# EDGAR Filing Document

**Accession Number:** 0001759774
**File Stem:** 0001628280-25-037490
**Filing Date:** 2025-8
**Character Count:** 29714
**Document Hash:** 0beba89e5673c7e1341c110d8bcc0e67
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-037490.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001628280-25-037490

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250804

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Postal Realty Trust, Inc.
- **CENTRAL INDEX KEY:** 0001759774
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 832586114
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38903
- **FILM NUMBER:** 251181623

**BUSINESS ADDRESS:**
- **STREET 1:** 75 COLUMBIA AVE
- **CITY:** CEDARHURST
- **STATE:** NY
- **ZIP:** 11516
- **BUSINESS PHONE:** 576-295-7820

**MAIL ADDRESS:**
- **STREET 1:** 75 COLUMBIA AVE
- **CITY:** CEDARHURST
- **STATE:** NY
- **ZIP:** 11516

?xml version='1.0' encoding='ASCII'? pstl-20250804

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): August 4, 2025**

**<u>POSTAL REALTY TRUST, INC.</u>**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-38903** | **83-2586114** |
| (State or other jurisdiction of Incorporation or organization) | Commission File Number | (I.R.S. Employer Identification No.) |
|  | **75 Columbia Avenue** |  |
|  | Cedarhurst,NY 11516 |  |
| (Address of principal executive offices and zip code) | (Address of principal executive offices and zip code) | (Address of principal executive offices and zip code) |
|  | **(516) 295-7820** |  |
| (Registrant's telephone number) | (Registrant's telephone number) | (Registrant's telephone number) |
| **Not Applicable** | **Not Applicable** | **Not Applicable** |
| (Former Name or Former Address, if Changed Since Last Report) | (Former Name or Former Address, if Changed Since Last Report) | (Former Name or Former Address, if Changed Since Last Report) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-I2 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.I4d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Common Stock, par value $0.01 per share | PSTL | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

Postal Realty Trust, Inc. (the "Company") issued a press release on August 4, 2025 announcing its financial results for the quarter ended June 30, 2025. A copy of the press release is furnished herewith and attached hereto as Exhibit 99.1. The information in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act except as set forth by specific reference in such filing.

**Item 8.01. Other Events.** 

The Company, having an aggregate offering price of $150,000,000 of the Company's Class A Common Stock, $0.01 par value per share, to be sold from time to time in connection with certain sale agreements, each dated November 4, 2022, amended by an amendment entered into on March 6, 2023, further amended as of August 8, 2023 (and in the case of Stifel, Nicolaus & Company, Incorporated, further amended as of February 29, 2024), further amended as of November 4, 2024 and further amended as of May 1, 2025, pursuant to the filed with the Securities and Exchange Commission Registration Statement on Form S-3 (File No. 333-275134), including the base prospectus included in the Registration Statement ("Base Prospectus"), and the prospectus supplement dated October 30, 2023, as supplemented by the prospectus supplement dated February 29, 2024, and as further supplemented by the prospectus supplemented dated November 4, 2024 ("ATM Prospectus Supplements") has updated the below counsel.

The counsel listed in the ATM Prospectus Supplements in connection to the certain sale agreements, each dated November 4, 2022, amended by an amendment entered into on March 6, 2023, further amended as of August 8, 2023, further amended as of November 4, 2024 and further amended as of May 1, 2025, has changed. The validity of the shares of common stock offered will be passed upon for us by Hogan Lovells US LLP. Certain matters with respect to certain U.S. federal income tax matters, will be passed upon for us by Hunton Andrews Kurth LLP. Morrison & Foerster LLP will act as counsel to the sales agents. No other changes to the ATM Prospectus Supplements are being made.

