Postal Realty Trust, Inc.

Previous wording

We were formed as a Maryland corporation on November 19, 2018 and commenced operations upon completion of our initial public offering and the related formation transactions. We conduct our business through a traditional UPREIT structure in which our properties are owned by our Operating Partnership directly or through limited partnerships, limited liability companies or other subsidiaries. During the six months ended June 30, 2025, we acquired 104 properties leased to the

Current wording

We were formed as a Maryland corporation on November 19, 2018 and commenced operations upon completion of our initial public offering and the related formation transactions. We conduct our business through a traditional UPREIT structure in which our properties are owned by our Operating Partnership directly or through limited partnerships, limited liability companies or other subsidiaries. During the nine months ended September 30, 2025, we acquired 151 properties leased to the USPS for approximately $96.6 million, including closing costs. As of September 30, 2025, our portfolio consists of 1,853 owned properties, located in 49 states and one territory and comprising approximately 6.9 million net leasable interior square feet.

Previous wording

We are the sole general partner of our Operating Partnership through which our properties are directly or indirectly owned. As of August 4, 2025, we owned approximately 77.8% of outstanding common units of limited partnership interest in our Operating Partnership (the “OP Units”), including long term incentive units of our Operating Partnership (the “LTIP Units”). Our Board of Directors oversees our business and affairs.

Current wording

We are the sole general partner of our Operating Partnership through which our properties are directly or indirectly owned. As of November 4, 2025, we owned approximately 78.7% of outstanding common units of limited partnership interest in our Operating Partnership (the “OP Units”), including long term incentive units of our Operating Partnership (the “LTIP Units”). Our Board of Directors oversees our business and affairs.

Previous wording

On November 4, 2022, the Company entered into separate open market sale agreements for its at-the-market offering programs with each of Jefferies LLC, BMO Capital Markets Corp., Janney Montgomery Scott LLC, Stifel, Nicolaus & Company, Incorporated and Truist Securities, Inc., as agents (the "ATM Program"), pursuant to which the Company may offer and sell shares of its Class A common stock having an aggregate sales price of up to $50.0 million. The agreements also provide that the Company may enter into one or more forward sale agreements under separate master forward confirmations and related supplemental confirmations with affiliates of certain agents. On August 8, 2023, the Company amended the ATM Program to increase the aggregate offering amount under the program to $150.0 million. On November 4, 2024, the Company entered into separate open market sale agreements for the ATM Program with each of Mizuho Securities USA LLC (“Mizuho”) and M&T Securities, Inc. (“M&T”), as additional sales agents, and affiliates of Mizuho, as forward sellers. During the six months ended June 30, 2025, 669,454 shares were issued under the ATM Program for approximately $9.8 million in gross proceeds. As of June 30, 2025, we had approximately $83.9 million of availability remaining under the ATM Program.

Current wording

On November 4, 2022, the Company entered into separate open market sale agreements for its at-the-market offering programs with each of Jefferies LLC, BMO Capital Markets Corp., Janney Montgomery Scott LLC, Stifel, Nicolaus & Company, Incorporated and Truist Securities, Inc., as agents (the "ATM Program"), pursuant to which the Company may offer and sell shares of its Class A common stock having an aggregate sales price of up to $50.0 million. The agreements also provide that the Company may enter into one or more forward sale agreements under separate master forward confirmations and related supplemental confirmations with affiliates of certain agents. On August 8, 2023, the Company amended the ATM Program to increase the aggregate offering amount under the program to $150.0 million. On November 4, 2024, the Company entered into separate open market sale agreements for the ATM Program with each of Mizuho Securities USA LLC (“Mizuho”) and M&T Securities, Inc. (“M&T”), as additional sales agents, and affiliates of Mizuho, as forward sellers. During the nine months ended September 30, 2025, 2,347,137 shares were issued under the ATM Program for approximately $35.8 million in gross proceeds. As of September 30, 2025, we had approximately $57.9 million of availability remaining under the ATM Program.

Previous wording

As of June 30, 2025, we owned a portfolio of 1,806 properties located in 49 states and one territory and leased primarily to the USPS. For the six months ended June 30, 2025, approximately 10.6% of our total rental income was concentrated in Pennsylvania.

