Q4 2025 Postal Realty Trust Inc Earnings Call

February 25, 2026

Operator: Greetings, welcome to Postal Realty Trust Q4 2025 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. I will now let's turn the conference over to your host, Mr. Jordan Puccini, Senior Vice President of Finance and Capital Markets. Welcome, Jordan.

Speaker #2: As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jordan Cooperstein. Senior Vice President of Finance and Capital Markets.

Speaker #2: Welcome, Jordan. Thank you, and good morning, everyone. Welcome to Postal Realty Trust's fourth quarter 2025 earnings conference call. On the call today, we have Andrew Spodek, Chief Executive Officer; Jeremy Garber, President; Steve Bakke, Chief Financial Officer; and Matt Branwine, Chief Accounting Officer.

Jordan Puccini: Thank you, good morning, everyone. Welcome to Postal Realty Trust Q4 2025 Earnings Conference Call. On the call today, we have Andrew Spodek, Chief Executive Officer; Jeremy Garber, President; Steve Bakke, Chief Financial Officer; and Matt Brandwein, Chief Accounting Officer. Please note, the company may use forward-looking statements on this conference call, which are statements that are not historical facts and are considered forward-looking. These forward-looking statements are covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including, but not limited to, those contained in the company's latest 10-K and its other regulatory filings.

Jordan Cooperstein: Thank you, good morning, everyone. Welcome to Postal Realty Trust Q4 2025 Earnings Conference Call. On the call today, we have Andrew Spodek, Chief Executive Officer; Jeremy Garber, President; Steve Bakke, Chief Financial Officer; and Matt Brandwein, Chief Accounting Officer. Please note, the company may use forward-looking statements on this conference call, which are statements that are not historical facts and are considered forward-looking. These forward-looking statements are covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including, but not limited to, those contained in the company's latest 10-K and its other regulatory filings.

Speaker #2: Please note the company may use forward-looking statements on this conference call. Which are statements that are not historical facts and are considered forward-looking. These forward-looking statements are covered by the Safe Harbor Provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Speaker #2: Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including but not limited to those contained in the company's latest 10-K and its other regulatory filings.

Speaker #2: The company does not assume and specifically disclaims any obligation to update any forward-looking statements whether as a result of new information, future events, or otherwise.

Jordan Puccini: The company does not assume, and specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. On this conference call, the company may refer to certain non-GAAP financial measures, such as funds from operations, adjusted funds from operations, adjusted EBITDA, and net debt. You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP measures in the company's earnings release and supplemental materials. With that, I will now turn the call over to Andrew Spodek, Chief Executive Officer of Postal Realty Trust.

Jordan Cooperstein: The company does not assume, and specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. On this conference call, the company may refer to certain non-GAAP financial measures, such as funds from operations, adjusted funds from operations, adjusted EBITDA, and net debt. You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP measures in the company's earnings release and supplemental materials. With that, I will now turn the call over to Andrew Spodek, Chief Executive Officer of Postal Realty Trust.

Speaker #2: Additionally, on this conference call, the company may refer to certain non-GAAP financial measures, such as funds from operations, adjusted funds from operations, adjusted EBITDA, and net debt.

Speaker #2: You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP measures in the company's earnings release and supplemental materials.

Speaker #2: With that, I will now turn the call over to Andrew Spodek, Chief Executive Officer of Postal Realty Trust. Good morning, and thank you for joining us today.

Andrew Spodek: Good morning, and thank you for joining us today. In 2025, we exceeded expectations on all fronts. Our results reflect the stability and growth inherent in our portfolio of critical logistics infrastructure leased to the US Postal Service and our unique operating approach. It was the successful execution of our business plan, coupled with the strength of the Postal Service's tenancy, that enabled us to exceed our 2025 guidance. We're building on these results with the strong 2026 guidance we issued yesterday. Our business is benefiting more than ever from economies of scale, resulting from the growth of our portfolio and the technology and systems investments we've made in recent years. We grew our asset base by approximately 20% last year, increasing our gross real estate value by 10 times since IPO.

Speaker #2: In 2025, we exceeded expectations on all fronts. Our results reflect the stability and growth inherent in our portfolio of critical logistics infrastructure leased to the U.S.

Speaker #2: Postal Service and our unique operating approach. It was the successful execution of our business plan, coupled with the strength of the Postal Service's tendency that enabled us to exceed our 2025 guidance.

Speaker #2: We're building on these results with a strong 2026 guidance we issued yesterday. Our business is benefiting more than ever from economies of scale resulting from the growth of our portfolio and the technology and systems investments we've made in recent years.

Speaker #2: We grew our asset base by approximately 20% last year, increasing our gross real estate value by 10 times since IPO. Our access to capital to fund growth is deeper than it's ever been.

Andrew Spodek: Our access to capital to fund growth is deeper than it's ever been, bolstered by a BBB investment grade rating from Kroll KBRA. Our year-end liquidity rises to $271 million, including the revolver upsize we announced yesterday, as well as the successful equity-raising activity we have completed to date in Q1. Looking to the future, we have a strong pipeline of acquisitions to fuel our value creation machine. We generate substantial value through acquisitions by applying our efficient operating approach, marking rents to market, and extending lease terms to 10 years with annual rent escalators. Our acquisition strategy remains unchanged: for volume to be day one accretive and furnish meaningful growth over time. Based on our robust pipeline, we are introducing initial guidance of $115 to $125 million at a mid 7% weighted average cap rate, fully funded by recent capital markets activity.

Speaker #2: Bolstered by a BBB investment-grade rating from Kroll, KBRA, our year-end liquidity rises to $271 million including the revolver upsize we announced yesterday as well as the successful equity-raising activity we have completed to date in the first quarter.

Speaker #2: Looking to the future, we have a strong pipeline of acquisitions to fuel our value creation machine. We generate substantial value through acquisitions by applying our efficient, operating approach, marking rents to market, and extending lease terms to 10 years with annual rent escalators.

Speaker #2: Our acquisition strategy remains unchanged for volume to be day-one accretive and furnish meaningful growth over time. Based on our robust pipeline, we are introducing initial guidance of $115 to $125 million at a mid-7% weighted average cap rate.

Speaker #2: Fully funded by recent capital markets activity. As our cost of capital continues to improve, and our pipeline of deals continues to expand, we will revisit acquisition guidance as needed in future quarters.

Andrew Spodek: As our cost of capital continues to improve and our pipeline of deals continues to expand, we will revisit acquisition guidance as needed in future quarters. 2025 brought with it changes at the Postal Service. A new Postmaster General took the reins in July and has been vocal about the value of the last mile. The launch of the auction process to broaden last-mile access only reinforces what we've been saying for years. These real estate locations are the backbone of the US Postal Service's delivery network. This infrastructure enables universal service across more than 170 million delivery points nationwide and is utilized 6 days a week by logistics providers and online retailers. As we like to remind investors, through government shutdowns, recessions, and pandemics, the Postal Service pays 100% of the monthly rent 100% of the time.

Speaker #2: 2025 brought with it changes at the Postal Service. A new Postmaster General took the reins in July, and has been vocal about the value of the last mile.

Speaker #2: The launch of the auction process to broaden last-mile access only reinforces what we've been saying for years. These real estate locations are the backbone of the U.S.

Speaker #2: Postal Service's delivery network. This infrastructure enables universal service across more than 170 million delivery points nationwide, and is utilized six days a week by logistics providers and online retailers.

Speaker #2: As we like to remind investors, through government shutdowns, recessions, and pandemics, the Postal Service pays 100% of the monthly rent 100% of the time.

Andrew Spodek: Lease expenses represent 1.5% of the Postal Service's total operating expenses, and they have remained in our building 99% of the time.

Speaker #2: time. As we sign leases ahead of their expiration dates. Moving on to acquisitions. In 2025, we acquired 216 properties for $123 million, achieving our most recent 2025 guidance of over $120 million.

Jeremy Garber: ... as we sign leases ahead of their expiration dates. Moving on to acquisitions. In 2025, we acquired 216 properties for $123 million, achieving our most recent 2025 guidance of over $120 million. The weighted average initial cash cap rate for last year's acquisitions was 7.7%. Unpacking Q4 acquisitions, we acquired 65 properties for approximately $29.1 million at a 7.5% weighted average initial cash cap rate, which added approximately 142,000 net leasable interior sq ft to our portfolio. Q4 acquisitions consisted of 55 sq ft from 42 last mile post offices and 87,000 sq ft from 23 flex properties.

Jeremy Garber: As we sign leases ahead of their expiration dates. Moving on to acquisitions. In 2025, we acquired 216 properties for $123 million, achieving our most recent 2025 guidance of over $120 million. The weighted average initial cash cap rate for last year's acquisitions was 7.7%. Unpacking Q4 acquisitions, we acquired 65 properties for approximately $29.1 million at a 7.5% weighted average initial cash cap rate, which added approximately 142,000 net leasable interior sq ft to our portfolio. Q4 acquisitions consisted of 55 sq ft from 42 last mile post offices and 87,000 sq ft from 23 flex properties.

Speaker #2: The weighted average initial cash cap rate for last year's acquisitions was 7.7%. Unpacking fourth-quarter acquisitions, we acquired 65 properties for approximately $29.1 million, at a 7.5% weighted average initial cash cap rate, which added approximately 142,000 net leasable interior square feet to our portfolio.

Speaker #2: Fourth-quarter acquisitions consisted of 55,000 square feet from 42 last-mile post offices and 87,000 square feet from 23 flex properties. Our continued earnings momentum is driven by accretive acquisitions: a pipeline of near-term lease mark-to-market opportunities, a growing contribution from annual rent escalators, and a disciplined approach to expenses.

Jeremy Garber: Our continued earnings momentum is driven by accretive acquisitions, a pipeline of near-term lease mark-to-market opportunities, a growing contribution from annual rent escalators, and a disciplined approach to expenses. This concludes our prepared remarks. Operator, we'd like to open the call for questions. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Your first question comes from Anthony Paolone with JP Morgan. Please go ahead.

Speaker #2: This concludes our prepared remarks, Operator. We would like to open the call for questions.

Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Your first question comes from Anthony Paolone with JP Morgan. Please go ahead.

Speaker #1: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad.

Speaker #1: A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key.

Speaker #1: Your first question comes from Anthony Poloni with JPMorgan. Please go ahead.

Speaker #2: Hi. Thank you, guys. You guys have now home on for Tony. I guess, could you guys expand on some of the color you guys gave on the transaction market and what's really stopping you guys from, I guess, turning the gas on on this front?

Operator 1: Hi. Thank you, guys. You guys have Nahum on for Tony. I guess, could you guys expand on some of the color you guys gave on the transaction market and what's really stopping you guys from, I guess, turning the gas on on this front? It seems the midpoint of $120 million was more or less in line with what was completed in 2025.

[Analyst] (JPMorgan): Hi. Thank you, guys. You guys have Nahum on for Tony. I guess, could you guys expand on some of the color you guys gave on the transaction market and what's really stopping you guys from, I guess, turning the gas on on this front? It seems the midpoint of $120 million was more or less in line with what was completed in 2025.

Speaker #2: It seems that the midpoint of $120 million was more or less in line with what was completed in 2025.

Speaker #3: Sure. I appreciate the question. So I feel very confident with where our pipeline is today. We our initial guidance for this year is over 40% higher than our initial guidance from last year.

Jeremy Garber: Sure. I appreciate the question. I feel very confident with where our pipeline is today. We, our initial guidance for this year, is over 40% higher than our initial guidance from last year. The pipeline is very strong. We are very confident in what this year is gonna bring us. Happy to have our debt and equity accounted for. We're really at the strongest position that we've ever been in, and I'm hoping that as our cost of capital continues to get better, that our ability to grow our pipeline and our acquisitions will grow with it, and we'll keep you updated as the year progresses.

Andrew Spodek: Sure. I appreciate the question. I feel very confident with where our pipeline is today. We, our initial guidance for this year, is over 40% higher than our initial guidance from last year. The pipeline is very strong. We are very confident in what this year is gonna bring us. Happy to have our debt and equity accounted for. We're really at the strongest position that we've ever been in, and I'm hoping that as our cost of capital continues to get better, that our ability to grow our pipeline and our acquisitions will grow with it, and we'll keep you updated as the year progresses.

