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• Realty Income (O) for U.S. Post Offices.
• American Tower (AMT) for U.S. Post Offices.

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• Real Estate Leasing: PSTL acquires, owns, and leases properties primarily to the United States Postal Service (USPS).
• Property Management: The company provides ongoing management and maintenance services for its portfolio of postal properties.

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Postal Realty Trust (PSTL) primarily leases its properties to a single major customer.

• Customer Name: United States Postal Service (USPS)
• Description: The United States Postal Service (USPS) is an independent agency of the executive branch of the federal government of the United States. As a government agency, it is not a public company and therefore does not have a stock symbol.

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• KeyCorp (KEY)
• Truist Financial Corporation (TFC)
• Capital One Financial Corporation (COF)
• Wells Fargo & Company (WFC)
• Ernst & Young LLP

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Andrew Spodek, Chief Executive Officer

Andrew Spodek is the founder and Chief Executive Officer of Nationwide Postal Management, Inc. (NPM), which was the predecessor management entity of Postal Realty Trust. He has over 20 years of experience dedicated to investing in and managing postal properties. Before establishing NPM, Mr. Spodek managed acquisitions and property management for his family's private real estate investment activities. The assets he managed served as the foundation for Postal Realty Trust when it became a public company in 2019.

Steve Bakke, Executive Vice President and Chief Financial Officer

Steve Bakke was appointed Executive Vice President and Chief Financial Officer, effective November 5, 2025. Prior to joining Postal Realty Trust, Mr. Bakke served as Senior Vice President, Corporate Finance at Realty Income Corp (NYSE: O), where he was responsible for investor relations, capital markets, and financial planning & analysis. Before his time at Realty Income, he was the Senior Vice President of Capital Markets at Site Centers Corp. (NYSE: SITC). He also gained experience on the buy side at Third Avenue Management and Surveyor Capital and started his career as a Research Analyst with Green Street.

Jeremy Garber, President

Jeremy Garber serves as President, Treasurer, and Secretary, overseeing all financial, operational, and strategic aspects of Postal Realty Trust. Before joining the company, Mr. Garber worked as a consultant to Postal Group LLC from January 2017. Prior to 2017, he consulted for private real estate investment companies and family offices. He previously held the position of Chief Operating Officer at Burford Capital (LON:BUR) from June 2014 to December 2015. Mr. Garber also worked at Lehman Brothers in equity capital markets and prime brokerage, and was the Chief Operating Officer, Chief Financial Officer, and General Counsel at ACAP, Inc.

David Loss, Executive Vice President and Chief Operating Officer

David Loss is the Executive Vice President and Chief Operating Officer of Postal Realty Trust.

Isaac Richter, Executive Vice President and Head of Asset Management

Isaac Richter is the Executive Vice President and Head of Asset Management, responsible for asset management and overseeing the tenant services team. He spent 16 years with Nationwide Postal Management, Inc. (NPM), where he developed its proprietary property management software and contributed to its property management platform. Before NPM, Mr. Richter worked as a consultant in IT and real estate management for several private family offices and foundations.

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The key risks to Postal Realty Trust (PSTL) are primarily centered around its highly specialized business model and its sole major tenant, the United States Postal Service (USPS).

1. Heavy Reliance on a Single Tenant (USPS)
   Postal Realty Trust faces significant concentration risk due to its business model, which is almost entirely dependent on leasing properties to the United States Postal Service. The core risk is that PSTL operates as a single-tenant business, with a massive concentration risk stemming from its heavy reliance on the USPS. Approximately 99.8% of PSTL's rental income is derived from the USPS. This exposes the company to considerable financial vulnerabilities should USPS-related disruptions occur.
2. Financial Instability and Operational Changes of the USPS
   Directly linked to its single-tenant reliance, the ongoing financial struggles and potential operational restructuring of the USPS pose a major risk to PSTL. The postal service, despite its strategic importance as a government institution, continues to grapple with long-standing financial issues and political pressures. Any significant restructuring or shift in direction within the USPS could directly impact Postal Realty Trust, including concerns regarding the USPS's financial health and the demand for postal services.
3. Specialized Market and Acquisition Strategy Risks
   Postal Realty Trust operates within a highly specialized real estate market with limited alternative tenants if USPS were to vacate properties. While the company's acquisition strategy has been profitable, there is a risk of overexpansion, particularly if the supply of attractive properties begins to diminish. Additionally, while long-term leases with annual rent escalations offer stability, there can be tension between the benefits of accretive acquisitions and the risks associated with capped rent escalations.

