July 31, 2019 to stockholders and common unitholders of record as of the close of business on July 9, 2019 consisting of $0.3 million in dividends to stockholders and $0.1 million to common unitholders. On November 5, 2019, the board of directors of the Company approved and the Company declared a cash dividend of $0.14 per share and common unit for the quarter ended September 30, 2019. The dividend will be paid on December 2, 2019 to stockholders and common unitholders of record as of the close of business on November 15, 2019 consisting of $0.7 million in dividends to stockholders and $0.2 million to common unitholders.
Equity Based Compensation	Equity Based Compensation The Company accounts for equity-based compensation in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the grant date fair value of equity-based awards. The estimated grant date fair value of restricted stock units is amortized over their respective vesting periods. See Note 11. Stockholder’s Equity for further details.
Earnings per Share	Earnings per Share The Company calculates net income (loss) per share based upon the weighted average shares outstanding during the period beginning May 17, 2019. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. There were 1,453,116 potentially dilutive shares outstanding related to the issuance of Common Units and LTIP Units held by noncontrolling interests as of September 30, 2019.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation.
Accounting Standards Adopted in 2019	Accounting Standards Adopted in 2019 In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers This standard is effective for interim and annual reporting periods that begin on or after December 15, 2018 as a result of the Company’s status as an emerging growth company. The Company and the Predecessor adopted ASU 2014-09 on January 1, 2019 using the modified retrospective method however, there was no cumulative effect required to be recognized in retained earnings at the date of application. Substantially all of the Company’s revenue is derived from its tenant leases and therefore falls outside the scope of this guidance. With respect to its fee-based revenue, the Company earns monthly base management fees subject to the terms of the contractual agreements with entities that are affiliated with the Company for the day-to-day operations and administration of its managed properties. These services are provided in exchange for monthly management fees, which are based on a percentage of revenues collected from post offices owned by entities that are affiliated with the Company. The Company determined that there is no change to revenue recognition for base management fees as the underlying services are considered to be individual performance obligations composed of a series of distinct services satisfied over time, for which revenue is recognized monthly as earned over the life of the management agreement as services are provided. The total amount of consideration from the contracts is variable as it is based on monthly revenues, which are influenced by multiple factors, some of which are outside the Company’s control. Therefore, the Company recognizes the revenue at the end of each month once the uncertainty is resolved. Due to the standardized terms of the management agreements, the Company accounts for all management agreements in a similar, consistent manner. Therefore, no disaggregated information relating to management agreements is presented.
Future Application of Accounting Standards	Future Application of Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases Revenue from Contracts with Customers initial direct costs Leases ASU 2016-02 initially provided for one retrospective transition method; however, a second transition method was later added with ASU 2018-11 as described below. To ease the transition, the new lease accounting guidance permits companies to utilize certain practical expedients in their implementation of the new standard: ● A package of three practical expedients that must be elected together for all leases and includes: (i) not reassessing expired or existing contracts as to whether they are or contain leases; (ii) not reassessing lease classification of existing leases and (iii) not reassessing the amount of capitalized initial direct costs for existing leases; ● ASU 2016-02 also includes a practical expedient to use hindsight in determining the lease term or assessing purchase options for existing leases and in assessing impairment of right of use assets; ● ASU 2018-01, Land Easements Practical Expedient for Transition to Topic 842 ● A new practical expedient under ASU 2018-11, described below. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842 Leases Leases Leases Targeted Improvements Leases As lessor, the Company expects that post-adoption substantially all existing leases will have no change in the timing of revenue recognition until their expiration or termination. The Company expects to elect the package of practical expedients and the lessor practical expedient to not separate non-lease components such as maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease component. The timing of revenue recognition is expected to be the same for the majority of the Company’s new leases as compared to similar existing leases; however, certain categories of new leases could have different revenue recognition patterns as compared to similar existing leases. As lessee, the Company expects to record a right of use asset and related liability for the office lease disclosed in Note 9. Related Party Transactions. In December 2018, the FASB issued ASU 2018-20 Leases (Topic 842), Narrow-Scope Improvements for Lessors Topic 842 will be effective for the Company on January 1, 2021 as a result of its classification as an emerging growth company. The Company continues to evaluate the FASB’s activities related to the new leasing standard and the potential impact on its financial results, policies and disclosures upon adoption, including the accounting for costs which may be paid by the lessee directly to a third party, such as real estate taxes. In December 2018, the FASB issued ASU No. 2018-20, Leases — Narrow-Scope Improvements for Lessors In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses Codification Improvements to Topic 326, Financial Instruments - Credit Losses

