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POSTAL REALTY TRUST NYSE : PSTL | POSTAL REALTYTRUST.COM Q2 2026 SUPPLEMENTAL
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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 Cadwalader 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 Scotiabank Greg McGinniss 212-225-6906 Colliers Barry Oxford 203-961-6573 Stifel Simon Yarmak 443-224-1345 Jefferies Jonathan Petersen 212-284-1705 Truist Securities Michael Lewis 212-319-5659 J.P. Morgan Securities Anthony Paolone 212-622-6682
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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 June 30, 2026 , PSTL owned 2,014 properties (including two properties accounted for as financing leases) located in 49 states and one territory comprising approximately 7.5 million net leasable interior square feet. Company Overview Source: Company Filings Note: Map as of June 30, 2026 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) Represents the dilution of unsettled forward shares and unvested RSUs subject to performance based measures using the treasury stock method calculated with closing share price of $24.64 as of June 30, 2026 (2) Total equity market capitalization – fully diluted calculated with closing share price of $24.64 as of June 30, 2026 (3) Based on owned and occupied square footage Executive Summary Figures for the quarter ended June 30, 2026 4 (2) Price of Common Shares Earnings High closing price during period $24.98 Net income attributable to common stockholders $5,052 Low closing price during period $18.68 Net income attributable to common stockholders per share - Diluted $0.15 End of period closing price $24.64 Funds From Operations ("FFO") $13,141 Outstanding Classes of Stock and Partnership Units FFO per share - fully diluted basis $0.37 Common shares 30,115 OP Units 5,425 Adjusted Funds From Operations ("AFFO") $12,681 LTIP Units 2,067 AFFO per share - fully diluted basis $0.36 Restricted Stock Units 179 Voting equivalent shares 27 Quarterly dividend per share $0.245 Other dilutive securities(1) 472 Total shares - fully diluted 38,285 Net Operating Income $23,201 Market Capitalization and Enterprise Value Portfolio Metrics Total equity market capitalization - fully diluted(2) $943,342 Annualized total owned cash base rent $92,847 Net debt 381,254 Total owned square footage 7,506 Enterprise value $1,324,596 Weighted average rent per square foot(3) $12.40 Total owned property count 2,014 Debt Ratios Total managed property count 322 Net Debt / Enterprise Value 28.8% Owned portfolio occupancy 99.8% Net Debt / Pro Forma Annualized Adjusted EBITDA 4.6x Pro Forma Adjusted Net Debt / Pro Forma Annualized Adjusted EBITDA 4.0x Adjusted Interest Coverage Ratio 4.4x Fixed Charge Coverage Ratio 4.2x
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Balance Sheet 5 Source: Company Filings ($ in thousands and unaudited) Balance Sheet ASSETS June 30, 2026 March 31, 2026 Investments: Real estate properties, at cost: Land $186,456 $171,932 Building and improvements 661,459 630,911 Tenant improvements 9,116 8,889 Total real estate properties, at cost 857,031 811,732 Less: Accumulated depreciation (84,103) (79,394) Total real estate properties, net 772,928 732,338 Investment in financing leases, net 15,794 15,821 Total real estate investments, net 788,722 748,159 Cash 1,835 1,256 Escrows and reserves 961 1,534 Rent and other receivables 5,853 4,532 Prepaid expenses and other assets, net 10,874 11,847 Goodwill 1,536 1,536 Deferred rent receivable 7,959 6,353 Lease intangible assets, net 18,415 17,326 Assets held for sale, net 415 — Total Assets $836,570 $792,543 LIABILITIES AND EQUITY Term loans, net $303,557 $303,412 Revolving credit facility 45,000 49,000 Secured borrowings, net 33,564 33,723 Accounts payable, accrued expenses and other, net 15,647 15,137 Below market leases, net 21,518 20,819 Total Liabilities 419,286 422,091 PSTL - Class A & Class B 302 277 Additional paid-in-capital 410,476 367,178 Accumulated other comprehensive income 2,763 1,871 Accumulated deficit (78,929) (77,163) Total Stockholders' Equity 334,612 292,163 Operating Partner unitholders' noncontrolling interests 82,672 78,289 Total Equity 417,284 370,452 Total Liabilities and Equity $836,570 $792,543
