3 unchanged sentences
Our Class A common stock trades on the New York Stock Exchange under the symbol “PSTL”.
−Removed: We elected to be taxed as a REIT for U.S.
+Added: We elected to qualify to be taxed as a REIT for U.S.
federal income tax purposes, commencing with our short tax year ended December 31, 2019.
−Removed: We conduct our business through a traditional UPREIT structure in which our properties are owned by our Operating Partnership directly or through limited partnerships, limited liability companies or other subsidiaries.
+Added: We conduct our business through an umbrella partnership, commonly referred to as an UPREIT structure, in which our properties are owned by our Operating Partnership directly or through limited partnerships, limited liability companies or other subsidiaries.
We are the sole general partner of our Operating Partnership through which our properties are directly or indirectly owned.
3 unchanged sentences
As of December 31, 2025, we had net investments of approximately $716.6 million in 1,917 real estate properties (including two properties accounted for as financing leases).
−Removed: The properties are located in 49 states and one territory, totaling approximately 6.4 million net leasable interior square feet in the aggregate and were 99.6% occupied as of December 31, 2024 with a weighted average remaining lease term of approximately four years.
−Removed: As of December 31, 2024, we manage, through our taxable REIT subsidiary ("TRS"), an additional 360 properties owned by our chief executive officer, Andrew Spodek, and his affiliates.
−Removed: During the year ended December 31, 2024, we acquired from our chief executive officer, Andrew Spodek, and his affiliates a portfolio of 36 properties currently leased to the USPS for approximately $12.5 million in cash, excluding closing costs.
−Removed: We have a remaining right of first offer to purchase 214 of our 360 managed properties.
+Added: The properties are located in 49 states and one territory, totaling approximately 7.1 million net leasable interior square feet in the aggregate and were 99.8% occupied as of December 31, 2025 with a weighted average remaining lease term of approximately 4 years.
+Added: As of December 31, 2025, we manage, through our taxable REIT subsidiary ("TRS"), an additional 333 postal properties owned by our chief executive officer, Andrew Spodek, and his affiliates.
+Added: During the year ended December 31, 2025, we acquired from our chief executive officer, Andrew Spodek, and his affiliates a portfolio of 25 postal properties currently leased to the USPS for approximately $13.9 million in cash, excluding closing costs.
+Added: We have a remaining right of first offer to purchase 189 of our 333 managed postal properties.
The majority of our leases are modified double-net leases, whereby the USPS is responsible for utilities, certain maintenance obligations and reimbursement of property taxes and the landlord is responsible for insurance, roof and structure.
1 unchanged sentence
We believe the overall opportunity for consolidation that exists within the postal logistics network is very attractive.
−Removed: We continue to execute our strategy to acquire and consolidate postal properties that we believe will generate strong earnings for our shareholders.
−Removed: We may also sell assets from time to time to recycle capital.
+Added: We continue to execute our strategy to acquire and consolidate postal properties that we believe will generate strong earnings for our stockholders.
+Added: We may also sell assets from time to time to recycle capital, including through transactions that are intended to qualify for federal income tax deferral as a “like-kind exchange” under Section 1031 of the Internal Revenue Code of 1986, as amended (the " Code ").
2025 Highlights
1 unchanged sentence
• We acquired 216 properties leased primarily to the USPS totaling approximately 641,599 net leasable interior square feet, for approximately $123.1 million , excluding closing costs, during 2025.
−Removed: • We sold two real estate properties for net proceeds of $6.0 million and recorded a net gain of $2.4 million.
−Removed: • We amended our existing Credit Facilities (as defined below) in October 2024 to among other things, replace the Bank of Montreal with Truist Bank as the administrative agent, letter of credit issuer and swingline lender.
−Removed: In addition, we increased the 2022 Term Loan commitments in an aggregate principal amount of up to $50.0 million, which we fully exercised.
+Added: • We amended our existing Credit Facilities (as defined below) in September 2025 to, among other things, (i) upsize the capacity of our Credit Facilities to $440 million and (ii) extend the maturity dates on each of our senior unsecured revolving credit facility (from January 2026 to November 2029) and Term Loan (from January 2027 to January 2030).
• We issued 3,154,321 shares of Class A common stock under our at-the-market equity offering program (the "ATM Program") during 2025, raising approximately $48.4 million in gross proceeds.
29 unchanged sentences
As of December 31, 2025, 33% of our employees, 24% of our named executive officers and key employees (defined as all employees with a title of vice president and higher) and 20% of the members of our Board of Directors were female and 29% of our employees identified as a member of an ethnic and/or racial minority group.
+Added: As of December 31, 2025, 10 of our full-time employees were between the ages of 18 and 29 years old;
+Added: 14 of our full-time employees were between the ages of 30 and 39 years old;
+Added: 12 of our full-time employees were between the ages of 40 and 49 years old;
+Added: four of our full-time employees were between the ages of 50 and 59 years old;
+Added: one employee was between the ages of 60 and 69;
+Added: and one employee was over 70 years old.
Our human capital goals are focused on identifying, recruiting, retaining, developing, incentivizing and integrating our existing and prospective employees.
5 unchanged sentences
We recognize the importance of the health, safety and environmental well-being of our employees, and are committed to providing and maintaining a healthy work environment.
−Removed: We offer a comprehensive benefits program as well as a 401(k) program, flexible spending accounts, income protection through our sick pay and long-term disability policies, paid vacation, paid parental leave and holiday and personal days to balance work and personal life.
+Added: We offer a comprehensive benefits program, including programs that promote mental health awareness, as well as a 401(k) program, flexible spending accounts, income protection through our sick pay and long-term disability policies, paid vacation, paid parental leave and holiday and personal days to
+Added: balance work and personal life.
In addition to our benefits program, we offer a number of work life enhancements at our corporate headquarters, including, but not limited to, healthy snacks and ergonomic workstations.
−Removed: We encourage our employees to take advantage of various internal training opportunities and those provided by outside service providers to the extent these are business related.
−Removed: All corporate employees, including
−Removed: members of our management team, receive periodic training about our business, the Company’s structure and the important laws and policies that affect the Company.
+Added: We encourage our employees to take advantage of various internal training opportunities, and those provided by outside service providers to the extent these are business related, and solicit feedback from our employees on the effectiveness of such training programs.
+Added: All corporate employees, including members of our management team, receive periodic training about our business, the Company’s structure and the important laws and policies that affect the Company.
In addition, many of our employees hold professional licenses and we encourage them to attend, and reimburse them for, qualified ongoing continuing professional education.
We also provide all of our employees with biannual performance and career development reviews.
+Added: Our commitment to the health and safety of our employees and contractors is paramount.
+Added: We have memorialized our commitment to the health and safety of our employees and contractors in our Code of Business Conduct and Ethics, which is overseen by the Corporate Governance and Compensation Committee.
+Added: For the year ended December 31, 2025, none of our employees or, to our knowledge, contractors we hired, suffered any fatalities or injuries while physically at work, or working at our properties.
Environmental Matters
20 unchanged sentences
Our telephone number is (516) 295-7820.
−Removed: The information on or accessible through our website is not, and shall not be deemed to be, a part of this Annual Report or incorporated into any other filing we file or furnish with the SEC.
+Added: The information on or accessible through our website is not, and shall not be deemed
+Added: to be, a part of this Annual Report or incorporated into any other filing we file or furnish with the SEC.
The SEC also maintains a website that contains reports, proxy and information statements and other information we file with the SEC at www.sec.gov.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.