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Midas Edge

Postal Realty Trust, Inc.

For the period ended Dec 31, 2025. Filed Feb 24, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 24, 2026

PSTL$22.71-1.0%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule III – Real Estate and Accumulated Depreciation

Postal Realty Trust, Inc.

Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2025

Number of Properties (1) · Encumbrances · Initial Cost to Company · Cost Capitalized Subsequent to Acquisition (2) · Gross Amount Carried at Close of Period (3) · Accumulated Depreciation · Date Acquired · Depreciable Life (Yrs) (4)
State/Territory · Land · Buildings & Improvements · Land · Buildings & Improvements · Total
Alabama35—3,93021,3472873,93021,63425,564(2,575)2013-202540
Alaska2—302732—3027321,034(33)2018-202440
Arizona19—2,48310,750262,48310,77613,259(733)2021-202540
Arkansas39—1,9296,966581,9297,0248,953(1,362)2013-202540
California41—16,81927,31635416,80827,68344,491(2,741)2019-202540
Colorado33—4,22816,0051154,22816,12020,348(2,074)2019-202540
Connecticut15—3,3098,8941633,3099,05712,366(924)2013-202540
Delaware3—361799163618151,176(100)2020-202340
Florida50—11,76028,05798211,76029,03940,799(2,334)2013-202540
Georgia43—2,95711,5842992,95711,88314,840(1,287)2013-202540
Hawaii1—1,8101,4471681,8101,6153,425(202)202140
Idaho14—6465,393—6465,3936,039(448)2013-202540
Illinois99—2,15514,3936432,15515,03617,191(1,592)2013-202540
Indiana37—1,6519,4241,3331,92010,49212,412(1,142)2019-202540
Iowa43—1,0037,4702561,0037,7268,729(1,057)2013-202540
Kansas40—1,24011,4343,4291,24014,86316,103(1,576)2013-202540
Kentucky28—1,1964,649541,1964,7035,899(619)2013-202540
Louisiana41—2,82810,3842142,82810,59813,426(1,792)2013-202540
Maine55—3,4167,6044233,4168,02711,443(912)2013-202540
Maryland13—2,1794,119372,1794,1566,335(386)2013-202540
Massachusetts28—16,77222,68315416,77222,83739,609(2,916)2007-202540
Michigan79—3,70014,8967653,70015,66119,361(2,260)2011-202540
Minnesota772801,98116,8676391,98117,50619,487(1,835)2013-202540
Mississippi35—1,9308,4962191,9308,71510,645(1,172)2013-202540
Missouri47—1,5598,2873111,5598,59810,157(1,302)2013-202540
Montana161,4007395,2211397395,3606,099(657)2013-202440
Nebraska42—1,1576,4731291,1576,6027,759(528)2013-202540
Nevada5—5913,301—5913,3013,892(388)2013-202340
New Hampshire8—5191,231185191,2491,768(193)2019-202240
New Jersey11—1,2424,585651,2424,6505,892(365)2019-202440
New Mexico12—1,4194,469—1,4194,4695,888(295)2019-202540
New York81—7,51127,0844097,51127,49335,004(2,537)2019-202540
North Carolina73—8,80024,0504968,80024,54633,346(3,423)2013-202540
North Dakota26—2502,487262502,5132,763(406)2013-202540
Ohio598444,17319,0677864,17319,85324,026(2,456)2006-202540
Oklahoma76—2,58114,0803472,58114,42717,008(2,215)2013-202540
Oregon11—3,0856,555273,0856,5829,667(448)2020-202440
Pennsylvania10931,6349,75568,8488779,75569,72579,480(10,890)2005-202540
Puerto Rico2—517635—5176351,152(45)2022-202540
South Carolina35—2,9669,9931,2522,96611,24514,211(1,059)2019-202540
South Dakota27—5493,676(16)5413,6684,209(489)2013-202440
Tennessee36—3,64512,4201183,64512,53816,183(1,701)2013-202540
Texas133—9,14037,1439239,14038,06647,206(5,334)2005-202540
Utah4—2381,570—2381,5701,808(179)2020-202440
Vermont22—1,5565,3741711,5565,5457,101(594)2019-202540
Virginia38—3,46615,5162273,46615,74319,209(1,595)2019-202540
Washington14—1,8005,519291,8005,5487,348(370)2013-202540
West Virginia53—1,47910,6021451,47910,74712,226(1,050)2019-202540
Wisconsin94—3,12520,1711,0313,12521,20224,327(3,836)2005-202540
Wyoming11—7884,073—7884,0734,861(342)2013-202540
1,915$34,158$163,235$594,139$18,144$163,485$612,039$775,524$(74,769)

(1) Excludestwo properties accounted for as direct financing leases.

(2) Includes casualty and impairment losses of real estate.

(3) The aggregate cost for Federal Income Tax purposes was approximately $789.4 million as of December 31, 2025.

(4) Estimated useful life for buildings.

