Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-38903 POSTAL REALTY TRUST, INC. (Exact name of registrant as specified in its charter) | Maryland | 8 ...

POSTAL REALTY TRUST, INC. NYSE: PSTL August 2021 Investor Presentation Disclaimer & Forward Looking Statements This presentation regarding Postal Realty Trust, Inc. ("our", "us", "we" or the "Company") contains "forward-looking statements." Forward-looking statements include statements identified by words such as "could," "may," "might," "will," "likely," "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "continues," "projects" and similar references to future periods, or by th ...

Postal Realty Trust, Inc. (NYSE:PSTL) Q2 2021 Results Conference Call August 10, 2021 5:00 PM ET Company Participants Jordan Cooperstein - Vice President of FP&A, Capital Markets Andrew Spodek - Chief Executive Officer, Director Robert Klein - Chief Financial Officer Jeremy Garber - President, Treasurer and Secretary Matt Brandwein - Chief Accounting Officer Conference Call Participants Michael Gorman - BTIG Ed Groshan - Height Capital Markets Kevin Stein - Stifel Jon Petersen - Jefferies Operator Greetings ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Postal Realty Trust, Inc.'s unaudited consolidated financial statements for Q1 2021 and Q1 2020 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$283.6 million** from **$258.9 million**, while total liabilities decreased to **$113.0 million** from **$139.2 million**, leading to significant equity growth | (in $ thousands) | March 31, 2021 (Unaudited) | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$283,647** | **$258,885** | | Total real estate properties, net | $256,104 | $233,856 | | Cash | $3,314 | $2,212 | | **Total Liabilities** | **$113,047** | **$139,246** | | Secured borrowings, net | $33,055 | $46,629 | | Revolving credit facility | $64,500 | $78,000 | | **Total Equity** | **$170,600** | **$119,639** | | Total Stockholders' Equity | $139,517 | $91,990 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Net income reached **$126 thousand** in Q1 2021, a turnaround from a **$1.029 million** net loss in Q1 2020, driven by a **71%** revenue increase | (in $ thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | **Total revenues** | **$8,865** | **$5,198** | | Rental income | $8,487 | $4,902 | | **Total operating expenses** | **$7,737** | **$5,386** | | Income (loss) from operations | $1,128 | $(188) | | **Net income (loss)** | **$126** | **$(1,029)** | | Net income (loss) attributable to common stockholders | $103 | $(677) | | **Basic and Diluted EPS** | **$0.00** | **$(0.14)** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased to **$4.5 million**, while investing activities used **$25.9 million**, and financing provided **$22.6 million**, resulting in a **$1.2 million** net cash increase | (in $ thousands) | For the Three Months Ended March 31, 2021 | For the Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$4,521** | **$1,387** | | **Net cash used in investing activities** | **$(25,945)** | **$(23,211)** | | Acquisition of real estate | $(25,399) | $(22,411) | | **Net cash provided by financing activities** | **$22,614** | **$12,176** | | Net proceeds from issuance of shares | $53,725 | $— | | Repayments of secured borrowings | $(13,782) | $(27) | | **Net increase (decrease) in Cash** | **$1,190** | **$(9,648)** | [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes cover organization, accounting policies, Q1 2021 property acquisitions, debt management, USPS lease agreements, equity changes, and subsequent events - As of March 31, 2021, the Company owned a portfolio of **780 postal properties** located in 47 states, primarily leased to the United States Postal Service (USPS)[27](index=27&type=chunk) - In Q1 2021, the company acquired **54 postal properties** for approximately **$26.2 million**, including closing costs, funded with borrowings under the Credit Facility[64](index=64&type=chunk)[67](index=67&type=chunk) - In January 2021, the company completed a follow-on public offering of **3.74 million shares** of Class A Common Stock, resulting in net proceeds of approximately **$53.9 million**[104](index=104&type=chunk) - Subsequent to quarter-end, the company acquired **16 additional postal properties** for **$6.1 million** and declared a Q1 dividend of **$0.22 per share**[120](index=120&type=chunk)[121](index=121&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2021 financial performance, revenue growth from acquisitions, liquidity, capital resources, and the strategy of managing USPS-leased properties [Overview](index=27&type=section&id=Overview) The REIT's portfolio includes **780** USPS-leased properties; Q1 2021 saw **54** acquisitions for **$26.2 million** and a **$53.9 million** follow-on offering - As of March 31, 2021, the portfolio consists of **780 owned postal properties** in 47 states, with approximately **3.4 million net leasable interior square feet**[131](index=131&type=chunk) - In Q1 2021, the company acquired **54 postal properties** for approximately **$26.2 