Speaker #3: The pipeline is very strong. We are very confident in what this year is going to bring us. Happy to have our debt and equity accounted for.

Speaker #3: We're really at the strongest position that we've ever been in. And I'm hoping that as our cost of capital continues to get better, our ability to grow our pipeline and our acquisitions will grow with it, and we'll keep you updated as the year progresses.

Speaker #2: Got it. Okay. And I guess the second one for me is, in the investor deck, you guys gave some good color and background on the post office.

Operator 1: Got it. Okay, I guess the second one for me is, in the investor deck, you guys gave some good color and background on the Post Office, but could you guys expand on what you meant when you said the USPS's revenue model is evolving and they're pursuing, you know, competitive bidding processes?

[Analyst] (JPMorgan): Got it. Okay, I guess the second one for me is, in the investor deck, you guys gave some good color and background on the Post Office, but could you guys expand on what you meant when you said the USPS's revenue model is evolving and they're pursuing, you know, competitive bidding processes?

Speaker #2: But could you guys expand on what you meant when you said the USPS is revenue model is evolving and they're pursuing competitive bidding processes?

Speaker #3: Sure. This is Jeremy. So, as you heard in Andrew's comments, a new PMG joined the Postal Service in July, and announced last month that they were going to be allowing access to their last mile. When you go through our presentation,

Jeremy Garber: Sure. This is Jeremy. As you heard in Andrew's comments, a new PMG joined the Postal Service in July, and announced last month that they were going to be allowing access to their last mile. When you go through our presentation, historically, you'll see we reference the ability for the big logistics providers like UPS, FedEx, Amazon, DHL, to actually enter the last mile and achieve better pricing. What the Postal Service has recognized is the value embedded in that last mile and the revenue opportunity in the last mile, and they have now opened up a process for others to participate in entering the last mile, and so that's what, that's what they've referenced....

Speaker #3: Historically, you'll see we reference the ability for the big logistics providers like UPS, FedEx, Amazon, DHL to actually enter the last mile and achieve better pricing.

Speaker #3: And what the postal service is recognized is the value embedded in that last mile and the revenue opportunity in the last mile. And they have now opened up a process for others to participate in entering the last mile.

Speaker #3: And so that's what they've referenced. There's a portal where they're now accepting potential customers to bid for access. And as of their last commentary, there were over 1,200 requests for participation.

Jeremy Garber: There's a portal where they're now accepting potential customers to bid for access, and as of their last commentary, there were over 1,200 requests for participation.

Speaker #2: Got it. Thanks, guys.

Jonathan Petersen: Got it. Thanks, guys.

[Analyst] (JPMorgan): Got it. Thanks, guys.

Speaker #3: Thank you.

Andrew Spodek: Thank you.

Speaker #1: Next question. Jonathan with BMO Capital Markets. Please proceed.

Operator: Next question, John Kim with BMO Capital Markets. Please proceed.

Speaker #4: Thank you. I was just wondering, your cost of capital has improved pretty meaningfully over the last few months, both on the equity side and with interest rates coming down as well.

John Kim: Thank you. I was just wondering, your cost of capital has improved, pretty meaningfully over the last few months, both on the equity side and with interest rates coming down as well. Does that change your investment strategy at all, in terms of targeted yields and size of portfolios you may acquire?

Speaker #4: Does that change your investment strategy at all in terms of targeted yields, and the size of portfolios you may acquire?

Speaker #3: So, we're happy to see that our cost of capital has gotten better. And I've always stated that as our cost of capital gets better, our ability to acquire will get better with it.

Andrew Spodek: We're happy to see that our cost of capital has gotten better. I've always stated that as our cost of capital gets better, our ability to acquire will get better with it. Our goal has been and continues to be, to be day one accretive for our acquisition, our internal growth from thereon, and that will continue to be our strategy going forward. As I said to, you know, in the previous question, I'm very excited about what this year is gonna bring, and where our cost of debt and equity are today and our ability to execute on our pipeline.