**Item 9.01. Financial Statements and Exhibits.**

 *(d)* *Exhibits.*

---

| | |
|:---|:---|
| **Exhibit No.** | **Document** |
| 99.1 | <u>[Press Release of Postal Realty Trust, Inc. dated August 4, 2025](pstl-2q25earningsrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 4, 2025

---

| | |
|:---|:---|
| **POSTAL REALTY TRUST, INC.** | **POSTAL REALTY TRUST, INC.** |
| By: | &nbsp;&nbsp;/s/ Jeremy Garber |
|  | Name: Jeremy Garber |
|  | Title: Interim Chief Financial Officer, President, Treasurer and Secretary |

---

## Exhibit 99.1

![imagea.jpg](imagea.jpg)

**POSTAL REALTY TRUST, INC. REPORTS SECOND QUARTER 2025 RESULTS**

**- Increased 2025 AFFO Guidance $0.04 to $1.24 - $1.26 per diluted share -**

**- Acquired 68 USPS Properties for $35.9 million at a Weighted Average Capitalization Rate of 7.8% -**

**- Raised $12.8 million from ATM Program During the Second Quarter and Subsequent to Quarter End to Fund Acquisitions -**

**Cedarhurst, New York, August 04, 2025 (GLOBE NEWSWIRE)** — Postal Realty Trust, Inc. (NYSE: PSTL) (the "Company"), an internally managed real estate investment trust that owns and manages over 2,150 properties leased primarily to the United States Postal Service (the "USPS"), ranging from last-mile post offices to industrial facilities, today announced results for the quarter ended June 30, 2025.

**Highlights for the Quarter Ended June 30, 2025**

• 29% growth in revenues from second quarter 2024 to second quarter 2025

• Net income attributable to common shareholders of $3.6 million, or $0.12 per diluted share

• Funds from Operations ("FFO") of $10.8 million, or $0.35 per diluted share

• Adjusted Funds from Operations ("AFFO") of $10.4 million, or $0.33 per diluted share

• Acquired 68 USPS properties for approximately $35.9 million, excluding closing costs, at a weighted average capitalization rate of 7.8%

• Subsequent to quarter end, the Company announced a quarterly dividend of $0.2425 per share

"We are very pleased with our results for the second quarter and year to date," said Andrew Spodek, Chief Executive Officer. "Our continued success in executing 10-year leases with annual rent escalations, adding mission critical postal properties to our portfolio, and maintaining a strong balance sheet has enhanced the clarity of our earnings power and cash flows, positioning us to increase our inaugural AFFO per share guidance. Our relationship with our tenant, the U.S. Postal Service, remains stronger than ever. We remain committed to executing our strategy of disciplined growth through the prudent scaling of our platform, delivering consistent internal and external growth, and we believe we are well positioned to drive long-term shareholder value in the quarters ahead."

**Property Portfolio & Acquisitions**

The Company's owned portfolio was 99.8% occupied, comprised of 1,806 properties across 49 states and one territory with approximately 6.8 million net leasable interior square feet and a weighted average rental rate of $11.11 per leasable square foot based on rents in place as of June 30, 2025. The weighted average rental rate consisted of $13.24 per leasable square foot on last-mile and flex properties, and $4.14 on industrial properties.

During the second quarter, the Company acquired 68 last-mile and flex properties leased to the USPS for approximately $35.9 million excluding closing costs, comprising approximately

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240,000 net leasable interior square feet at a weighted average rental rate of $13.20 per leasable square foot based on rents in place as of June 30, 2025.

**Leasing**

As of July 18, 2025, the Company received a total of 161 fully executed new leases from the USPS for leases expired in 2025. We have been working diligently with the Postal Service to have fully executed leases in hand prior to upcoming expirations and are fully up to date for 2025 leases. The total lump sum catch-up payment received from the USPS was approximately $0.2 million for leases executed during the second quarter 2025.

**Balance Sheet & Capital Markets Activity**

As of June 30, 2025, the Company had approximately $2.0 million of cash and property-related reserves, and approximately $328 million of net debt with a weighted average interest rate of 4.51%. At the end of the quarter, 86% of the Company's debt outstanding was set to fixed rates (when taking into account interest rate hedges), and $104 million of the Company's revolving credit facility was undrawn.

