What changed in this filing

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Item 1. Financial Statements

2026-08-04 compared with 2026-05-05 · 256 added, 169 removed, 609 unchanged (41% of the section changed)

20 unchanged sentences

Lease intangible assets, net 18,415 16,413

Assets held for sale, net 415 —

Total Assets $ 836,570 $ 759,057

9 unchanged sentences

500,000,000 shares authorized;

27,623,858 and 26,849,381 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

30,114,848 and 26,849,381 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Class B common stock, par value $ 0.01 per share;

27,206 shares authorized;

27,206 shares issued and outstanding as of March 31, 2026 and December 31, 2025

27,206 shares issued and outstanding as of June 30, 2026 and December 31, 2025

Additional paid-in capital 410,476 358,001

8 unchanged sentences

POSTAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands, except share and per share data )

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Rental income $ 28,022 $ 22,730 $ 54,136 $ 44,210

5 unchanged sentences

General and administrative 4,716 4,316 10,103 9,252

Casualty and impairment (gains) losses, net ( 263 ) 150

Casualty and impairment losses (gains), net 89 ( 345 ) ( 174 ) ( 195 )

Depreciation and amortization 6,728 5,914 13,130 11,538

Total operating expenses 17,326 14,642 34,737 30,462

Loss on sale of real estate assets — ( 49 )

Gain (loss) on sale of real estate assets 30 — 30 ( 49 )

Income from operations 11,286 8,709 20,523 14,990

6 unchanged sentences

Income before income tax expense

6,430 4,682 11,290 7,351

Income tax expense

10 unchanged sentences

Diluted 27,734,846 23,509,083 27,535,502 23,375,607

Comprehensive income (loss):

Comprehensive income:

Net income $ 6,403 $ 4,672 11,241 7,327

Unrealized gain (loss) on derivative instruments 1,131 ( 1,625 ) 2,291 ( 4,469 )

Comprehensive income (loss)

5,998 ( 189 )

Comprehensive (income) loss attributable to operating partnership unitholders’ non-controlling interests ( 1,255 ) 41

Comprehensive income (loss) attributable to common stockholders

$ 4,743 $ ( 148 )

Comprehensive income 7,534 3,047 13,532 2,858

Comprehensive income attributable to operating partnership unitholders’ non-controlling interests ( 1,590 ) ( 690 ) ( 2,845 ) ( 648 )

Comprehensive income attributable to common stockholders $ 5,944 $ 2,357 $ 10,687 $ 2,210

The accompanying notes are an integral part of these unaudited consolidated financial statements.

19 unchanged sentences

Balance - March 31, 2026 27,651,064 $ 277 $ 367,178 $ 1,871 $ ( 77,163 ) $ 292,163 $ 78,289 $ 370,452

Net proceeds from sale of common stock 2,490,990 25 46,037 — — 46,062 — 46,062

Issuance and amortization of equity-based compensation — — 711 — — 711 1,102 1,813

Issuance and amortization under ESPP — — 68 — — 68 — 68

Dividends and distributions — — — — ( 6,818 ) ( 6,818 ) ( 1,827 ) ( 8,645 )

Unrealized gain on derivative instruments — — — 892 — 892 239 1,131

Net income — — — — 5,052 5,052 1,351 6,403

Reallocation of non-controlling interest — — ( 3,518 ) — — ( 3,518 ) 3,518 —

Balance - June 30, 2026 30,142,054 $ 302 $ 410,476 $ 2,763 $ ( 78,929 ) $ 334,612 $ 82,672 $ 417,284

shares of Common

Stock Additional

Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders’

equity Operating

Non-controlling

Balance - December 31, 2024 23,521,693 $ 235 $ 310,031 $ 5,230 $ ( 64,211 ) $ 251,285 $ 66,213 $ 317,498

9 unchanged sentences

Balance - March 31, 2025 23,723,377 $ 237 $ 310,131 $ 3,001 $ ( 67,890 ) $ 245,479 $ 69,426 $ 314,905

Net proceeds from sale of common stock 529,828 5 7,556 — — 7,561 — 7,561

Issuance of OP Units in connection with acquisition transactions — — — — — — 5,005 5,005

Shares issued upon redemption of OP Units 11,198 — 157 — — 157 ( 157 ) —

Issuance and amortization of equity-based compensation, net of forfeitures — — 700 — — 700 870 1,570

Issuance and amortization under ESPP — — 19 — — 19 — 19

Dividends and distributions — — — — ( 5,822 ) ( 5,822 ) ( 1,731 ) ( 7,553 )

Unrealized loss on derivative instruments — — — ( 1,257 ) — ( 1,257 ) ( 368 ) ( 1,625 )

Net income — — — — 3,614 3,614 1,058 4,672

Reallocation of non-controlling interest — — 351 — — 351 ( 351 ) —

Balance - June 30, 2025 24,264,403 $ 242 $ 318,914 $ 1,744 $ ( 70,098 ) $ 250,802 $ 73,752 $ 324,554

The accompanying notes are an integral part of these unaudited consolidated financial statements.

2 unchanged sentences

(in thousands)

For the Three Months Ended

For the Six Months Ended

Cash flows from operating activities:

6 unchanged sentences

Casualty and impairment losses 95 707

Loss on sale of real estate assets — 49

(Gain) loss on sale of real estate assets ( 30 ) 49

Gain on insurance proceeds received for damage due to property ( 157 ) ( 842 )

13 unchanged sentences

Insurance proceeds related to property damage claims 157 842

Other investing activities ( 19 ) ( 130 )

Other investing activities, net ( 114 ) ( 140 )

Net cash used in investing activities ( 83,193 ) ( 48,704 )

8 unchanged sentences

Repurchase of common stock for tax withholding obligations ( 940 ) ( 331 )

( 940 ) ( 331 )

Dividends and distributions ( 17,428 ) ( 14,935 )

10 unchanged sentences

Accrued capital expenditures included in accounts payable and accrued expenses 307 902

Accrued deferred financing costs included in accounts payable and accrued expenses 93 —

Reclassification of acquisition related costs included in prepaid expenses and other assets 150 —

Reclassification of construction deposits included in prepaid expenses and other assets 77 38

Accrued costs of capital included in accounts payable and accrued expenses 120 131

Accrued deferred financing and other costs included in accounts payable and accrued expenses 186 —

Transfer of investment properties, net to assets held for sale 415 637

Right of use assets, net — 93

Shares issued upon redemption of operating partnership units

11 unchanged sentences

As the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners.

As of March 31, 2026, the Company held an approximately 78.9 % interest in the Operating Partnership.

As of June 30, 2026, the Company held an approximately 80.2 % interest in the Operating Partnership.

As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership.

The Operating Partnership is considered a variable interest entity (“VIE”) in which the Company is the primary beneficiary.

As of March 31, 2026, the Company owned a portfolio of 1,978 properties located in 49 states and one territory.

As of June 30, 2026, the Company owned a portfolio of 2,014 properties located in 49 states and one territory.

The Company’s properties are leased primarily to a single tenant, the United States Postal Service (the “USPS”).

2 unchanged sentences

Pursuant to the Company’s charter, the Company is currently authorized to issue up to 500,000,000 shares of Class A common stock, 27,206 shares of Class B common stock, $ 0.01 par value per share (the “Voting Equivalency stock”), and up to 100,000,000 shares of preferred stock.

The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the Company's short taxable year ended December 31, 2019, and intends to continue to qualify as a REIT.

The Company elected to qualify to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the Company's short taxable year ended December 31, 2019, and intends to continue to qualify to be taxed as a REIT.

As a REIT, the Company generally will not be subject to federal income tax to the extent that it distributes its REIT taxable income for each tax year to its stockholders.

34 unchanged sentences

Deferred Costs and Discounts

Financing costs related to the issuance of the Company’s long-term debt, including the term loan facility component of the Company's Amended and Restated Credit Agreement, dated September 19, 2025 (as amended from time-to-time, the "Credit Facilities"), are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the straight-line method, which approximates the effective-interest rate method, and are reported as a reduction of the related debt balance on the Consolidated Balance Sheets.

Financing costs related to the issuance of the Company’s long-term debt, including the term loan facility component of the Company's (i) Amended and Restated Credit Agreement, dated September 19, 2025 (as amended from time-to-time, including by the Commitment Increase Request, dated February 20, 2026, the "First A&R Credit Facilities " ) and (ii) Second Amended and Restated Credit Agreement, dated July 2, 2026 (collectively, with the First A&R Credit Agreement, the "Credit Facilities"), are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the straight-line method, which approximates the effective-interest rate method, and are reported as a reduction of the related debt balance on the Consolidated Balance Sheets.

Deferred financing costs related to the revolving credit facility component (the "Revolving Credit Facility") of the Credit Facilities are deferred and amortized as an increase to interest expense over the terms of the Revolving Credit Facility and are included in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets.

1 unchanged sentence

The debt discounts are amortized to interest expense over the term of the related loans using the straight-line method, which approximates the effective-interest rate method, and are reported as a reduction of the related debt balance on the Consolidated Balance Sheets.

As of March 31, 2026 and December 31, 2025, the net unamortized debt discounts were $ 0.2 million .

As of June 30, 2026 and December 31, 2025, the net unamortized debt discounts were $ 0.2 million .

POSTAL REALTY TRUST, INC.

10 unchanged sentences

Escrows and reserves:

Maintenance and other reserves 995 323

Maintenance reserves 378 323

Real estate tax reserve

Total escrows and reserves

$ 1,534 $ 643

Cash and escrows and reserves $ 2,796 $ 2,097

2 unchanged sentences

Rental income is recognized on a straight-line basis over the term of the lease.