THE COMPANY'S IPO AND THE FOR_2

THE COMPANY'S IPO AND THE FORMATION TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2019
The Company's Initial Public Offering and Formation Transactions [Abstract]
Schedule of predecessor statement of operations	All balances as of December 31, 2018 and for the three and nine months ended September 30, 2018 are those of the Predecessor. Predecessor Postal Realty Trust, Inc. April 1, January 1, May 17, Revenues: Rent income $ 756,969 $ 2,249,355 $ 3,486,541 Tenant reimbursements 111,219 348,075 504,429 Fee and other income 141,033 427,959 414,138 Total revenues $ 1,009,221 $ 3,025,389 $ 4,405,108 Operating Expenses: Real estate taxes 114,783 358,693 521,424 Property operating expenses 117,958 357,779 464,060 General and administrative 106,549 501,204 1,884,024 Equity-based compensation - - 584,873 Depreciation and amortization 245,313 725,756 1,588,797 Total operating expenses $ 584,603 $ 1,943,432 $ 5,043,178 Income (loss) from operations 424,618 1,081,957 (638,070 ) Interest expense, net: Contractual interest expense (212,352 ) (570,819 ) (64,604 ) Amortization of deferred financing costs (1,592 ) (4,773 ) (4,785 ) Loss on early extinguishment of Predecessor debt - - (185,586 ) Interest income - 1,134 2,260 Total interest expense, net (213,944 ) (574,458 ) (252,715 ) Income (loss) before income tax expense 210,674 507,499 (890,785 ) Income tax (benefit) expense - (39,749 ) - Net income (loss) $ 210,674 $ 467,750 $ (890,785 ) Less: Net income attributable to noncontrolling interest in properties (1,493 ) (4,336 ) - Net income attributable to Predecessor $ 209,181 $ 463,414 - Net loss attributable to Operating Partnership unitholders’ noncontrolling interests 191,020 Net loss attributable to common stockholders $ (699,765 )

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) - Nationwide Postal and Affiliates Predecessor	9 Months Ended
	Sep. 30, 2019
Schedule of identifiable tangible and intangible assets and liabilities	The total purchase price was allocated as follows: Three months ended September 30, June 30, March 31, Land $ 2,619,719 $ 6,789,589 $ 179,202 Building and improvements 8,301,678 18,774,918 456,550 Tenant improvements 190,343 259,640 18,166 In-place lease intangibles 982,974 2,227,870 69,504 Above-market leases - 6,338 - Below market leases (1,024,644 ) (754,300 ) (78,302 ) Total $ 11,070,070 $ 27,304,055 $ 645,120 During the nine months ended September 30, 2018, the Predecessor acquired seven properties for an aggregate purchase price of $1,334,591, inclusive of acquisition costs of $19,598. The purchase price was allocated to the separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of acquisition. The total purchase price was allocated as follows: Nine months ended September 30, Land $ 502,667 Building and improvements 825,811 Tenant improvements 29,029 In-place lease intangibles 171,713 Above-market leases 19,602 Below market leases (214,231 ) Total $ 1,334,591
Schedule of Cash and restricted cash	Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. Restricted cash is presented as escrows and reserves in the accompanying consolidated and combined consolidated balance sheets. Cash and restricted cash consist of the following: September 30, December 31, Cash $ 10,969,557 $ 262,926 Restricted cash: Maintenance reserve 602,306 598,949 ESPP reserve 7,894 - Total cash and restricted cash $ 11,579,757 $ 861,875

INTANGIBLE ASSETS AND LIABILI_2

INTANGIBLE ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2019
Intangible Assets and Liabilities [Abstract]
Schedule of intangible assets and liabilities	The balance of these intangible assets and liabilities will be amortized as follows: Year ending December 31, In-Place Lease Intangibles Below Market Leases Above Market Leases 2019 – Remaining $ 567,742 $ 167,579 $ 1,372 2020 1,850,310 622,436 4,903 2021 1,304,600 555,645 1,975 2022 516,851 503,120 1,151 2023 265,875 455,109 - Thereafter 271,137 3,061,229 - Total $ 4,776,515 $ 5,365,118 $ 9,401

