Postal Realty Trust, Inc. · NYSE:PSTL
Postal Realty Trust — Q2 2026 Earnings Presentation
28 slides from Postal Realty Trust's earnings presentation, Aug 5, 2026
Slide 1: Investing in America's Logistics Network
INVESTING IN AMERICA’S LOGISTICS NETWORK AUGUST 2026
Slide 2: PSTL At-a-Glance
INTRODUCTION PSTL AT-A-GLANCE Postal Realty (NYSE: PSTL) is a proven leader in acquiring and managing US Postal Service properties as the largest owner of USPS facilities nationally. We believe our assets, which consist of mission-critical logistics infrastructure that supports e-commerce and last m
Slide 3: Highly Diversified Real Estate Portfolio
INTRODUCTION HIGHLY DIVERSIFIED REAL ESTATE PORTFOLIO… $21.4MM ABR 2,014 23% of total PROPERTIES OWNED $14.6MM ABR $23.7MM ABR 7.5MM 15% of total 26% of total INTERIOR SQ. FT. 49 STATES $33.1MM ABR 99.8% 36% of total OCCUPANCY 44MM+ SITE SQ. FT. 6.4 YEARS WEIGHTED AVERAGE LEASE TERM1 LAST-MILE2 FLEX
Slide 4: ...And a Tenant with a Track Record of Stability
INTRODUCTION …AND A TENANT WITH A TRACK RECORD OF STABILITY STABLE CREDIT TENANT WITH CONSISTENTLY HIGH RETENTION HISTORICAL RETENTION RATE1 60 0 12 0.0% Leases Retained Leases Not Retained Lease Retention Rate 99.6% 99.2% 100.0% 100.0% 99.1% 100.0% 100.0% 99.6% 100.0% 100.0% 50 0 10 0.0% 98.4% 96.3
Slide 5: PSTL Has Delivered Meaningful Growth Since IPO
INTRODUCTION PSTL HAS DELIVERED MEANINGFUL GROWTH SINCE IPO $114MM avg. annual Annual Acquisitions ($MM)1 acquisitions Same-Store Cash NOI Growth 2027E Same- $160 8.9% store revenue growth of ~6.5% $130 $123 $150 $118 $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 56
Slide 6: Key Valuation Drivers
INTRODUCTION KEY VALUATION DRIVERS ⚫ External Growth: Leveraging Relationships, Reputation and In-House expertise to acquire assets and 1 COMPELLING GROWTH consolidate / opportunistically capitalize on a highly-fragmented market OPPORTUNITY ⚫ Internal Growth: Disrupting industry norm – New Leases in
Slide 7: Compelling Growth Opportunity
COMPELLING GROWTH OPPORTUNITY
Slide 8: 2026 Shareholder Return Guidance
COMPELLING GROWTH OPPORTUNITY 2026 SHAREHOLDER RETURN GUIDANCE 4.3% 11.9% + Marked to Market Rents + Rent Escalators - Operating Expenses Property + Platform Efficiency Gains Acquisitions - G&A Funded With - Interest Expense Equity Raised + Retained Cash Flow for 7.6% Acquisitions Internal1 External
Slide 9: Our Ability to Create Value Is a Key Differentiator
COMPELLING GROWTH OPPORTUNITY OUR ABILITY TO CREATE VALUE IS A KEY DIFFERENCIATOR PSTL IS ACTIVELY FOCUSED ON GROWTH Internal Growth External Growth Demonstrated UNMATCHED INDUSTRY EXPERTISE & SCALE MARKET DEPTH & COST OF CAPITAL Results AFFORDS PSTL THE ABILITY TO DIRECTLY ADVANTAGE CREATE UNIQUE O
Slide 10: Diversified Across Geographies, Asset Classes, Lease Maturities
COMPELLING GROWTH OPPORTUNITY DIVERSIFIED ACROSS GEOGRAPHIES, ASSET CLASSES, LEASE MATURITIES GEOGRAPHIC GEOGRAPHIC1 ASSET ASSET CLASS CLASS1 LEASE MATURITY1 2 % of total ABR % of total ABR % of ABR to be Marked to Market 2030 Midwest 4% 26% West 2029 15% Flex 6% Last-mile 2028 2031+ Northeast 66% 2
Slide 11: Compelling Internal Growth Opportunity
COMPELLING GROWTH OPPORTUNITY COMPELLING INTERNAL GROWTH OPPORTUNITY OPPORTUNITY TO DISRUPT: NEW LEASES INCLUDE CONTRACTUAL RENT ESCALATIONS & 10-YEAR TENORS ✓ Upon expiration, PSTL converts leases with flat rents to new leases ✓ 10-year terms lock in long-term internal growth with with annual rent