In addition, certain lease agreements provide for reimbursements from tenants for real estate taxes and other recoverable costs, which are recorded on an accrual basis as part of “Rental income” in the Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company’s determination of the probability to collect lease payments is impacted by numerous factors, including the Company's assessment of the tenant’s creditworthiness, economic conditions, historical experience with the tenant, future prospects for the tenant and the length of the lease term.

7 unchanged sentences

This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property, if any, less unearned income.

Over the lease term, the investment in the direct financing lease is reduced and interest is recognized as revenue in “Fee and other” in the Consolidated Statements of Operations and Comprehensive Income (Loss) and produces a constant periodic rate of return on the "Investment in financing leases, net."

Revenue from advisory services is generated from service contracts generally based on (i) time and expense arrangements (where the Company recognizes revenues based on hours incurred and contracted rates), (ii) fixed-fee arrangements (where the Company recognizes revenues earned to date by applying the proportional performance method) or (iii) performance-based or contingent arrangements (where the Company recognizes revenues at a point in time when the client receives the benefit of the promised service).

Reimbursable expenses for the advisory services, including those relating to

travel, out-of-pocket expenses, outside consultants and other outside service costs, are generally included in revenues and in general and administrative expenses in the period in which the expense is incurred.

Over the lease term, the investment in the direct financing lease is reduced and interest is recognized as revenue in “Fee and other” in the Consolidated Statements of Operations and Comprehensive Income and produces a constant periodic rate of return on the "Investment in financing leases, net."

arrangements (where the Company recognizes revenues earned to date by applying the proportional performance method) or (iii) performance-based or contingent arrangements (where the Company recognizes revenues at a point in time when the client receives the benefit of the promised service).

Reimbursable expenses for the advisory services, including those relating to travel, out-of-pocket expenses, outside consultants and other outside service costs, are generally included in revenues and in general and administrative expenses in the period in which the expense is incurred.

Fair Value Measurements

1 unchanged sentence

However, considerable judgment is necessary to interpret market data and develop estimated fair value.

Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could have realized on disposition of the assets and liabilities as of March 31, 2026 and December 31, 2025.

Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could have realized on disposition of the assets and liabilities as of June 30, 2026 and December 31, 2025.

The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

Cash, escrows and reserves, receivables, prepaid expenses and other assets (excluding derivatives), accounts payable and accrued expenses are carried at amounts which reasonably approximate their fair values as of March 31, 2026 and December 31, 2025 due to their short maturities.

Cash, escrows and reserves, receivables, prepaid expenses and other assets (excluding derivatives), accounts payable and accrued expenses (excluding derivatives) are carried at amounts which reasonably approximate their fair values as of June 30, 2026 and December 31, 2025 due to their short maturities.

The fair value of the Company’s borrowings under its Credit Facilities approximates carrying value because such borrowings are subject to a variable market rate, which reprices frequently.

The fair value was determined using the Adjusted Term SOFR (as defined below) as of March 31, 2026 and December 31, 2025, plus an applicable spread under the Credit Facilities, a Level 2 classification in the fair value hierarchy.

The fair value of the Company’s secured borrowings aggregated approximately $ 29.8 million and $ 30.0 million as compared to the principal balance of $ 34.0 million and $ 34.2 million as of March 31, 2026 and December 31, 2025, respectively.

The fair value was determined using the Adjusted Term SOFR (as defined below) as of June 30, 2026 and December 31, 2025, plus an applicable spread under the Credit Facilities, a Level 2 classification in the fair value hierarchy.

The fair value of the Company’s secured borrowings aggregated approximately $ 29.5 million and $ 30.0 million as compared to the principal balance of $ 33.9 million and $ 34.2 million as of June 30, 2026 and December 31, 2025, respectively.

The fair value of the Company’s secured borrowings was categorized as a Level 3 fair value estimate (as provided by ASC 820, Fair Value Measurements and Disclosures) and was determined by discounting the future contractual interest and principal payments by a market rate.

3 unchanged sentences

The Company considers its own credit risk, as well as the credit risk of its counterparties, when evaluating the fair value of its derivative assets and liabilities.

As of March 31, 2026 and December 31, 2025, the fair value of the Company’s interest rate swap derivative assets was approximate ly $ 2.6 million and $ 2.1 million, respectively, included in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets.

As of March 31, 2026 and December 31, 2025, the fair value of the Company's interest rate swap derivative liabilities was approximately $ 0.5 million and $ 1.1 million, respectively, included in "Accounts payable, accrued expenses and other, net" on the Consolidated Balance Sheets.

Disclosures about fair value of assets and liabilities are based on pertinent information available to management as of March 31, 2026 and December 31, 2025.

Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since March 31, 2026 and current estimates of fair value may differ significantly from the amounts presented herein.

As of June 30, 2026 and December 31, 2025, the fair value of the Company’s interest rate swap derivative assets was approximate ly $ 3.4 million and $ 2.1 million, respectively, included in “Prepaid expenses and other assets, net” on the Consolidated Balance Sheets.

As of June 30, 2026 and December 31, 2025, the fair value of the Company's interest rate swap derivative liabilities was approximately $ 0.2 million and $ 1.1 million, respectively, included in "Accounts payable, accrued expenses and other, net" on the Consolidated Balance Sheets.

Disclosures about fair value of assets and liabilities are based on pertinent information available to management as of June 30, 2026 and December 31, 2025.

Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since June 30, 2026 and current estimates of fair value may differ significantly from the amounts presented herein.

Derivative Instruments and Hedging Activities

13 unchanged sentences

Following the classification of a property as “held for sale,” no further depreciation or amortization is recorded on the assets and the assets are recorded at the lower of carrying value or fair market value, less cost to sell.

There were no properties classified as held for sale as of March 31, 2026 and December 31, 2025.

The Company has one property classified as held for sale as of June 30, 2026 as a result of a tenant exercising a purchase option.

No properties were classified as held for sale as of December 31, 2025.

Impairment of Long-Lived Assets

5 unchanged sentences

The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results.

During the three months ended March 31, 2026, the Company assessed the recoverability of the carrying amount of its real estate and related intangibles.

During the six months ended June 30, 2026, the Company assessed the recoverability of the carrying amount of its real estate and related intangibles.

The assessment resulted in the remeasurement of one property, based upon an accumulation of costs in excess of what was originally expected, and such property was written down to its estimated fair value and was classified as Level 3 in the fair value hierarchy.

1 unchanged sentence

The Company used two significant unobservable inputs which was the cash flow discount rate ( 11.0 %) and the terminal capitalization rate ( 10.0 %).

The remeasurement resulted in an impairment loss of $ 0.03 million, which is included in "Casualty and impairment (gains) losses, net" in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company uses the held for sale impairment model for our properties classified as held for sale, which is different from the held and used impairment model.

Under the held for sale impairment model, an impairment charge is recognized if the carrying amount of the long-lived asset classified as held for sale exceeds its fair value less cost to sell.

Because of these two different models, it is possible for a long-lived asset previously classified as held and used to require the recognition of an impairment charge upon classification as held for sale.

No impairment was recorded for the three months ended March 31, 2026.

During the three months ended March 31, 2025, the Company assessed the recoverability of the carrying amount of its real estate and related intangibles.

The remeasurement resulted in an impairment loss of $ 0.03 million, which is included in "Casualty and impairment losses (gains), net" in the Company's Consolidated Statements of Operations and Comprehensive Income.

During the six months ended June 30, 2025, the Company assessed the recoverability of the carrying amount of its real estate and related intangibles.

1 unchanged sentence

The Company used two significant unobservable inputs which was the cash flow discount rate ( 11.0 %) and the terminal capitalization rate ( 10.0 %).

The remeasurement resulted in an impairment loss of $0.1 million, which is included in "Casualty and impairment (gains) losses, net" in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss).

The remeasurement resulted in an impairment loss of $ 0.1 million, which is included in "Casualty and impairment losses (gains), net" in the Company's Consolidated Statements of Operations and Comprehensive Income.

The property was subsequently sold during the three and six months ended June 30, 2026 for a gain of $ 0.03 million.

Real Estate Transactions for further details.

The Company uses the held for sale impairment model for our properties classified as held for sale, which is different from the held and used impairment model.

Under the held for sale impairment model, an impairment charge is recognized if the carrying amount of the long-lived asset classified as held for sale exceeds its fair value less cost to sell.

The Company recorded an impairment of $ 0.1 million for the three and six months ended June 30, 2026 and $ 0.2 million for the three and six months ended June 30, 2025, which is included in "Casualty and impairment losses (gains), net" in the Company's Consolidated Statements of Operations and Comprehensive Income.

Concentration of Credit Risks

As of March 31, 2026, the Company’s properties were leased primarily to a single tenant, the USPS.

For the three months ended March 31, 2026, there was no geographic concentration of credit risk that exceeded 10% of the Company’s total rental income.

For the three months ended March 31, 2025, approximately 11.0 % of the Company's total rental income, or $ 2.4 million, was concentrated in Pennsylvania.

As of June 30, 2026, the Company’s properties were leased primarily to a single tenant, the USPS.

For the six months ended June 30, 2026, approximately 10.2 % of the Company's total rental income, or $ 5.5 million, was concentrated in Pennsylvania.

For the six months ended June 30, 2025, approximately 10.6 % of the Company's total rental income, or $ 4.7 million, was concentrated in Pennsylvania.

