Postal Realty Trust Inc (PSTL) - Cash Flow Conversion Efficiency

Postal Realty Trust, Inc. completed its initial public offering ("IPO") on May 17, 2019 of the Company's Class A common stock, par value $0.01 per share (the Class A common stock). The Company contributed the net proceeds from the IPO to Postal Realty LP, a Delaware limited partnership, in exchange for common units of limited partnership interest in the Operating Partnership. Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related formation transactions. Prior to the completion of the IPO and the formation transactions, the Company had no operations. The Company's interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company's percentage ownership of OP Units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage and conduct the Operating Partnership's business, subject to limited approval and voting rights of the limited partners. As of September 30, 2025, the Company held an approximately 78.6% interest in the Operating Partnership. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. The Operating Partnership is considered a variable interest entity in which the Company is the primary beneficiary. As of September 30, 2025, the Company owned a portfolio of 1,853 properties located in 49 states and one territory. The Company's properties are leased primarily to a single tenant, the United States Postal Service. The Company also owns several, and may in the future further acquire, land parcels that may be added to existing or future leases with the USPS or used for other purposes that are consistent with the Company's investment strategy. Postal Realty Trust, Inc. was organized as a Maryland corporation on November 19, 2018.