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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Corporate Information & Analyst Coverage 2 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 Executive Officer, Director Barry Lefkowitz Chair of Audit Committee, Member - Corporate Governance & Compensation Committee Anton Feingold Chair of Corporate Governance & Compensation Committee, Member - Audit Committee Jane Gural-Senders Member - Corporate Governance & Compensation Committee Corporate Information Corporate Headquarters Corporate Counsel Transfer Agent Independent Registered Public Accounting Firm 75 Columbia Avenue Hogan Lovells US LLP Equiniti Trust Company, LLC Deloitte & Touche LLP Cedarhurst, NY 11516 609 Main Street, Suite 4200 800-937-5449 30 Rockefeller Plaza www.postalrealtytrust.com Houston, TX 77002 New York, NY 10112 Investorrelations@postalrealtytrust.com 713-632-1400 212-492-4000 516-232-8900 Research Coverage Firm Analyst Phone Firm Analyst Phone BMO Capital Markets John Kim 212-885-4115 J.P. Morgan Securities Anthony Paolone 212-622-6682 Colliers Barry Oxford 203-961-6573 Stifel Simon Yarmak 443-224-1345 Janney Montgomery Scott Robert Stevenson 646-840-3217 Truist Securities Michael Lewis 212-319-5659 Jefferies Jonathan Petersen 212-284-1705
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 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 nation’s logistics infrastructure that facilitates cost effective and efficient last-mile delivery solutions. As of September 30, 2025, PSTL owned 1,853 properties (including two properties accounted for as financing leases) located in 49 states and one territory comprising approximately 6.9 million net leasable interior square feet. Subsequent to quarter-end and through October 17, 2025, PSTL closed on 19 additional properties comprising approximately 38,000 net leasable interior square feet. Company Overview Source: Company Filings Note: Map as of October 17, 2025 3 PSTL's Footprint of Owned Properties
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Source: Company Filings Note: Figures in thousands, except for per share, per square foot and property count data (1) Total equity market capitalization – fully diluted calculated with closing share price of $15.69 as of September 30, 2025 (2) Based on figures as of October 17, 2025 (3) Based on owned and occupied square footage (4) Total current net debt includes cash balance and escrow & reserves as of September 30, 2025 Executive Summary Figures for the quarter ended September 30, 2025 4 (2) Price of Common Shares Earnings High closing price during period $16.35 Net income attributable to common stockholders $3,810 Low closing price during period $13.70 Net income attributable to common stockholders per share $0.13 End of period closing price $15.69 Funds From Operations ("FFO") $10,964 Outstanding Classes of Stock and Partnership Units FFO per share - fully diluted basis $0.34 Common shares 25,919 OP Units 5,495 Adjusted Funds From Operations ("AFFO") $10,765 LTIP Units 1,614 AFFO per share - fully diluted basis $0.33 Restricted Stock Units 175 Voting equivalent shares 27 Quarterly dividend per share $0.2425 Total shares - fully diluted 33,230 Net Operating Income $19,421 Market Capitalization and Enterprise Value Total equity market capitalization - fully diluted(1) $521,379 Current Metrics(2) Net debt 346,879 Annualized total owned cash base rent $81,300 Enterprise value $868,258 Total owned square footage 6,963 Weighted average rent per square foot(3) $11.70 Debt Ratios Total owned property count 1,872 Net debt to enterprise value 40.0% Total managed property count 358 Net debt to annualized adjusted EBITDA 5.2x Owned portfolio occupancy 99.8% Adjusted interest coverage ratio 4.2x Total current net debt(4) $354,879 Fixed charge coverage ratio 4.2x Total share count - fully diluted 33,277