The ability of the USPS to honor the terms of its leases is dependent upon regulatory, economic, environmental or competitive conditions in Pennsylvania or other regions where the Company operates in and could have a material effect on the Company’s overall business results.

21 unchanged sentences

However, upon settlement of a forward sale agreement, if the Company elects to physically settle or net share settle such forward sale agreement, delivery of the Company’s shares will result in dilution to the Company’s earnings per share.

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Insurance Accounting

3 unchanged sentences

Insurance recoveries for business interruption for lost revenue or profit are accounted for as gain contingencies in their entirety, and therefore are not recorded in income until the amount is determinable and approved by the insurance company.

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Earnings Per Share

The Company calculates earnings per share ("EPS") based upon the weighted average shares outstanding less issued and outstanding non-vested shares of Class A common stock.

As of March 31, 2026 and 2025, the Company had unvested restricted shares of Class A common stock, long term incentive units of the Operating Partnership ("LTIP Units") and certain restricted stock units (“RSUs”), which provide for non-forfeitable rights to dividend and dividend equivalent payments.

As of June 30, 2026 and 2025, the Company had unvested restricted shares of Class A common stock, long term incentive units of the Operating Partnership ("LTIP Units") and certain restricted stock units (“RSUs”), which provide for non-forfeitable rights to dividend and dividend equivalent payments.

Accordingly, these unvested restricted shares of Class A common stock, LTIP Units and RSUs are considered participating securities and are included in the computation of basic and diluted EPS pursuant to the two-class method.

18 unchanged sentences

Real Estate Transactions

The Company’s acquisitions for the three months ended March 31, 2026 and 2025 were allocated to separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of acquisition.

2026 Activity - During the three months ended March 31, 2026, the Company acquired 61 properties (including 12 properties acquired from a related party.

Related Party Transactions for further details) in various states in individual or portfolio transactions for a combined purchase price of $ 34.6 million, or a total cost of $ 35.6 million including capitalized acquisition costs, which were funded with both the issuance of OP Units to the sellers (valued at approximately $ 0.7 million using the share price of Class A common stock on the date of each issuance of such OP Units) and cash consideration.

Of the total acquisition cost, $ 8.5 million was allocated to land, $ 26.4 million was allocated to buildings and improvements, $ 2.7 million was allocated to intangible assets pertaining to the in-place lease intangibles and above market lease value and $( 2.0 ) million was allocated to intangible liabilities for the below market lease value,

2025 Activity - During the three months ended March 31, 2025, the Company acquired 36 properties for a combined purchase price of $ 15.8 million, or a total cost of $ 16.3 million including capitalized acquisition costs which were funded with both the issuance of OP Units to the sellers (valued at approximately $ 1.0 million using the share price of Class A common stock on the date of each issuance of such OP Units) and cash consideration.

Of the total acquisition cost, $ 4.0 million was allocated to land, $ 12.7 million was allocated to buildings and improvements, $ 1.2 million was allocated to intangible assets pertaining to the in-place lease intangibles and above market lease value, $( 1.4 ) million was allocated to intangible liabilities for the below market lease value and $( 0.1 ) million for unfavorable operating leases with purchase options that is included in “Accounts payable, accrued expenses and other, net" on the Consolidated Balance Sheets.

Casualty and Impairment (Gains) Losses, Net

During the three months ended March 31, 2026, the Company recognized $ 0.1 million in gross charges primarily related to the estimated net book value of several properties damaged and related repairs and other costs, offset by an estimated $ 0.4 million of related insurance claims, of which $ 0.2 million are included in "Rent and other receivables" on the Consolidated Balance Sheets, that the Company believes is probable it will recover, resulting in a net charge of $( 0.3 ) million included within “Casualty and impairment (gains) losses, net” on the Consolidated Statement of Operations and Comprehensive Income (Loss).

During the three months ended March 31, 2025, the Company recognized $ 0.5 million in gross charges primarily related to the net book value of two properties damaged and related repairs, partially offset by an estimated $ 0.4 million of related insurance claims, that are included in "Rent and other receivables" on the Consolidated Balance Sheets, that the Company believes is probable it will recover, resulting in a net charge of $ 0.1 million included within "Casualty and impairment (gains) losses, net" in the Consolidated Statement of Operations and Comprehensive Income (Loss).

The Company’s acquisitions for the three and six months ended June 30, 2026 and 2025 were allocated to separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of acquisition.

2026 Activity - During the three and six months ended June 30, 2026 , the Company acquired 37 and 98 properties, respectively, in various states in individual or portfolio transactions for a combined purchase price of $ 45.1 million and $ 79.7 million , respectively, excluding closing costs, or a total cost of $ 46.6 million and $ 82.2 million, respectively, including capitalized acquisition costs, which were funded with both the issuance of OP Units to the sellers (valued at approximately $ 0.7 million using the share price of Class A common stock on the date of each issuance of such OP Units for the six months ended June 30, 2026) and cash consideration.

Of the total acquisition cost, $ 14.6 million and $ 23.0 million was allocated to land, respectively, $ 30.6 million and $ 57.0 million was allocated to buildings and improvements, respectively, $ 3.1 million and $ 5.8 million was allocated to intangible assets pertaining to the in-place lease intangibles and above market lease value,

respectively, and $( 1.7 ) million and $( 3.6 ) million was allocated to intangible liabilities for the below market lease value, respectively.

2025 Activity - During the three and six months ended June 30, 2025 , the Company acquired 68 and 104 properties, respectively, in various states in individual or portfolio transactions for a combined purchase price of $ 35.9 million and $ 51.7 million , respectively, or a total cost of $ 36.9 million and $ 53.2 million, respectively, including capitalized acquisition costs which were funded with both the issuance of OP Units to the sellers (valued at approximately $ 5.0 million and $ 6.0 million, respectively, using the share price of Class A common stock on the date of each issuance of such OP Units) and cash consideration.

Of the total acquisition cost, $ 8.4 million and $ 12.4 million was allocated to land, respectively, $ 28.7 million and $ 41.4 million was allocated to buildings and improvements, respectively, $ 2.8 million and $ 4.0 million was allocated to intangible assets pertaining to the in-place lease intangibles and above market lease value, respectively, $( 3.1 ) million and $( 4.5 ) million was allocated to intangible liabilities for the below market lease value, respectively, $( 0.07 ) million and $( 0.2 ) million, respectively, for unfavorable operating leases with purchase options on two and five properties, respectively, that is included in “Accounts payable, accrued expenses and other, net" on the Consolidated Balance Sheets.

Also, includes $ 0.1 million allocated to below market ground lease intangible asset on four properties during the three and six months ended June 30, 2025 that is included in “Prepaid expenses and other assets, net" on the Consolidated Balance Sheets.

Sale of Real Estate

During the three and six months ended June 30, 2026, the Company sold one real estate property for net proceeds of $ 0.05 million and recorded a gain of $ 0.03 million.

During the six months ended June 30, 2025, the Company sold one real estate property for net proceeds of $ 0.8 million and recorded a loss of $ 0.05 million.

Assets Held for Sale

In connection with a tenant exercising a purchase option for one property during the three and six months ended June 30, 2026 and a tenant exercising a purchase option for one property during the three and six months ended June 30, 2025, the Company reclassified the carrying value consisting of $ 0.06 million of land and $ 0.4 million of buildings and other real estate assets and $ 0.1 million of land and $ 0.5 million of buildings and other real estate assets, respectively, to "Assets held for sale, net" on the Company's Consolidated Balance Sheet.

Immaterial liabilities held for sale is included as "Accounts payable, accrued expenses and other, net" on the Company's Consolidated Balance Sheets.

Refer to Note 2, Impairment of Long-lived Assets for further discussion.

Casualty and Impairment Losses (Gains), Net

During the three and six months ended June 30, 2026, the Company recognized $ 0.12 million and $ 0.2 million, respectively, in gross charges primarily related to the estimated net book value of several properties damaged and related repairs and other costs, offset by an estimated $ 0.1 million and $ 0.5 million, respectively, of related insurance claims, resulting in a net loss of $ 0.02 million and net gain of $ 0.3 million, respectively, included within “Casualty and impairment losses (gains), net” on the Consolidated Statements of Operations and Comprehensive Income.

The Company expects insurance proceeds to cover substantially all of such loss subject to applicable deductibles.

During the three and six months ended June 30, 2025, the Company recognized $ 0.1 million and $ 0.6 million, respectively, in gross charges primarily related to the estimated net book value of several properties damaged and related repairs, offset by an estimated $ 0.6 million and $ 1.0 million, respectively, of related insurance claims, resulting in a net recovery of $ 0.5 million and $ 0.4 million, respectively, included within "Casualty and impairment losses (gains), net" on the Consolidated Statements of Operations and Comprehensive Income.

The Company expects insurance proceeds to cover substantially all of such loss subject to applicable deductibles.

To the extent insurance proceeds ultimately exceed the difference between replacement cost and net book value of the damaged assets and any related expenses incurred, the excess will be reflected as income in the period those amounts are determinable and approved by the insurance company.

No determination has been made as to the total amount of timing of insurance payments that may be received as a result of the events.

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Intangible Assets and Liabilities

3 unchanged sentences

(in thousands)

March 31, 2026:

June 30, 2026:

In-place lease intangibles

15 unchanged sentences

( 36,135 ) 16,377 ( 19,758 )

Amortization of in-place lease intangibles was $ 1.7 million for the three months ended March 31, 2026 and $ 1.7 million for the three months ended March 31, 2025 , respectively.