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2019
Mortgage Loans Payable [Abstract]
Schedule of principal balances of mortgage loans payable	The following table summarizes indebtedness as of September 30, 2019 and December 31, 2018: Borrowing September 30, December 31, Revolving Credit Facility (1) $ 17,000,000 $ - Vision Bank 1,538,330 15,636,243 Atlanta Postal Credit Union - 17,313,481 First Oklahoma Bank 381,391 389,599 Vision Bank – 2018 908,190 936,750 Seller Financing (2) 445,000 - First Oklahoma Bank – 2018 - 743,076 Total debt $ 20,272,911 $ 35,019,149 (1) On September 27, 2019, the Company entered into a $100 million Senior Revolving Credit Facility (“Facility”), which includes an accordion feature that will permit the Company to borrow up to $200 million, subject to customary terms and conditions. The Facility matures in September 2023. Borrowings under the Facility carry an interest rate of either a base rate plus a range of 70 to 140 basis points or LIBOR plus a range of 170 to 240 basis points, each depending on a consolidated leverage ratio. As of September 30, 2019, the Company had $17 million drawn under the Facility and the Facility bore interest at LIBOR (at September 30, 2019, the one-month LIBOR rate was 2.02%) plus 170 bps. In addition, the Company will pay, for the period through and including the calendar quarter ending March 31, 2020, an unused facility fee on the revolving commitments under the Facility of .75% per annum for the first $100 million and .25% per annum for the portion of revolving commitments exceeding $100 million, and for the period thereafter, an unused facility fee of .25% per annum for the aggregate unused revolving commitments, with both periods utilizing calculations of daily unused commitments under the Facility. The Company’s ability to borrow under the Facility is subject to ongoing compliance with a number of customary affirmative and negative covenants. As of September 30, 2019, the Company was in compliance with the Facility’s debt covenants. (2) In connection with the acquisition of a property, the Company obtained seller financing secured by the property in the amount of $0.4 million requiring five annual payments of principal and interest of $105,661 with the first payable on January 2, 2021 based on a 6% interest rate per annum through January 2, 2025.
Schedule of Principal payments of mortgage loans payable	Principal payments on debt through maturity are as follows: Year Ending December 31, Amount 2019 – Remaining $ 27,409 2020 109,182 2021 191,562 2022 196,553 2023 17,204,951 Thereafter 2,543,254 20,272,911 Less: Deferred financing costs, net 35,584 Total $ 20,237,327

OPERATING LEASE AGREEMENTS (Tab

OPERATING LEASE AGREEMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
Leases, Operating [Abstract]
Schedule of future minimum rental income	Future minimum rental income to be received on non-cancellable leases is as follows: Year Ending December 31, Amount 2019 – Remaining $ 2,313,353 2020 8,090,250 2021 6,934,226 2022 4,403,081 2023 3,107,616 Thereafter 4,930,879 Total $ 29,779,405

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Schedule of future minimum rental payments	As of September 30, 2019, future minimum rental payments on the noncancelable lease is as follows: Year Ending December 31, Amount 2019 – Remaining $ 45,000 2020 183,368 2021 188,869 2022 194,535 2023 200,371 Thereafter 76,244 Total $ 888,387

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Schedule of weighted average shares basic and dilutive earnings per share	The following table shows the amounts used in computing the Company’s basic and diluted earnings per share. As of the three and nine months ended September 30, 2019, there is no dilution to earnings per share because there is a net loss. Three Months Ended Nine Months Ended Numerator for earnings per share – basic and diluted Net loss attributable to common stockholders $ (307,969 ) (699,765 ) Less: income attributable to participating securities - (16,715 ) Numerator for earnings per share – basic and diluted $ (307,969 ) $ (716,480 ) Denominator for earnings per share – basic and diluted $ 5,164,264 $ 5,164,264 Basic and diluted earnings per share $ (0.06 ) $ (0.14 )

