Postal Realty Trust, Inc. · NYSE:PSTL
Postal Realty Trust — Q3 2026 Earnings Presentation
27 slides from Postal Realty Trust's earnings presentation, Nov 4, 2026
Slide 1: Investing in America's Logistics Infrastructure
INVESTING IN AMERICA’S LOGISTICS INFRASTRUCTURE NOVEMBER 2026
Slide 2: PSTL At-a-Glance
INTRODUCTION PSTL AT-A-GLANCE Postal Realty (NYSE: PSTL) is a publicly traded REIT focused on acquiring and managing critical logistics infrastructure primarily leased to the US Postal Service (the “USPS”). Our assets facilitate e-commerce and last mile delivery, and have historically provided stabl
Slide 3: Third Quarter 2026 Key Highlights
INTRODUCTION THIRD QUARTER 2026 KEY HIGHLIGHTS CAPITAL MARKETS OPERATING ACTIVITY ACQUISITIONS $213M 93.2% $0.36 +9.1% $82M 6.9% AFFO per AFFO per Diluted 145 Properties Wtd. Avg. Equity Raised YTD1 Fixed Debt Diluted Share Share Growth YoY Acquired Cash Cap Rate ■ ATM Equity: Raised $116.9M in net
Slide 4: Acquisitions Support Future Value Creation
INTRODUCTION ACQUISITIONS SUPPORT FUTURE VALUE CREATION Illustrative Scenario Cap Rate WACC Spread Acquisition Volume Initial Accretion EXTERNAL GROWTH Scenario 1 7.3% 6.4% 90 bps $120.0M $1.08M Scenario 2 7.1% 6.4% 70 bps $192.5M $1.35M Illustrative Scenario Acquisition Volume Cumulative Yield Expa
Slide 5: Renewals Have Kept Pace With Portfolio Growth
INTRODUCTION RENEWALS HAVE KEPT PACE WITH PORTFOLIO GROWTH STABLE CREDIT TENANT WITH 99.6% HISTORICAL WEIGHTED AVERAGE LEASE RETENTION RATE1 HISTORICAL RETENTION RATE1 600 120 .0% Leases Retained Leases Not Retained Lease Retention Rate 500 99.2% 98.4% 100.0% 100.0% 99.1% 100.0% 100.0% 99.6% 100.0%
Slide 6: PSTL Has Delivered Meaningful Growth Since IPO
INTRODUCTION PSTL HAS DELIVERED MEANINGFUL GROWTH SINCE IPO $122MM avg. annual Annual Acquisitions ($MM)1 acquisitions2 Same-Store Cash NOI Growth3 2027E Same- $200 8.9% store revenue $130 $185 growth of ~6.5% $118 $123 $123 5.5% avg. $30 growth 7.0% 47 $91 5.5% 6.0% 30 $78 87 4.4% 99 67 67 2.2% 65
Slide 7: Key Valuation Drivers
INTRODUCTION KEY VALUATION DRIVERS 1 External & Internal Growth: Consolidating a fragmented market through relationships and in-house COMPELLING GROWTH expertise, while driving organic growth through annual lease escalations and 10-year terms on new leases OPPORTUNITY Same-Store Cash NOI: 3-Year
Slide 8: Compelling Growth Opportunity
COMPELLING GROWTH OPPORTUNITY GREENWICH, CT
Slide 9: 2026 Operational Return Components
COMPELLING GROWTH OPPORTUNITY 2026 OPERATIONAL RETURN COMPONENTS Internal Growth External Growth + Mark-to-Market Rents Accretive Acquisitions Funded with Equity Issuance + 3% Annual Rent Escalators - Operating Expenses ~$162M + Platform Efficiency Gains Acquired as of 2026 YTD at 4.5% 12.8% - G&A o
Slide 10: Lease Expirations Provide a Runway for Internal Growth
COMPELLING GROWTH OPPORTUNITY LEASE EXPIRATIONS PROVIDE A RUNWAY FOR INTERNAL GROWTH EXPIRATIONS ENABLE MARKET RENT RESETS, ANNUAL ESCALATIONS, AND LONGER LEASE TERMS Lease Expiration Schedule ($MM)1 Total ABR of $100.1MM 13.6% $13.6 11.7% 11.3% $11.7 10.7% 10.7% 9.8% $11.3 9.8% $10.8 $10.7 $1.8 $9.
