POSTAL REALTY

TRUST, INC.NYSE: PSTL

August 2021

Investor Presentation

This presentation regarding Postal Realty Trust, Inc. (“our”, “us”, “we” or the “Company”) contains “forward-looking statements.” Forward-looking statements include

statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,”

“projects” and similar references to future periods, or by the inclusion of forecasts or projections. Because forward-looking statements relate to the future, by their

nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ

materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-

looking statements include, among others, change in the status of the USPS as an independent agency of the executive branch of the U.S. federal government, change in

the demand for postal services delivered by the USPS, our ability to come to an agreement with the USPS regarding new leases, the solvency and financial health of the

USPS, defaults on, early terminations of or non-renewal of leases by the USPS, the competitive market in which we operate, changes in the availability of acquisition

opportunities, our inability to successfully complete real estate acquisitions or dispositions on the terms and timing we expect, or at all, our failure to successfully operate

developed and acquired properties, adverse economic or real estate developments, either nationally or in the markets in which our properties are located, decreased

rental rates or increased vacancy rates, change in our business, financing or investment strategy or the markets in which we operate, fluctuations in mortgage rates and

increased operating costs, changes in the method pursuant to which reference rates are determined and the elimination of LIBOR after June 2023, general economic

conditions, financial market fluctuations, our failure to generate sufficient cash flows to service our outstanding indebtedness, our failure to obtain necessary outside

financing on favorable terms or at all, failure to hedge effectively against interest rate changes, our reliance on key personnel whose continued service is not guaranteed,

the outcome of claims and litigation involving or affecting us, changes in real estate, taxation, zoning laws and other legislation and government activity and changes to

real property tax rates and the taxation of REITs in general, operations through joint ventures and reliance on or disputes with co-venturers, cybersecurity threats,

environmental uncertainties and risks related to adverse weather conditions and natural disasters, governmental approvals, actions and initiatives, including the need for

compliance with environmental requirements, lack or insufficient amounts of insurance, limitations imposed on our business in order to qualify and maintain our status

as a REIT and our failure to qualify for or maintain such status, public health threats such as the COVID-19 pandemic, and other factors set forth under “Risk Factors” in

the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement made in this presentation speaks only as of the date on which it is

made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments

or otherwise. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise,

except as may be required by applicable securities laws.

Disclaimer & Forward Looking Statements

2

Investment Highlights

Meaningful growth through acquisition of high quality, geographically diverse

postal properties with attractive fundamentals

Fragmented market offers compelling opportunity to consolidate USPS

logistics network

Critical logistics infrastructure to support e-commerce and last-mile

delivery

Stable government-backed tenant provides reliable cash flows

Straight-forward capital structure and conservative balance sheet

Experienced management team with strong alignment and ownership of

common equity

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Company Overview

COMPANY HISTORY

8th Consecutive quarter of dividend growth

97.1% U.S. Government independent agency

tenant(4)

3.7M Total interior

sq ft

98.5% Weighted average lease renewal rate

between 2011 and 2021 YTD(2)

884 Postal properties owned in 49 states

#1We believe we are the nation’s largest

owner and manager of properties

leased to the USPS(1)$256M Capital deployed into 614 postal

properties since IPO(3)

398 Additional postal properties under

management

Source: Company Filings

(1) As measured by rental income and square feet under management

(2) Includes historical performance of the Company’s predecessor and prior business activities of

Andrew Spodek

Note: As of August 3, 2021

3) Amount excludes closing costs

4) Reflects percentage of total annualized rent attributable to the USPS

5) Reflects gross offering proceeds prior to underwriting discount and other expenses

15+ Year Track Record of Institutionalizing the USPS Network

4

20.8M Total site

sq ft

1

2004: Nationwide Postal

Management founded by

Andrew Spodek

Jul. 2020:

completed $52M

follow-on offering

May 2019: completed

$77M IPO with portfolio

of 270 properties(5)

Dec. 2020: closed acquisition of 431K sq ft

industrial facility with USPS as anchor tenant

bringing full year acquisitions to $130M

Dec. 2019: completed

$58M of acquisitions since

IPO

Sept. 2019: established

$100M revolving credit

facility

Jan. 2020: expanded

credit facility to

$150M

Jan. 2021:

completed $57M

follow-on offering

Dec. 2020:

Established ATM

program

Jun. 2021:

Russell 2000

Index inclusion

$0.56

$0.89

Q3 2019 Current

$8,348,003

$32,300,606

May 2019 Current

871,843

3,689,571

May 2019 Current

270

884

May 2019 Current

▪ IPO formation transaction resulted in PSTL owning a portfolio of 270 postal properties with 871,843 interior sq ft

▪ PSTL has acquired 614 additional properties comprising for approximately $256 million since going public(1)

▪ As of August 3, 2021, approximately $68 million of acquisitions closed in 2021, excluding closing costs, comprised of

1,021,396 net leasable interior sq ft

▪ PSTL has raised the dividend for eight consecutive quarters

– Q2 2021 dividend rose 8.5% over Q2 2020, and ~59% since dividend initiation(2)

