INVESTING IN AMERICA'S LOGISTICS NETWORK FEBRUARY 2026 INTRODUCTION PSTL AT-A-GLANCE Postal Realty (NYSE: PSTL) is a proven leader in acquiring and managing US Postal Service properties as the largest owner of USPS facilities nationally. We believe our assets, which consist of mission-critical logistics infrastructure that supports e-commerce and last mile delivery, provide both stable and growing cash flows, underpinned by a U.S. federal government-supported tenant, a high lease retention rate, and predict ...

Company Overview - ICE MT India Pvt. Ltd, a subsidiary of Intercontinental Exchange Inc., has opened a global capability centre (GCC) in Pune, covering 193,053 sq. ft and paying a monthly rent of ₹1.73 crore with a 15% rent escalation every three years [1][2][3] Industry Trends - The demand for large-format office spaces in Pune is robust, with the nine-year lease indicating long-term confidence in the Magarpatta micro-market as a premier IT corridor [3] - GCC leasing in India reached a record 31 million sq. ft in 2025, up from 28 million sq. ft the previous year, driven by IT-led cities like Bengaluru, Hyderabad, and Pune [4] - Pune has accounted for 15-20% of national GCC activity over the past four years, attracting multinational corporations due to quality-of-life advantages and talent availability [5][6] Market Dynamics - The GCC landscape in India has evolved, with over 90% of activity concentrated in Tier I cities, commanding more than 263 million sq. ft of Grade A office stock and driving 40% of all office leasing activity over the past decade [6] - More than 200 new GCCs have entered India in the past two years, with projections indicating the total GCC footprint will exceed 350 million sq. ft within the next three to four years, primarily driven by US-headquartered firms [7]

Core Viewpoint - Empire State Realty Trust, Inc. has signed two renewal leases and one expansion with Burlington Stores, Inc. and Nespresso at its Manhattan office buildings for Q4 2025 [1] Group 1: Lease Agreements - Burlington Stores, Inc. signed an expansion lease for a full floor, totaling 35,629 square feet of office space [1] - Burlington also signed an early renewal lease for its current space of 170,763 square feet, resulting in a total footprint of 206,392 square feet at 1400 Broadway [1]

Q4'25 & FY'25 Earnings Results Q4'25 & FY'25 Summary 9 Ground Leases $167m Investment Activity1,2 S&P Ratings Upgrade to A- Safehold now A3 / A- / A- rated by Moody's, S&P and Fitch 1 Leasehold Loan $400m Unsecured Term Loan Increases liquidity and flexibility; repaid nearest-term 2027 debt Q4'25 Highlights Q4'25 & FY'25 Investments | | Q4'25 | FY'25 | | --- | --- | --- | | | (9 GLs, 1 Loan) | (17 GLs, 4 Loans) | | Ground Lease Originations1 | $112m | $277m | | Leasehold Loan Originations2 | $55m | $152m | ...

Core Viewpoint - COPT Defense Properties has secured a significant lease agreement with a top 10 U.S. Defense contractor, enhancing its development pipeline and occupancy rates [1] Group 1: Lease Agreement - The company executed a lease for 148,000 square feet at 400 National Business Parkway [1] - The lease term is nearly 11 years, expected to commence in the fourth quarter of 2026 [1] - This lease contributes to the company's development pipeline, which is now 86% leased, totaling 882,000 square feet [1]

Core Insights - The company has entered into a six-year master lease agreement with Shenzhen Anju Leyu Development & Construction Co. Ltd, a state-owned partner, for its Technology Center project [1][2] - This partnership is expected to de-risk the project by ensuring a government-backed counterparty, which enhances payment security and reliability [2][4] Project Details - The agreement pertains to dormitory facilities in the Technology Center project located in Bao'an District, consisting of approximately 456 units across 24,000 square meters, with completion expected in 2026 [3] - The project is currently under construction [3] Financial Projections - The master lease agreement is projected to generate approximately RMB 18 million in stable annual rental income upon full occupancy [5] - There is a significant demand for subsidized housing, evidenced by a waiting list of over 80,000 applicants, which is expected to lead to quick occupancy after delivery [5] - The local government subsidizes 70% of rental costs, enhancing the agreement's robustness and ensuring long-term tenancy viability [5] Strategic Benefits - The partnership is anticipated to yield higher-than-market occupancy rates and a significantly shortened lease-up timeline, contributing to revenue stability and reduced operational risks [4][5] - The projected revenue yield is competitive with market-rate leasing due to the stability provided by this partnership and lower lease-up costs [5]

Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) will release its fourth quarter financial results for 2025 on February 19, 2026, and will host a conference call to discuss the results and recent events on February 20, 2026 [1][2]. Group 1: Financial Results Announcement - The company will announce its 2025 fourth quarter financial results after market close on February 19, 2026 [1]. - A conference call will be held on February 20, 2026, at 10:00 a.m. ET to review the quarter's results and performance [2]. Group 2: Conference Call Details - The conference call will be accessible via the Investor Relations section of the company's website, with a live broadcast available [3]. - Participants are advised to dial in at least five minutes prior to the start time, with specific numbers provided for domestic and international callers [4]. Group 3: Company Overview - GLPI is involved in acquiring, financing, and owning real estate properties to be leased to gaming operators under triple-net lease arrangements, where tenants are responsible for all maintenance, insurance, taxes, and utilities related to the properties [5].