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 Statement of Operations Source: Company Filings 6 Statement of Operations ($ in thousands and unaudited) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 REVENUE Rental income $28,022 $26,114 $25,403 $23,692 $22,730 Fee and other 560 534 593 634 621 Total revenues 28,582 26,648 25,996 24,326 23,351 OPERATING EXPENSES Real estate taxes $3,202 $3,069 $3,039 $2,865 $2,773 Property operating expenses 2,591 2,816 2,904 2,355 1,984 General and administrative 4,716 5,386 4,189 3,751 4,316 Casualty and impairment losses (gains), net 89 (263) (677) 97 (345) Depreciation and amortization 6,728 6,402 6,342 6,109 5,914 Total operating expenses 17,326 17,410 15,797 15,177 14,642 Gain on sale of real estate assets 30 — — — — Income from operations $11,286 $9,238 $10,199 $9,149 $8,709 Interest expense, net (4,856) (4,377) (4,314) (4,260) (4,027) Income before income tax (expense) benefit 6,430 4,861 5,885 4,889 4,682 Income tax (expense) benefit (27) (23) 2 (6) (10) Net income 6,403 4,838 5,887 4,883 4,672 Net income attributable to Operating Partnership unitholders' non-controlling interests (1,351) (1,012) (1,245) (1,073) (1,058) Net income attributable to common stockholders $5,052 $3,826 $4,642 $3,810 $3,614
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 FFO & AFFO ($ in thousands and unaudited, except per share / unit data) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Net income $6,403 $4,838 $5,887 $4,883 $4,672 Depreciation and amortization of real estate assets 6,700 6,374 6,314 6,081 5,887 Gain on sale of real estate assets (30) — — — — Impairment charges 68 27 150 — 193 Funds from operations (FFO) $13,141 $11,239 $12,351 $10,964 $10,752 Recurring capital expenditures (176) (143) (247) (288) (127) Write-off and amortization of deferred financing fees and amortization of debt discount 278 253 232 215 211 Loss on early extinguishment of debt — — — 142 — Straight-line rent and other adjustments (1,733) (1,171) (1,005) (631) (775) Fair value lease adjustments (930) (896) (924) (962) (913) Acquisition-related and other expenses (1) 167 56 39 332 158 Casualty losses (gains), net 21 (290) (827) 97 (538) Non-real estate depreciation and amortization 32 32 28 28 27 Non-cash components of compensation expense 1,881 2,552 1,499 868 1,593 Adjusted funds from operations (AFFO) $12,681 $11,632 $11,146 $10,765 $10,388 FFO per common share and common unit outstanding-diluted $0.37 $0.32 $0.37 $0.34 $0.35 AFFO per common share and common unit outstanding-diluted $0.36 $0.33 $0.33 $0.33 $0.33 Weighted average common shares and common units outstanding Basic 35,374 34,867 33,620 32,188 31,088 Diluted 35,711 35,108 33,620 32,188 31,088 FFO & AFFO Reconciliation 7 Source: Company Filings (1) Includes non-recurring expenses of approximately $0.3 million for the quarter ended September 30, 2025 related to CFO transition
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80 80 82 0 76 84 151 152 200 110 2 5 217 119 109 192 0 0 167 167 168 0 151 159 48 49 146 NOI, EBITDA and Adjusted EBITDA Reconciliation Source: Company Filings (1) Revenue from tenant reimbursements is included in rental income in the consolidated statements of operations (2) Revenue from direct financing leases is included in fee and other in the consolidated statements of operations (3) Property operating expenses excludes property management expenses; reference Net Operating Income definition on page 17 for further detail 8 Net Operating Income ($ in thousands and unaudited) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Revenue Rental income(1) $24,835 $23,091 $22,218 $20,914 $20,055 Tenant reimbursements(1) 3,187 3,023 3,185 2,778 2,675 Revenue from direct financing leases(2) 257 255 261 261 259 Total revenues 28,279 26,369 25,664 23,953 22,989 Operating Expenses Real estate taxes $3,202 $3,069 $3,039 $2,865 $2,773 Property operating expenses(3) 1,876 1,785 2,185 1,667 1,337 Total operating expenses 5,078 4,854 5,224 4,532 4,110 Net Operating Income $23,201 $21,515 $20,440 $19,421 $18,879 Net Operating Income EBITDA ($ in thousands and unaudited) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Net income $6,403 $4,838 $5,887 $4,883 $4,672 Contractual interest expense 4,578 4,124 4,082 3,903 3,817 Write-off and amortization of deferred financing fees and amortization of debt discount 278 253 232 215 211 Loss on early extinguishment of debt — — — 142 — Income tax expense (benefit) 27 23 (2) 6 10 Depreciation and amortization 6,732 6,406 6,342 6,109 5,914 EBITDA $18,018 $15,644 $16,541 $15,258 $14,624 Acquisition-related and other expenses 167 56 39 332 158 Casualty and impairment losses (gains), net 89 (263) (677) 97 (345) Gain on sale of real estate assets (30) — — — — Non-cash components of compensation expense 1,881 2,552 1,499 868 1,593 Adjusted EBITDA $20,125 $17,989 $17,402 $16,555 $16,030