Slide 11: Lease Transformation Drives Long-Term Internal Growth
COMPELLING GROWTH OPPORTUNITY LEASE TRANSFORMATION DRIVES LONG-TERM INTERNAL GROWTH OPPORTUNITY TO DISRUPT FLAT-RENT LEASE STRUCTURES & ENHANCE CASH FLOW VISIBILITY Unm atched industry expertise and scale enables direct USPS negotiations, converting flat -rent leas es into leas es with 3% annual es
Slide 12: Compelling External Growth Opportunity
COMPELLING GROWTH OPPORTUNITY COMPELLING EXTERNAL GROWTH OPPORTUNITY OPPORTUNITY TO CONSOLIDATE A HIGHLY FRAGMENTED MARKET & GAIN CONSIDERABLE MARKET SHARE EXPERIENCED in-house acquisitions REPUTATION — active buyers for 30 years, well- RELATIONSHIPS — Long- team generating off-market transactions k
Slide 13: Postal's Growth Profile Compares to Higher-Growth REIT Sectors
COMPELLING GROWTH OPPORTUNITY POSTAL’S GROWTH PROFILE COMPARES TO HIGHER-GROWTH REIT SECTORS Mispriced Opportunity Despite Internal Growth Profile 22.0x R² = 0.6741 Industrial 20.0x Health Care 18.0x Strip Center 2027E AFFO Multiple1 PSTL trades 3.5x below the illustrative regression- 16.0x Apartmen
Slide 14: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION BROOKLYN, NY
Slide 15: Well Capitalized Balance Sheet
DISCIPLINED CAPITAL ALLOCATION WELL CAPITALIZED BALANCE SHEET COMMITTED TO MAINTAINING AN INVESTMENT-GRADE STYLE DEBT PROFILE $11.0MM DEBT MATURITY SCHEDULE1 $275.0MM $179.8MM Revolver Capacity Upsized to $275MM2 $340.0MM Total Term Loans Upsized by $35MM2 $29.8MM $264.0MM Undrawn PRO FORMA Capacity
Slide 16: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION DISCIPLINED CAPITAL ALLOCATION CONSERVATIVE ACQUISITION STRATEGY PROVIDES OPTIONALITY FOR STRATEGIC OPPORTUNITIES Pursue external growth by acquiring properties with attractive intermediate and long-term NOI growth prospects that are day one accretive, funded with a ma
Slide 17: U.S. Government-Supported Tenancy
U.S. GOVERNMENT- SUPPORTED TENANCY SAN DIEGO, CA
Slide 18: By Upholding Its Duty to Serve
U.S. GOVERNMENT-SUPPORTED TENANCY BY UPHOLDING ITS DUTY TO SERVE… “The United States Postal USPS MANDATED TO SERVE 100% of Americans Service shall be operated as a WHILE COMPETITORS basic and fundamental service May not serve low-density areas provided to the people by the Government of the United C
Slide 19: The USPS Maintains Infrastructure Critical to Commerce
U.S. GOVERNMENT-SUPPORTED TENANCY …THE USPS MAINTAINS INFRASTRUCTURE CRITICAL TO COMMERCE USPS has developed an irreplaceable footprint and garners universal reach as a political and social mandate Scale & Ubiquity ECONOMIC ADVANTAGE VS. PRIVATE CARRIERS Global Dominance Daily Network Reach $3.50-$8
Slide 20: Unmatched Logistics Network
U.S. GOVERNMENT-SUPPORTED TENANCY UNMATCHED LOGISTICS NETWORK USPS Network is a Vital Component of Last Mile Infrastructure USPS has the largest delivery network of any logistics company ‒ USPS’s network is both time and cost prohibitive to replicate, giving it a virtual monopoly 2025 TOTAL USPS o
Slide 21: Scaled Operating Platform With Experienced Leadership Team
SCALED OPERATING PLATFORM WITH EXPERIENCED LEADERSHIP TEAM SAINT PAUL, MN
Slide 22: Institutional Operating Platform
INSTITUTIONAL OPERATING PLATFORM INSTITUTIONAL OPERATING PLATFORM UNLOCKS ABILITY TO CONSOLIDATE THE INDUSTRY AT SCALE AND DRIVE OPERATIONAL EFFICIENCIES 25+ Years Operating Postal Real Estate Institutional o Only public institutional platform of its kind Knowledge with decades of experience operati
Slide 23: Executive Management Team
EXPERIENCED LEADERSHIP TEAM EXPERIENCED LEADERSHIP TEAM Highly experienced leadership team with deep understanding of postal service / market Andrew Spodek Chief Executive Officer o Founder and CEO o More than 20 years of experience focused on investing in and managing USPS properties EXECUTIVE MANA
Slide 24: Appendix
Appendix 23
Slide 25: Lease Expirations Provide Opportunity to Drive NOI Growth
Appendix LEASE EXPIRATIONS PROVIDE OPPORTUNITY TO DRIVE NOI GROWTH Total Annualized Rent1 Mark to Market Leases with Renewal Number of Square Mark to as % of Renewal as % of Total % of Total Year Leases Feet Market Leases Portfolio Total Options Portfolio Total Portfolio Annualized Rent1 2026 23 87,
Slide 26: Portfolio Overview and Property Composition
Appendix PORTFOLIO OVERVIEW AND PROPERTY COMPOSITION 2,159 7.9MM 49 PROPERTIES OWNED NET LEASABLE INT. SQ. FT. STATES 99.8% 46MM+ 6.4 YEARS SITE SQ. FT. WEIGHTED AVERAGE LEASE TERM1 OCCUPANCY LAST-MILE2 FLEX3 INDUSTRIAL <2,500 NET LEASABLE INT. SQ. FT. 2,500 – 50,000 NET LEASABLE INT. SQ. FT. 50,000
Slide 27: Disclaimer and Definitions
DISCLAIMER AND DEFINITIONS Non-GAAP Financial Measures. This presentation includes non-GAAP financial measures, including FFO, AFFO, Run-Rate Adjusted EBITDA, Net Debt, Pro Forma Net Debt, and Same Store Cash NOI. Definitions of these measures and reconciliations to the most directly comparable GAAP