This amortization is included in “Depreciation and amortization” in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Amortization of acquired above-market leases was $ 0.08 million and $ 0.03 million for each of the three months ended March 31, 2026 and 2025 , respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Amortization of other intangibles was $ 0.1 million and $ 0.1 million for the three months ended March 31, 2026 and 2025 , respectively, and is included in "Rental income" in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Amortization of acquired below-market leases was $ 0.9 million and $ 0.8 million for the three months ended March 31, 2026 and 2025 , respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income (Loss).

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Amortization of in-place lease intangibles was $ 1.9 million and $ 3.6 million for the three and six months ended June 30, 2026, respectively, and $ 1.8 million and $ 3.5 million for the three and six months ended June 30, 2025 , respectively.

This amortization is included in “Depreciation and amortization” in the Consolidated Statements of Operations and Comprehensive Income.

Amortization of acquired above-market leases was $ 0.09 million and $ 0.2 million for the three and six months ended June 30, 2026, respectively, and $ 0.03 million and $ 0.06 million for the three and six months ended June 30, 2025 , respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income.

Amortization of other intangibles was $ 0.06 million and $ 0.1 million for the three and six months ended June 30, 2026, respectively, and $ 0.1 million and $ 0.2 million for the three and six months ended June 30, 2025 , respectively, and is included in "Rental income" in the Consolidated Statements of Operations and Comprehensive Income.

Amortization of acquired below-market leases was $ 1.0 million and $ 1.9 million for the three and six months ended June 30, 2026, respectively, and $ 0.9 million and $ 1.6 million for the three and six months ended June 30, 2025 , respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income.

Future amortization/accretion of these intangibles is below (in thousands):

9 unchanged sentences

$ 16,530 $ 1,885 $ ( 449 ) $ ( 21,518 )

The following table summarizes the Company’s indebtedness as of March 31, 2026 and December 31, 2025 (dollars in thousands):

The following table summarizes the Company’s indebtedness as of June 30, 2026 and December 31, 2025 (dollars in thousands):

Balance as of

26 unchanged sentences

Explanatory Notes :

(1) The Company entered into a Credit Agreement, on August 9, 2021, as amended from time-to-time (the "Prior Credit Facilities") which included a (i) $ 150.0 million Revolving Credit Facility.

(ii) $ 75.0 million unsecured term loan and (iii) $ 175.0 million senior unsecured delayed draw term loan.

On September 19, 2025, the Company amended and restated the Prior Credit Facilities in their entirety to provide for a (1) $ 150.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility") and (2) $ 290 million term loan facility consisting of a (I) $ 175.0 million delayed drawn term loan (the "2028 Term Loan"), all of which was previously advanced to the Company under the Prior Credit Facilities and (II) $ 115.0 senior unsecured term loan (the “2030 Term Loan,” and, collectively with the 2028 Term Loan, the "Term Loans").

On February 20, 2026, the Company entered into the Commitment Amount Increase Request (the "Commitment Increase") pursuant to which (i) the Revolving Credit Facility was increased to $ 250.0 million in the aggregate, (ii) the 2028 Term Loan was increased to $ 190.0 million in the aggregate (all of which was advanced to the Company) and (iii) The Bank of Nova Scotia was added as a lender under the Credit Facilities.

(2) The Credit Facilities include an accordion feature which permits the Company to borrow up to an additional (i) $ 150.0 million under the Revolving Credit Facility and (ii) $ 100.0 million under the Term Loans, subject to customary terms and conditions.

As of March 31, 2026, and after giving effect to the Commitment Increase, (1) $ 50.0 million remains under the Revolving Credit Facility accordion and (2) $ 85.0 million remains under the accordion for the Term Loans.

The Revolving Credit Facility matures in November 2029, the 2030 Term Loan matures in January 2030 and the 2028 Term Loan matures in February 2028.

Each of the Revolving Credit Facility and the 2030 Term Loan Facility may be extended for one twelve-month period at the Company's sole option.

Borrowings under the Credit Facilities carry an interest rate of, (i) in the case of the Revolving Credit Facility, either a base rate plus a margin ranging from 0.5 % to 1.0 % per annum or Adjusted Term SOFR (as defined below) plus a margin ranging from 1.5 % to 2.0 % per annum, or (ii) in the case of the Term Loans, either a base rate plus a margin ranging from 0.45 % to 0.95 % per annum or Adjusted Term SOFR plus a margin ranging from 1.45 % to 1.95 % per annum, in each case depending on the Company's consolidated leverage ratio.

With respect to the Revolving Credit Facility, the Company will pay, if the usage is equal to or less than 50 %, an unused facility fee of 0.20 % per annum, or if the usage is greater than 50 %, an unused facility fee of 0.15 % per annum, in each case on the average daily unused commitments under the Revolving Credit Facility.

The Credit Facilities contain a number of customary financial and non-financial covenants.

During the three months ended March 31, 2026 and 2025 , the Company incurred $ 0.08 million and $ 0.06 million, respectively, of unused facility fees related to the Revolving Credit Facility.

As of March 31, 2026, the Company was in compliance with all of the Credit Facilities’ debt covenants.

In addition, due to the amendment of the Credit Facilities in September 2025, during the year ended December 31, 2025 , the Company recognized a loss on extinguishment of debt of $0.1 million, which is comprised of a $ 0.06 million loss from the write-off of unamortized debt issuance costs attributable to a previous creditor in the Revolving Credit Facility and 2030 Term Loan portions of our Prior Credit Facilities not participating in such respective portions of our current Credit Facilities and $ 0.08 million of third-party fees associated with the modification of our Term Loans.

(2) Based upon the applicable SOFR rate (subject to a 0 % floor), plus, solely for periods prior to the CF Closing Date, a SOFR adjustment of 0.10 % (such rate, as of any date of determination, the “Adjusted Term SOFR”).

(1) On September 19, 2025, the Company entered into an Amended and Restated Credit Agreement (as amended from time-to-time, including by the Commitment Increase Request, dated February 20, 2026, the "First A&R Credit Facilities") which provide for a (1) $ 250.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility") and (2) $ 305 million term loan facility consisting of a (I) $ 190.0 million delayed drawn term loan (the "2028 Term Loan") and (II) $ 115.0 senior unsecured term loan (the “2030 Term Loan,” and, collectively with the 2028 Term Loan, the "Term Loans").

Please see Note 13.

Subsequent Events in the Notes to the Company's unaudited Consolidated Financial Statements included under Item 1 herein for a further description of how the First A&R Credit Facilities was impacted by the Company's entry into the Second A&R Credit Facilities.

(2) As of June 30, 2026, borrowings under the First A&R Credit Facilities carry an interest rate of, (i) in the case of the Revolving Credit Facility, either a base rate plus a margin ranging from 0.5 % to 1.0 % per annum or Adjusted Term SOFR (as defined below) plus a margin ranging from 1.5 % to 2.0 % per annum, or (ii) in the case of the Term Loans, either a base rate plus a margin ranging from 0.45 % to 0.95 % per annum or Adjusted Term SOFR plus a margin ranging from 1.45 % to 1.95 % per annum, in each case depending on the Company's consolidated leverage ratio.

As of June 30, 2026, with respect to the Revolving Credit Facility, the Company will pay, if the usage is equal to or less than 50 %, an unused facility fee of 0.20 % per annum, or if the usage is greater than 50 %, an unused facility fee of 0.15 % per annum, in each case on the average daily unused commitments under the Revolving Credit Facility.

The First A&R Credit Facilities contain a number of customary financial and non-financial covenants.

Please see Note 13.

During the three and six months ended June 30, 2026, the Company incurred $ 0.09 million and $ 0.2 million, respectively, and during the three and six months ended June 30, 2025, the Company incurred $ 0.05 million and $ 0.1 million, respectively, of unused facility fees related to the Revolving Credit Facility.

As of June 30, 2026, the Company was in compliance with all of the First A&R Credit Facilities’ debt covenants.

In addition, due to the amendment of the Credit Facilities in September 2025, during the year ended December 31, 2025, the Company recognized a loss on

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

extinguishment of debt of $ 0.1 million, which is comprised of a $ 0.06 million loss from the write-off of unamortized debt issuance costs attributable to a previous creditor in the Revolving Credit Facility and 2030 Term Loan portions of our First A&R Credit Facilities not participating in such respective portions of our current Credit Facilities and $ 0.08 million of third-party fees associated with the modification of our Term Loans.

Interest rate is based upon the applicable SOFR rate (subject to a 0 % floor), plus, solely for periods prior to the September 19, 2025, a SOFR adjustment of 0.10 % (such rate, as of any date of determination, the “Adjusted Term SOFR”).

Due to the Company's achievement of certain sustainability targets, the Adjusted Term SOFR includes a 0.02 % decrease for the fiscal year ended December 31, 2026 .

9 unchanged sentences

(7) In connection with the acquisition of two properties, the Company obtained seller financing secured by the properties in the amount of $ 1.4 million based on a fixed interest rate of 5.00 % with interest-only payments through September 1, 2039.

The weighted average maturity date for the Company's indebtedness as of March 31, 2026 and December 31, 2025 was approximately 3.0 years and 3.3 years , respectively.

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The scheduled principal repayments of indebtedness as of March 31, 2026 are as follows (in thousands):

The weighted average maturity date for the Company's indebtedness as of June 30, 2026 and December 31, 2025 was approximately 2.8 years and 3.3 years , respectively.