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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 $50 million under the revolving credit facility, and $85 million under the term loans. Total capacity under the revolving credit facility was $250 million. On July 2, 2026, the Company entered into a Second Amended and Restated Credit Agreement, replacing its credit facility in effect at June 30, 2026. The new facility increased total commitments from $555.0 million to $615.0 million ($275.0 million revolving credit facility and $340.0 million across three term loan tranches), including $35.0 million of new term loan borrowings. SOFR-based margins were reduced by approximately 35–45 basis points across all facilities. Interest rates as of June 30, 2026 reflect the interest rate hedges in effect during the period. Debt Breakdown ($ in thousands) Lender Initial Maturity Date Effective Interest Rate(2) Outstanding Balance 2028 Term Loan(1) Feb 2028 4.78% $175,000 2030 Term Loan(1) Jan 2030 3.81% 115,000 AIG Jan 2031 2.80% 29,955 Vision Bank Sep 2041 3.69% 1,409 Seller Financing - 2024 Sep 2039 5.00% 1,400 Vision Bank - 2018 Sep 2041 3.69% 844 First Oklahoma Bank Dec 2037 3.63% 271 Fixed Rate Debt 4.25% $323,879 2028 Term Loan(1) Feb 2028 5.11% 15,000 Revolving Credit Facility(1) Nov 2029 5.16% 45,000 Floating Rate Debt 5.15% $60,000 Total Principal $383,879 Unamortized Deferred Financing Costs and debt discounts (1,758) Total Debt: 2.76 years 4.39% $382,121 Debt Summary Debt Outstanding as of June 30, 2026 9 No data to display
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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 10 Source: Company Filings (1) Calculated using the closing share price of $24.64 as of June 30, 2026 (2) Calculated as the product of (x) 1,812,442 unsettled shares sold on forward and (y) the net forward sales price per share of all unsettled shares sold pursuant to forward agreements as of June 30, 2026 (3) Calculated as the gross proceeds of $2.0 million for the issuance of 79,380 shares and the product of (x) 369,443 unsettled shares sold on forward subsequent to the period and (y) the net forward sales price per share Debt Statistics ($ in thousands) Q2 2026 Market Capitalization Adjusted EBITDA Debt Principal $383,879 Adjusted EBITDA $20,125 Less: Cash 1,835 Adjustment for Quarterly Acquisitions 554 Less: Escrow & Reserves 790 Pro Forma Adjusted EBITDA $20,679 Net Debt $381,254 Less: Value of Unsettled Forward Equity(2) 38,442 Annualized Adjusted EBITDA $80,500 Adjusted Net Debt $342,812 Pro Forma Annualized Adjusted EBITDA $82,716 Less: Subsequent Equity Sales (3) 10,883 Pro Forma Adjusted Net Debt $331,929 Enterprise value Fixed Charge Coverage Net Debt $381,254 Contractual Interest Expense $4,578 Market Value of Common Equity(1) 943,342 Debt Amortization 167 Total Enterprise Value $1,324,596 Total Fixed Charges $4,745 Leverage Metrics Net Debt / Enterprise Value 28.8 % Net Debt / Annualized Adjusted EBITDA 4.7x Fixed Charge Coverage Ratio 4.2x Net Debt / Pro Forma Annualized Adjusted EBITDA 4.6x Adjusted Interest Coverage Ratio 4.4x Pro Forma Adjusted Net Debt / Pro Forma Annualized Adjusted EBITDA 4.0x
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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) 2025 Acquisitions Last-Mile 124 Properties $23,742,319 171,896 $138.12 $2,248,893 Flex 92 Properties $99,403,012 469,703 $211.63 $8,280,486 Industrial — — — — — 2025 Totals 216 Properties $123,145,331 641,599 $191.94 $10,529,379 Q1 2026 Acquisitions Last-Mile 34 Properties $7,410,455 48,913 $151.50 $682,657 Flex 27 Properties $27,201,267 146,241 $186.00 $2,159,317 Industrial — — — — — Q1 2026 Totals 61 Properties $34,611,722 195,154 $177.36 $2,841,974 Q2 2026 Acquisitions Last-Mile 20 Properties $3,015,357 29,617 $101.81 $322,452 Flex 16 Properties $34,206,857 144,975 $235.95 $2,442,154 Industrial 1 Property $7,900,000 61,925 $127.57 $716,315 Q2 2026 Totals 37 Properties $45,122,214 236,517 $190.78 $3,480,921 2026 YTD Totals 98 properties $79,733,936 431,671 $184.71 $6,322,895 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 June 30, 2026, for all of the Company's leases Acquisition Summary Acquisition Summary as of June 30, 2026 11