Meaningful Growth Since IPOAccretive Acquisitions and Operational Expertise Deliver Growth

5

1

Source: Company Filings

Note: As of August 3, 2021; portfolio statistics reflect owned properties

(1) Amount excludes closing costs

(2) Excludes dividend for the period from the completion of IPO on May 17, 2019 to June 30, 2019

(3) Property count reduced by one in 2020 due to a merger of leases

(4) Annualized contractually specified cash base rent in effect on August 3, 2021 for all of our leases

(including those accounted for as direct financing leases)

(5) Dividends are annualized quarterly distributions. All dividends are at the sole discretion of the board

of directors; “current” reflects most recent announced dividend payment, to be paid in August 2021

+227%

Growth

+323%

Growth

+287%

Growth

PORTFOLIO GROWTH

Property Count Square Footage Annualized Rental Income(4)

+59%

Growth

(3)

Dividend(5)

Midwest30%

Northeast28%

South31%

West11%

Midwest37%

Northeast25%

South30%

West8%

Attractive Owned Portfolio Fundamentals

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Portfolio Highlights

Locations 884 Properties (49 States)

Maximum State Rent Concentration

(% annualized rent)16.8% (PA)

Interior Sq Ft / Site Sq Ft 3.7 million / 20.8 million

Weighted Average Rent $8.75 per Sq Ft

Weighted Average Lease Term (by Sq Ft) 4 years

Primary Tenant USPS

Occupancy 100.0%

OVERVIEW OF PSTL’S OWNED PORTFOLIO

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Geographically Diverse Portfolio

Region Sq Ft

Midwest 1,378,073

South 1,115,487

Northeast 915,045

West 280,966

Total 3,689,571

PORTFOLIO INTERIOR SQ FT BY REGION

PORTFOLIO ANNUALIZED GROSS RENT BY REGION(1)

Region Rent

South $10,035,918

Midwest $9,609,097

Northeast $9,151,903

West $3,503,688

Total $32,300,606

Source: Company Filings

Note: As of August 3, 2021; portfolio statistics reflect owned properties

(1) Annualized contractually specified cash base rent in effect on August 3, 2021 for all of our leases (including those accounted for as direct financing leases)

98.9%

96.9%96.7%

97.8%

99.4% 99.2%

98.4%

96.3%

100.0% 100.0% 100.0%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD

98% Historical Retention RateUpcoming Lease Expirations Provide Organic Growth Opportunity

▪ Historical weighted average lease retention rate of 98.5% from 2011 to 2021 YTD(1)

▪ Staggered lease expiration schedule

▪ Executed letter of intent to renew 55 leases with 2021 expirations

HISTORIC LEASE RETENTION RATE(1)

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Weighted Avg.

98.5%

Source: Company Filings; Note: As of August 3, 2021

(1) Reflects the weighted average lease retention of our predecessor for owned and managed properties prior to our IPO from 2011 to 2019

$1,155

$3,179 $3,574 $3,527

$6,673

$14,192

2021 2022 2023 2024 2025 Thereafter

▪ Various forms of double net leases

▪ Historically, USPS leases have not provided for tenant

improvements or free rent upon lease renewal

▪ USPS leases are not subject to annual budgetary appropriations

▪ Most commonly five-year terms

▪ No on-site staff needed to manage properties

Favorable Lease TermsMinimal Near-Term Expirations

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USPS LEASE STRUCTURE

Note: As of August 3, 2021; portfolio statistics reflect owned properties

(1) Executed letter of intent in place to renew 55 leases with 2021 expirations

(2) Annualized contractually specified cash base rent in effect on August 3, 2021 for all of our leases (including those accounted for as direct financing leases)

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Year Number of Leases Square Feet Annual Rent(2) % of Total Rent(2)

2021 59(1) 125,788 $1,154,591 3.6%

2022 77 353,336 $3,179,481 9.8%

2023 69 574,136 $3,573,664 11.1%

2024 85 331,355 $3,527,193 10.9%

2025 175 570,963 $6,673,480 20.7%

Thereafter 422 1,733,993 $14,192,197 43.9%

Total 887 3,689,571 $32,300,606 100%

Lease Expirations by Year

LEASE EXPIRATIONS BY YEAR (ANNUAL RENT)

($ in thousands)

21.9%

52.6%

25.5%

Last Mile

Flex

Industrial

20.6%

52.4%

27.0%

Source: Company Filings, USPS Leased FOIA Data

Note: As of August 3, 2021; portfolio statistics reflect owned properties

(1) Percentages reflect size of bucket by total interior sq ft

(2) Inclusive of parking, ground leases, land, and antennas

(3) Includes Office, Retail, and Warehouse

Fragmented Market OpportunityPSTL Targets Mission Critical Assets Across the USPS Logistics Network

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▪ 25,517 postal properties, representing ~84.1 million

interior sq ft, are privately owned and leased to the

USPS

▪ 18,192 last mile, 7,228 flex, and 97 industrial

properties are leased to the USPS, representing

~18.4 million interior sq ft of last mile, ~44.3 million

of flex, and ~21.5 million of industrial properties

PSTL Last MileProperties under 2,500 interior sq ft

PSTL FlexProperties 2,500 – 50,000 interior sq ft

ALL USPS LEASES VS. PSTL PORTFOLIO (1)