The scheduled principal repayments of indebtedness as of June 30, 2026 are as follows (in thousands):

Year Ending December 31, Amount

2 unchanged sentences

Derivatives and Hedging Activities

As of March 31, 2026, the Company had 11 interest rate swaps with a total notional amount of $ 290.0 million that are used to manage its interest rate risk and fix the SOFR component on the term loans of the Credit Facilities:

As of June 30, 2026, the Company had 11 interest rate swaps with a total notional amount of $ 290.0 million that are used to manage its interest rate risk and fix the SOFR component on the term loans of the Credit Facilities.

Notional Amount ($ in thousands) Fixed Rate (1)

12 unchanged sentences

Explanatory Note :

(1) Reflects the all-in effective interest rate for the specified portion of the Term Loans hedged by the interest rate swaps.

(1) Reflects the all-in effective interest rate, as of June 30, 2026, for the specified portion of the Term Loans hedged by the interest rate swaps.

The Company’s objectives in using the interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements.

3 unchanged sentences

The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as cash flow hedges.

The table below presents the effect of the Company’s interest rate swap derivative instruments in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025 (in thousands):

The table below presents the effect of the Company’s interest rate swap derivative instruments in the Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2026 and 2025 (in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) 2026 2025 2026 2025

2 unchanged sentences

Amount of income reclassified from "Accumulated other comprehensive income" into interest expense

"Interest expense, net" presented in the Consolidated Statements of Operations and Comprehensive Income (Loss), in which the effects of cash flow hedges are recorded, totaled $ 4.4 million and $ 3.6 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, the Company also had derivatives in a liability position and did not post any collateral related to these agreements.

If the Company had breached any of these provisions as of March 31, 2026, it could have been required to settle its obligations under the agreements of any interest rate swap in a liability position for approximately $ 0.5 million, which is at their termination value.

$ 493 $ 889 $ 1,008 $ 1,772

"Interest expense, net" presented in the Consolidated Statements of Operations and Comprehensive Income, in which the effects of cash flow hedges are recorded, totaled $ 4.9 million and $ 9.2 million for the three and six months ended June 30, 2026, respectively, and $ 4.0 million and $ 7.7 million for the three and six months ended June 30, 2025, respectively.

As of June 30, 2026, the Company also had derivatives in a liability position and did not post any collateral related to these agreements.

If the Company had breached any of these provisions as of June 30, 2026, it could have been required to settle its obligations under the agreements of any interest rate swap in a liability position for approximately $ 0.2 million, which is at their termination value.

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Lessor Accounting

As of March 31, 2026, the Company's properties were leased primarily to the USPS, with leases expiring at various dates through December 31, 2038.

Certain leases had expired and were in holdover status as of March 31, 2026 as discussed below.

As of June 30, 2026, the Company's properties were leased primarily to the USPS, with leases expiring at various dates through December 31, 2038.

Certain leases had expired and were in holdover status as of June 30, 2026 as discussed below.

Certain leases contain renewal, termination and/or purchase options exercisable at the lessee’s election.

5 unchanged sentences

The Company elected the practical expedient to account for its lease and non-lease components as a single combined operating lease component under Topic 842.

As a result, rental income and tenant reimbursements were aggregated into a single line within rental income in the Consolidated Statements of Operations and Comprehensive Income (Loss).

As a result, rental income and tenant reimbursements were aggregated into a single line within rental income in the Consolidated Statements of Operations and Comprehensive Income.

The following table represents rental revenue that the Company recognized related to its operating leases (in thousands):

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Fixed payments

2 unchanged sentences

3,187 2,675 6,210 5,494

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Future minimum lease payments to be received as of March 31, 2026 (excluding base rental payments from properties classified as held for sale under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands):

$ 28,022 $ 22,730 $ 54,136 $ 44,210

Future minimum lease payments to be received as of June 30, 2026 (excluding base rental payments from properties classified as held for sale under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands):

Year Ending December 31, Amount (1)(2)

2 unchanged sentences

(1) The above minimum lease payments to be received do not include reimbursements from tenants for real estate taxes and other reimbursed expenses.

(2) As of March 31, 2026, the leases at eight of the Company's properties was expired and the USPS was occupying such property as a holdover tenant.

(2) As of June 30, 2026, nine leases at eight of the Company's properties had expired and the USPS was occupying such property as a holdover tenant.

As such, the above minimum lease payments to be received do not include payments under these holdover leases.

1 unchanged sentence

Purchase Option Provisions

As of March 31, 2026, operating leases for 94 of the Company’s properties provided the USPS with the option to purchase the underlying property either at fair market value or at fixed prices (1) , in each case as of dates set forth in the lease.

As of March 31, 2026, 88 of these properties had an aggregate carrying value of approximately $ 67.9 million with an aggregate purchase option price of approximately $ 91.0 million and the remaining six properties had an aggregate carrying value of approximately $ 7.3 million with purchase options exercisable at fair market value.

As of June 30, 2026, operating leases for 92 of the Company’s properties provided the USPS with the option to purchase the underlying property either at fair market value or at fixed prices (1) , in each case as of dates set forth in the lease.

As of June 30, 2026, 87 of these properties had an aggregate carrying value of approximately $ 66.9 million with an aggregate purchase option price of approximately $ 87.9 million and the remaining five properties had an aggregate carrying value of

approximately $ 5.1 million with purchase options exercisable at fair market value.

During the three and six months ended June 30, 2026, a tenant exercised a purchase option.

Refer to Note 2, Assets Held for Sale for further discussion.

Explanatory Notes :

1 unchanged sentence

Investment in Financing Leases, Net

As of March 31, 2026 and December 31, 2025, financing leases for two of the Company's properties provide the USPS with the option to purchase the underlying property at fixed prices as of dates set forth in the lease agreement.

The components of the Company’s net investment in financing leases as of March 31, 2026 and December 31, 2025 are summarized in the table below (in thousands):

As of June 30, 2026 and December 31, 2025, financing leases for two of the Company's properties provide the USPS with the option to purchase the underlying property at fixed prices as of dates set forth in the lease agreement.

The components of the Company’s net investment in financing leases as of June 30, 2026 and December 31, 2025 are summarized in the table below (in thousands):

Total minimum lease payment receivable

3 unchanged sentences

Investment in financing leases, net $ 15,794 $ 15,851

Revenue earned under direct financing leases for each of the three months ended March 31, 2026 and 2025 were $ 0.3 million, which is recorded in "Fee and other" in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Future lease payments to be received under the Company’s direct financing leases as of March 31, 2026 for the next five years and thereafter are as follows (in thousands):

Revenue earned under direct financing leases for each of the three and six months ended June 30, 2026 and 2025 were $ 0.3 million and $ 0.5 million, which is recorded in "Fee and other" in the Consolidated Statements of Operations and Comprehensive Income.

Future lease payments to be received under the Company’s direct financing leases as of June 30, 2026 for the next five years and thereafter are as follows (in thousands):

Year Ending December 31, Amount

2 unchanged sentences

As a lessee, the Company has ground and office leases which were classified as operating leases.

As of March 31, 2026, these leases had remaining terms, including renewal options, of 2.1 years to 56.8 years and a weighted average remaining lease term of 18.6 years.

As of June 30, 2026, these leases had remaining terms, including renewal options, of 1.8 years to 56.5 years and a weighted average remaining lease term of 18.7 years.

Operating right-of-use ("ROU") assets and lease liabilities are included in “Prepaid expenses and other assets, net” and “Accounts payable, accrued expenses and other, net” on the Consolidated Balance Sheets as follows (in thousands):

3 unchanged sentences

The difference between the recorded ROU assets and lease liabilities is mainly due to the reclassification of the below market ground lease intangible asset which was included within the ROU assets recognized upon transition.

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Operating lease assets and liabilities are measured at the commencement date based on the present value of future lease payments.

3 unchanged sentences

The lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise that option.

Operating lease expense for the three months ended March 31, 2026 and 2025 was $ 0.09 million.

Operating lease expense for the three and six months ended June 30, 2026 and 2025, was $ 0.09 million and $ 0.2 million, respectively.

Related Party Transactions for more details.

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Future minimum lease payments to be paid by the Company as a lessee for operating leases as of March 31, 2026 for the next five years and thereafter are as follows (in thousands):

Future minimum lease payments to be paid by the Company as a lessee for operating leases as of June 30, 2026 for the next five years and thereafter are as follows (in thousands):

2026 — Remaining $ 163

1 unchanged sentence

Interest discount

In connection with the IPO, the Company and REAC jointly elected to treat REAC as a TRS.

In connection with the IPO, the Company and REAC jointly elected to treat REAC as a TRS for federal income tax purposes, which may be subject to U.S.

federal, state and local income taxes on its taxable income.

REAC performs management services, including for properties the Company does not own, and advisory services to third-party owners of postal properties.

REAC has generated income, resulting in federal and state corporate income tax liability for REAC.

For the three months ended March 31, 2026 there was no income tax expense related to REAC.

For the three months ended March 31, 2025 there was $ 0.01 million of income tax expense related to REAC.

For the three and six months ended June 30, 2026 there was no income tax expense related to REAC.

For the three and six months ended June 30, 2025 there was no and $ 0.01 million of income tax expense related to REAC, respectively.

Related Party Transactions

Management Fee Income

On May 5, 2025, REAC entered into amendments to the management agreements (as amended, the “Amended Management Agreements”) pursuant to which the Company provides property management services to 362 properties, owned by family members and affiliates of Mr.