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Balance Sheet 5Source: Company Filings ($ in thousands and unaudited) Balance Sheet ASSETS September 30, 2025 June 30, 2025 Investments: Real estate properties, at cost: Land $157,733 $140,831 Building and improvements 581,026 554,644 Tenant improvements 8,468 7,874 Total real estate properties, at cost 747,227 703,349 Less: Accumulated depreciation (70,307) (66,023) Total real estate properties, net 676,920 637,326 Investment in financing leases, net 15,874 15,897 Total real estate investments, net 692,794 653,223 Cash 1,902 1,080 Escrows and reserves 437 1,007 Rent and other receivables 6,939 5,237 Prepaid expenses and other assets, net 11,572 9,848 Goodwill 1,536 1,536 Deferred rent receivable 4,592 3,880 In-place lease intangible, net 14,526 13,123 Above market leases, net 255 251 Assets held for sale, net 637 637 Total Assets $735,190 $689,822 LIABILITIES AND EQUITY Term loans, net $288,173 $249,012 Revolving credit facility 25,000 46,000 Secured borrowings, net 33,826 33,823 Accounts payable, accrued expenses and other, net 19,821 17,367 Below market leases, net 19,893 19,066 Total Liabilities 386,713 365,268 PSTL - Class A & Class B 259 242 Additional paid-in-capital 344,639 318,914 Accumulated other comprehensive income 1,328 1,744 Accumulated deficit (72,298) (70,098) Total Stockholders' Equity 273,928 250,802 Operating Partner unitholders' noncontrolling interests 74,549 73,752 Total Equity 348,477 324,554 Total Liabilities and Equity $735,190 $689,822
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Statement of Operations Source: Company Filings 6 Statement of Operations ($ in thousands and unaudited) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 REVENUE Rental income $23,692 $22,730 $21,480 $20,403 $18,772 Fee and other 634 621 670 965 895 Total revenues 24,326 23,351 22,150 21,368 19,667 OPERATING EXPENSES Real estate taxes $2,865 $2,773 $2,649 $2,676 $2,487 Property operating expenses 2,355 1,984 2,461 2,117 2,536 General and administrative 3,751 4,316 4,936 3,912 3,884 Casualty and impairment losses (gains), net 97 (345) 150 188 216 Depreciation and amortization 6,109 5,914 5,624 5,627 5,756 Total operating expenses 15,177 14,642 15,820 14,520 14,879 (Loss) gain on sale of real estate assets — — (49) 2,393 — Income from operations $9,149 $8,709 $6,281 $9,241 $4,788 Other income (expense) — — 30 (53) 9 Interest expense, net (4,260) (4,027) (3,642) (3,461) (3,419) Income before income tax expense 4,889 4,682 2,669 5,727 1,378 Income tax expense (6) (10) (14) (42) (29) Net income 4,883 4,672 2,655 5,685 1,349 Net income attributable to Operating Partnership unitholders' non-controlling interests (1,073) (1,058) (573) (1,180) (278) Net income attributable to common stockholders $3,810 $3,614 $2,082 $4,505 $1,071
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 FFO & AFFO ($ in thousands and unaudited, except per share / unit data) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net income $4,883 $4,672 $2,655 $5,685 $1,349 Depreciation and amortization of real estate assets 6,081 5,887 5,597 5,600 5,729 Loss (gain) on sale of real estate assets — — 49 (2,393) — Impairment charges — 193 65 68 — Funds from operations (FFO) $10,964 $10,752 $8,366 $8,960 $7,078 Recurring capital expenditures (288) (127) (168) (184) (253) Write-off and amortization of deferred financing fees and amortization of debt discount 215 211 211 206 180 Loss on early extinguishment of debt 142 — — — — Straight-line rent and other adjustments (631) (775) (326) 719 847 Fair value lease adjustments (962) (913) (830) (808) (828) Acquisition-related and other expenses (1) 332 158 122 122 63 (Income)/expense on insurance recoveries from casualties — — (30) 53 (9) Casualty losses (gains), net 97 (538) 85 120 216 Non-real estate depreciation and amortization 28 27 27 27 27 Non-cash components of compensation expense 868 1,593 2,351 1,377 1,435 Adjusted funds from operations (AFFO) $10,765 $10,388 $9,808 $10,592 $8,756 FFO per common share and common unit outstanding $0.34 $0.35 $0.28 $0.30 $0.24 AFFO per common share and common unit outstanding $0.33 $0.33 $0.32 $0.35 $0.30 Weighted average common shares and common units outstanding (2) 32,188 31,088 30,294 29,861 29,327 FFO & AFFO Reconciliation 7Source: Company Filings (1) Includes non-recurring expenses of approximately $0.3 million for the quarter ended September 30, 2025 related to CFO transition (2) Basic and diluted Hughesville, MD