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - $ / shares	1 Months Ended
	May 16, 2019	Sep. 30, 2019	May 15, 2019
Organization and Description of Business (Textual)
Percentage of interest in operating partnership		78.50%
Predecessor [Member]
Organization and Description of Business (Textual)
Common stock, shares authorized			600,000,000
Common stock, par value			$ 0.01
IPO [Member] | Predecessor [Member]
Organization and Description of Business (Textual)
Common stock, shares authorized			500,000,000
Common stock, par value			$ 0.01
Preferred stock, shares authorized			100,000,000
Real estate investment trust, description	The Company intends to qualify and elect to qualify as a real estate investment trust (“REIT”) under the Code beginning with its short taxable year ending December 31, 2019. As a REIT, the Company generally will not be subject to federal income tax to the extent that it distributes at least 90% of its taxable income for each tax year to its stockholders.
Class A [Member]
Organization and Description of Business (Textual)
Common stock, shares authorized		500,000,000
Common stock, par value		$ 0.01
Common stock, shares issued		5,285,904
Class A [Member] | Predecessor [Member]
Organization and Description of Business (Textual)
Common stock, par value	$ 0.01
Class B [Member]
Organization and Description of Business (Textual)
Common stock, shares authorized		27,206
Common stock, par value		$ 0.01
Common stock, shares issued		27,206

THE COMPANY'S IPO AND THE FOR_3

THE COMPANY'S IPO AND THE FORMATION TRANSACTIONS (Details) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended					4 Months Ended	5 Months Ended	9 Months Ended
	Jun. 30, 2019	May 16, 2019	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	May 16, 2019	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Rent income			$ 2,387,082							$ 5,735,896
Tenant reimbursements			342,419							852,504
Fee and other income			278,846							842,097
Total revenues			3,008,347							7,430,497
Operating Expenses:
Real estate taxes			353,663							880,117
Property operating expenses			332,892							821,839
General and administrative			1,207,197							2,385,228
Equity based compensation			394,530							584,873
Depreciation and amortization			1,066,338							2,314,553
Total operating expenses			3,354,620							6,986,610
Income from operations			(346,273)							443,887
Interest expense, net:
Contractual interest expense			48,916							635,423
Amortization of deferred financing costs			(4,523)							(9,558)
Loss on early extinguishment of Predecessor debt										(185,586)
Interest income			1,136							3,394
Income (loss) before income tax (expense) benefit			(398,576)							(383,286)
Income tax expense			(6,259)							39,749
Net income (loss)	$ (498,468)		(392,317)					$ (498,468)		(423,035)
Net loss attributable to common stockholders			$ (307,969)							$ (699,765)
Predecessor [Member]
Revenues:
Rent income		$ 756,969			$ 1,417,534				$ 2,249,355		$ 4,199,767
Tenant reimbursements		111,219			220,676				348,075		668,502
Fee and other income		141,033			255,971				427,959		862,317
Total revenues		1,009,221			1,894,181				3,025,389		5,730,586
Operating Expenses:
Real estate taxes		117,723			227,373				367,512		688,953
Property operating expenses		115,010			203,994				366,716		639,289
General and administrative		106,557			282,361				483,448		1,086,384
Equity based compensation
Depreciation and amortization		245,313			457,907				725,756		1,363,575
Total operating expenses		584,603			1,171,635				1,943,432		3,778,201
Income from operations		424,618			722,546				1,081,957		1,952,385
Interest expense, net:
Contractual interest expense		(212,352)			361,743				(570,819)		1,112,353
Amortization of deferred financing costs		(1,592)			(3,126)				(4,773)		(9,375)
Loss on early extinguishment of Predecessor debt
Interest income					1,158				1,134		3,370
Total interest expense, net		(213,944)							(574,458)
Income (loss) before income tax (expense) benefit		210,674			358,835				507,499		834,027
Income tax expense					(143,382)				(39,749)		(83,742)
Net income (loss)		210,674		$ 257,076	$ 502,217	$ 321,089	$ 94,463		467,750		$ 917,769
Less: Net income attributable to noncontrolling interest in properties		(1,493)							(4,336)
Less: Net income attributable to Predecessor		$ 209,181							$ 463,414
Postal Realty Trust, Inc.
Revenues:
Rent income								3,486,541
Tenant reimbursements								504,429
Fee and other income								414,138
Total revenues								4,405,108
Operating Expenses:
Real estate taxes								521,424
Property operating expenses								464,060
General and administrative								1,884,024
Equity based compensation								584,873
Depreciation and amortization								1,588,797
Total operating expenses								5,043,178
Income from operations								(638,070)
Interest expense, net:
Contractual interest expense								(64,604)
Amortization of deferred financing costs								(4,785)
Loss on early extinguishment of Predecessor debt								(185,586)
Interest income								2,260
Total interest expense, net								(252,715)
Income (loss) before income tax (expense) benefit								(890,785)
Income tax expense								(6,259)
Net income (loss)								(890,785)
Less: Net income attributable to noncontrolling interest in properties
Less: Net income attributable to Predecessor
Less: Net loss attributable to Operating Partnership unitholders' noncontrolling interests								191,020
Net loss attributable to common stockholders								$ (699,765)