Speaker #3: Our goal has been and continues to be to be day one accretive for our acquisition. Our internal growth from there on, and that will continue to be our strategy going forward.

Speaker #3: As I said to in the previous question, I'm very excited about what this year is going to bring. And where our cost of debt and equity are today and our ability to execute on our pipeline.

Speaker #4: Okay. And then I wanted to ask about the 27 lease expirations and I think you mentioned you're still working through them and focusing on 28 as well.

John Kim: Okay. I wanted to ask about the 27 lease expirations, and I think you mentioned you're still working through them and focusing on 28 as well. What do you see as the most likely outcome in terms of how much of that rent will be renewed? Is there upside or downside to that rent level of $15.9 million? Anything else you could share in terms of likely outcome?

Speaker #4: But what do you see as the most likely outcome in terms of how much of that rent will be renewed? Is there upside or downside to that rent level of $15 million?

Speaker #4: And anything else you could share in terms of likely outcome?

Speaker #3: Yeah. Thanks for the question. This is Steve. As it stands today, we expect all of that, all those leases to be renewed for the next couple of years.

Steve Bakke: Yeah, thanks for the question. This is Steve. You know, as it stands today, we expect all of that, all those leases to be renewed for the next couple of years. Looking at 2027, the setup is very similar to 2026. I think that, you know, what you saw today, you know, from where we stand today, should continue over 2027.

Speaker #3: And looking at 2027, the setup is very similar to 2026. So I think that what you saw today from where we stand today should continue over 2027.

Speaker #4: And how many just like how many different leases are there as part of the expirations?

John Kim: How many just, like, how many different leases are there as part of the, those expirations?

Steve Bakke: I can pull up my supplemental, but it's in the sup. It is 470 leases. Now, it's important to note that a large portion of that, I think 160 leases, are a master lease that we're working through with the Postal Service at the current time.

Speaker #3: I can pull up my supplemental, but it's in the it's 470 leases. Now, it's important to note that a large portion of that, I think 160 leases are a master lease.

Speaker #3: That we're working through with the postal service at the current time.

Speaker #4: Got it. Okay. Thank you.

John Kim: Got it. Okay. Thank you.

Speaker #1: Next question, John Peterson with Jefferies. Please.

Operator: Next question, Jonathan Petersen with Jefferies. Please go ahead.

Speaker #4: Oh, great. Thanks. Good morning, guys. I was hoping on acquisition. So when you guys acquire a property and then you apply your lease structure to it with the escalators and the 10-year term, can you quantify what that unlocks for you on the underwriting side in terms of a higher IRR and how that makes you, I guess, more competitive in the acquisition?

Jonathan Petersen: Great. Thanks. Good morning, guys. I was hoping on acquisition. You know, when you guys acquire a property and then you apply your lease structure to it with the escalators and the 10-year term, can you quantify, like, what that unlocks for you on the underwriting side in terms of a higher IRR and how that makes you, I guess, more competitive in the acquisition market for underwriting deals?

Jon Petersen: Great. Thanks. Good morning, guys. I was hoping on acquisition. You know, when you guys acquire a property and then you apply your lease structure to it with the escalators and the 10-year term, can you quantify, like, what that unlocks for you on the underwriting side in terms of a higher IRR and how that makes you, I guess, more competitive in the acquisition market for underwriting deals?

Speaker #4: Market for underwriting

Speaker #3: Sure. So it's a great question. We haven't really articulated what the value of our rent spreads are or our mark-to-markets are. But they're substantial.

Andrew Spodek: It's a great question. We haven't really articulated what the value of our rent spreads are or our mark to markets are. They're substantial, and I would point you to our same-store numbers and where we are guiding our same-store for this coming year.

Speaker #3: And I would point you to our same store numbers and where we are guiding our same store for this coming year.

Speaker #4: Yeah. And just to add to Andrew's point, this is Steve. I think a shortcut you can use to back into an unlevered IRR is that initial yield we've been acquiring at the 7.5% cash cap rate.