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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 12 Diversified Portfolio with High Historic Occupancy Source: Company Filings; Note: Portfolio statistics as of June 30, 2026 (1) Reflects historical occupancy of REIT owned properties since IPO (2) South region includes two properties located in Puerto Rico (3) Reflects the weighted average lease retention rates of PSTL’s predecessor for owned and managed properties prior to its IPO from 2016 through 2018; reflects PSTL’s owned properties from 2019 to 2026 YTD (4) Annualized contractually specified cash base rent in effect on June 30, 2026, for all of our leases (including those accounted for as direct financing leases) Region Sq Ft Midwest 2,695,327 South(2) 2,595,568 Northeast 1,352,355 West 862,388 Total 7,505,638 Region Rent South(2) 33,121,156 Midwest 23,686,187 Northeast 21,366,967 West 14,673,115 Total $92,847,425 Portfolio By % of Aggregate Interior Sq Ft Portfolio By % of Annualized Gross Rent(4) Historic Lease Retention Rate(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 (1) Square Feet Annual Rent(2) % of Total Rent(2) 2026 54(2) 188,001 $2,372,855 2.6% 2027 468 1,481,355 $15,851,343 17.1% 2028 226 889,564 $11,163,692 12.0% 2029 195 703,725 $9,302,511 10.0% 2030 222 1,213,543 $10,448,109 11.3% 2031 138 377,247 $4,729,199 5.1% 2032 47 158,832 $3,581,999 3.9% 2033 36 391,696 $4,007,901 4.3% 2034 132 559,076 $10,249,161 11.0% 2035 258 605,835 $10,581,720 11.4% Thereafter 243 921,068 $10,558,934 11.3% Total 2,019 7,489,942 $92,847,425 100.0% Lease Expiration Schedule 13 Source: Company Filings Note: Based on executed leases in place as of June 30, 2026; excludes any vacant property (1) Includes nine leases that are in holdover while a new lease is under negotiation. 239 mark-to market 2026 lease expirations had new leases executed as of June 30, 2026, as shown in the table above (2) Annualized contractually specified cash base rent in effect on June 30, 2026, 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 Lease Expirations (by Annual Rent)(2) (In thousands)
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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 $8,761,901 9.44% 758,605 10.12% 112 5.57% Texas 5,540,972 5.96% 416,140 5.54% 142 7.05% California 5,221,098 5.61% 281,814 3.75% 45 2.23% Wisconsin 4,196,454 4.52% 855,218 11.39% 98 4.87% Massachusetts 4,113,832 4.43% 127,543 1.70% 30 1.49% Florida 4,093,594 4.41% 272,117 3.63% 50 2.48% North Carolina 3,717,602 4.00% 283,501 3.78% 76 3.77% New York 3,692,153 3.98% 207,259 2.76% 83 4.12% Ohio 3,371,341 3.63% 253,255 3.37% 63 3.13% Colorado 2,878,822 3.10% 188,684 2.51% 34 1.69% Kansas 2,834,560 3.05% 473,632 6.31% 41 2.04% Michigan 2,696,060 2.90% 219,290 2.92% 84 4.17% Minnesota 2,642,426 2.85% 216,664 2.89% 81 4.02% Alabama 2,293,684 2.47% 310,216 4.13% 37 1.84% Illinois 2,219,039 2.39% 185,322 2.47% 101 5.01% Oklahoma 2,185,851 2.35% 198,569 2.65% 79 3.92% Georgia 2,134,423 2.30% 140,416 1.87% 44 2.18% Virginia 2,020,375 2.18% 145,660 1.94% 42 2.09% Tennessee 1,869,688 2.01% 157,710 2.10% 39 1.94% Louisiana 1,725,943 1.86% 133,689 1.78% 43 2.14% West Virginia 1,672,484 1.80% 111,937 1.49% 54 2.68% South Carolina 1,644,909 1.77% 114,016 1.52% 38 1.89% Mississippi 1,494,712 1.61% 108,350 1.44% 36 1.79% Connecticut 1,444,355 1.56% 78,894 1.05% 19 0.94% Missouri 1,401,099 1.51% 127,097 1.69% 51 2.53% Property Breakdown by Location Note: As of June 30, 2026 (1) Includes properties accounted for as direct financing leases 14