THE COMPANY'S IPO AND THE FOR_4

THE COMPANY'S IPO AND THE FORMATION TRANSACTIONS (Details Narrative) - Predecessor [Member]	1 Months Ended
	May 16, 2019USD ($)$ / sharesshares
The Company's Initial Public Offering and Formation Transactions (Textual)
Sold IPO | shares	4,500,000
Public offering price | $ / shares	$ 17
Gross proceeds from initial public offering	$ 76,500,000
Net proceeds of initial public offering	71,100,000
Underwriting discounts	5,400,000
Repayment of outstanding indebtedness	$ 31,700,000
Formation transactions, description	The initial properties and other interests were contributed in exchange for 1,333,112 OP Units, 637,058 shares of our Class A Common Stock, 27,206 shares of our Class B Common Stock and $1.9 million of cash. In addition, the Operating Partnership purchased 100% interests in 81 post office properties (the “Acquisition Properties”) in exchange for $26.9 million in cash, including approximately $1.0 million to be paid to Mr. Spodek, the Company’s chief executive officer and a director for his non-controlling ownership in nine of the Acquisition Properties.
Other expenses	$ 6,400,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2019
Total	$ 11,070,070	$ 27,304,055		$ 1,334,591
Building Improvements [Member]
Total	8,301,678	18,774,918		825,811
Tenant improvements [Member]
Total	190,343	259,640		29,029
In-place lease intangibles [Member]
Total	982,974	2,227,870		171,713
Above Market Leases [Member]
Total		6,338		19,602
Below Market Leases [Member]
Total	(1,024,644)	(754,300)		(214,231)
Land [Member]
Total	$ 2,619,719	$ 6,789,589		$ 502,667
Predecessor [Member]
Total			$ 645,120
Predecessor [Member] | Building Improvements [Member]
Total			456,550
Predecessor [Member] | Tenant improvements [Member]
Total			18,166
Predecessor [Member] | In-place lease intangibles [Member]
Total			69,504
Predecessor [Member] | Above Market Leases [Member]
Total
Predecessor [Member] | Below Market Leases [Member]
Total			(78,302)
Predecessor [Member] | Land [Member]
Total			$ 179,202

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Cash	$ 10,969,557
Restricted cash:
Maintenance reserve	602,306
ESPP reserve	7,894
Total cash and restricted cash	$ 11,579,757	$ 861,875
Predecessor [Member]
Cash		262,926
Restricted cash:
Maintenance reserve		598,949
ESPP reserve
Total cash and restricted cash		$ 861,875	$ 1,023,870	$ 694,418

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)properties$ / sharesshares	Mar. 31, 2019USD ($)properties	Sep. 30, 2019USD ($)properties$ / sharesshares	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Summary of Significant Accounting Policies (Textual)
Offering and other costs			$ 500,000
Depreciation on buildings straight-line basis over			40 years
Mortgage loans payable	$ 3,208,680		$ 3,208,680
Issue of common units of limited partnership | shares	1,333,112		1,333,112
Long term incentive units | shares	114,706		114,706
Cash dividend declared per share | $ / shares	$ 0.063		$ 0.063
Dividends	$ 700,000		$ 700,000
Potentially dilutive shares outstanding | shares			1,453,116
Aggregated mortgages loans payable	$ 3,272,911		$ 3,272,911
Number of properties | properties	7		7
IPO [Member]
Summary of Significant Accounting Policies (Textual)
Purchase price of property acquired	$ 11,100,000		$ 27,300,000
Acquisition costs	$ 100,000		$ 400,000
Long term incentive units | shares	5,298		5,298
Number of properties | properties	18		18
Common Unitholders [Member]
Summary of Significant Accounting Policies (Textual)
Dividends	$ 100,000		$ 100,000
Dividend cash per shares | $ / shares	$ 0.14		$ 0.14
Majority Shareholder [Member]
Summary of Significant Accounting Policies (Textual)
Dividends	$ 300,000		$ 300,000
Predecessor [Member]
Summary of Significant Accounting Policies (Textual)
Mortgage loans payable					$ 33,586,000
Aggregated mortgages loans payable					$ 35,019,149
Predecessor [Member] | IPO [Member]
Summary of Significant Accounting Policies (Textual)
Purchase price of property acquired		$ 645,120		$ 1,334,591
Acquisition costs		$ 10,120		$ 19,598
Number of properties | properties		1