million**[131](index=131&type=chunk) - The January 2021 Follow-on Offering raised approximately **$53.9 million** in net proceeds from the sale of **3.74 million shares**[134](index=134&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Total revenues increased **71%** to **$8.9 million**, driven by acquisitions, while operating expenses rose **44%**, leading to **$1.1 million** income from operations | (in $ thousands) | For the Three Months Ended March 31, 2021 | For the Three Months Ended March 31, 2020 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | **$8,865** | **$5,198** | **$3,667** | **71%** | | Rental income | $8,487 | $4,902 | $3,585 | 73% | | **Total operating expenses** | **$7,737** | **$5,386** | **$2,351** | **44%** | | Property operating expenses | $910 | $407 | $503 | 124% | | Depreciation and amortization | $3,169 | $2,035 | $1,134 | 56% | | **Income (loss) from operations** | **$1,128** | **$(188)** | **$1,316** | **(700)%** | | **Net income (loss)** | **$126** | **$(1,029)** | **$1,155** | **(112)%** | - The increase in revenue and operating expenses is primarily attributable to the full impact of the **261 properties acquired in 2020** and the **54 properties acquired in Q1 2021**[157](index=157&type=chunk)[160](index=160&type=chunk)[163](index=163&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company held **$3.3 million** cash, with **$97.8 million** total debt including **$64.5 million** on its revolving credit facility, funding growth via debt, equity, and property sales - As of March 31, 2021, the company had approximately **$3.3 million of cash** and **$1.1 million of escrows and reserves**[169](index=169&type=chunk) | Indebtedness (in $ thousands) | Outstanding Balance as of March 31, 2021 | Interest Rate at March 31, 2021 | | :--- | :--- | :--- | | Revolving Credit Facility | $64,500 | LIBOR+170bps | | AIG – December 2020 | $30,225 | 2.80% | | Other Secured Borrowings | $2,969 | 4.00% - 6.00% | | **Total Principal** | **$97,754** | | - The company has a **$150.0 million revolving credit facility**, with **$64.5 million outstanding** as of March 31, 2021[171](index=171&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Primary market risk is interest rate fluctuation on **$64.5 million** variable-rate debt out of **$97.8 million** total, with potential use of derivatives to manage it - As of March 31, 2021, total indebtedness was approximately **$97.8 million**, consisting of **$64.5 million of variable-rate debt** and **$33.3 million of fixed-rate debt**[190](index=190&type=chunk) - A **0.50% (50 basis point) change** in the one-month LIBOR rate would impact the company's annualized cash flows by approximately **$0.3 million**[190](index=190&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting - The Principal Executive Officer and Principal Financial Officer concluded that as of the end of the period, the company's disclosure controls and procedures were **effective**[192](index=192&type=chunk) - There were **no changes in internal control over financial reporting** during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, internal controls[193](index=193&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in material litigation and anticipates no future routine litigation will materially impact its financial position - Management does not believe that any current or future routine litigation will materially affect the company's financial position or operations[196](index=196&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the Annual Report on Form 10-K for the year ended December 31, 2020 - No material changes from the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020 have occurred[197](index=197&type=chunk) [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information) On May 14, 2021, the company terminated its open market sale agreement with D.A. Davidson & Co., part of its ATM program, with no shares sold - On May 14, 2021, the company terminated its open market sale agreement with D.A. Davidson & Co., effective immediately[200](index=200&type=chunk)

POSTAL REALTY TRUST, INC. NYSE: PSTL May 2021 Investor Presentation Disclaimer & Forward Looking Statements This presentation regarding Postal Realty Trust, Inc. ("our", "us", "we" or the "Company") contains "forward-looking statements." Forward-looking statements include statements identified by words such as "could," "may," "might," "will," "likely," "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "continues," "projects" and similar references to future periods, or by the i ...

Postal Realty Trust, Inc. (NYSE:PSTL) Q1 2021 Results Earnings Conference Call May 11, 2021 5:00 PM ET Company Participants Jordan Cooperstein - Vice President of FP&A, Capital Markets Andrew Spodek - Chief Executive Officer, Director Robert Klein - Chief Financial Officer Jeremy Garber - President, Treasurer and Secretary Conference Call Participants Rob Stevenson - Janney Jon Petersen - Jefferies Frank Lee - BMO Ed Groshan - Height Capital Markets Operator Greetings and welcome to Postal Realty Trust firs ...