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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 June 30, 2026 (1) Includes properties accounted for as direct financing leases 15 Property Breakdown by Location Location Gross Rent % Gross Rent Square Footage % Square Footage Property Count(1) % Property Count Indiana 1,345,198 1.45% 102,708 1.37% 37 1.84% Maine 1,324,810 1.43% 83,729 1.12% 55 2.73% Arizona 1,267,403 1.37% 71,871 0.96% 19 0.94% Oregon 1,191,169 1.28% 61,052 0.81% 15 0.74% Iowa 1,179,144 1.27% 109,634 1.46% 48 2.38% Arkansas 1,140,784 1.23% 99,273 1.32% 42 2.09% Nebraska 898,988 0.97% 81,999 1.09% 44 2.18% Maryland 846,374 0.91% 46,443 0.62% 16 0.79% Washington 816,229 0.88% 38,048 0.51% 16 0.79% Vermont 809,099 0.87% 40,155 0.53% 24 1.19% New Jersey 768,741 0.83% 33,131 0.44% 13 0.65% New Mexico 718,296 0.77% 43,762 0.58% 12 0.60% Montana 642,773 0.69% 47,796 0.64% 17 0.84% Kentucky 635,905 0.68% 48,669 0.65% 28 1.39% South Dakota 520,540 0.56% 39,917 0.53% 26 1.29% Idaho 478,830 0.52% 51,070 0.68% 14 0.70% Wyoming 391,125 0.42% 31,284 0.42% 11 0.55% North Dakota 381,338 0.41% 30,591 0.41% 26 1.29% Nevada 334,303 0.36% 18,216 0.24% 5 0.25% Hawaii 311,828 0.34% 9,705 0.13% 1 0.05% New Hampshire 303,256 0.33% 16,700 0.22% 10 0.50% Utah 212,082 0.23% 13,406 0.18% 6 0.30% Alaska 209,157 0.23% 5,680 0.08% 2 0.10% Delaware 148,820 0.16% 6,339 0.08% 3 0.15% Puerto Rico 103,856 0.11% 8,862 0.12% 2 0.10% Total: $92,847,425 100.0% 7,505,638 100.0% 2,014 100.0%
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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 16 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, Pro Forma Adjusted EBITDA and Pro Forma Annualized Adjusted EBITDA, Net Debt, Adjusted 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 (a) lump sum catch up amounts for increased rents, net of any lease incentives and (b) beginning in Q2 2026, amortization of investment in financing leases, net), fair value lease adjustments, non-real estate depreciation and amortization (which beginning in Q1 2026 includes amortization of software development costs), non-cash components of compensation expense and casualty losses (recoveries) . 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) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Recurring $176 $143 $247 $288 $127 Non-Recurring 1,487 1,245 1,513 2,196 1,316 Total Capital Expenditures $1,663 $1,388 $1,760 $2,484 $1,443
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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), Adjusted EBITDA, Pro Forma Adjusted EBITDA and Pro Forma Annualized Adjusted EBITDA The Company computes EBITDA as earnings before interest, income taxes, depreciation and amortization. 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. We then calculate Pro Forma Adjusted EBITDA by adjusting Adjusted EBITDA for the run-rate impact of the Company's investment and disposition activity for the period by calculating as if such investment and disposition activity during the period occurred on the first day of such period. Pro Forma Annualized Adjusted EBITDA is Pro Forma Adjusted EBITDA multiplied by four. EBITDA, Adjusted EBITDA, Pro Forma Adjusted EBITDA and Pro Forma Annualized Adjusted EBITDA are not measures of financial performance under GAAP. You should not consider EBITDA, Adjusted EBITDA, Pro Forma Adjusted EBITDA and Pro Forma Annualized Adjusted EBITDA as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. The Company presents EBITDA, Adjusted EBITDA, Pro Forma Adjusted EBITDA and Pro Forma Annualized Adjusted EBITDA as they are measures commonly used in our industry and the Company believes that such measures are useful to investors and analysts because they provide important supplemental information concerning its operating performance, exclusive of certain non-cash items and other costs. 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, Adjusted Net Debt and Pro Forma Adjusted Net Debt The Company calculates its net debt as total debt less cash and property-related reserves. We then adjust Net Debt by the net value of unsettled forward equity as of period end to derive Adjusted Net Debt. Further, we adjust Adjusted Net Debt by the value of any unsettled forward equity and at-the-market sales occurring subsequent to the period to derive Pro Forma Adjusted Net Debt. The Company believes excluding cash and restricted cash deposits held for the benefit of lenders from total debt, together with the exclusion of the net value of unsettled forward equity as of period end and the net value of unsettled forward equity and at-the-market sales subsequent to the period, 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) 17 ($ in thousands) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Property Management Expense $715 $1,031 $719 $688 $647
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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 18 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