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 NOI Reconciliation Source: Company Filings (1) Revenue from tenant reimbursements is included in rental income in the consolidated statements of operations (2) Revenue from direct financing leases is included in fee and other in the consolidated statements of operations (3) Property operating expenses excludes property management expenses; reference Net Operating Income definition on page 18 for further detail 8 Net Operating Income ($ in thousands and unaudited) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 REVENUE Rental income(1) $20,914 $20,055 $18,661 $17,746 $16,219 Tenant reimbursements(1) 2,778 2,675 2,819 2,657 2,553 Revenue from direct financing leases(2) 261 259 256 262 263 Total revenues 23,953 22,989 21,736 20,665 19,035 OPERATING EXPENSES Real estate taxes $2,865 $2,773 $2,649 $2,676 $2,487 Property operating expenses(3) 1,667 1,337 1,484 1,561 1,860 Total operating expenses 4,532 4,110 4,133 4,237 4,347 Net Operating Income $19,421 $18,879 $17,603 $16,428 $14,688
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 EBITDA Reconciliation Source: Company Filings 9 EBITDA ($ in thousands and unaudited) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net income $4,883 $4,672 $2,655 $5,685 $1,349 Contractual interest expense 3,903 3,817 3,437 3,268 3,246 Write-off and amortization of deferred financing fees and amortization of debt discount 215 211 211 206 180 Loss on early extinguishment of debt 142 — — — — Income tax expense 6 10 14 42 29 Depreciation and amortization 6,109 5,914 5,624 5,627 5,756 EBITDA $15,258 $14,624 $11,941 $14,828 $10,560 Acquisition-related and other expenses 332 158 122 122 63 Casualty and impairment losses (gains), net 97 (345) 150 188 216 Loss (gain) on sale of real estate assets — — 49 (2,393) — Non-cash components of compensation expense 868 1,593 2,351 1,377 1,435 Adjusted EBITDA $16,555 $16,030 $14,613 $14,122 $12,274
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Source: Company Filings (1) The credit facilities include an accordion feature permitting the Company to borrow up to an additional $150 million under the revolving credit facility and $100 million under the term loans (2) Interest rates as of September 30, 2025, reflect the interest rate hedges in effect during the period Debt Breakdown Lender Maturity Date Effective Interest Rate(2) Outstanding Balance ($ 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 Vision Bank - 2018 Sep 2041 3.69% 844 First Oklahoma Bank Dec 2037 3.63% 285 Seller Financing - 2024 Sep 2039 5.00% 1,400 Fixed Rate Debt 4.26% $324,163 Revolving Credit Facility(1) Nov 2029 5.74% 25,000 Floating Rate Debt 5.74% $25,000 Total Principal $349,163 Unamortized Deferred Financing Costs (1,961) Unamortized Debt Discount (203) Total Debt: 4.37% $346,999 Debt Summary Debt Outstanding as of September 30, 2025 10
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Debt Statistics 11 Source: Company Filings (1) Calculated using the closing share price of $15.69 as of September 30, 2025 Debt Statistics ($ in thousands) Q3 2025 Market Capitalization Debt Principal $349,163 Cash 1,902 Escrow & Reserves 382 Net Debt 346,879 Market Value of Common Equity(1) 521,379 Total Enterprise Value 868,258 Net Debt to Enterprise Value 40.0 % Leverage Net Debt $346,879 Annualized Adjusted EBITDA 66,220 Net Debt / Annualized Adjusted EBITDA 5.2x Adjusted Interest Coverage Ratio Contractual Interest Expense $3,903 Adjusted EBITDA 16,555 Adjusted Interest Coverage Ratio 4.2x Fixed Charge Coverage Ratio Contractual Interest Expense $3,903 Debt Amortization 5 Total Fixed Charges 3,908 Adjusted EBITDA 16,555 Fixed Charge Coverage Ratio 4.2x
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Acquisition Summary Acquisitions By Property Type Property Count Purchase Price(1) Interior Square Feet Purchase Price per Int. Sq Ft Annualized Rent(2) Q1 2025 Acquisitions Last-Mile 22 Properties $4,052,783 33,029 $122.70 $387,325 Flex 14 Properties 11,790,330 66,989 $176.00 989,662 Industrial — — — — — Q1 2025 Totals 36 Properties $15,843,113 100,018 $158.40 $1,376,987 Q2 2025 Acquisitions Last-Mile 32 Properties $5,365,358 42,718 $125.60 $519,759 Flex 36 Properties 30,530,068 196,919 $155.04 2,669,755 Industrial — — — — — Q2 2025 Totals 68 Properties $35,895,426 239,637 $149.79 $3,189,514 Q3 2025 Acquisitions Last-Mile 28 Properties $5,215,628 41,473 $125.76 $529,961 Flex 19 Properties 