Slide 12: Lease Expirations Provide Opportunity to Drive NOI Growth
COMPELLING GROWTH OPPORTUNITY 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 Annuali
Slide 13: 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 14: Internal Growth Compares Favorably to Peers
COMPELLING GROWTH OPPORTUNITY INTERNAL GROWTH COMPARES FAVORABLY TO PEERS The confluence of both re-leasing and the introduction of contractual rent escalations has propelled PSTL’s internal growth profile – quantifying management’s ability to create significant value organically over time 3-YEAR AV
Slide 15: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION
Slide 16: Well Capitalized Balance Sheet
DISCIPLINED CAPITAL ALLOCATION WELL CAPITALIZED BALANCE SHEET COMMITTED TO MAINTAINING AN INVESTMENT-GRADE STYLE DEBT PROFILE $15.1MM DEBT MATURITY SCHEDULE1 $180.0MM Revolver Capacity Upsized to $275mm2 Total Term Loans Upsized by $35mm2 $340.0MM $30.0MM PRO FORMA CAPITALIZATION $100.0MM $90.0MM $1
Slide 17: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION DISCIPLINED CAPITAL ALLOCATION CONSERVATIVE ACQUISTION 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 maj
Slide 18: U.S. Government-Supported Tenancy
U.S. GOVERNMENT-SUPPORTED TENANCY
Slide 19: By Upholding Its Duty to Serve...
U.S. GOVERNMENT-SUPPORTED TENANCY BY UPHOLDING ITS DUTY TO SERVE… USPS MANDATED TO SERVE “The United States Postal 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 20: ...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 21: Unmatched Logistics & Property Network
U.S. GOVERNMENT-SUPPORTED TENANCY UNMATCHED LOGISTICS & PROPERTY NETWORK USPS Network is a Vital Component of Last Mile Infrastructure ▪ USPS properties are critical for the largest e-commerce logistics companies to provide last mile delivery ▪ The 31,324 USPS facilities represent the largest retail
Slide 22: Transition to a Dominant E-Commerce Parcel Engine...
U.S. GOVERNMENT-SUPPORTED TENANCY TRANSITION TO A DOMINANT E-COMMERCE “PARCEL” ENGINE… MONETIZING THE LAST MILE NETWORK Shipping & Packages emerges as the primary growth engine in wake of the shift “We are leaning more heavily from first-class mail into our greatest asset – our first and last mile.
Slide 23: ...In the Wake of a Monumental E-Commerce Revolution
U.S. GOVERNMENT-SUPPORTED TENANCY …IN THE WAKE OF A MONUMENTAL E-COMMERCE REVOLUTION USPS’ REVENUE MODEL IS EVOLVING: LEVERAGING ITS EXPANSIVE INFRASTRUCTURE TO DRIVE PRICING COMPETITION Tapping into USPS Network AS E-COMMERCE HAS GROWN, THE USPS’ SHIPPING AND PACKAGE SERVICES HAVE PROVEN VITAL TO o
Slide 24: Experienced Leadership Team
EXPERIENCED LEADERSHIP TEAM
Slide 25: 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 26: Operating Platform at Scale
OPERATING PLATFORM AT SCALE
Slide 27: Institutional Operating Platform
INSTITUTIONAL OPERATING PLATFORM INSTITUTIONAL OPERATING PLATFORM UNLOCKS ABILITY TO CONSOLIDATE THE INDUSTRY AT SCALE AND DRIVE OPERATIONAL EFFICIENCIES 25+ Years Institutional Operating Postal Real Estate Knowledge o Only public institutional platform of its kind with decades of and Scale experien
Slide 28: Disclaimer and Definitions
DISCLAIMER AND DEFINITIONS 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,” “expects