INTANGIBLE ASSETS AND LIABILI_3

INTANGIBLE ASSETS AND LIABILITIES (Details)	Sep. 30, 2019USD ($)
Total	$ 4,776,515
Above Market Leases [Member]
2019 - Remaining	1,372
2020	4,903
2021	1,975
2022	1,151
2023
Thereafter
Total	9,401
In-Place Lease Intangibles [Member]
2019 - Remaining	567,742
2020	1,850,310
2021	1,304,600
2022	516,851
2023	265,875
Thereafter	271,137
Total	4,776,515
Below Market Leases [Member]
2019 - Remaining	167,579
2020	622,436
2021	555,645
2022	503,120
2023	455,109
Thereafter	3,061,229
Total	$ 5,365,118

INTANGIBLE ASSETS AND LIABILI_4

INTANGIBLE ASSETS AND LIABILITIES (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Amortization of in-place lease intangibles	$ 1,200,000
Amortization of acquired above market leases	7,851
Amortization of acquired below market leases	$ 334,627
Predecessor [Member]
Amortization of in-place lease intangibles		$ 600,000
Amortization of acquired above market leases		6,319
Amortization of acquired below market leases		$ 215,955

DEBT (Details)

DEBT (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Total mortgage loans payable	$ 3,272,911
Predecessor [Member]
Total mortgage loans payable		$ 35,019,149
Atlanta Postal Credit Union [Member]
Total mortgage loans payable
Atlanta Postal Credit Union [Member] | Predecessor [Member]
Total mortgage loans payable		17,313,481
Vision Bank - 2018 [Member]
Total mortgage loans payable	908,190
Vision Bank - 2018 [Member] | Predecessor [Member]
Total mortgage loans payable		936,750
Revolving Credit Facility [Membe]
Total mortgage loans payable	17,000,000
Revolving Credit Facility [Membe] | Predecessor [Member]
Total mortgage loans payable
Vision Bank [Member]
Total mortgage loans payable	1,538,330
Vision Bank [Member] | Predecessor [Member]
Total mortgage loans payable		15,636,243
First Oklahoma Bank - 2018 [Member]
Total mortgage loans payable
First Oklahoma Bank - 2018 [Member] | Predecessor [Member]
Total mortgage loans payable		743,076
First Oklahoma Bank [Member]
Total mortgage loans payable	381,391
First Oklahoma Bank [Member] | Predecessor [Member]
Total mortgage loans payable		389,599
Seller Financing [Member]
Total mortgage loans payable	$ 445,000
Seller Financing [Member] | Predecessor [Member]
Total mortgage loans payable

DEBT (Details 1)

DEBT (Details 1)	Sep. 30, 2019USD ($)
Mortgage Loans Payable
2019 - Remaining	$ 27,409
2020	109,182
2021	191,562
2022	196,553
2023	17,204,951
Thereafter	2,543,254
Total mortgage loans payable	20,272,911
Less: Deferred financing costs, net	35,584
Total	$ 20,237,327

DEBT (Details Narrative)

DEBT (Details Narrative) - USD ($)	Sep. 27, 2019	Sep. 30, 2019
Mortgage Loans Payable (Textual)
Write-off deferred financing costs		$ 200,000
Debt repayment		$ 31,700,000
Revolving Credit Facility [Membe]
Mortgage Loans Payable (Textual)
Revolving credit facility	$ 100,000,000
Maximum borrowing facility	$ 200,000,000
Credit facility , maturity	Sep. 30, 2023
Interest rate	Borrowings under the Facility carry an interest rate of either a base rate plus a range of 70 to 140 basis points or LIBOR plus a range of 170 to 240 basis points, each depending on a consolidated leverage ratio.
Unused facility fee	Unused facility fee on the revolving commitments under the Facility of .75% per annum for the first $100 million and .25% per annum for the portion of revolving commitments exceeding $100 million, and for the period thereafter, an unused facility fee of .25% per annum for the aggregate unused revolving commitments
Payment frquency		Five annual payments of principal and interest
Borrowing amount of seller financing		$ 445,000
First date for the payments on seller financing		Jan. 2, 2021