PART I [ITEM 1. BUSINESS](index=6&type=section&id=ITEM%201.%20BUSINESS) A leading internally managed REIT, the company owns 726 fully-leased USPS properties across 47 states (Dec 2020) - The company is an internally managed real estate corporation, positioning itself as one of the largest owners and managers of properties leased to the USPS by net leasable square footage[21](index=21&type=chunk) Real Estate Portfolio as of December 31, 2020 | Metric | Value | | :--- | :--- | | Number of Properties | 726 | | States | 47 | | Net Leasable Square Feet | ~2.7 million sq ft | | Occupancy | 100% | | Weighted Avg. Remaining Lease Term | ~3.7 years | | Total Investment | ~$259.8 million | 2020 Company Highlights | Highlight | Detail | | :--- | :--- | | Rent Collection & Occupancy | Collected 100% of rents and maintained 100% occupancy | | Acquisitions | Acquired 261 properties for approximately $130 million | | Financing | Increased credit facility capacity to $150.0 million and obtained $44.0 million in fixed-rate mortgage financing | | Equity Offering | Completed a follow-on offering of 3.5 million shares, raising $52.2 million in gross proceeds | | Dividends | Increased the quarterly dividend to $0.2175 for Q4 2020, marking the sixth consecutive quarterly increase | - Most leases are modified double-net, with USPS covering utilities, routine maintenance, and property taxes, reducing the company's exposure to operating expense increases[24](index=24&type=chunk) - As of December 31, 2020, the company employed **25 full-time employees** and adopted remote work policies due to COVID-19[31](index=31&type=chunk)[35](index=35&type=chunk) [ITEM 1A. RISK FACTORS](index=9&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces substantial risks from its dependence on the USPS, acquisition challenges, and REIT compliance [Risks Related to the USPS](index=11&type=section&id=Risks%20Related%20to%20the%20USPS) The company's viability is linked to the USPS's financial health, operational changes, and market competition - The business is substantially dependent on the demand for leased postal properties. The USPS's ten-year plan, "Delivering for America," includes evaluating facility consolidations, which could materially adversely affect operations[50](index=50&type=chunk) - The USPS's financial health is a major risk, given its substantial indebtedness and significant underfunded retiree health benefit obligations, which could impact its ability to meet lease payments[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) - The USPS faces significant competition from private delivery services (FedEx, Amazon, UPS) and substitute products like digital communication, which has led to declining mail volumes[57](index=57&type=chunk) - The COVID-19 pandemic has caused a decline in mail volume and could reduce demand for postal properties. While the CARES Act provided a **$10 billion loan** to the USPS, its sufficiency is uncertain, and the USPS had not received any portion of it as of the report date[63](index=63&type=chunk)[64](index=64&type=chunk) [Risks Related to Our Business and Operations](index=14&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Operations) Key operational risks include property acquisition difficulty, lease renewal uncertainty, and interest rate changes - A significant part of the business plan is to acquire more USPS-leased properties, but the market is highly fragmented with a limited number of such properties, increasing acquisition costs and competition[73](index=73&type=chunk) - As of March 30, 2021, the leases at **11 properties** had expired, with the USPS occupying them as a holdover tenant. This affects approximately **$0.2 million** in annualized rental income and excludes these properties from the credit facility's borrowing base[78](index=78&type=chunk) - The announced cessation of LIBOR after **June 30, 2023**, will require LIBOR-based borrowings to be converted to a replacement rate like SOFR, which could result in higher interest costs[87](index=87&type=chunk) - The company's success is highly dependent on key personnel, particularly Andrew Spodek (CEO), Jeremy Garber (President), and Robert Klein, whose loss could adversely affect business operations and relationships[92](index=92&type=chunk) [Risks Related to Our Organizational Structure](index=23&type=section&id=Risks%20Related%20to%20Our%20Organizational%20Structure) Organizational risks include CEO influence, potential conflicts of interest, and anti-takeover provisions - CEO Andrew Spodek and his affiliates held approximately **14.3%** of the company's combined voting power as of March 30, 2021, giving them significant influence over stockholder matters[113](index=113&type=chunk) - Conflicts of interest may arise between the company's stockholders and the limited partners of the operating partnership, particularly regarding decisions that have different tax implications for each group[115](index=115&type=chunk) - The company's charter restricts stock ownership to **8.5%** for any single shareholder (with an exception