On May 5, 2025, REAC entered into amendments to the management agreements (as amended, the “Amended Management Agreements”) pursuant to which the Company provides property management services to certain properties, owned by family members and affiliates of Mr.

An additional property for which REAC provides management services to affiliates of Mr.

Spodek was not amended by the Amended Management Agreements.

As of June 30, 2026, the Company provides property management services for 322 postal properties which are owned by family members and affiliates of Mr.

The Amended Management Agreements provide that, as of April 1, 2025, the initial management fee to be received by REAC is equal to 4.0 % per annum of each property’s gross revenue, payable quarterly.

3 unchanged sentences

Furthermore, beginning October 1, 2025, the Amended Management Agreements may be terminated by either party at any time upon 60 days’ notice to the other party.

The Amended Management Agreements also provide that, to the extent REAC provides services in connection with the financing of managed properties, REAC shall be entitled to an additional $ 5,000 fee per property being financed, whether such properties are financed individually, as part of a portfolio or pooled, provided that the total fees payable shall not exceed $ 50,000 per financing transaction.

The Amended Management Agreements also provide that, to the extent REAC provides services in connection with the financing of managed properties, REAC shall be

entitled to an additional $ 5,000 fee per property being financed, whether such properties are financed individually, as part of a portfolio or pooled, provided that the total fees payable shall not exceed $ 50,000 per financing transaction.

The Amended Management Agreements were unanimously approved by an independent Special Committee of the Company's Board of Directors (the "Board") consisting of all members of the Board other than Mr.

REAC recognized management fee income of $ 0.2 million and $ 0.4 million for the three months ended March 31, 2026 and 2025, respectively, from various parties which were affiliated with the Company's CEO.

These amounts are included in “Fee and other” in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Accrued management fees receivable of $0.2 million and $ 0.2 million as of March 31, 2026 and December 31, 2025, respectively, are included in “Rent and other receivables” on the Consolidated Balance Sheets.

Spodek (the “Special Committee”).

REAC recognized management fee income of $ 0.2 million and $ 0.4 million for the three and six months ended June 30, 2026, respectively, and $ 0.2 million and $ 0.6 million for the three and six months ended June 30, 2025, respectively, from various parties which were affiliated with the Company's CEO.

These amounts are included in “Fee and other” in the Consolidated Statements of Operations and Comprehensive Income.

Accrued management fees receivable of $ 0.2 million as of June 30, 2026 and December 31, 2025, are included in “Rent and other receivables” on the Consolidated Balance Sheets.

Related Party Lease

In connection with the Company’s IPO and the related formation transactions, the Company entered into a lease for office space in Cedarhurst, NY with an entity affiliated with the Company’s CEO (the “Prior Office Lease”).

Pursuant to the

Prior Office Lease, the monthly rent was $ 15,000 subject to escalations.

Pursuant to the Prior Office Lease, the monthly rent was $ 15,000 subject to escalations.

The term of the Prior Office Lease was five years commencing on May 17, 2019 and expired on May 16, 2024.

3 unchanged sentences

The term of the 2025 Office Lease is five years commencing on January 1, 2025 and will expire on December 31, 2029.

The 2025 Office Lease was approved by a special committee of the Company’s Board of Directors consisting of four independent directors.

Rental expenses associated with the Office Leases for the three months ended March 31, 2026 and 2025 were $ 0.06 million , and was recorded in “General and administrative expenses” in the Consolidated Statements of Operations and Comprehensive Income (Loss).

The 2025 Office Lease was unanimously approved by the Special Committee.

Rental expenses associated with the Office Leases for the three and six months ended June 30, 2026 and 2025 were $ 0.06 million and $ 0.1 million, respectively, and was recorded in “General and administrative expenses” in the Consolidated Statements of Operations and Comprehensive Income.

The Company determined the Office Leases were an operating lease.

4 unchanged sentences

On May 30, 2024, the Company acquired from the Related Party a portfolio of 36 properties currently leased to the USPS for approximately $ 12.5 million in cash, excluding closing costs (the "2024 ROFO Transaction").

On December 9, 2025, the Company acquired from the Related Party a portfolio of 25 properties leased to the United States Postal Service (“USPS”) for approximately $ 13.9 million in cash, excluding closing costs (the “2025 ROFO Transaction”).

On December 9, 2025, the Company acquired from the Related Party a portfolio of 25 properties leased to the USPS for approximately $ 13.9 million in cash, excluding closing costs (the “2025 ROFO Transaction”).

Effective March 16, 2026, the Company acquired from the Related Party an additional portfolio of 12 properties leased to the USPS for approximately $ 11.5 million in cash, excluding closing costs (together, with the 2024 ROFO Transaction and 2025 ROFO Transaction, the “ROFO Transactions”).

The Company’s entry into each of the ROFO Transactions was approved by a special committee of the Company’s Board of Directors comprised solely of independent directors.

As of March 31, 2026, the Company retained a right of first offer to acquire 177 of the 322 postal properties it manages.

The Company’s entry into each of the ROFO Transactions was approved by the Special Committee.

As of June 30, 2026, the Company retained a right of first offer to acquire 177 of the 322 postal properties it manages.

As disclosed above in Note 5.

Spodek personally guaranteed a portion of or the entire amount outstanding under the Company's loans with First Oklahoma Bank and Vision Bank, totaling $ 1.8 million as of March 31, 2026 and December 31, 2025.

Spodek personally guaranteed a portion of or the entire amount outstanding under the Company's loans with First Oklahoma Bank and Vision Bank, totaling $ 1.8 million as of June 30, 2026 and December 31, 2025.

As a guarantor, Mr.

Spodek's interests with respect to the amount of debt he is guaranteeing (and the terms of any repayment or default) may not align with the Company’s interests and could result in a conflict of interest.

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Earnings Per Share

1 unchanged sentence

The following table presents a reconciliation of income from operations used in the basic and diluted EPS calculations (dollars in thousands, except share and per share data).

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three Months Ended

June 30, For the Six Months Ended

2026 2025 2026 2025

Numerator for earnings per share – basic and diluted:

6 unchanged sentences

Unvested RSUs 217,470 — 168,626 —

ESPP 1,905 — 1,022 —

Weighted average common shares outstanding used in diluted earnings per share (1)

7 unchanged sentences

Unvested RSUs subject to performance based measures are considered contingently issuable and are included in earnings per share if the effect is dilutive using the treasury stock method and the RSUs would be issuable if the end of the reporting period were the end of the contingency period.

For the three months ended March 31, 2026, the effect of approximately 98,000 unvested RSUs were excluded from the computation because these RSUs either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive.

For the three months ended March 31, 2025, there were no materially dilutive securities issuances.

The three months ended March 31, 2026 exclude the effect of approximately 627,000 unsettled shares under open forward equity contracts, as the effect would have been antidilutive.

For the three and six months ended June 30, 2026, the effect of approximately 75,000 and 86,500 , respectively, of unvested RSUs were excluded from the computation because these RSUs either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive.

For the three and six months ended June 30, 2025, there were no materially dilutive securities issuances.

For the three and six months ended June 30, 2026 exclude the effect of approximately zero and 313,500 , respectively, of unsettled shares under open forward equity contracts, as the effect would have been antidilutive.

OP Units and LTIP Units are redeemable for cash or, at the Company’s option, shares of Class A common stock on an one -for-one basis.

12 unchanged sentences

(“ScotiaBank”), as additional sales agents, (ii) JPMorgan Chase Bank, National Association, and The Bank of Nova Scotia, as additional forward purchasers and (iii) J.P.

Morgan and ScotiaBank as additional forward sellers (in each case in its capacity as

agent for its affiliated forward purchaser).

Morgan and ScotiaBank as additional forward sellers (in each case in its capacity as agent for its affiliated forward purchaser).

The Additional Sale Agreements also provide that, in addition to the issuance and sale of shares of the Company's Class A common stock by the Company through J.P.

Morgan and ScotiaBank, the Company may also enter into one or more forward sale agreements under a master forward confirmation and related supplemental confirmations, each between us and JPMorgan Chase Bank, National Association and The Bank of Nova Scotia.

The following table summarizes activity under the ATM Program in connection with forward sales agreements for the three months ended March 31, 2026 ($ in thousands):

Period Entered Into Forward Sales Agreements Shares Sold Shares Settled Net Proceeds Received (1)

The following table summarizes activity under the ATM Program in connection with forward sales agreements for the three and six months ended June 30, 2026 ($ in thousands):

Period Entered Into Forward Sales Agreements Shares Sold Shares Settled (1)

Net Proceeds Received (2)

Anticipated Gross Proceeds Remaining (3)

Three Months Ending

March 31, 2026 2,768,105 151,314 $ 3,086 $ 46,922

June 30, 2026 1,185,764 1,990,113 (1)

$ 34,487 $ 26,297

Six Months Ending

June 30, 2026 3,953,869 2,141,427 $ 37,573 $ 38,442

Explanatory Notes :

(1) Based on the net forward sales price per share of forward shares under the ATM Program.

The Company expects to settle outstanding forward sales agreements in full within 12 months of the respective agreement dates via physical delivery of the outstanding shares of common stock in exchange for cash proceeds, although the Company may elect cash settlement or net share settlement for all or a portion of its obligations under the forward sales agreements, subject to certain conditions.

(1) Reflects shares settled from forward sales agreements entered into by the Company in the first quarter 2026.

(2) Net proceeds received are after deducting issuance fees and costs and making certain other adjustments as provided in the forward sales agreements.