Current wording

As of September 30, 2025, we owned a portfolio of 1,853 properties located in 49 states and one territory and leased primarily to the USPS. For the nine months ended September 30, 2025, approximately 10.4% of our total rental income was concentrated in Pennsylvania.

Previous wording

Our credit facilities (the "Credit Facilities"), including the Third Amendment to the Credit Facilities (the "Third Amendment") consist of a $150.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility"), a $75.0 million senior unsecured term loan facility (the "2021 Term Loan") and a $175.0 million senior unsecured term loan facility (the "2022 Term Loan"). In addition, the Third Amendment increases the 2022 Term Loan commitments in an aggregate principal amount of up to $50.0 million.

Current wording

Our Amended and Restated Credit Agreement, dated September 19, 2025 (the "Credit Facilities"), consists of a (i) $150.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility") and (ii) $290.0 million term loan facility consisting of a (x) $115.0 million senior unsecured term loan (the "2030 Term Loan") and (y) $175.0 million senior unsecured delayed draw term loan (the "2028 Term Loan," and, collectively with the "2030 Term Loan", the "Term Loans.").

Previous wording

As of the date of this report, the USPS had not vacated or notified us of its intention to vacate any properties. When a lease expires, the USPS becomes a holdover tenant on a month-to-month basis typically paying the greater of estimated market rent or the rent amount under the expired lease. As of August 4, 2025, none of the properties we own were being occupied by the USPS as a holdover tenant.

Current wording

As of the date of this report, the USPS had not vacated or notified us of its intention to vacate any properties. When a lease expires, the USPS becomes a holdover tenant on a month-to-month basis typically paying the greater of estimated market rent or the rent amount under the expired lease. As of November 4, 2025, two of the properties we own were being occupied by the USPS as a holdover tenant.

Previous wording

Rental income – Rental income includes net rental income as well as the recovery of certain operating costs and property taxes from tenants. Rental income increased by $5.4 million to $22.7 million for the three months ended June 30, 2025 from $17.4 million for the three months ended June 30, 2024, primarily due to the volume of our acquisitions and the execution of new leases with annual escalations.

Current wording

Rental income – Rental income includes net rental income as well as the recovery of certain operating costs and property taxes from tenants. Rental income increased by $4.9 million to $23.7 million for the three months ended September 30, 2025 from $18.8 million for the three months ended September 30, 2024, primarily due to the volume of our acquisitions and the execution of new leases with annual escalations.

Previous wording

Fee and other– Fee and other revenue decreased by $0.1 million to $0.6 million for the three months ended June 30, 2025 from $0.7 million for the three months ended June 30, 2024, primarily due to a decrease in management fees.

Current wording

Fee and other– Fee and other revenue decreased by $0.3 million to $0.6 million for the three months ended September 30, 2025 from $0.9 million for the three months ended September 30, 2024, primarily due to a decrease in management fees and miscellaneous income.

Previous wording

Real estate taxes – Real estate taxes increased by $0.4 million to $2.8 million for the three months ended June 30, 2025 from $2.4 million for the three months ended June 30, 2024, primarily due to the volume of our acquisitions.

Current wording

Real estate taxes – Real estate taxes increased by $0.4 million to $2.9 million for the three months ended September 30, 2025 from $2.5 million for the three months ended September 30, 2024, primarily due to the volume of our acquisitions.

Previous wording

Property operating expenses – Property operating expenses decreased by $0.1 million to $2.0 million for the three months ended June 30, 2025 from $2.1 million for the three months ended June 30, 2024. Property management expenses are included within property operating expenses and decreased by $0.1 million to $0.6 million for the three months ended June 30, 2025 from $0.7 million for the three months ended June 30, 2024.

Current wording

Property operating expenses – Property operating expenses decreased by $0.2 million to $2.4 million for the three months ended September 30, 2025 from $2.5 million for the three months ended September 30, 2024. Property management expenses are included within property operating expenses and totaled $0.7 million for each of the three months ended September 30, 2025 and 2024. The decrease was primarily related to lower repairs and maintenance due to scope and timing.