LOANS PAYABLE - RELATED PARTY (

LOANS PAYABLE - RELATED PARTY (Details) - Predecessor [Member] - USD ($)	1 Months Ended	9 Months Ended
	Jun. 30, 2018	Sep. 30, 2018
Loans Payable - Related Party (Textual)
Promissory notes	$ 3,544,215
Interest rate	1.90%
Maturity date, description	Maturing between August 1, 2036 through July 1, 2041 were assumed by an affiliate of the Predecessor and recorded as an increase in equity of the Predecessor.
Interest expense		$ 33,671

OPERATING LEASE AGREEMENTS (Det

OPERATING LEASE AGREEMENTS (Details)	Sep. 30, 2019USD ($)
Leases, Operating [Abstract]
2019 - Remaining	$ 2,313,353
2020	8,090,250
2021	6,934,226
2022	4,403,081
2023	3,107,616
Thereafter	4,930,879
Total	$ 29,779,405

OPERATING LEASE AGREEMENTS (D_2

OPERATING LEASE AGREEMENTS (Details Narrative)	9 Months Ended
	Sep. 30, 2019
Operating Lease Agreements (Textual)
Lease expiration, description	The leases expire at various dates through January 31, 2028.

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	2 Months Ended	3 Months Ended		5 Months Ended	9 Months Ended
	May 16, 2019	Sep. 30, 2019	Sep. 30, 2018	May 16, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Taxes (Textual)
Income tax expense		$ (6,259)			$ 39,749
Unrecognized tax benefits		516,529			516,529
Deferred tax liability
Predecessor [Member]
Income Taxes (Textual)
Income tax expense			$ (143,382)	$ (39,749)		$ (83,742)
Deferred tax liability							$ 793,847
PRM [Member]
Income Taxes (Textual)
Income tax expense		6,259			6,259
UPH [Member]
Income Taxes (Textual)
Income tax expense		$ 0			$ 39,749
Effective tax rate		13.40%			13.40%
Statutory rate		21.00%			21.00%
UPH [Member] | Predecessor [Member]
Income Taxes (Textual)
Income tax expense			$ (143,382)			$ (83,742)
Effective tax rate						6.40%
Statutory rate			21.00%			21.00%
Deferred tax liability	$ 727,952			$ 727,952
Reverse [Member]
Income Taxes (Textual)
Unrecognized tax benefits		$ 191,391			$ 191,391

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	Sep. 30, 2019USD ($)
Related Party Transactions [Abstract]
2019 - Remaining	$ 45,000
2020	183,368
2021	188,869
2022	194,535
2023	200,371
Thereafter	76,244
Total	$ 888,387

RELATED PARTY TRANSACTIONS (D_2

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Oct. 01, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transactions (Textual)
Management fee income				$ 393,030
Accrued management fees receivable		$ 16,344		91,713
Income earned after the IPO		$ 236,137		$ 365,443
Predecessor [Member]
Related Party Transactions (Textual)
Management fee income			$ 249,813		$ 800,557
Accrued management fees receivable					$ 0
Related party lease, description	On October 1, 2018, the Predecessor entered into a lease for office space in Cedarhurst, New York with an entity affiliated with the Predecessor (the “Office Lease”). Pursuant to the Office Lease, the monthly rent was $15,000 subject to escalations. The term of the Office Lease was five years commencing on October 1, 2018 (with rent commencing on January 1, 2019) and was set to expire on September 30, 2023. In connection with the IPO, the Office Lease was terminated. On May 17, 2019, the Company entered into a new lease for office space in Cedarhurst, New York with an entity affiliated with the Company’s CEO (the “New Lease”). Pursuant to the New Lease, the monthly rent is $15,000 subject to escalations. The term of the Office Lease is five years commencing on May 17, 2019 and will expire on May 16, 2024. For the nine months ended September 30, 2019, rent expense was $93,626 and was recorded in general and administrative expenses in the consolidated and combined consolidated statements of operations.