Steve Bakke: Yeah, just to add to Andrew's point, this is Steve. You know, I think a shortcut you can use to back into an unlevered IRR is, you know, that initial yield we've been acquiring at, the 7.5% cash cap rate, and then looking at our average trailing Same-Store NOI Growth the last few years, which has been around 6%. It gets you to a, you know, 13% to 14% unlevered IRR.

Speaker #4: And then looking at our average trailing same-store NOI growth the last few years, which has been around 6%, it gets you to a 13 to 14% unlevered IRR.

Speaker #4: Okay. All right. That's helpful. And then in the past, you guys have purchased warehouses that are leased to the USPS. Is that something that you might consider again if your cost of capital improves to a level that allows that to make sense?

Jonathan Petersen: Okay. all right, that's helpful. Then in the past, you guys have purchased warehouses that are leased to the USPS. Is that something that you might consider again, if your cost of capital improves to a level that allows that to make sense?

Jon Petersen: Okay. all right, that's helpful. Then in the past, you guys have purchased warehouses that are leased to the USPS. Is that something that you might consider again, if your cost of capital improves to a level that allows that to make sense?

Speaker #3: Yeah, that's a great question. We are always looking at the industrial market. It's not something that is what I refer to as the bread and butter of the business.

Andrew Spodek: Yeah, that's a great question. We are always looking at the industrial market. It's not something that is what I refer to as the bread and butter of the business. We really focus the majority of our attention on flex and last mile facilities. As our cost of capital continues to improve, our opportunity to purchase some of those industrial facilities definitely improves with it.

Speaker #3: We really focus the majority of our attention on flex and last and last-mile facilities. But as our cost of capital continues to improve, our opportunity to purchase some of those industrial facilities definitely improves with it.

Speaker #4: Okay, maybe one last one for me for Jeremy. You mentioned earlier in response to another question about logistics providers entering the USPS's last mile.

Jonathan Petersen: Okay. Maybe one last one for me, for Jeremy. You mentioned earlier in response to another question about, you know, logistics providers entering the USPS's last mile. I guess, are there any real estate implications there that we should foresee with more of the more supply chain going through the USPS last mile facilities?

Jon Petersen: Okay. Maybe one last one for me, for Jeremy. You mentioned earlier in response to another question about, you know, logistics providers entering the USPS's last mile. I guess, are there any real estate implications there that we should foresee with more of the more supply chain going through the USPS last mile facilities?

Speaker #4: I guess, are there any real estate implications there that we should foresee with kind of more of the more supply chain going through the USPS last mile facilities?

Speaker #3: In terms of the existing infrastructure and the.

Jeremy Garber: In terms of the existing infrastructure?

Jonathan Petersen: Needing larger stores or different types of stores or anything like that.

Jon Petersen: Needing larger stores or different types of stores or anything like that.

Speaker #4: Maybe needing larger stores or different types of stores or anything like that?

Speaker #3: Right. So what they identify is they're a delivery unit that's 22,000 out of the 30-plus thousand facilities that are out there. So those facilities are already built and equipped to handle that type of logistics.

Jeremy Garber: Right. What they identify is their delivery units. That's 22,000 out of the 30,000-plus facilities that are out there. Those facilities are already built and equipped to handle that type of logistics.

Speaker #4: Okay, all right. That's helpful. Thank you, guys.

Jonathan Petersen: Okay. All right. That's helpful. Thank you, guys.

Jon Petersen: Okay. All right. That's helpful. Thank you, guys.

Speaker #3: Thank you.

Andrew Spodek: Thank you.

Speaker #1: Thank you. I would like to turn the floor over to Andrew to ask the closing remarks.

Operator: Thank you. I would like to turn the floor over to Andrew Spodek for closing remarks.

Speaker #3: Thank you. With our debt and equity accounted for and a robust pipeline, we're in a stronger position than we have ever been as a public company to capitalize on the opportunity ahead.

Andrew Spodek: Thank you. With our debt and equity accounted for and a robust pipeline, we're in a stronger position than we have ever been as a public company to capitalize on the opportunity ahead. Looking forward to speaking to you all in the coming months. Thank you all for joining us.

Speaker #3: Looking forward to speaking to you all in the coming months. Thank you all for joining us.

Operator: This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

Q4 2025 Postal Realty Trust Inc Earnings Call

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