Previous wording

Casualty and impairment losses (gains), net -Casualty and impairment gains for the six months ended June 30, 2025 were $0.2 million which reflects $0.6 million in gross charges primarily related to the net book value of several properties damaged as a result of natural disasters and related repairs, offset by $1.0 million of related insurance claims resulting in a net gain of $0.4 million and $0.2 million for an impairment on an asset that was reclassified to Assets Held for Sale. No casualty and impairment losses (gain), net occurred for the six months ended June 30, 2024.

Current wording

Casualty and impairment losses (gains), net -Casualty and impairment losses for the three months ended September 30, 2025 were $0.1 million which reflects $0.1 million in gross charges primarily related to the net book value of several properties damaged as a result of natural disasters and related repairs, offset by $0.04 million of related insurance claims resulting in a net loss of $0.1 million. Casualty and impairment losses (gains), net were $0.2 million for the three months ended September 30, 2024 which reflects $0.2 million in gross charges primarily related to the net book value for an asset damaged as a result of vandalism.

Previous wording

Depreciation and amortization – Depreciation and amortization expense increased by $0.4 million to $5.9 million for the three months ended June 30, 2025 from $5.5 million for three months ended June 30, 2024, primarily due to the volume of our acquisitions.

Current wording

Depreciation and amortization – Depreciation and amortization expense increased by $0.4 million to $6.1 million for the three months ended September 30, 2025 from $5.8 million for three months ended September 30, 2024, primarily due to the volume of our acquisitions.

Previous wording

During the three months ended June 30, 2025, we incurred total interest expense, net of $4.0 million compared to $3.1 million for the three months ended June 30, 2024. The increase in interest expense was primarily due to additional borrowings under the Credit Facilities and increased interest rates.

Current wording

During the three months ended September 30, 2025, we incurred total interest expense, net of $4.3 million compared to $3.4 million for the three months ended September 30, 2024. The increase in interest expense was primarily due to an increase in net borrowings on our Credit Facilities (including the $40.0 million of term loan proceeds borrowed on September 19, 2025) and an increase of $0.1 million for loss on early extinguishment of debt 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.

Previous wording

Rental income– Rental income includes net rental income as well as the recovery of certain operating costs and property taxes from tenants. Rental income increased by $10.2 million to $44.2 million for the six months ended June 30, 2025 from $34.0 million for the six months ended June 30, 2024, primarily due to the volume of our acquisitions.

Current wording

Rental income– Rental income includes net rental income as well as the recovery of certain operating costs and property taxes from tenants. Rental income increased by $15.2 million to $67.9 million for the nine months ended September 30, 2025 from $52.7 million for the nine months ended September 30, 2024, primarily due to the volume of our acquisitions and the execution of new leases with annual escalations.

Previous wording

Fee and other– Fee and other revenue decreased by $0.1 million to $1.3 million for the six months ended June 30, 2025 from $1.4 million for the six months ended June 30, 2024, primarily due to a decrease in management fees.

Current wording

Fee and other– Fee and other revenue decreased by $0.3 million to $1.9 million for the nine months ended September 30, 2025 from $2.3 million for the nine months ended September 30, 2024, primarily due to a decrease in management fees and miscellaneous income.

Previous wording

Real estate taxes – Real estate taxes increased by $0.7 million to $5.4 million for the six months ended June 30, 2025 from $4.7 million for the six months ended June 30, 2024, primarily due to the volume of our acquisitions.

Current wording

Real estate taxes – Real estate taxes increased by $1.1 million to $8.3 million for the nine months ended September 30, 2025 from $7.2 million for the nine months ended September 30, 2024, primarily due to the volume of our acquisitions.

Previous wording

Casualty and impairment losses (gains), net -Casualty and impairment gains for the three months ended June 30, 2025 were $0.3 million which reflects $0.1 million in gross charges primarily related to the net book value of several properties damaged as a result of natural disasters and related repairs, offset by $0.6 million of related insurance claims resulting in a net gain of $0.5 million and $0.2 million for an impairment on an asset that was reclassified to Assets Held for Sale. No casualty and impairment losses (gains), net occurred for the three months ended June 30, 2024.

