Real Estate Empire Built Around the USPS Confronts Drop in Mail

Andrew Spodek leads a unique real estate empire grounded on a simple proposition: The US Postal Service will always deliver. Yet the steadfast carrier of letters, parcels and packages has never been under more pressure.

Spodek is the chief executive officer of Postal Realty Trust Inc., the only publicly traded real estate investment trust, or REIT, devoted entirely to postal properties in the US. Its 6.5 million square feet of holdings range from sprawling modern sorting facilities to bucolic rural post offices barely larger than a shed. Around the US, the Postal Service leases more than 25,300 facilities. Postal ...