Postal Realty Trust, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income attributable to common shareholders was $5.6 million ($0.16 per diluted share) for the quarter ended September 30, 2026, compared to $3.8 million ($0.13 per diluted share) in the same period in 2025.
• Funds from Operations (FFO) was $14.0 million ($0.36 per diluted share).
• Adjusted Funds from Operations (AFFO) was $13.9 million ($0.36 per diluted share), representing 9.1% year-over-year growth.
• Rental income increased 25.2% year-over-year to $29.7 million, driven by internal growth and acquisitions.
• Total revenues were $30.3 million for the quarter, up from $24.3 million in the prior year period.
• Net debt was approximately $387 million with a weighted average interest rate of 3.9%.
• The Company achieved a BBB investment grade rating from Fitch.
• Pro Forma Net Debt to Run-Rate Adjusted EBITDA was 3.5x.
• 93% of debt outstanding was fixed (including interest rate hedges) with a weighted average maturity of 3.2 years and no maturities until 2028.

Guidance and Future Outlook:

• 2026 Acquisition Guidance increased by $37.5 million at the midpoint to a range of $185 million to $200 million.
• 2026 AFFO Guidance increased by $0.01 to a range of $1.42 to $1.44 per diluted share, representing 8.3% growth at the midpoint year-over-year.
• 2026 Same Store Cash NOI Growth guidance remains 6.0% to 7.0%.
• 2026 Cash G&A Expense guidance remains $11.5 million to $12.5 million.
• Management cited a robust pipeline of acquisitions and over $340 million of liquidity.

Business Segments and Product Lines:

• Acquired 145 USPS properties for $82.0 million (excluding closing costs) during the quarter, comprising approximately 387,000 Net Leasable Interior Square Feet at a weighted average rental rate of $15.34 per square foot.
• Acquisitions were completed at a weighted average cash capitalization rate of approximately 6.9%.
• The owned portfolio consists of over 2,400 properties across 49 states and one territory, with 99.8% occupancy.
• The portfolio includes 2,159 properties with approximately 7.9 million Net Leasable Interior Square Feet and a weighted average rental rate of $12.69 per square foot.
• Weighted average rental rates were $14.68 per square foot for last-mile and flex properties and $5.16 per square foot for industrial properties.
• Issued approximately 313,000 common units in the operating partnership as consideration for acquisitions at an average price of $23.06 per unit.

Market and Competitive Landscape:

• The Company owns and manages properties leased primarily to the United States Postal Service (USPS).
• Management expressed high confidence in scaling the platform due to a robust acquisition pipeline and deployable cost of capital.

Risks and Challenges:

• Forward-looking statements note risks including USPS lease terminations or non-renewals, changes in demand for postal services, and the solvency and financial health of the USPS.
• Risks also include competitive, financial market, and regulatory conditions, as well as general real estate market conditions.

Management Commentary and Tone:

• Andrew Spodek, Chief Executive Officer, stated the quarter marked a milestone with leading AFFO per share growth and record acquisition volume.
• Management highlighted utilizing equity markets to strengthen the balance sheet and expressed confidence in the ability to continue scaling the platform.

Other Key Points:

• Generated $116.9 million of net equity sales via the ATM program since the second quarter.
• Issued approximately 3.3 million shares via the ATM during the third quarter for $72.2 million of net proceeds.
• As of November 3, 2026, unsettled forward sale agreements covered 3.6 million shares, representing approximately $82.5 million of expected net proceeds.
• Extended and expanded aggregate unsecured credit facilities to $615 million.
• Announced a quarterly dividend of $0.245 per share on November 2, 2026, equating to $0.98 on an annualized basis, payable November 27, 2026.
• $264.0 million of the revolving credit facility was undrawn at the end of the quarter.
• Cash and property-related reserves were approximately $2.2 million as of September 30, 2026.