During the three months ended March 31, 2026 and 2025, 512,421 and 139,626 shares, respectively, were issued under the ATM program.

(3) Based on the net forward sales price per share of forward shares under the ATM Program as of June 30, 2026 .

During the three and six months ended June 30, 2026, 500,877 and 1,013,298 shares, respectively, were issued under the ATM program.

During the three and six months ended June 30, 2025, 529,828 and 669,454 shares, respectively, were issued under the ATM program.

As of June 30, 2026, the Company had approximately $ 97.0 million remaining that may be issued under the ATM Program.

The following table summarizes the activity under the ATM Program for the period presented (dollars and shares issued in thousands, except per share amounts).

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Three Months Ended

June 30, Six Months Ended June 30,

2026 2025 2026 2025

Shares issued

501 530 1,013 669

Gross proceeds received

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Weighted average gross sales price per share $ 23.60 $ 14.73 $ 20.20 $ 14.62

During the three months ended March 31, 2026 and 2025, the Company incurred $ 0.3 million and $ 0.1 million, respectively, of other costs in the connection with its ATM Program which is excluded from the tables above.

During the three and six months ended June 30, 2026, the Company incurred $ 0.1 million and $ 0.4 million, respectively, of other costs in the connection with its ATM Program which is excluded from the tables above.

During the three and six months ended June 30, 2025, the Company incurred $ 0.1 million and $ 0.2 million, respectively, of other costs in the connection with its ATM Program which is excluded from the tables above.

Dividends and Distributions

During the three months ended March 31, 2026, the Company's Board of Directors approved and the Company declared and paid dividends or distributions, as applicable, of $ 8.6 million to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $ 0.245 per share or unit, respectively as shown in the table below.

During the three and six months ended June 30, 2026, the Company's Board of Directors approved and the Company declared and paid dividends or distributions, as applicable, of $ 8.6 million and $ 17.2 million, respectively, to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $ 0.245 and $ 0.49 , respectively, per share or unit, respectively as shown in the table below.

Declaration Date Record Date Date Paid Amount Per Share or Unit

January 29, 2026 February 13, 2026 February 27, 2026 $ 0.245

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

May 5, 2026 May 15, 2026 May 29, 2026 $ 0.245

Non-controlling Interests

Non-controlling interests in the Company represent OP Units held by the Company's prior investors and certain sellers of properties to the Company and LTIP Units primarily issued to the Company’s employees and the Board of Directors in connection with the IPO and/or as a part of their compensation.

During the three months ended March 31, 2026, the Company issued 184,877 LTIP Units to the Company’s CEO for his 2025 incentive bonus, his election to defer 100 % of his 2026 annual salary and for long term incentive compensation, 91,287 LTIP Units to the Company’s President for his 2025 incentive bonus and 92,891 LTIP Units to certain other employees for their 2025 incentive bonus and for long term incentive compensation.

As of March 31, 2026 and December 31, 2025, non-controlling interests consisted of 5,424,546 OP Units and 2,032,859 LTIP Units and 5,384,016 OP Units and 1,669,217 LTIP Units, respectively.

This represented approximately 21.1 % and 20.7 % of the outstanding Operating Partnership units as of March 31, 2026 and December 31, 2025, respectively.

During the six months ended June 30, 2026, the Company issued 184,877 LTIP Units to the Company’s CEO for his 2025 incentive bonus, his election to defer 100 % of his 2026 annual salary and for long term incentive compensation, 91,287 LTIP Units to the Company’s President for his 2025 incentive bonus, 34,112 LTIP Units in June 2026 to the Board of Directors for their annual retainers as compensation for their services and for long term incentive compensation and 92,891 LTIP Units to certain other employees for their 2025 incentive bonus and for long term incentive compensation.

In addition, during the six months ended June 30, 2026, the Company issued 40,530 OP Units, to a contributor in connection with a property acquisition (for further details, see Note 3.

Real Estate Acquisitions).

As of June 30, 2026 and December 31, 2025, non-controlling interests consisted of 5,424,546 OP Units and 2,066,971 LTIP Units and 5,384,016 OP Units and 1,669,217 LTIP Units, respectively.

This represented approximately 19.8 % and 20.7 % of the outstanding Operating Partnership units as of June 30, 2026 and December 31, 2025, respectively.

OP Units and shares of Class A common stock generally have the same economic characteristics, as they share equally in the total net income or loss and distributions of the Operating Partnership.

Beginning on or after the date which is 12 months after the date on which a person first became a holder of common units, each limited partner and assignees of limited partners will generally have the right, subject to the terms and conditions set forth in the partnership agreement, to require the Operating Partnership to redeem all or a portion of the OP Units held by such limited partner or assignee in exchange for cash, or at the Company's sole discretion, shares of Class A common stock, on an one -for-one basis determined in accordance with and subject to adjustment under the partnership agreement.

During the three months ended March 31, 2026, (i) 5,413 LTIP Units were redeemed for 5,413 OP Units (the "Converted LTIP Units") and (ii) 5,413 OP Units (inclusive of the Converted LTIP Units) were redeemed for 5,413 shares of Class A common stock.

During the six months ended June 30, 2026, (i) 5,413 LTIP Units were redeemed for 5,413 OP Units (the "Converted LTIP Units") and (ii) 5,413 OP Units (inclusive of the Converted LTIP Units) were redeemed for 5,413 shares of Class A common stock.

For redemption of OP Units using shares of Class A common stock, the Company adjusted the carrying value of non-controlling interests to reflect its share of the book value of the Operating Partnership reflecting the change in the Company’s ownership of the Operating Partnership.

Such adjustments are recorded to additional paid-in capital as a reallocation of non-controlling interest in the Consolidated Statements of Changes in Equity.

Such adjustments are recorded to additional paid-in capital as a

reallocation of non-controlling interest in the Consolidated Statements of Changes in Equity.

Operating Partnership unitholders are entitled to share in cash distributions from the Operating Partnership in proportion to their percentage ownership of OP Units.

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2019 Equity Incentive Plan, (the "Plan"), the Company may grant equity incentive awards to its directors, officers, employees and consultants.

As of March 31, 2026, the remaining shares available under the Plan for future issuance was 1,112,879 .

As of June 30, 2026, the remaining shares available under the Plan for future issuance was 1,092,605 .

The Plan provides for grants of stock options, stock awards, stock appreciation rights, performance units, incentive awards, other equity-based awards (including LTIP Units) and dividend equivalents in connection with the grant of performance units and other equity-based awards.

The following table presents a summary of the Company's outstanding restricted shares of Class A common stock, LTIP Units and RSUs.

The balance as of March 31, 2026 represents unvested restricted shares of Class A common stock and LTIP Units and RSUs that are outstanding, whether vested or not:

The balance as of June 30, 2026 represents unvested restricted shares of Class A common stock and LTIP Units and RSUs that are outstanding, whether vested or not:

Shares (1)(2)

8 unchanged sentences

( 62,797 ) — ( 70,869 ) ( 133,666 ) $ 15.75

Outstanding, as of March 31, 2026 496,329 2,032,859 385,600 2,914,788 $ 15.72

Outstanding, as of June 30, 2026 496,329 2,066,971 385,600 2,948,900 $ 15.80

Explanatory Notes :

2 unchanged sentences

(3) Includes 184,877 LTIP Units granted to the Company’s CEO and 91,287 LTIP Units granted to the Company’s President which vest over three years or cliff vest at the end of eight years .

Also includes 92,891 LTIP Units granted to certain other employees of the Company, certain of which vested fully on the date of grant with the remaining vesting over three years or cliff vest at the end of eight years

(4) Includes 71,041 RSUs granted to certain officers and employees of the Company during the three months ended March 31, 2026, subject to the achievement of a service condition and a market condition.

Also includes 34,112 LTIP Units granted to the Company's independent directors that vest over three years or cliff vest at the end of three years and 92,891 LTIP Units granted to certain other employees of the Company, certain of which vested fully on the date of grant with the remaining vesting over three years or cliff vest at the end of three years or eight years .

(4) Includes 71,041 RSUs granted to certain officers and employees of the Company during the six months ended June 30, 2026, subject to the achievement of a service condition and a market condition.

Such RSUs are market-based awards and are subject to the achievement of performance-based hurdles relating to the Company’s specified absolute and relative total stockholder return goals and continued employment with the Company over the approximately three-year period from the grant date through December 31, 2028.

3 unchanged sentences

(5) Performance units granted in 2023 for which the three-year performance period was completed in 2026 were earned equal to 123.1 % of Target.

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(6) Includes 81,009 of restricted shares and RSUs that vested and 52,657 shares of restricted shares that were withheld to satisfy statutory withholding requirements.

3 unchanged sentences

In January 2026, the Company's CGC Committee determined that the Company's total stockholder return for such three-year performance period met the threshold performance hurdles for the 2023 Performance-Based Awards and, as a result, approved the payout of (i) 64,211 RSUs for such awards, which were settled using the Company’s shares of Class A common stock, and (ii) their cash dividends for the three-year performance period.

During the three months ended March 31, 2026, the Company recognized compensation expense of $ 2.2 million and during the three months ended March 31, 2025, the Company recognized compensation expense of $ 2.0 million in “General and administrative expenses” in the Consolidated Statements of Operations and Comprehensive Income (Loss) related to all awards.

During the three months ended March 31, 2026, the Company recognized compensation expense of $ 0.4 million and during the three months ended March 31, 2025, the Company recognized compensation expense of $ 0.4 million in "Property operating expenses" in the Consolidated Statements of Operations and Comprehensive Income (Loss) related to all awards.