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (307,969)	$ (699,765)
Less: income attributable to participating securities		(16,715)
Numerator for earnings per share - basic and diluted	$ (307,969)	$ (716,480)
Denominator for earnings per share - basic and diluted (in shares)	5,164,264	5,164,264
Basic and diluted earnings per share (in dollars per share)	$ (0.06)	$ (0.14)

STOCKHOLDER'S EQUITY (Details N

STOCKHOLDER'S EQUITY (Details Narrative) - USD ($)	1 Months Ended			3 Months Ended	9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	May 16, 2019	Sep. 30, 2019	Sep. 30, 2019
Stockholders Equity (Textual)
Stockholder's Equity net proceeds		$ 64,710,261
Predecessor [Member]
Stockholders Equity (Textual)
Other expenses			$ 6,400,000
IPO [Member]
Stockholders Equity (Textual)
Stockholder's Equity shares issued					4,500,000
Stockholder's Equity net proceeds					$ 71,100,000
Stockholder underwriting discount					$ 5,400,000
Other shares					100,000
Common stock voting rights					Each outstanding share of Class B Common Stock entitles its holder to 50 votes on all matters on which Class A common stockholders are entitled to vote, including the election of directors, and holders of shares of Class A Common Stock and Class B Common Stock will vote together as a single class. Shares of Class B Common Stock are convertible into shares of Class A Common Stock, on a one-for-one basis, at the election of the holder at any time. Additionally, one share of Class B Common Stock will automatically convert into one share of Class A common stock for each 49 OP Units (transferred (including by the exercise of redemption rights afforded with respect to OP Units) to a person other than a permitted transferee. This ratio is a function of the fact that each share of Class B Common Stock entitles its holder to 50 votes on all matters on which Class A common stockholders are entitled to vote and maintains the voting proportion of holders of Class B Common Stock with the holder's economic interest in our company.
Other expenses					$ 6,400,000
Class A [Member] | IPO [Member]
Stockholders Equity (Textual)
Stockholder's Equity shares issued					637,058
Long Term Incentive Plan percentage	15.00%			15.00%	15.00%
Class B [Member] | IPO [Member]
Stockholders Equity (Textual)
Stockholder's Equity shares issued					27,206
Common Stock
Stockholders Equity (Textual)
Stockholder's Equity shares issued		4,500,000
Stockholder's Equity net proceeds		$ 45,000
Additional Paid-In Capital
Stockholders Equity (Textual)
Stockholder's Equity net proceeds		64,665,261
Total stockholder's equity
Stockholders Equity (Textual)
Stockholder's Equity net proceeds		$ 64,710,261
Chief Executive Officer [Member] | Noncontrolling Interest [Member]
Stockholders Equity (Textual)
Operating Partnership units interest	1,333,112			1,333,112	1,333,112
Other shares				5,298	120,004
LTIP Units					5,298
Long Term Incentive Plan percentage	21.50%			21.50%	21.50%
Non employee directors [Member] | Class A [Member]
Stockholders Equity (Textual)
Restricted shares				317	38,235
Net compensation expenses				$ 400,000
President [Member] | Class A [Member]
Stockholders Equity (Textual)
Restricted shares					58,824
Other Employees [Member] | Class A [Member]
Stockholders Equity (Textual)
Restricted shares					33,824
Restricted Stock and Other Awards [Member]
Stockholders Equity (Textual)
Shares issued under the Equity Incentive Plan					541,584
Net compensation expenses					$ 600,000
Total unrecognized compensation cost related to unvested awards	$ 4,000,000			$ 4,000,000	$ 4,000,000
Restricted Stock and Other Awards [Member] | Chief Executive Officer [Member]
Stockholders Equity (Textual)
LTIP Units	41,177				73,529
Restricted shares					17,647

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($)	1 Months Ended
	Nov. 30, 2019	Oct. 31, 2019	Oct. 30, 2019
Subsequent Events (Textual)
Acquisition of properties, description	In November 2019, the Company, through its Operating Partnership, acquired 22 properties leased to the USPS located in various states for approximately $7.8 million.	The Company, through its Operating Partnership, acquired 55 properties leased to the USPS located in various states for approximately $9.5 million.
Definitive purchase agreement, description	The Company entered into definitive agreements to acquire 98 properties leased to the USPS for approximately $27.6 million, which includes $14.0 million in OP Units priced at $17.00/share. Formal due diligence has been completed and the transactions are expected to close by the end of the year, subject to the satisfaction of customary closing conditions.
Borrowed an additional			$ 20,000,000