Current wording

Casualty and impairment (gains) losses, net -Casualty and impairment gains for the nine months ended September 30, 2025 were $0.1 million which reflects $0.7 million in gross charges primarily related to the net book value of several properties damaged as a result of natural disasters and related repairs, offset by $1.1 million of related insurance claims resulting in a net gain of $0.3 million offset by $0.2 million for an impairment on an asset that was reclassified to Assets Held for Sale. Casualty and impairment losses (gain), net were $0.2 million for the nine months ended September 30, 2024 for an asset damaged as a result of vandalism.

Previous wording

Depreciation and amortization – Depreciation and amortization expense increased by $0.7 million to $11.5 million for the six months ended June 30, 2025 from $10.8 million for the six months ended June 30, 2024, primarily due to the volume of our acquisitions.

Current wording

Depreciation and amortization – Depreciation and amortization expense increased by $1.1 million to $17.6 million for the nine months ended September 30, 2025 from $16.6 million for the nine months ended September 30, 2024, primarily due to the volume of our acquisitions.

Previous wording

During the six months ended June 30, 2025, we incurred total interest expense, net of $7.7 million compared to $5.9 million for the six months ended June 30, 2024. The increase in interest expense is primarily related due to additional borrowings under the Credit Facilities and increased interest rates.

Current wording

During the nine months ended September 30, 2025, we incurred total interest expense, net of $11.9 million compared to $9.3 million for the nine months ended September 30, 2024. The increase in interest expense is primarily related due to additional borrowings under the Credit Facilities and to an increase in net borrowings on our Credit Facilities ((including the $40.0 million of term loan proceeds borrowed on September 19, 2025) and an increase of $0.1 million for loss on early extinguishment of debt 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.

Previous wording

We had $1.1 million of cash and $1.0 million of escrows and reserves as of June 30, 2025 compared to $1.7 million of cash and $0.9 million of escrows and reserves as of June 30, 2024.

Current wording

We had $1.9 million of cash and $0.4 million of escrows and reserves as of September 30, 2025 compared to $1.0 million of cash and $0.5 million of escrows and reserves as of September 30, 2024.

Previous wording

Cash flows from operating activities – Net cash provided by operating activities increased by $5.9 million to $22.2 million for the six months ended June 30, 2025 compared to $16.3 million for the same period in 2024. The increase is primarily due to the volume of our acquisitions and the execution of new leases with annual rent escalations all of which have generated additional rental income and related changes in working capital, as well as the timing of certain receivables and payables.

Current wording

Cash flows from operating activities – Net cash provided by operating activities increased by $8.9 million to $33.2 million for the nine months ended September 30, 2025 compared to $24.3 million for the same period in 2024. The increase is primarily due to the volume of our acquisitions and the execution of new leases with annual rent escalations all of which have generated additional rental income and related changes in working capital, as well as the timing of certain receivables and payables.

Previous wording

Cash flows used in investing activities – Net cash used in investing activities for the six months ended June 30, 2025 primarily consisted of $46.9 million of acquisitions and $3.5 million of escrow deposits for acquisitions, capital improvements and other investing activities offset by $1.7 million in proceeds received from the sale of real estate assets and property damage claims. Net cash used in investing activities for the six months ended June 30, 2024 primarily consisted of $41.8 million of acquisitions and $1.9 million of escrow deposits for acquisitions, capital improvements and other investing activities.

Current wording

Cash flows used in investing activities – Net cash used in investing activities for the nine months ended September 30, 2025 primarily consisted of $89.6 million of acquisitions and $5.9 million of escrow deposits for acquisitions, capital improvements and other investing activities offset by $1.7 million in proceeds received from the sale of real estate assets and property damage claims. Net cash used in investing activities for the nine months ended September 30, 2024 primarily consisted of $53.2 million of acquisitions and $2.7 million of escrow deposits for acquisitions, capital improvements and other investing activities.

Previous wording

Cash flows from financing activities – Net cash provided by financing activities decreased by $1.1 million to $26.0 million for the six months ended June 30, 2025 compared to $27.1 million for the six months ended June 30, 2024. The decrease was primarily related to an increase in the payment of dividends and distributions, an decrease in borrowings from the Revolving Credit Facility, partially offset by an increase in net proceeds received from issuance of shares.

Current wording

Cash flows from financing activities – Net cash provided by financing activities increased by $30.2 million to $60.4 million for the nine months ended September 30, 2025 compared to $30.2 million for the nine months ended September 30, 2024. The increase was primarily related to an increase in net borrowings on our Credit Facilities of $16.0 million (including the $40.0 million of term loan proceeds borrowed on September 19, 2025) and higher net proceeds received from the issuance of shares. This is offset by debt issuance costs on our Credit Facility and a increase in the payment of dividends and distributions for the nine months ended September 30, 2025.

Previous wording

We had approximately $1.1 million of cash and $1.0 million of escrows and reserves as of June 30, 2025.

Current wording

We had approximately $1.9 million of cash and $0.4 million of escrows and reserves as of September 30, 2025.

Previous wording

On August 9, 2021, we entered into the Credit Facilities, which initially included the $150.0 million Revolving Credit Facility and the $50.0 million 2021 Term Loan, with Bank of Montreal, as administrative agent, and BMO Capital Markets Corp., M&T Bank, JPMorgan Chase Bank, N.A. and Truist Securities, Inc. as joint lead arrangers and joint book runners. Additional participants in the Credit Facilities include Stifel Bank & Trust and TriState Capital Bank. On May 11, 2022, we entered into the First Amendment to, among other things, add the 2022 Term Loan (and, together with the 2021 Term Loan, the "Term Loans"). On December 6, 2022, we exercised $40.0 million of accordion feature under the 2022 Term Loan. On July 24, 2023, we entered into the Second Amendment and further exercised $35.0 million of accordion under the Term Loans. On October 25, 2024, we entered into the Third Amendment and increased our commitments on the 2022 Term Loan and further exercised $50.0 million. As of June 30, 2025, we had $296.0 million of aggregate principal amount outstanding under our Credit Facilities, with $75.0 million drawn on the 2021 Term Loan, $175.0 million drawn on the 2022 Term Loan and $46.0 million drawn on the Revolving Credit Facility.

Current wording

On September 19, 2025 (the "CF Closing Date"), we amended and restated our Credit Facilities in their entirety, with Truist Bank, as administrative agent, and Truist Securities, M&T Bank and JPMorgan Chase Bank, N.A.,as joint lead arrangers and joint book runners. Additional participants in the Credit Facilities include Mizuho Bank Ltd., Bank of Montreal, Stifel Bank & Trust and TriState Capital Bank. The Credit Facilities provide for the Revolving Credit Facility and Term Loans. The 2030 Term Loan consists of (1) a $75 million term loan previously advanced to the Company under its prior credit facility which remained outstanding as of the CF Closing Date and (2) $40 million of new term loans advanced to the Company on the CF Closing Date. As of September 30, 2025, we had $315.0 million of aggregate principal amount outstanding under our Credit Facilities, with $115.0 million drawn on the 2030 Term Loan, $175.0 million drawn on the 2028 Term Loan and $25.0 million drawn on the Revolving Credit Facility.

Previous wording

The Revolving Credit Facility matures in January 2026, which may be extended for two six-month periods subject to customary conditions, the 2021 Term Loan matures in January 2027 and the 2022 Term Loan matures in February 2028. Borrowings under the Credit Facilities carry an interest rate of, (i) in the case of the Revolving Credit Facility, either a base rate plusa 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 a consolidated leverage ratio. With respect to the Revolving Credit Facility, we 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.

Current wording

The Credit Facilities include an accordion feature which permit us 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. 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 12-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 plusa 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 a consolidated leverage ratio. With respect to the Revolving Credit Facility, we 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.

