Postal Realty Trust, Inc. · NYSE:PSTL
Postal Realty Trust — Q1 2026 Earnings Presentation
27 slides from Postal Realty Trust's earnings presentation, May 6, 2026
Slide 1: Investing in America's Logistics Network
INVESTING IN AMERICA’S LOGISTICS NETWORK MAY 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… $19.8MM ABR 1,978 23% of total PROPERTIES OWNED $13.0MM ABR $23.1MM ABR 7.3MM 15% of total 26% of total INTERIOR SQ. FT. 49 STATES $31.5MM ABR 99.8% 36% of total OCCUPANCY 42MM+ SITE SQ. FT. ~5 YEARS WEIGHTED AVERAGE LEASE TERM1 LAST-MILE2 FLEX3
Slide 4: Across Geographies, Asset Classes, Lease Maturities
INTRODUCTION …ACROSS GEOGRAPHIES, ASSET CLASSES, LEASE MATURITIES… GEOGRAPHIC1 ASSET CLASS1 LEASE MATURITY1 % of total ABR % of total ABR % of ABR to be Marked to Market 2030 2029 Midwest 4% 26% West 2028 5% 15% Flex 11% Last-Mile Northeast 67% 2031+ 25% 2027 23% 63% South 13% 36% 2026 4% Industrial
Slide 5: 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 99.6% 100% 100% 100% 100% 100% 100% 100% 99% 99% Historical Weighted Average 98% Lease Retention Rate1 96% 2025 TOTAL USPS OPERATING EXPENSES 98.50% 98.5% OPE
Slide 6: PSTL Has Delivered Meaningful Growth Since IPO
INTRODUCTION …PSTL HAS DELIVERED MEANINGFUL GROWTH SINCE IPO $114MM Annual Acquisitions ($MM)1 avg. annual Same-Store Cash NOI Growth acquisitions 8.9% $130 $140 $118 $123 $123 5.5% avg. $30 $130 growth 7.0% 47 $91 5.5% 6.0% 30 $78 87 4.4% 99 67 67 2.2% 65 56 36 24 24 18 21 22 2020 2021 2022 2023 20
Slide 7: 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 8: Compelling Growth Opportunity
COMPELLING GROWTH OPPORTUNITY
Slide 9: 2026 Shareholder Return Guidance
COMPELLING GROWTH OPPORTUNITY 2026 SHAREHOLDER RETURN GUIDANCE + Marked to Market Rents + Rent Escalators - Operating Expenses Property Acquisitions 5.3% ~12% + Platform Efficiency Gains - G&A Funded With - Interest Expense Equity Raised + Retained Cash Flow for Acquisitions 6.8% Internal1 External2
Slide 10: 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 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 Leases with % of Total Number of Square Total Year Market Renewal Annualized Leases Feet Portfolio Leases Options Rent1 2026 1492 411,069 $3,449,309 $1,350,718 $4,800,027 5.5% 2027
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 $49.0MM DEBT MATURITY SCHEDULE 1 $190.0MM $305.0MM Revolver Capacity Upsized to $250mm2 2028 Term Loan Capacity Upsized to $190mm2 PRO FORMA $115.0MM 1 CAPITALIZATION $1,175M
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 $3.50-$
Slide 21: Having Transitioned to a Dominant E-Commerce Parcel Engine
U.S. GOVERNMENT-SUPPORTED TENANCY …HAVING TRANSITIONED 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 l
Slide 22: 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 23: Experienced Leadership Team
EXPERIENCED LEADERSHIP TEAM
Slide 24: 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 25: Operating Platform at Scale
OPERATING PLATFORM AT SCALE
Slide 26: 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 27: 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,” “expe