During the second quarter and through July 18, 2025, the Company issued 867,083 shares of common stock through its at-the-market equity offering program at an average price of $14.79 per share and 391,929 common units in its operating partnership as part of consideration for property and portfolio acquisitions.

**Dividend** 

On July 21, 2025, the Company announced a quarterly dividend of $0.2425 per share of Class A common stock. The dividend equates to $0.97 per share on an annualized basis. The dividend will be paid on August 29, 2025 to stockholders of record as of the close of business on July 31, 2025.

**Subsequent Events**

Subsequent to quarter end and through July 18, 2025, the Company acquired 23 properties comprising approximately 60,000 net leasable interior square feet for approximately $8.4 million, excluding closing costs. The Company had another 24 properties totaling approximately $7.3 million under definitive contracts.

**Full Year 2025 Guidance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Full Year 2025 Guidance** | **Full Year 2025 Guidance** | **Full Year 2025 Guidance** | **Full Year 2025 Guidance** | **Full Year 2025 Guidance** | **Full Year 2025 Guidance** | **Full Year 2025 Guidance** |
|  | *Prior Guidance* | *Prior Guidance* | *Prior Guidance* | *Current Guidance* | *Current Guidance* | *Current Guidance* |
|  | **<u>Low</u>** |  | **<u>High</u>** | **<u>Low</u>** |  | **<u>High</u>** |
| AFFO per Diluted Share | $1.20 | to | $1.22 | $1.24 | to | $1.26 |
| Acquisition Volume | $80.0 million | to | $90.0 million | Meet or exceed $90 million | Meet or exceed $90 million | Meet or exceed $90 million |
| Cash G&A Expense | $10.5 million | to | $11.0 million | $10.5 million | to | $11.5 million |

---

------

Note: The Company does not provide guidance with respect to the most directly comparable GAAP financial measure or provide reconciliations to GAAP from its forward-looking non-GAAP financial measure of AFFO per share guidance due to the inherent difficulty of forecasting the effect, timing and significance of certain amounts in the reconciliation that would be required by Item 10(e)(1)(i)(B) of Regulation S-K. Examples of these amounts include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions or developments. In addition, certain non-recurring items may also significantly affect net income but are generally adjusted for in AFFO. Based on our historical experience, the dollar amounts of these items could be significant, and could have a material impact on the Company's GAAP results for the guidance period.

**Webcast and Conference Call Details**

The Company will host a webcast and conference call to discuss the second quarter 2025 financial results on Tuesday, August 05, 2025, at 9:00 A.M. Eastern Time. A live audio webcast of the conference call will be available on the Company's investor website at https://investor.postalrealtytrust.com/Investors/events-and-presentations/default.aspx. To participate in the conference call, callers from the United States and Canada should dial-in ten minutes prior to the scheduled call time at 1-844-825-9789. International callers should dial 1-412-317-5180.

**Replay**

A telephonic replay of the call will be available starting at 1:00 P.M. Eastern Time on Tuesday, August 05, 2025, through 11:59 P.M. Eastern Time on Tuesday, August 19, 2025, by dialing 1-844-512-2921 in the United States and Canada or 1-412-317-6671 internationally. The passcode for the replay is 10201892.

**Non-GAAP Supplemental Financial Information**

An explanation of certain non-GAAP financial measures used in this press release, including, FFO, AFFO and net debt, as well as reconciliations of those non-GAAP financial measures, to the most directly comparable GAAP financial measure, is included below.

The Company calculates FFO in accordance with the current National Association of Real Estate Investment Trusts ("NAREIT") definition. NAREIT currently defines FFO as follows: net income (loss) (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by an entity. Other REITs may not define FFO in accordance with the NAREIT definition or may interpret the current NAREIT definition differently than the Company does and therefore the Company's computation of FFO may not be comparable to such other REITs.