37,131,874 118,948 $312.17 2,932,620 Industrial — — — — — Q3 2025 Totals 47 Properties $42,347,502 $160,421 $263.98 $3,462,581 Q4 2025 Acquisitions(3) Last-Mile 12 Properties $1,654,000 15,088 $109.62 $173,613 Flex 7 Properties 5,577,000 23,323 $239.12 475,238 Industrial — — — — — Q4 2025 Totals 19 Properties $7,231,000 38,411 $188.25 $648,851 2025 Acquisitions Last-Mile 94 Properties $16,287,769 132,308 $123.10 $1,610,658 Flex 76 Properties 85,029,272 406,179 $209.34 7,067,275 Industrial — — — — — 2025 Totals 170 Properties $101,317,041 538,487 $188.15 $8,677,933 Source: Company Filings Note: The Company also owns several land parcels that may be added to existing or future leases with the USPS or used for other purposes (1) Purchase price defined by GAAP, excluding closing costs (2) Annualized contractually specified cash base rent in effect on October 17, 2025, for all of the Company's leases (3) Representative of Q4 2025 acquisitions of leased properties as of October 17, 2025 Acquisition Summary Acquisition Summary as of October 17, 2025 12 (2)
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Historic Occupancy Rate Since IPO(1) Portfolio Fundamentals 13 Diversified Portfolio with High Historic Occupancy Source: Company Filings Note: Portfolio statistics as of October 17, 2025 (1) Reflects historical occupancy of REIT owned properties since IPO (2) South region includes two properties located in Puerto Rico (3) Annualized contractually specified cash base rent in effect on October 17, 2025, for all of our leases (including those accounted for as direct financing leases) Region Sq Ft Midwest 2,564,119 South(2) 2,388,833 Northeast 1,272,771 West 737,474 Total 6,963,197 Region Rent South(2) $29,289,437 Midwest $21,194,043 Northeast $18,514,589 West $12,302,384 Total $81,300,453 Portfolio By % of Aggregate Interior Sq Ft Portfolio By % of Annualized Gross Rent(3)
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Year Number of Leases Square Feet Annual Rent(1) % of Total Rent(1) 2025 52(2) 111,110 $1,259,271 1.5% 2026 287 1,078,298 $10,453,330 12.9% 2027 477 1,501,711 $16,085,000 19.8% 2028 237 1,132,656 $13,053,464 16.1% 2029 183 739,591 $9,894,954 12.2% 2030 199 1,188,603 $9,990,417 12.3% Thereafter 440 1,195,532 $20,564,017 25.2% Total 1,875 6,947,501 $81,300,453 100.0% Lease Expiration Schedule 14 ($ in thousands) Source: Company Filings Note: As of October 17, 2025; excludes any vacant property (1) Annualized contractually specified cash base rent in effect on October 17, 2025, for all of our leases (including those accounted for as direct financing leases). Assumes tenants do not exercise any existing renewal, termination or purchase options (2) Includes one lease that is in holdover while a new lease is under negotiation. The tenant remains current on monthly rent payments Lease Expirations (by Annual Rent)(1)Lease Expirations (by Square Feet)
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Property Breakdown by Location Location Gross Rent % Gross Rent Square Footage % Square Footage Property Count(1) % Property Count Pennsylvania $7,316,639 9.00% 739,241 10.62% 106 5.66% Texas 4,888,380 6.01% 380,434 5.46% 132 7.05% California 4,059,524 4.99% 238,125 3.42% 42 2.25% Massachusetts 3,898,578 4.80% 116,862 1.68% 25 1.34% Wisconsin 3,872,528 4.76% 841,658 12.09% 92 4.92% Florida 3,865,763 4.75% 268,021 3.85% 48 2.57% New York 3,470,638 4.27% 198,825 2.86% 80 4.27% North Carolina 3,425,700 4.21% 272,506 3.91% 71 3.79% Ohio 3,001,491 3.69% 241,627 3.47% 58 3.10% Kansas 2,710,200 3.33% 467,627 6.72% 39 2.08% Michigan 2,497,593 3.07% 207,563 2.98% 75 4.01% Alabama 2,188,178 2.69% 291,634 4.19% 33 1.76% Colorado 2,144,756 2.64% 126,391 1.82% 33 1.76% Illinois 2,063,862 2.54% 178,642 2.57% 98 5.24% Minnesota 2,037,217 2.51% 175,462 2.52% 75 4.01% Oklahoma 1,966,993 2.42% 184,814 2.65% 74 3.95% Virginia 1,732,162 2.13% 129,022 1.85% 36 1.92% Tennessee 1,678,890 2.07% 147,862 2.12% 36 1.92% Louisiana 1,662,325 2.04% 130,837 1.88% 41 2.19% Georgia 1,494,786 1.84% 108,595 1.56% 42 2.24% West Virginia 1,482,159 1.82% 99,801 1.43% 52 2.78% South Carolina 1,316,542 1.62% 96,506 1.39% 32 1.71% Mississippi 1,302,655 1.60% 97,376 1.40% 35 1.87% Arizona 1,253,826 1.54% 71,871 1.03% 19 1.01% Indiana 1,223,722 1.51% 96,946 1.39% 35 1.87% Property Breakdown by Location Note: As of October 17, 2025 (1) Includes properties accounted for as direct financing leases 15