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1. Accelerating Decline in Traditional Mail Volume and Shift to Digital Communication

While the United States Postal Service (USPS) has seen growth in package volume, the foundational First-Class mail category, which underpins the need for many traditional post offices and processing facilities, continues a long-term and potentially accelerating decline. This trend is driven by the ongoing shift towards digital communication for bills, statements, and personal correspondence. This erosion of core mail volume could lead the USPS to further consolidate operations, reduce its physical footprint, or deem certain properties obsolete over time, directly impacting lease renewals and rental rates for PSTL's portfolio. The parallel is akin to how Netflix's streaming model fundamentally eroded the demand for Blockbuster's physical video stores as content consumption shifted digitally.

2. USPS Network Optimization and Facility Consolidation Initiatives

The USPS's "Delivering for America" 10-year strategic plan explicitly includes significant initiatives to modernize its processing and delivery network, optimize routes, and consolidate facilities to improve efficiency and reduce costs. This proactive restructuring by PSTL's primary tenant could lead to a decreased need for existing postal properties, non-renewal of leases for less efficient or strategically misaligned locations, or pressure for lease renegotiations as the USPS seeks to align its real estate footprint with its evolving operational needs. This threat is similar to how Uber, by fundamentally changing the operational infrastructure and efficiency requirements of the taxi industry, pressured the viability of legacy taxi infrastructure and business models.

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Expected Drivers of Future Revenue Growth for Postal Realty Trust (PSTL)

Over the next 2-3 years, Postal Realty Trust (PSTL) is expected to drive revenue growth through several key initiatives and market dynamics:

1. Programmatic Leasing with Annual Rent Escalations: Postal Realty Trust has established an efficient framework for negotiating and executing new leases with the U.S. Postal Service. These new leases commonly feature 10-year terms with predictable 3% annual rent escalations, providing a consistent and built-in source of organic revenue growth across its portfolio.
2. Accretive Property Acquisitions: The company continues to actively acquire new U.S. Postal Service properties at favorable capitalization rates. PSTL completed $42.3 million in acquisitions during Q3 2025 and has a target to meet or exceed $110 million in acquisitions for the full year 2025, with these new properties directly contributing to increased rental income.
3. Operating Efficiencies and Improved Lease Execution: While primarily impacting net operating income, enhanced operating efficiencies and faster lease executions with the USPS are contributing to better financial performance and an upward revision of same-store cash Net Operating Income (NOI) guidance. This operational improvement supports the company's overall profitability and ability to generate cash flow for further growth initiatives.
4. Demand Driven by USPS Modernization: The ongoing "Delivering for America" modernization plan by the U.S. Postal Service signals continued demand for well-maintained postal facilities. This broader strategic initiative by the USPS is expected to underpin the long-term stability and relevance of PSTL's properties, supporting sustained leasing activity and potential for portfolio expansion.

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Share Issuance

• During 2025, Postal Realty Trust issued 1,420,791 shares of common stock through its at-the-market equity offering program, generating total gross proceeds of $20.4 million.
• The company also issued 664,182 common units in its operating partnership in 2025 as part of the consideration for property acquisitions.
• From the beginning of 2024 through the second quarter of 2025, over $50 million was raised through at-the-market offerings and operating partnership units to fund acquisitions.

Capital Expenditures

• Recurring capital expenditures for the first quarter of 2025 amounted to $168,000.
• Expected recurring capital expenditures for the second quarter of 2025 were projected to be between $150,000 and $250,000.
• The primary focus of these recurring capital expenditures excludes items such as those intended to increase property value, roof or parking lot replacements, or infrequent expenditures.