The Company calculates AFFO by starting with FFO and adjusting for recurring capital expenditures (defined as all capital expenditures and leasing costs that are recurring in nature,

------

excluding expenditures that (i) are for items identified or existing at the time a property was acquired or contributed (including through the Company's formation transactions), (ii) are part of a strategic plan intended to increase the value or revenue-generating ability of a property, (iii) are for replacements of roof or parking lots, (iv) are considered infrequent or extraordinary in nature, or (v) for casualty damage), acquisition-related expenses (defined as expenses that are incurred for investment purposes and business acquisitions and do not correlate with the ongoing operations of the Company's existing portfolio, including due diligence costs for acquisitions not consummated and certain professional fees incurred that were directly related to completed acquisitions or dispositions and integration of acquired business) that are not capitalized, and certain other non-recurring expenses and then adding back non-cash items including: write-off and amortization of deferred financing fees, straight-line rent and other adjustments (including lump sum catch up amounts for increased rents, net of any lease incentives), fair value lease adjustments, non-real estate depreciation and amortization, non-cash components of compensation expense and casualty losses (recoveries) (which beginning in Q2 2025, includes income (expenses) on insurance recoveries from casualties) and, for periods prior to Q2 2025, income (expenses) on insurance recoveries from casualties. AFFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of the Company's operating performance. The Company believes that AFFO is widely used by other REITs and is helpful to investors as a meaningful additional measure of the Company's ability to make capital investments. Other REITs may not define AFFO in the same manner as the Company does and therefore the Company's calculation of AFFO may not be comparable to such other REITs.

The Company calculates its net debt as total debt less cash and property-related reserves. Net debt as of June 30, 2025 is calculated as total debt of approximately $330 million less cash and property-related reserves of approximately $2 million.

These metrics are non-GAAP financial measures and should not be viewed as an alternative measurement of the Company's operating performance to net income. Management believes that accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. As a result, the Company believes that the additive use of FFO and AFFO, together with the required GAAP presentation, is widely-used by the Company's competitors and other REITs and provides a more complete understanding of the Company's performance and a more informed and appropriate basis on which to make investment decisions.

**Forward-Looking and Cautionary Statements**

This press release 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," "continues," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements, including, among others, statements regarding the Company's anticipated growth and ability to obtain financing and close on pending transactions on the terms or timing it

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expects, if at all, are based on the Company's current expectations and assumptions regarding capital market conditions, the Company's business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company's actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the USPS's terminations or non-renewals of leases, changes in demand for postal services delivered by the USPS, the solvency and financial health of the USPS, competitive, financial market and regulatory conditions, disruption in market, general real estate market conditions, the Company's competitive environment and other factors set forth under "Risk Factors" in the Company's filings with the Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

**About Postal Realty Trust, Inc.**

Postal Realty Trust, Inc. is an internally managed real estate investment trust that owns and manages over 2,150 properties leased primarily to the USPS. More information is available at postalrealtytrust.com.

**Contact:**

Investor Relations and Media Relations

Email: Investorrelations@postalrealtytrust.com

Phone: 516-232-8900

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**Postal Realty Trust, Inc.** 