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Property Breakdown by Location (continued) Note: As of October 17, 2025 (1) Includes properties accounted for as direct financing leases 16 Property Breakdown by Location Location Gross Rent % Gross Rent Square Footage % Square Footage Property Count(1) % Property Count Connecticut 1,183,744 1.46% 65,149 0.94% 15 0.80% Missouri 1,172,775 1.44% 110,307 1.58% 46 2.46% Maine 1,071,430 1.32% 73,607 1.06% 53 2.83% Arkansas 1,056,157 1.30% 93,957 1.35% 39 2.08% Iowa 1,033,342 1.27% 97,822 1.40% 42 2.24% Oregon 917,920 1.13% 50,168 0.72% 11 0.59% Washington 762,686 0.94% 34,157 0.49% 14 0.75% Nebraska 721,590 0.89% 75,290 1.08% 41 2.19% New Mexico 701,019 0.86% 43,762 0.63% 12 0.64% Montana 634,193 0.78% 46,796 0.67% 16 0.85% Vermont 628,830 0.77% 33,723 0.48% 21 1.12% Kentucky 606,937 0.75% 48,669 0.70% 28 1.50% New Jersey 586,002 0.72% 27,502 0.39% 11 0.59% Maryland 517,955 0.64% 29,937 0.43% 12 0.64% South Dakota 492,839 0.61% 40,584 0.58% 27 1.44% Idaho 456,607 0.56% 50,208 0.72% 13 0.69% North Dakota 366,885 0.45% 30,591 0.44% 26 1.39% Nevada 327,051 0.40% 18,216 0.26% 5 0.27% Wyoming 307,625 0.38% 27,413 0.39% 10 0.53% Hawaii 301,283 0.37% 9,705 0.14% 1 0.05% Utah 228,488 0.28% 14,982 0.22% 5 0.27% New Hampshire 213,501 0.26% 11,523 0.17% 8 0.43% Alaska 207,403 0.26% 5,680 0.08% 2 0.11% Delaware 145,228 0.18% 6,339 0.09% 3 0.16% Puerto Rico 103,856 0.13% 8,862 0.13% 2 0.11% Total: $81,300,453 100.0% 6,963,197 100.0% 1,872 100.0%
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Definitions and Non-GAAP Financial Measures 17 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 Income and Occupancy, as well as reconciliations of those non-GAAP financial measures is included below. Funds from Operation (FFO) 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. Adjusted Funds from Operations (AFFO) 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. Total Capital Expenditures ($ in thousands) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Recurring $288 $127 $168 $184 $253 Non-Recurring 2,196 1,316 264 368 458 Total Capital Expenditures $2,484 $1,443 $432 $552 $711
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 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 the Company believes that this measure is useful to investors and analysts because they provide important supplemental information concerning its operating performance, exclusive of certain non-cash items and other costs. The Company uses EBITDA as a measure of its operating performance and not as a measure of liquidity. The Company computes Adjusted EBITDA by starting with EBITDA and adjusting for acquisition-related expenses (as defined above) and certain other non-recurring expenses, gains (losses) on the sale of real estate assets, casualty and impairment losses (gains), net and non-cash components of compensation expense. EBITDA and Adjusted EBITDA are not measures of financial performance under GAAP. You should not consider EBITDA or Adjusted EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Additionally, the Company’s computations of EBITDA and Adjusted EBITDA may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs. Net Debt The Company calculates its net debt as total debt less cash and property-related reserves. The Company believes excluding cash and restricted cash deposits held for the benefit of lenders from total debt, all of which could be used to repay debt, provides an estimate of the net contractual amount of borrowed capital to be repaid, which it believes is a beneficial disclosure to investors and analysts. Net Operating Income (NOI) The Company computes NOI as rental income, tenant reimbursements and revenue from direct financing leases less real estate taxes and property operating expenses (excluding property management expenses). NOI excludes all other items of expense and income included in the financial statements in calculating net income or loss. The Company believes NOI provides useful and relevant information because it reflects only those revenue and expense items that are incurred at the property