The following table reconciles real estate for the years ended December 31, 2025 and 2024:

For the Years Ended December 31,
20252024
Beginning Balance$648,206$556,521
Acquisitions122,91992,910
Capital improvements7,1252,755
Casualty and impairment losses(1,071)(454)
Cost of property sold(1,632)(3,517)
Write-offs—(31)
Other(23)22
Ending Balance$775,524$648,206

(1)Other includes reclassification adjustments.

The following table reconciles accumulated depreciation for the years ended December 31, 2025 and 2024:

For the Years Ended December 31,
20252024
Beginning Balance$(58,175)$(43,791)
Depreciation expense(16,793)(14,492)
Properties sold13340
Write-offs and other6668
Ending Balance$(74,769)$(58,175)

EXHIBIT INDEX

Exhibit NumberDescription
3.1Articles of Amendment and Restatement of the Company, dated as of May 15, 2019 (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).
3.2Amended and Restated Bylaws of the Company, effective as of August 4, 2023 (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q filed on August 8, 2023).
4.1Form of Certificate of Class A Common Stock of the Company (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-11/A filed on May 7, 2019).
4.2Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (incorporated by reference to Exhibit 4.2 to the Company’s Annual Report on Form 10-K filed with the Commission on March 27, 2020).
5.1Opinion of Venable LLP as to the validity of the Shares.*
10.1First Amended and Restated Agreement of Limited Partnership of the Postal Realty LP, dated May 16, 2019 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).
10.2Postal Realty Trust, Inc. Amended and Restated Alignment of Interest Program (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 29, 2020).†
10.3Representation, Warranty and Indemnity Agreement, dated as of May 14, 2019, by and among the Company, Postal Realty LP and Andrew Spodek (incorporated by reference to Exhibit 10.14 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).†
10.4Tax Indemnification Agreement, dated as of May 14, 2019, by and among the Company, United Properties Holding, Inc., United Post Office Investments, Inc. and Andrew Spodek (incorporated by reference to Exhibit 10.15 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).†
10.5Form of Right of First Offer Agreement (incorporated by reference to Exhibit 10.18 to the Company’s Registration Statement on Form S-11/A filed on May 7, 2019).†
10.6Tax Protection Agreement, dated as of May 14, 2019, by and among the Company, Postal Realty LP, Andrew Spodek, Tayaka Holdings, LLC and IDJ Holdings, LLC (incorporated by reference to Exhibit 10.17 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).†
10.7Tax Protection Agreement, dated as of May 14, 2019, by and among the Company, Postal Realty LP and Nationwide Postal Management Holdings, Inc. (incorporated by reference to Exhibit 10.18 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).†
10.8Tax Protection Agreement, dated as of May 14, 2019, by and among the Company, Postal Realty LP and Unlimited Postal Holdings LP (incorporated by reference to Exhibit 10.19 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).†
10.9Form of Third Party Management Agreement (incorporated by reference to Exhibit 10.11 of the Company’s Registration Statement on Form S-11/A filed on May 7, 2019).
10.10Indemnification Agreement, dated as of May 17, 2019, by and between the Company and Patrick Donahue (incorporated by reference to Exhibit 10.21 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).†
10.11Indemnification Agreement, dated as of May 17, 2019, by and between the Company and Anton Feingold (incorporated by reference to Exhibit 10.22 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).†
10.12Indemnification Agreement, dated as of May 17, 2019, by and between the Company and Jeremy Garber (incorporated by reference to Exhibit 10.23 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).†
10.13Indemnification Agreement, dated as of May 17, 2019, by and between the Company and Jane Gural-Senders (incorporated by reference to Exhibit 10.24 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).†
10.14Indemnification Agreement, dated as of May 17, 2019, by and between the Company and Barry Lefkowitz (incorporated by reference to Exhibit 10.25 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).†
10.15Indemnification Agreement, dated as of May 17, 2019, by and between the Company and Andrew Spodek (incorporated by reference to Exhibit 10.26 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).†
10.16Indemnification Agreement, dated as of January 1, 2021, by and between the Company and Robert B. Klein (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on August 13, 2021).†
10.17Indemnification Agreement, dated as of May 17, 2019, by and between the Company and Matt Brandwein (incorporated by reference to Exhibit 10.27 to the Company’s Quarterly Report on Form 10-Q filed on June 27, 2019).†
10.18Amended and Restated Employment Agreement, dated October 17, 2023, by and between the Company and Andrew Spodek (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 20, 2023).†*
10.19Amended and Restated Employment Agreement, dated October 17, 2023, by and between the Company and Jeremy Garber (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on October 20, 2023).†*
10.20Amended and Restated Employment Agreement, dated October 17, 2023, by and between the Company and Robert Klein (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on October 20, 2023).†*
10.212019 Equity Incentive Plan of the Company (incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form S-11/A filed on May 7, 2019).†
10.22Amendment No. 1 to the Postal Realty Trust, Inc. 2019 Equity Incentive Plan, effective as of June 26, 2020 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 1, 2020).†
10.23Amendment No. 2 to the Postal Realty Trust, Inc. 2019 Equity Incentive Plan, effective as of June 18, 2021 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 21, 2021).†
Exhibit NumberDescription
10.24Form of 2019 Equity Incentive Plan Stock Award Agreement and Notice (incorporated by reference to Exhibit 10.5 of the Company’s Registration Statement on Form S-11/A filed on May 7, 2019).†
10.25Form of 2019 Employee Stock Purchase Plan of the Company (incorporated by reference to Exhibit 10.4 to the Company’s Registration Statement on Form S-11/A filed on May 7, 2019).†
10.26Form of LTIP Unit Vesting Agreement (incorporated by reference to Exhibit 10.6 of the Company’s Registration Statement on Form S-11/A filed on May 7, 2019).†
10.27Credit Agreement, dated August 9, 2021, by and among Postal Realty LP, the Company, the certain subsidiaries from time to time party thereto as guarantors, and Bank of Montreal, as administrative agent, and the several banks and financial institutions party thereto as lenders (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 10, 2021).
10.28First Amendment to Credit Agreement, dated May 11, 2022, by and among Postal Realty LP, the Company, the certain subsidiaries from time to time party thereto as guarantors, and Bank of Montreal, as administrative agent, and the several banks and financial institutions party thereto as lenders (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 11, 2022).
10.29Second Amendment to Credit Agreement, dated July 24, 2023, by and among Postal Realty LP, the Company, the certain subsidiaries from time to time party thereto as guarantors, and Bank of Montreal, as administrative agent, and the several banks and financial institutions party thereto as lenders (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on July 26, 2023).
10.30Resignation and Appointment of Administrative Agent, L/C Issuer and Swingline Lender and Third Amendment to Credit Agreement, dated October 25, 2024, by and among Postal Realty LP, Postal Realty Trust, Inc., the certain subsidiaries from time to time party thereto as guarantors, and Truist Bank, as administrative agent, and the several banks and financial institutions party thereto as lenders (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on October 28, 2024).
10.31Amended and Restated Credit Agreement, dated September 19, 2025, by and among Postal Realty LP, Postal Realty Trust, Inc., the certain subsidiaries from time-to-time party thereto as guarantors, Truist Bank, as administrative agent, and the several banks and financial institutions party thereto as lenders (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on September 22, 2025).
10.32Commitment Amount Increase Request, dated February 20, 2026, by and among Postal Realty LP, Truist Bank, as administrative agent, and the several banks and financial institutions party thereto as lender.*
10.33Open-End Mortgage, Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases and Rents, dated as of December 18, 2020, by and among Thorn Hill Postal Realty Holdings LLC, The United States Life Insurance Company in the City of New York and National Union Fire Insurance Company of Pittsburgh, PA (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 21, 2020).
10.34Promissory Note (USLIC), dated December 18, 2020, made by Thorn Hill Postal Realty Holdings LLC to The United States Life Insurance Company in the City of New York (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on December 21, 2020).
10.35Promissory Note (USLIC – Fortitude), dated December 18, 2020, made by Thorn Hill Postal Realty Holdings LLC to The United States Life Insurance Company in the City of New York (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on December 21, 2020).
10.36Promissory Note (NUFIC), dated December 18, 2020, made by Thorn Hill Postal Realty Holdings LLC to National Union Fire Insurance Company of Pittsburgh, PA (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on December 21, 2020).
10.37Suretyship Agreement, dated December 18, 2020, in favor of The United States Life Insurance Company in the City of New York and National Union Fire Insurance Company of Pittsburgh, PA (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed on December 21, 2020).
10.38Transition and General Release Agreement dated June 18, 2025, by and between the Company and Robert Klein (incorporation by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on June 18, 2025).
10.39Form of Amendment to the Open Market Sale Agreement (Forward).*
10.40Form of Non-Forward Open Market Sale Agreement Amendment.*
19.1Insider Trading Policy. *
21.1Subsidiaries of the Company.*
23.1Consent of Deloitte & Touche LLP.*
23.2Consent of Venable LLP (included in Exhibit 5.1).*
31.1Certification of Annual Report by Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2Certification of Annual Report by Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1Certification of Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2Certification of Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
97.1Incentive Compensation Recoupment Policy (incorporated by reference to Exhibit 97.1 to the Company's Annual Report on Form 10-K filed on February 29, 2024).
101.INSINSTANCE DOCUMENT**
101.SCHSCHEMA DOCUMENT**
Exhibit NumberDescription
101.CALCALCULATION LINKBASE DOCUMENT**
101.LABLABELS LINKBASE DOCUMENT**
101.PREPRESENTATION LINKBASE DOCUMENT**
101.DEFDEFINITION LINKBASE DOCUMENT**
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*Filed herewith

†Compensatory plan or arrangement

**Submitted electronically herewith. Attached as Exhibit 101 to this report are the following documents formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations and Comprehensive Income; (iii) Consolidated Statements of Changes in Equity; (iv) Consolidated Statements of Cash Flows; and (v) Notes to Consolidated Financial Statements.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.