As of March 31, 2026, there was $ 24.6 million of total unrecognized compensation cost related to unvested awards, which is expected to be recognized over a weighted average period of 4.9 years.

During the three and six months ended June 30, 2026, the Company recognized compensation expense of $ 1.7 million and $ 3.9 million, respectively, and during the three and six months ended June 30, 2025, the Company recognized compensation expense of $ 1.5 million and $ 3.4 million, respectively, in “General and administrative expenses” in the Consolidated Statements of Operations and Comprehensive Income related to all awards.

During the three and six months ended June 30, 2026, the Company recognized compensation expense of $ 0.1 million and $ 0.5 million, respectively, and during the three and six months ended June 30, 2025, the Company recognized compensation expense of $ 0.1 million and $ 0.5 million, respectively, in "Property operating expenses" in the Consolidated Statements of Operations and Comprehensive Income related to all awards.

As of June 30, 2026, there was $ 23.6 million of total unrecognized compensation cost related to unvested awards, which is expected to be recognized over a weighted average period of 4.7 years.

Employee Stock Purchase Plan

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The Company's ESPP allows its employees to purchase shares of the Class A common stock at a discount.

1 unchanged sentence

The Code permits the Company to provide up to a 15 % discount on the lesser of the fair market value of such shares of Class A common stock at the beginning of the offering period and the close of the offering period.

As of March 31, 2026 and December 31, 2025, 79,434 shares and 73,990 shares have been issued under the ESPP since commencement, respectively.

During the three months ended March 31, 2026, the Company recognized compensation expense of $ 0.02 million and during the three months ended March 31, 2025, the Company recognized compensation expense of $ 0.02 million related to the ESPP.

As of June 30, 2026 and December 31, 2025, 79,434 shares and 73,990 shares have been issued under the ESPP since commencement, respectively.

During the three and six months ended June 30, 2026, the Company recognized compensation expense of $ 0.07 million and $ 0.1 million, respectively, and during the three and six months ended June 30, 2025, the Company recognized compensation expense of $ 0.02 million and $ 0.04 million, respectively, related to the ESPP.

Commitments and Contingencies

As of March 31, 2026, the Company was not involved in any litigation nor, to its knowledge, is any litigation threatened against the Company that, in management’s opinion, would result in any material adverse effect on the Company’s financial position and results of operations, or which is not covered by insurance.

As of June 30, 2026, the Company was not involved in any litigation nor, to its knowledge, is any litigation threatened against the Company that, in management’s opinion, would result in any material adverse effect on the Company’s financial position and results of operations, or which is not covered by insurance.

In the ordinary course of the Company’s business, the Company enters into non-binding (except with regard to exclusivity and confidentiality) letters of intent indicating a willingness to negotiate for acquisitions.

1 unchanged sentence

Subsequent Events

In addition to the subsequent events discussed elsewhere in the notes to the unaudited Consolidated Financial Statements, the following events occurred subsequent to March 31, 2026:

The Company's Board of Directors approved, and on May 5, 2026, the Company declared a first quarter 2026 common stock dividend of $ 0.245 per share, which is payable on May 29, 2026 to stockholders of record as of May 15, 2026.

As of May 5, 2026 , the Company had $ 55.0 million drawn on the Revolving Credit Facility.

As of May 5, 2026, and d uring the period subsequent to March 31, 2026, the Company acquired 10 leased properties for approximately $ 9.5 million, excluding closing costs.

As of May 5, 2026, and d uring the period subsequent to March 31, 2026, the Company sold 249,127 shares of its Class A common stock pursuant to its forward sales agreements, none of which have been settled to date.

As of May 5, 2026, and during the period subsequent to March 31, 2026, the Company had entered into definitive agreements to acquire 16 properties for approximately $ 7.9 million.

In addition to the subsequent events discussed elsewhere in the notes to the unaudited Consolidated Financial Statements, the following events occurred subsequent to June 30, 2026:

The Company's Board of Directors approved, and on August 3, 2026, the Company declared a second quarter 2026 common stock dividend of $ 0.245 per share, which is payable on August 28, 2026 to stockholders of record as of August 14, 2026.

On July 2, 2026 (the "Closing Date"), and subsequent to the quarter ended June 30, 2026, the Company entered into the Second Amended and Restated Credit Agreement (the "Second A&R Credit Facilities") pursuant to which the Second A&R Credit Facilities provides for a (i) $ 275.0 million senior unsecured revolving credit facility (the “Second A&R Revolving Credit Facility”), and (ii) $ 340.0 million of term loan facilities (the "Second A&R Term Loan Facilities").

The Second A&R Term Loan Facilities consists of a (a) $ 90.0 million senior unsecured term loan facility (the "2028 Recasted Term Loan"), all of which was previously advanced to the Company under the First A&R Credit Facilities and remains outstanding under the Second A&R Credit Facilities as of the Closing Date, (b) $ 100.0 million senior unsecured term loan facility (the "2029 Term Loan"), all of which was previously advanced to the Company under the First A&R Credit Facilities and remains outstanding under the Second A&R Credit Facilities as of the Closing Date and (c) $ 150.0 million senior unsecured term loan (the "2031 Term Loan") consisting of (1) a $ 115.0 million term loan previously advanced to the Company under the First A&R Credit Facilities and which remains outstanding under the Second A&R Credit Facilities as of the Closing Date and (2) $ 35.0 million of new term loans advanced to the Company pursuant to the Second A&R Credit Facilities on the Closing Date.

The Second A&R Credit Facilities also provide that, subject to customary conditions, including obtaining lender commitments and compliance with its financial maintenance covenants under the Second A&R Credit Facilities, the Operating Partnership may seek to increase the lending commitments under the Second A&R Credit Facilities by up to $175 million, in the case of the Second A&R Revolving Credit Facility, and up to $160 million, in the case of the Second A&R Term Loan Facilities or one or more new term loan facilities

After giving effect to the Second A&R Credit Facilities, the Second A&R Revolving Credit Facility has a maturity date of November 15, 2030, the 2028 Recasted Term Loan has a maturity date of February 11, 2028, the 2029 Term Loan has a maturity date of February 11, 2029 and the 2031 Term Loan has a maturity date of January 15, 2031.

Each of the Second Revolving Credit Facility and the 2031 Term Loan may be extended for one 12 -month period at the Company's discretion.

The Company may elect at any time and from time to time to prepay all or any portion of the loans under the Second A&R Credit Facilities prior to maturity without premium or penalty, subject to payment of usual and customary breakage costs.

Furthermore, after giving effect to the Second A&R Credit Facilities, the interest rates applicable to loans under the Second A&R Credit Facilities are, at the Company's option, equal to (i) in the case of the Second A&R Revolving Credit Facility, either a base rate plus a margin ranging from 0.15 % to 0.55 % per annum or SOFR plus a margin ranging from 1.15 % to 1.55 % per annum and (ii) in the case of the Term Loan Facility, either a base rate plus a margin ranging from 0.10 % to 0.50 % per annum or SOFR plus a margin ranging from 1.10 % to 1.50 % per annum, in each case based on the Company’s consolidated leverage ratio.

SOFR, as defined in the Credit Agreement, cannot be less than 0.00 % at any time.

In addition, with respect to the Second A&R Revolving Credit Facility, the Company will pay, if the usage of the Second A&R Revolving Credit Facility is equal to or less than 50 % thereof, an unused facility fee of 0.20 % per annum, or if the usage of the Second A&R Revolving Credit Facility is greater than 50 % thereof, an unused facility fee of 0.15 % per annum, in each case on the average daily unused commitments under the Second A&R Revolving Credit Facility.

The Second A&R Credit Facilities contain a number of customary financial and non-financial covenants

POSTAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

In addition, on July 2, 2026, the Company entered into an additional four swaps with a total notional amount of $ 250.0 million to manage our interest rate risk and fix the SOFR component on the Second A&R Term Loan Facilities associated with the Second A&R Credit Facilities, as set forth below:

Notional Amount ($ in thousands) Fixed Rate Effective Date Maturity Date

$ 35,000 3.876 % July 2026 January 2031

3.889 % January 2027 January 2031

$ 100,000 (1)

3.829 % February 2028 February 2029

3.868 % January 2030 January 2031

Explanatory Note :

(1) Indicates starting interest rate swaps with a combined notional value of $ 215.0 million that will become effective upon the maturity of existing swaps in January 2027, February 2028 and January 2030 discussed above.

The remaining swap shown is effective as of July 2, 2026 for the $ 35.0 million of new term loans advanced to the Company on the Closing Date.

As of August 4, 2026 , the Company had $ 15.0 million drawn on the Revolving Credit Facility.

As of August 4, 2026, and d uring the period subsequent to June 30, 2026, the Company acquired 34 leased properties for approximately $ 7.9 million, excluding closing costs.

As of August 4, 2026, and d uring the period subsequent to June 30, 2026, the Company sold 448,823 shares of its Class A common stock.

Of such amount, (i) 369,443 shares were sold pursuant to forward sales agreements, none of which have been settled to date and (ii) 79,380 were sold in open market sales.

As of August 4, 2026, and during the period subsequent to June 30, 2026, the Company had entered into definitive agreements to acquire 11 properties for approximately $ 6.9 million.

However, the Company can provide no assurances that the acquisitions of these properties will be consummated on the terms and timing the Company expects, or at all.

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.

What changed 10-Q

Item 1. Financial Statements