level and present such items on an unlevered basis. NOI is not a measure of financial performance under GAAP. You should not consider the Company’s NOI as an alternative to net income or cash flows from operating activities determined in accordance with GAAP. Additionally, the Company’s computation of NOI may differ from the methodology for calculating these metrics used by other equity REITs, and, therefore, may not be comparable to similarly titled measures reported by other equity REITs. Below are the property management expenses excluded from NOI. Occupancy The Company calculates occupancy by dividing the amount of the Company's owned portfolio's total net leasable interior square feet currently under lease agreements, regardless of the actual use or occupation by the tenant of the area being leased, by the Company's owned portfolio's total net leasable interior square feet. Definitions (continued) 18 ($ in thousands) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Property Management Expense $688 $647 $977 $556 $676
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 19 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,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. 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 and you should not rely on them as predictions of future events. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, change in the status of the USPS as an independent agency of the executive branch of the U.S. federal government, change in the demand for postal services delivered by the USPS, the Company’s ability to come to an agreement with the USPS regarding new leases or lease renewals on terms and timing the Company expects, or at all, the solvency and financial health of the USPS, defaults on, early terminations of or non-renewal of leases or actual, potential or threatened relocation, closure or consolidation of postal offices or delivery routes by the USPS, the competitive market in which the Company operates, changes in the availability of acquisition opportunities, the Company’s inability to successfully complete real estate acquisitions or dispositions on the terms and timing it expects, or at all, the Company’s failure to successfully operate developed and acquired properties, adverse economic or real estate developments, either nationally or in the markets in which the Company’s properties are located, decreased rental rates or increased vacancy rates, change in the Company’s business, financing or investment strategy or the markets in which it operates, fluctuations in interest rates, increased operating costs, repair and maintenance expenses and capital expenditures for our properties, general economic conditions (including inflation, rising interest rates, uncertainty regarding ongoing conflict between Russia and Ukraine and their related impact on macroeconomic conditions), financial market fluctuations, the Company’s failure to generate sufficient cash flows to service its outstanding indebtedness, the Company’s failure to obtain necessary outside financing on favorable terms or at all, failure to hedge effectively against interest rate changes, the Company’s reliance on key personnel whose continued service is not guaranteed, the outcome of claims and litigation involving or affecting the Company, changes in real estate, taxation, zoning laws and other legislation and government activity and changes to real property tax rates and the taxation of REITs in general, operations through joint ventures and reliance on or disputes with co-venturers, cybersecurity threats, uncertainties and risks related to adverse weather conditions, natural disasters and climate change, exposure to liability relating to environmental and health and safety matters, governmental approvals, actions and initiatives, including the need for compliance with environmental requirements, lack or insufficient amounts of insurance, limitations imposed on the Company’s business in order maintain its status as a REIT and the Company’s failure maintain such status, public health threats, such as the COVID-19 pandemic, 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 presentation speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable securities laws. Forward-Looking Cautionary Statements