Postal Realty Trust, Inc. · NYSE:PSTL
Postal Realty Trust — Q4 2025 Earnings Presentation
19 slides from Postal Realty Trust's earnings presentation, Feb 25, 2026
Slide 1: Q4 2025 Supplemental
Q4 2025 SUPPLEMENTAL
Slide 2: Corporate Information & Analyst Coverage
Corporate Information & Analyst Coverage Key Management Andrew Spodek Chief Executive Officer Jeremy Garber President, Treasurer & Secretary Steve Bakke Chief Financial Officer Board of Directors Board Responsibilities Patrick Donahoe Chair of the Board, Member - Audit Committee Andrew Spodek Chief
Slide 3: Company Overview
Company Overview Postal Realty Trust, Inc. (NYSE: PSTL) is an internally managed real estate investment trust that owns properties primarily leased to the United States Postal Service ("USPS"). PSTL is focused on acquiring the network of USPS properties, which provide a critical element of the natio
Slide 4: Executive Summary
Executive Summary Figures for the quarter ended December 31, 2025 Price of Common Shares Earnings High closing price during period $16.18 Net income attributable to common stockholders $4,642 Low closing price during period $14.63 Net income attributable to common stockholders per share $0.15 End of
Slide 5: Balance Sheet
Balance Sheet ($ in thousands and unaudited) Balance Sheet ASSETS December 31, 2025 September 30, 2025 Investments: Real estate properties, at cost: Land $163,485 $157,733 Building and improvements 603,390 581,026 Tenant improvements 8,649 8,468 Total real estate properties, at cost 775,524 747,227
Slide 6: Statement of Operations
Statement of Operations Statement of Operations ($ in thousands and unaudited) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 REVENUE Rental income $25,403 $23,692 $22,730 $21,480 $20,403 Fee and other 593 634 621 670 965 Total revenues 25,996 24,326 23,351 22,150 21,368 OPERATING EXPENSES Real estate taxe
Slide 7: FFO & AFFO Reconciliation
FFO & AFFO Reconciliation FFO & AFFO ($ in thousands and unaudited, except per share / unit data) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Net income $5,887 $4,883 $4,672 $2,655 $5,685 Depreciation and amortization of real estate assets 6,314 6,081 5,887 5,597 5,600 Loss (gain) on sale of real estate
Slide 8: NOI Reconciliation
NOI Reconciliation Net Operating Income ($ in thousands and unaudited) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 REVENUE Rental income(1) $22,218 $20,914 $20,055 $18,661 $17,746 Tenant reimbursements(1) 3,185 2,778 2,675 2,819 2,657 Revenue from direct financing leases(2) 261 261 259 256 262 Total rev
Slide 9: EBITDA Reconciliation
EBITDA Reconciliation EBITDA ($ in thousands and unaudited) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Net income $5,887 $4,883 $4,672 $2,655 $5,685 Contractual interest expense 4,082 3,903 3,817 3,437 3,268 Write-off and amortization of deferred financing fees and amortization of debt discounts 232 21
Slide 10: Debt Summary
Debt Summary Debt Outstanding as of December 31, 2025 Debt Breakdown Effective Lender Maturity Date Outstanding Balance Interest Rate(2) ($ in thousands) 2028 Term Loan(1) Feb 2028 4.80 % $175,000 2030 Term Loan(1) Jan 2030 3.83 % 115,000 AIG Jan 2031 2.80 % 30,225 Vision Bank Sep 2041 3.69 % 1,409
Slide 11: Debt Statistics
Debt Statistics Debt Statistics ($ in thousands) Q4 2025 Market Capitalization Debt Principal $363,158 Cash 1,454 Escrow & Reserves 553 Net Debt 361,151 Market Value of Common Equity(1) 550,439 Total Enterprise Value 911,590 Net Debt to Enterprise Value 39.6% Leverage Net Debt $361,151 Annualized Ad
Slide 12: Acquisition Summary
Acquisition Summary Acquisition Summary as of February 13, 2026 Acquisition Summary Acquisitions By Purchase Interior Square Purchase Price Annualized Property Type Property Count Price(1) Feet per Int. Sq Ft Rent(2) Q4 2025 Acquisitions Last-Mile 42 Properties $9,108,550 54,676 $166.59 $777,441 Fle
Slide 13: Portfolio Fundamentals
Portfolio Fundamentals Diversified Portfolio with High Historic Occupancy Historic Occupancy Rate Since IPO(1) Portfolio By % of Aggregate Interior Sq Ft Region Sq Ft Midwest 2,606,928 South(2) 2,447,762 Northeast 1,319,708 West 752,941 Total 7,127,339 Portfolio By % of Annualized Gross Rent(3) Regi
Slide 14: Lease Expiration Schedule
Lease Expiration Schedule Year Number of Leases Square Feet Annual Rent(1) % of Total Rent(1) 2026 223(2) 928,971 $8,967,395 10.5% 2027 470 1,475,387 $15,929,863 18.7% 2028 242 872,923 $11,491,419 13.5% 2029 183 660,914 $8,496,113 10.0% 2030 211 1,201,933 $10,374,723 12.2% 2031 115 303,149 $3,579,54
Slide 15: Property Breakdown by Location
Property Breakdown by Location Property Breakdown by Location Location Gross Rent % Gross Rent Square Footage % Square Footage Property Count(1) % Property Count Pennsylvania $7,661,138 8.99% 756,085 10.61% 110 5.67% Texas 5,050,588 5.93% 390,117 5.47% 135 6.95% California 4,276,286 5.02% 243,975 3.
Slide 16: Property Breakdown by Location (continued)
Property Breakdown by Location (continued) Property Breakdown by Location Location Gross Rent % Gross Rent Square Footage % Square Footage Property Count(1) % Property Count Indiana 1,328,398 1.56% 102,708 1.44% 37 1.90% Maine 1,280,790 1.50% 83,729 1.17% 55 2.83% Connecticut 1,232,820 1.45% 67,193
Slide 17: Definitions
Definitions An explanation of certain non-GAAP financial measures used in this Supplemental, including, Funds From Operation (“FFO”) and Adjusted Funds From Operation (“AFFO”), Earnings before Interest Tax and Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA, Net Debt, Net Operating Inco
Slide 18: Definitions (continued)
Definitions (continued) Earnings before Interest Tax and Depreciation and Amortization (EBITDA) and Adjusted EBITDA The Company computes EBITDA as earnings before interest, income taxes, depreciation and amortization. The Company presents EBITDA as it is a measure commonly used in its industry and t
Slide 19: Forward-Looking Cautionary Statements
Forward-Looking Cautionary Statements This presentation regarding the Company contains “forward-looking statements.” Forward-looking statements include statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates