Postal Realty Trust, Inc.

Greetings, and welcome to Postal Realty Trust's fourth quarter 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 would now like to turn the conference over to your host, Mr. Jordan Kupfstein, Senior Vice President of Finance and Capital Markets. 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 Garver, 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. 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. 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. 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 call over to Andrew Spodek, Chief Executive Officer of Postal Realty Trust.

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 U.S. 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. 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 the first quarter. 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. 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 U.S. 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. 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. Lease expenses represent 1.5% of the Postal Service's total operating expenses, and they have remained in our building 99% of the time. I believe that in uncertain times, the consistency of the Postal Service's tenancy can be of even more value. I'm proud of our progress and our strong position to start the year. I'll now turn the call over to Steve.