for Mr. Spodek), which may deter tender offers or a change of control[118](index=118&type=chunk) - Tax protection agreements entered into with property contributors may limit the company's ability to sell certain properties and require it to maintain specific debt levels to help contributors defer taxes[127](index=127&type=chunk) [Risks Related to Our Status as a REIT](index=28&type=section&id=Risks%20Related%20to%20Our%20Status%20as%20a%20REIT) Maintaining REIT status requires complex tax rule adherence, risking corporate taxation and distribution obligations - Failure to maintain REIT qualification would result in taxation as a regular corporation, substantially reducing funds available for stockholder distributions[134](index=134&type=chunk)[135](index=135&type=chunk) - The company must distribute at least **90%** of its REIT taxable income annually. This requirement may force the company to borrow funds or sell assets on unfavorable terms to meet distribution obligations[138](index=138&type=chunk)[153](index=153&type=chunk) - The company's ability to dispose of properties is limited by a **100% tax** on net income from "prohibited transactions," which are sales of property held primarily for sale to customers[141](index=141&type=chunk) - Dividends from REITs generally do not qualify for the reduced tax rates applicable to qualified dividend income from regular corporations, which could make REIT stocks less attractive to certain investors[151](index=151&type=chunk) [ITEM 1B. UNRESOLVED STAFF COMMENTS](index=35&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports no unresolved comments from the Securities and Exchange Commission staff - None[165](index=165&type=chunk) [ITEM 2. PROPERTIES](index=36&type=section&id=ITEM%202.%20PROPERTIES) As of Dec 31, 2020, the portfolio comprised 726 USPS-leased properties across 47 states, totaling 2.7 million sq ft - As of December 31, 2020, the company owned a portfolio of **726 postal properties** in **47 states**, totaling approximately **2.7 million net leasable interior square feet**. All properties were leased to the USPS, except for one multi-tenant industrial facility where the USPS is the primary tenant[167](index=167&type=chunk) Scheduled Lease Expirations by Year (as of Dec 31, 2020) | Year | Number of Leases Expiring | % of Total Square Footage | % of Annualized Lease Revenue | | :--- | :--- | :--- | :--- | | 2021 | 72 | 5.9% | 6.3% | | 2022 | 212 | 19.4% | 16.6% | | 2023 | 87 | 11.4% | 13.0% | | 2024 | 90 | 18.3% | 16.8% | | 2025 | 120 | 13.2% | 18.2% | | Thereafter | 147 | 31.7% | 28.9% | - A master lease covering **135 of the 212 leases** expiring in 2022 was extended in January 2021 to February 2027[174](index=174&type=chunk) [ITEM 3. LEGAL PROCEEDINGS](index=37&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) The company is not involved in any material litigation or aware of any threatened material litigation - The company is not presently subject to any material litigation nor is any material litigation threatened against it, other than routine actions arising in the ordinary course of business[172](index=172&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=37&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company's business operations - Not Applicable[173](index=173&type=chunk) PART II [ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](index=38&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) The company's Class A common stock trades on NYSE under 'PSTL', with 13.3M shares outstanding as of March 2021 - The company's Class A common stock trades on the NYSE under the symbol "**PSTL**"[176](index=176&type=chunk) - As of March 30, 2021, there were **13,326,514 shares** of Class A common stock issued and outstanding[176](index=176&type=chunk) - The company intends to continue declaring quarterly dividends on its Class A common stock, subject to the discretion of the Board of Directors[178](index=178&type=chunk) [ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=38&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) In 2020, the company expanded to 726 properties, driving 119% revenue growth to $24.7M, with a net loss of $0.6M [Overview](index=39&type=section&id=Overview) The company significantly grew its USPS-leased property portfolio to 726 in 2020, funded by equity offerings - For the year ended December 31, 2020, the company acquired **261 postal properties** for approximately **$130 million**, growing its portfolio to **726 owned properties**[184](index=184&type=chunk) - On July 15, 2020, the company priced a public offering of **3.5 million shares** of Class A common stock, which raised approximately **$49.4 million** in net proceeds[188](index=188&type=chunk) - In December 2020, the company entered into an "at the market" (ATM) offering program to sell up to **$50 million** of its Class A common stock[189](index=189&type=chunk) [Factors That May Influence Future Results of Operations](index=42&type=section&id=Factors%20That%20May%20Influence%20Future%20Results%20of%20Operations) Future results