Core Insights - COPT Defense Properties completed 557,000 square feet of vacancy leasing in 2025, surpassing its initial target by nearly 40% [1] - The weighted-average lease term for the new leases is approximately 7.5 years [1] - The company initially set a vacancy leasing target of 400,000 square feet in February 2025, which was subsequently increased to 450,000 square feet in July and then to 500,000 square feet in October [1]

Group 1 - Smyrna Ready Mix Concrete LLC is pursuing a mechanic's lien foreclosure for $1,961 in unpaid concrete from JE & RO Concrete LLC [2] - LMREC IV Note Holder Inc. is seeking to foreclose on The Atrium Apartments due to a loan of $16,300,000 that has not been repaid [2] - 4 Seasons Holdings LLC claims it is owed $175,000 for property management services from the Condominium Association of Whispering Pines [3] Group 2 - Denver Premium Outlets LLC is pursuing $702,207 in unpaid rent from a spa store that leased space at its location [3] - Builders Warehouse Inc. alleges it is owed $466,656 for construction materials from Red Rock Construction & Landscaping LLC [6] - Elliott Equipment Co. Inc. claims it paid $326,000 for a steel building, alleging the defendants stole that money [8] Group 3 - The plaintiffs in multiple cases are accusing insurance companies of insufficient payments for damages caused by hailstorms and wildfires [5][9][12] - Several lawsuits involve mechanic's lien foreclosures due to unpaid work, including amounts of $20,504 and $30,000 for construction services [22][23] - The Colorado Department of Labor and Employment has fined various companies for wage and workers' compensation violations, including $24,285 and $5,095 respectively [15][21]

Summary of Postal Realty Trust (NYSE:PSTL) FY Conference Call Company Overview - **Company**: Postal Realty Trust (PSTL) - **CEO**: Andrew Spodek - **Industry**: Real Estate Investment Trust (REIT) focused on properties leased to the U.S. Postal Service Key Points and Arguments 1. **Business Model**: Postal Realty Trust focuses on acquiring and managing properties leased to the U.S. Postal Service, which has a strong track record of timely rent payments, maintaining a 100% collection rate regardless of economic conditions [3][22] 2. **Portfolio Size**: The company operates nearly 2,000 properties across 49 states, with an enterprise value of approximately $900 million [9] 3. **Market Context**: There are about 32,000 postal properties in the U.S., with the Postal Service leasing 23,000 of them. The market for these assets is estimated to be between $12 billion and $15 billion [5] 4. **Retention Rate**: The company has maintained a 99% retention rate for its properties over the past decade, indicating stability in its tenant relationships [3][18] 5. **Acquisition Strategy**: The company aims to acquire properties at a cap rate of 7.5% and has set a target of $110 million in acquisitions for the year [9][10] 6. **Growth Metrics**: Postal Realty Trust projects Same Store NOI growth of 8.5%-9.5% and earnings growth of 12%-13% year-over-year [10] 7. **Lease Structure**: 53% of the leases have annual escalations, with 3% increases, and 37-38% of the portfolio has 10-year lease terms [11][27] 8. **Debt Management**: The company maintains a conservative approach to leverage, aiming to stay below 5.5 times debt-to-EBITDA, while balancing debt and equity [29][30] Additional Insights 1. **Unique Position**: Postal Realty Trust is the only public company focused on postal properties, owning approximately 8%-9% of the market, while the next 20 largest owners collectively hold about 12% [13][25] 2. **Off-Market Deals**: 75% of the company's acquisitions are off-market, highlighting its strong reputation and relationships within the industry [16] 3. **Investment in Infrastructure**: The company views its investments as critical to the logistics network of the U.S., emphasizing the importance of postal properties in the last-mile delivery market [20][21] 4. **Tax Benefits**: The company offers sellers the opportunity to exchange properties for operating partnership units, providing tax-deferred benefits [7] 5. **Banking Relationships**: Postal Realty Trust has established strong banking relationships with major institutions, which supports its financing needs [24] This summary encapsulates the key aspects of Postal Realty Trust's business model, market position, growth strategies, and financial management as discussed in the conference call.