Postal Realty Trust, Inc.

Scheduled Lease Expirations

As of December 31, 2025, the weighted average remaining years to maturity pursuant to our leases with the USPS was approximately four years, with expirations through 2038, assuming tenants do not exercise any existing renewal, termination or purchase options. The table below details scheduled lease expirations, as of December 31, 2025, for our properties for the periods indicated.

Number of Leases Expiring · Total Lease Square Footage · Annualized Lease Revenue(1)

Year · Amount · Amount

2026 (2) · 260 · 1,020,593 · 14.5 · 9,938,401 · 11.9

2027 · 469 · 1,469,422 · 20.9 · 15,820,069 · 18.8

2028 · 243 · 874,958 · 12.4 · 11,526,336 · 13.8

2029 · 179 · 656,950 · 9.3 · 8,417,209 · 10.1

2030 · 202 · 1,179,723 · 16.7 · 9,911,018 · 11.8

2031 · 112 · 288,065 · 4.1 · 3,460,861 · 4.1

2032 · 30 · 110,500 · 1.6 · 2,821,251 · 3.4

2033 · 7 · 307,498 · 4.4 · 2,517,400 · 3.0

2034 · 129 · 484,234 · 6.9 · 8,917,587 · 10.7

2035 · 250 · 565,361 · 8.0 · 9,523,749 · 11.4

2036 · 38 · 87,257 · 1.2 · 824,942 · 1.0

2037 · — · — · — · — · —

2038 · 1 · 852 · — · 6,240 · —

Totals · 1,920 · 7,045,413 · 100.0 · 83,685,063 · 100.0

(1)Annualized contractual rent in effect on December 31, 2025 for all of our leases (including those accounted for as direct financing leases).

(2)Includes approximately 8,646 of interior lease square footage occupied by month-to-month holdover leases or leases that expired during the year ended December 31, 2025. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease.

• Newtonville Postal Realty Holdings LLC Delaware⁴
• Ohio Postal Holdings, LLC Delaware⁴
• PPP Assets, LLC Florida⁴
• Pennsylvania Postal Holdings, LLC Delaware⁴
• Postal Holdings LLC Delaware⁴
• Postal Realty Holdings LLC Delaware⁴
• Postal Realty LP Delaware⁴
• Puerto Rico Postal Realty Holdings LLC Delaware⁴
• Real Estate Asset Counseling, LLC Delaware⁴
• Sallisaw Postal Realty Holdings LLC Delaware⁴
• South Carolina Postal Holdings LLC Delaware⁴
• Southern Postal Realty Holdings, LLC Delaware⁴
• Tennessee Postal Holdings, LLC Delaware⁴
• Thorn Hill Postal Realty Holdings I LLC Delaware⁴
• Thorn Hill Postal Realty Holdings II LLC Delaware⁴
• Thorn Hill Postal Realty Holdings LLC Delaware⁴
• Topeka Postal Realty Holdings LLC Delaware⁴
• UPH Merger Sub LLC Delaware⁴
• United Post Office Investments, LLC Delaware⁴
• Virginia Beach Postal Holdings LLC Delaware⁴
• Western Postal Realty Holdings, LLC Delaware⁴
• Wisconsin Postal Holdings, LLC Delaware⁴