depend on USPS stability, lease renewals, market rates, and control over operating costs - The company is dependent on the USPS's financial and operational stability, which is currently threatened by various circumstances without federal government intervention[196](index=196&type=chunk) - Revenues are primarily from rent and tenant reimbursements. The majority of leases are modified double-net, where the USPS is responsible for utilities, routine maintenance, and reimbursement of property taxes[200](index=200&type=chunk)[201](index=201&type=chunk) - As of March 30, 2021, **11 leases** were in holdover status, representing **$0.2 million** of annual rental revenue, posing a risk if they are not successfully renewed[210](index=210&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Total revenues increased 119% to $24.7M in 2020, improving net loss to $0.6M despite higher expenses Comparison of Operating Results (2020 vs. 2019) | Metric | 2020 ($) | 2019 ($) | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $24,675,872 | $11,289,356 | $13,386,516 | 119% | | Income from Operations | $2,263,345 | $68,527 | $2,194,818 | 3203% | | Net Loss | ($640,878) | ($1,492,431) | $851,553 | (57)% | - The **$13.4 million increase** in total revenues was primarily attributable to having the properties from the Formation Transactions for the full year and the impact of properties acquired since the IPO[214](index=214&type=chunk) - General and administrative expenses increased by **$3.4 million** to **$8.2 million**, driven by higher professional fees, personnel costs, and a **$1.2 million increase** in equity-based compensation expense[220](index=220&type=chunk) - Depreciation and amortization expense increased by **$5.4 million** to **$9.2 million**, primarily related to the expanded property portfolio[221](index=221&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) As of Dec 31, 2020, the company had $2.2M cash and $125M debt, with increased credit facility capacity - As of December 31, 2020, the company had approximately **$2.2 million of cash** and **$1.1 million of escrows and reserves**[227](index=227&type=chunk) Consolidated Indebtedness as of December 31, 2020 | Debt Instrument | Amount Outstanding ($) | | :--- | :--- | | Credit Facility | $78,000,000 | | Mortgage Loans & Seller Financing | $47,035,656 | | **Total Principal** | **$125,035,656** | - In January 2020, the company exercised an accordion feature to increase its credit facility capacity from **$100.0 million to $150.0 million**[228](index=228&type=chunk) - Subsequent to year-end, in January 2021, the company completed a follow-on offering that resulted in approximately **$53.9 million** in net proceeds[246](index=246&type=chunk) [ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](index=53&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section presents audited consolidated financial statements for 2020 and 2019, reflecting portfolio growth [Consolidated Balance Sheets](index=55&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $258.9M in 2020, driven by property acquisitions and increased liabilities Key Balance Sheet Figures | Balance Sheet Item | Dec 31, 2020 ($) | Dec 31, 2019 ($) | | :--- | :--- | :--- | | Total real estate properties, net | $233,855,507 | $111,770,083 | | Total Assets | $258,884,811 | $136,788,197 | | Total Liabilities | $139,246,285 | $66,964,922 | | Total Stockholders' Equity | $91,989,973 | $48,873,603 | [Consolidated and Combined Consolidated Statements of Operations](index=56&type=section&id=Consolidated%20and%20Combined%20Consolidated%20Statements%20of%20Operations) Total revenues reached $24.7M in 2020, improving net loss to $0.6M despite increased expenses Key Income Statement Figures | Income Statement Item | For the Year Ended Dec 31, 2020 ($) | For the Year Ended Dec 31, 2019 ($) | | :--- | :--- | :--- | | Total Revenues | $24,675,872 | $11,289,356 | | Income from Operations | $2,263,345 | $68,527 | | Net Loss | ($640,878) | ($1,492,431) | | Net Loss per Share (Basic and Diluted) | ($0.10) | ($0.30) | [Consolidated and Combined Consolidated Statements of Cash Flows](index=58&type=section&id=Consolidated%20and%20Combined%20Consolidated%20Statements%20of%20Cash%20Flows) In 2020, operating activities generated $9.4M cash, while $126.2M was used for acquisitions, funded by financing Summary of Cash Flows | Cash Flow Activity | For the Year Ended Dec 31, 2020 ($) | For the Year Ended Dec 31, 2019 ($) | | :--- | :--- | :--- | | Net cash provided by operating activities | $9,395,734 | $2,858,623 | | Net cash used in investing activities | ($126,152,208) | ($72,654,037) | | Net cash provided by financing activities | $106,843,205 | $82,117,142 | [ITEM 9A. CONTROLS AND PROCEDURES](index=83&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls and internal control over financial reporting were effective as of Dec 31, 2020 - Management, including the principal executive officer and principal financial officer, concluded that the company's disclosure controls and procedures were effective as of December 