Previous wording

As of June 30, 2025, we had nine interest rate swaps with a total notional amount of $250.0 million that are used to manage our interest rate risk and fix the SOFR component on the Term Loans of the Credit Facilities (together, the "Interest Rate Swaps"). See Note 6. Derivatives and Hedging Activities in the Notes to our unaudited Consolidated Financial Statements included under Item 1 herein for further details regarding the Interest Rate Swaps.

Current wording

As of September 30, 2025, we had eleven interest rate swaps with a total notional amount of $290.0 million that are used to manage our interest rate risk and fix the SOFR component on the Term Loans of the Credit Facilities (together, the "Interest Rate Swaps"). See Note 6. Derivatives and Hedging Activities in the Notes to our unaudited Consolidated Financial Statements included under Item 1 herein for further details regarding the Interest Rate Swaps.

Previous wording

The Company is currently undertaking capital improvement projects for two properties it owns in Pauline, Kansas (the "Pauline CIP”). The Pauline CIP is expected to cost an additional $1.6 million to $2.3 million, a majority of which is expected to be incurred in the third and fourth quarters of 2025. Currently, the Company expects that a portion of the costs associated with the Pauline CIP will be offset by the receipt of insurance proceeds.

Current wording

The Company is currently undertaking capital improvement projects for two properties it owns in Pauline, Kansas (the "Pauline CIP”). The Pauline CIP is expected to cost an additional $0.8 million to $1.6 million, a majority of which is expected to be incurred in the fourth quarter of 2025. Currently, the Company expects that a portion of the costs associated with the Pauline CIP will be offset by the receipt of insurance proceeds, of which $0.4 million was received in October 2025.

Previous wording

As of June 30, 2025, we had approximately $330.2 million of outstanding consolidated principal indebtedness. The following table sets forth information as of June 30, 2025 with respect to our outstanding indebtedness (in thousands):

Current wording

As of September 30, 2025, we had approximately $349.2 million of outstanding consolidated principal indebtedness. The following table sets forth information as of September 30, 2025 with respect to our outstanding indebtedness (in thousands):

Previous wording

(1)See above under "—Revolving Credit Facility and Term Loans" for details regarding the Credit Facilities. During the three and six months ended June 30, 2025, we incurred $0.05 million and $0.1 million of unused facility fees related to the Revolving Credit Facility, respectively.

Current wording

(1)See above under "—Revolving Credit Facility and Term Loans" for details regarding the Credit Facilities. During the three and nine months ended September 30, 2025, we incurred $0.05 million and $0.2 million of unused facility fees related to the Revolving Credit Facility, respectively.

Previous wording

(3)Based upon the applicable SOFR rate plus a SOFR adjustment of 0.10%, subject to a 0% floor (the “Adjusted Term SOFR”).

Current wording

(3)Based upon the applicable SOFR rate (subject to a 0% floor).

Previous wording

To maintain our qualification as a REIT, we are required to pay dividends to stockholders at least equal to 90% of our REIT taxable income determined without regard to the deduction for dividends paid and excluding net capital gains. During the three and six months ended June 30, 2025, we paid cash dividends of $0.2425 per share, and$0.485 per share, respectively. Our Board of Directors approved, and on July 20, 2025, we declared asecond quarter 2025 common stock dividend of $0.2425 per share, which will be paid on August 29, 2025 to stockholders of record as of July 31, 2025.

Current wording

To maintain our qualification as a REIT, we are required to pay dividends to stockholders at least equal to 90% of our REIT taxable income determined without regard to the deduction for dividends paid and excluding net capital gains. During the three and nine months ended September 30, 2025, we paid cash dividends of $0.2425 per share, and$0.7275 per share, respectively. Our Board of Directors approved, and on October 21, 2025, we declared athird quarter 2025 common stock dividend of $0.2425 per share, which will be paid on November 28, 2025 to stockholders of record as of November 4, 2025.

Previous wording

As of August 4, 2025 and during the periods ubsequent to June 30, 2025, we have acquired 23 properties in individual or portfolio transactions for an aggregate of approximately $8.4 million, excluding closing costs.

Current wording

As of November 4, 2025 and during the periods ubsequent to September 30, 2025, we have acquired 19 properties in individual or portfolio transactions for an aggregate of approximately $7.2 million, excluding closing costs.