• Because the USPS is an independent agency of the U.S. federal government, our properties may have a higher risk of terrorist attacks than similar properties leased to non-governmental tenants.
• Litigation and catastrophic events involving the USPS may disrupt our business.
• We may be unable to acquire and/or manage additional USPS-leased properties at competitive prices or at all.
• Our acquisitions may not achieve the returns we expect.
• The widespread geographical footprint of our Property Portfolio may expose us to changes in regional or local conditions in many jurisdictions.
• We may be unable to renew leases or sell vacated properties on favorable terms, or at all, as leases expire, which could materially adversely affect us.
• We may incur significant maintenance, repair and capital expenses under our leases.
• Property vacancies could result in significant capital expenditures and illiquidity.
• As of February 24, 2026, the leases at nine of our properties were expired and the USPS is occupying such properties as a holdover tenant. If we are not successful in renewing these expired leases, we will likely experience reduced occupancy, rental income and net operating income and potential impairment loss.
• Our use of OP Units as consideration to acquire properties could result in stockholder dilution and/or limit our ability to sell such properties.
• Illiquidity of commercial real estate could significantly impede our ability to respond to adverse changes in the performance of our properties and harm our financial condition.
• An increase in the amount of USPS or U.S. government-owned real estate may adversely affect us.
• Our real estate taxes for properties where we are not reimbursed could increase due to property tax rate changes or reassessment.
• We may be exposed to risks associated with property development and redevelopment.
• Increases in interest rates or unavailability of debt financing may make it difficult for us to finance or refinance our debt.
• Mortgage debt obligations expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt.
• Covenants in our debt instruments could adversely affect our financial condition.
• Failure to hedge effectively against interest rate changes may adversely affect our financial condition, results of operations, cash flow, cash available for distribution and our ability to service our debt obligations.
• Our success depends on key personnel whose continued service is not guaranteed, and the loss of one or more of our key personnel could adversely affect our ability to manage our business and to implement our growth strategies, or could create a negative perception of our company in the capital markets.
• We may be subject to on-going or future litigation, including existing claims relating to the entities that owned the properties previously and otherwise in the ordinary course of business, which could have a material adverse effect on our financial condition, results of operations, cash flow and the per share trading price of our Class A common stock.
• Insurance on our properties may not adequately cover all losses and uninsured losses if we experience a substantial or comprehensive loss of such properties.
• Potential future joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on co-venturers’ financial condition and disputes between us and our co-venturers.
• Competition for skilled personnel could increase our labor costs.
• Our growth depends on external sources of capital that are outside of our control and may not be available to us on commercially reasonable terms or at all, which could limit our ability to, among other things, meet our capital and operating needs or make the cash distributions to our stockholders necessary to qualify and maintain our qualification as a REIT.
• We could incur significant costs and liabilities related to environmental matters.
• Our properties may contain or develop harmful mold or suffer from other air quality issues, which could lead to liability for adverse health effects and costs of remediation.
• We are subject to risks from natural disasters and the risks associated with climate change.
• Our properties may be subject to impairment charges and we are subject to risks related to commercial real estate ownership that could reduce the value of our properties.
• Our title insurance policies may not cover all title defects.
• We may incur significant costs complying with various federal, state and local laws, regulations and covenants that are applicable to our properties.
• We have acquired and may continue to acquire properties that are (i) leased to both the USPS and non-postal tenants, (ii) leased solely to non-postal tenants or (iii) in markets that are new to us, and we may not be able to adapt to these new business models.
• The increased use of artificial intelligence (“AI”) and automation activities by our USPS and non-postal tenants may change the uses, space configurations, and tenant requirements for our owned properties in currently unforeseen ways.
• We have acquired and may continue to acquire properties that are subject to purchase options in favor of the USPS.
• We may incur goodwill and other intangible asset impairment charges, which could adversely affect our earnings and financial condition.
• We may have difficulty implementing changes to our information technology systems and incorporating AI into our business.
• We may not be as successful as our competitors incorporating AI into our business or adapting to a rapidly changing marketplace.
• Use of social media may adversely impact our reputation and business.
• We cannot assure stockholders of our ability to pay dividends in the future.
• The U.S. federal income tax treatment of the cash that we might receive from cash settlement of the forward equity sales agreements is unclear and could jeopardize our ability to meet the REIT qualification requirements.
• Mr. Spodek and his affiliates own, directly or indirectly, a substantial beneficial interest in our company on a fully diluted basis and have the ability to exercise significant influence on our company and our Operating Partnership, including the approval of significant corporate transactions.
• Conflicts of interest may exist or could arise in the future between the interests of our stockholders and the interests of holders of units in our Operating Partnership, which may impede business decisions that could benefit our stockholders.
• Our charter contains certain provisions restricting the ownership and transfer of our stock that may delay, defer or prevent a change of control transaction that might involve a premium price for our Class A common stock or that our stockholders otherwise believe to be in their best interests.
• We could increase the number of authorized shares of stock, classify and reclassify unissued stock and issue stock without stockholder approval.
• Certain provisions of the Maryland General Corporation Law could inhibit changes of control, which may discourage third parties from conducting a tender offer or seeking other change of control transactions that could involve a premium price for our Class A common stock or that our stockholders otherwise believe to be in their best interests.
• Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
• Certain provisions in the partnership agreement of our Operating Partnership may delay or prevent unsolicited acquisitions of us.
• Tax protection agreements may limit our ability to sell or otherwise dispose of certain properties and may require our Operating Partnership to maintain certain debt levels that otherwise would not be required to operate our business.
• We are a “smaller reporting company,” with reduced disclosure requirements.
• If there are deficiencies in our disclosure controls and procedures or internal control over financial reporting, we may be unable to accurately present our financial statements, which could materially and adversely affect us.
• Our Board of Directors may change our strategies, policies and procedures without stockholder approval, and we may become more highly leveraged, which may increase our risk of default under our debt obligations.
• Our rights and the rights of our stockholders to take action against our directors and officers are limited.
• We are a holding company with no direct operations and, as such, we rely on funds received from our Operating Partnership to pay liabilities, and the interests of our stockholders are structurally subordinated to all liabilities and obligations of our Operating Partnership and its subsidiaries.
• Our Operating Partnership may issue additional OP Units to third parties without the consent of our stockholders, which would reduce our ownership percentage in our Operating Partnership and could have a dilutive effect on the amount of distributions made to us by our Operating Partnership and, therefore, the amount of distributions we can make to our stockholders.
• Failure to remain qualified as a REIT would cause us to be taxed as a regular corporation, which would substantially reduce funds available for distributions to our stockholders.
• Failure to make required distributions would subject us to federal corporate income tax.
• Complying with REIT requirements may cause us to forego otherwise attractive opportunities or liquidate otherwise attractive investments.
• The prohibited transactions tax may limit our ability to dispose of our properties.
• The ability of our Board of Directors to revoke our REIT election without stockholder approval may cause adverse consequences to our stockholders.
• Our transactions with our TRS will cause us to be subject to a 100% penalty tax on certain income or deductions if those transactions are not conducted on arm’s-length terms.
• You may be restricted from acquiring or transferring certain amounts of our Class A common stock.
• If our Operating Partnership failed to qualify as a partnership for federal income tax purposes, we would cease to qualify as a REIT and suffer other adverse consequences.
• To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions, and the unavailability of such capital on favorable terms at the desired times, or at all, may cause us to curtail our investment activities or dispose of assets at inopportune times and/or on unfavorable terms, which could materially adversely affect our financial condition, results of operations and cash flow.
• Covenants in our agreements for our Credit Facilities or other borrowings may restrict our ability to pay distributions which could cause us to fail to qualify as a REIT.
• New legislation or administrative or judicial action, in each instance potentially with retroactive effect, could adversely affect us or our stockholders.
• An increase in market interest rates may have an adverse effect on the market price of our securities.
• Inflation may adversely affect our financial condition and results of operations.
• Changes in accounting pronouncements could adversely impact our reported financial performance.
• We could be adversely impacted if there are deficiencies in our disclosure controls and procedures or internal control over financial reporting.