31, 2020[397](index=397&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2020, based on the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)[398](index=398&type=chunk) - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, these controls[399](index=399&type=chunk) PART III [ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](index=84&type=section&id=ITEM%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2021 Proxy Statement - The information required by Item 10 is incorporated by reference to the company's definitive Proxy Statement for its 2021 annual stockholders' meeting[402](index=402&type=chunk) [ITEM 11. EXECUTIVE COMPENSATION](index=84&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) Executive compensation information is incorporated by reference from the company's 2021 annual stockholders' meeting Proxy Statement - The information required by Item 11 is incorporated by reference to the company's definitive Proxy Statement for its 2021 annual stockholders' meeting[403](index=403&type=chunk) [ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](index=84&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Security ownership information is incorporated by reference from the company's 2021 annual stockholders' meeting Proxy Statement - The information required by Item 12 is incorporated by reference to the company's definitive Proxy Statement for its 2021 annual stockholders' meeting[404](index=404&type=chunk) [ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](index=84&type=section&id=ITEM%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Related party transactions and director independence information is incorporated by reference from the 2021 Proxy Statement - The information required by Item 13 is incorporated by reference to the company's definitive Proxy Statement for its 2021 annual stockholders' meeting[405](index=405&type=chunk) [ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES](index=84&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Principal accountant fees and services information is incorporated by reference from the 2021 Proxy Statement - The information required by Item 14 is incorporated by reference to the company's definitive Proxy Statement for its 2021 annual stockholders' meeting[406](index=406&type=chunk) PART IV [ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES](index=85&type=section&id=ITEM%2015.%20EXHIBITS%2C%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists financial statements, schedules, and exhibits filed with the Annual Report on Form 10-K - This section contains the list of financial statements, financial statement schedules, and exhibits filed with the Annual Report on Form 10-K[408](index=408&type=chunk)[411](index=411&type=chunk) [ITEM 16. FORM 10-K SUMMARY](index=90&type=section&id=ITEM%2016.%20FORM%2010-K%20SUMMARY) The company has indicated that no Form 10-K summary is provided in this report - None[424](index=424&type=chunk)

Company Overview - Postal Realty Trust believes it is the nation's largest owner and manager of properties leased to the USPS[6] - The company has deployed $212 million into 505 postal properties since its IPO[6] - The company owns 775 postal properties in 47 states[6,10] - The company manages 399 additional postal properties[6] - The weighted average lease renewal rate between 2010 and 2020 is 980%[6,16] - 967% of the company's revenue is from the U S Government independent agency tenant[6] Portfolio Growth - Since its IPO, the company has grown its property count from 270 to 775, an increase of 187%[7,8] - The company's square footage has grown from 871843 to 3338646, an increase of 283%[6,8] - The company's annualized rental income has grown from $8348003 to $28559318, an increase of 242%[8,12] - The company's dividend has grown by 55% since initiation[7,8] Lease Information - The company's historical weighted average lease retention rate is 980% from 2010 to 2020[6,16] - 40% of the company's total rent comes from leases expiring "Thereafter" (after 2025), totaling $11124964[19]

Postal Realty Trust, Inc. (NYSE:PSTL) Q4 2020 Earnings Conference Call March 23, 2021 5:00 PM ET Company Participants Jordan Cooperstein - IR Andrew Spodek - CEO & Director Jeremy Garber - President, Treasurer & Secretary Robert Klein - CFO Conference Call Participants Robert Stevenson - Janney Montgomery Scott Jonathan Petersen - Jefferies Frank Lee - BMO Capital Markets Barry Oxford - D.A. Davidson & Co. Michael Gorman - BTIG Edwin Groshans - Height Analytics Operator Thank you for standing by. This is th ...

November 2020 Investor Presentation NYSE: PSTL Postal Realty Trust, Inc. Disclaimer & Forward Looking Statements This presentation regarding Postal Realty Trust, Inc. ("our", "us", "we" or "the Company") contains "forward-looking statements." Forward-looking statements include statements regarding the proposed public offering and other statements identified by words such as "could," "may," "might," "will," "likely," "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "continues," ...