**Consolidated Statements of Operations**

***(Unaudited)***

*(in thousands, except share and per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended<br>June 30,** | **For the Three Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental income | $22730 | $17364 | $44210 | $33969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee and other | 621 | 686 | 1291 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 23351 | 18050 | 45501 | 35338 |
| &nbsp;&nbsp;&nbsp;**Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | 2773 | 2385 | 5422 | 4687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property operating expenses | 1984 | 2118 | 4445 | 4471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 4316 | 3920 | 9252 | 8213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casualty and impairment losses (gains), net | (345) |  | (195) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5914 | 5518 | 11538 | 10819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 14642 | 13941 | 30462 | 28190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sale of real estate assets |  |  | (49) |  |
| &nbsp;&nbsp;&nbsp;**Income from operations** | 8709 | 4109 | 14990 | 7148 |
| &nbsp;&nbsp;&nbsp;Other income |  | 15 | 30 | 65 |
| &nbsp;&nbsp;&nbsp;**Interest expense, net:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractual interest expense | (3817) | (2888) | (7254) | (5525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off and amortization of deferred financing fees and amortization of debt discount | (211) | (181) | (422) | (362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1 | 5 | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest expense, net** | (4027) | (3064) | (7669) | (5881) |
| &nbsp;&nbsp;&nbsp;**Income before income tax expense** | 4682 | 1060 | 7351 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (10) | (28) | (24) | (44) |
| &nbsp;&nbsp;&nbsp;**Net income** | 4672 | 1032 | 7327 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to operating partnership unitholders' non-controlling interests | (1058) | (215) | (1631) | (265) |
| &nbsp;&nbsp;&nbsp;**Net income attributable to common stockholders** | $3614 | $817 | $5696 | $1023 |
| &nbsp;&nbsp;&nbsp;**Net income per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and Diluted | $0.12 | $0.02 | $0.19 | $0.01 |
| &nbsp;&nbsp;&nbsp;**Weighted average common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and Diluted | 23509083 | 22339245 | 23375607 | 22192277 |

---

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**Postal Realty Trust, Inc.**

**Consolidated Balance Sheets**

***(Unaudited)***

*(In thousands, except par value and share data)*

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Investments: |  |  |
| Real estate properties, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $140831 | $128457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building and improvements | 554644 | 512248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant improvements | 7874 | 7501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate properties, at cost | 703349 | 648206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated depreciation | (66023) | (58175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate properties, net | 637326 | 590031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in financing leases, net | 15897 | 15951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, net | 653223 | 605982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 1080 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escrow and reserves | 1007 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rent and other receivables | 5237 | 6658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets, net | 9848 | 14519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 1536 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred rent receivable | 3880 | 2639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-place lease intangibles, net | 13123 | 12636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Above market leases, net | 251 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale, net | 637 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | $689822 | $646818 |
| &nbsp;&nbsp;&nbsp;**Liabilities and Equity** |  |  |
| &nbsp;&nbsp;&nbsp;**Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term loans, net | $249012 | $248790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility | 46000 | 14000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured borrowings, net | 33823 | 33918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other, net | 17367 | 16441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Below market leases, net | 19066 | 16171 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 365268 | 329320 |
| &nbsp;&nbsp;&nbsp;**Commitments and Contingencies** |  |  |
| &nbsp;&nbsp;&nbsp;**Equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, par value $0.01 per share; 500,000,000 shares authorized; 24,237,197 and 23,494,487 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 242 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B common stock, par value $0.01 per share; 27,206 shares authorized; 27,206 shares issued and outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 318914 | 310031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 1744 | 5230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (70098) | (64211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Stockholders' Equity** | 250802 | 251285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating partnership unitholders' non-controlling interests | 73752 | 66213 |
| &nbsp;&nbsp;&nbsp;**Total Equity** | 324554 | 317498 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities and Equity** | $689822 | $646818 |

---

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**Postal Realty Trust, Inc.**

**Reconciliation of Net Income to FFO and AFFO**

***(Unaudited)***

*(In thousands, except share and per share data)*

---

| | |
|:---|:---|
| | **For the Three Months Ended<br>June 30, 2025** |
| **Net income** | $4672 |
| Depreciation and amortization of real estate assets | 5887 |
| Impairment charges | 193 |
| **FFO** | **$10752** |
| Recurring capital expenditures | (127) |
| Write-off and amortization of deferred financing fees and amortization of debt discount | 211 |
| Straight-line rent and other adjustments | (775) |
| Fair value lease adjustments | (913) |
| Acquisition-related and other expenses | 158 |
| Casualty losses (gains), net | (538) |
| Non-real estate depreciation and amortization | 27 |
| Non-cash components of compensation expense | 1593 |
| **AFFO** | **$10388** |
| **FFO per common share and common unit outstanding** | **$0.35** |
| **AFFO per common share and common unit outstanding** | **$0.33** |
| **Weighted average common shares and common units outstanding, basic and diluted** | **31088102** |

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