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PSTL IndustrialProperties over 50,000 interior sq ft

Property

Count

Interior

Sq Ft

Annualized

Rent

Annualized

Rent PSF

547 758,892 $7,596,095 $10.01

(2)

(3)

Property

Count

Interior

Sq Ft

Annualized

Rent

Annualized

Rent PSF

333 1,934,154 $20,358,753 $10.53

Property

Count

Interior

Sq Ft

Annualized

Rent

Annualized

Rent PSF

4 996,525 $4,345,758 $4.36

USPS PSTL

Well-Positioned To Consolidate USPS Logistics Network

Compelling Currency and Disciplined Underwriting Criteria

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COMPETITIVE ADVANTAGE IN CONSOLIDATION STRATEGY

UNDERWRITING CONSIDERATIONS

Attractive market area demographics✓

Target acquiring at or below replacement cost✓

▪ Decades of experience acquiring and managing postal assets

▪ Operational scale allows PSTL to make compelling purchase offers to

private owners while still delivering attractive returns to shareholders

▪ PSTL can issue OP Units to contributors looking for tax-efficient liquidity

▪ History of efficient acquisition and expedited closing

Strategic importance to the USPS logistics network✓

Albuquerque, NM

Satsuma, FL

Little Rock, Arkansas

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Select AcquisitionsRepresent Growth Across the Entire USPS Logistics Network

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Rosemount, MN

▪ Part of a portfolio comprised of last-mile and flex properties

▪ Operating Partnership unit transaction

▪ Off-market transaction purchased from multi-generational developers

and owners

Kahului, HI

▪ Fee-simple purchase of ~9,700 sq ft facility siting on 1 acre

▪ Strategically located near the Kahului Airport and oversees the Carrier

Annex at the airport

▪ Serves 13 city routes

Birmingham, AL

▪ ~178,000 sq ft Mail Processing Annex

▪ Priority mail hub for the sorting of all priority mail and flats for the

Birmingham District and the state of Alabama

▪ 24 / 7 operations

Rocky Mount, NC

▪ ~18,500 sq ft built-to-suit USPS Carrier Annex

▪ Responsible for 30 rural routes and 18 city routes

▪ Offers administrative support to 2 other Post Offices

Last Mile

Industrial

Flex

Only Organization Capable of Delivering to Every Address in the U.S.

Source: USPS Website

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USPS’s Irreplaceable Logistics Network

140,000+blue collection boxes

161 Millionunique delivery points

768 Million+customer visits in 2020

Critical Services That

Strengthen Importance

of USPS Network:

money orders

passports

address changes

international shipping

military mail

PO Boxes

PC Postage

31,000+locations

USPS’s logistics network is unparalleled—despite

investments by Amazon and others, no business

replicates USPS’s distribution capabilities

231,000+delivery routes

~43%of the world’s mail volume

~496,000 career employees

▪ As e-commerce has grown, the USPS’s shipping and package services have proven vital to “last mile” deliveries

– The USPS empowers e-commerce retailers to meet growing consumer delivery demands in the digital era

– As a result, USPS has experienced compound annual packing and shipping revenue growth of 11.9% since FY 2012

▪ The ~31,000 USPS facilities represent the largest retail distribution network in the United States

– USPS’s unmatched logistics network is both time and cost prohibitive to replicate, giving it a virtual monopoly on last

mile delivery

▪ Parcel Select, where packages are delivered to the post office for last-mile delivery, has driven shipping and package revenue,

growing 23.2% compounded from fiscal year 2012 through fiscal year 2020

Critical Infrastructure Supports eCommerce & Last Mile Delivery

E-Commerce Has Fueled Revenue Growth for the Postal Service

Source: USPS 10-K 2012-2020, eMarketer, Politifact

EXPECTED GROWTH IN U.S. E-COMMERCE MARKET ANNUAL PARCEL SELECT VS. TOTAL PACKAGE REVENUE USPS TOTAL REVENUE VS % PACKAGE DELIVERY REVENUE

($ in billions) ($ in billions) ($ in billions)

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$2.6 $3.4 $4.7 $5.7 $6.7 $7.1$8.7

$13.5$15.1

$17.4$19.5

$21.5$22.8

$28.5

19%

23%

27%29%

31% 31% 31%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

$0. 0

$6. 0

$12 .0

$18 .0

$24 .0

$30 .0

FY2014 FY2016 FY2018 FY2020

Total Package Revenue

Parcel Select Revenue

% Parcel Select $68.8

$70.4$69.6

$70.6 $71.1

$73.1

22%

25%

28%

30%32%

39%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

45. 0%

50. 0%

$50 .0

$55 .0

$60 .0

$65 .0

$70 .0

$75 .0

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020

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$791.7

$933.3

$1,089.2

$1,262.3

$1,449.2

$1,647.7

2020 2021E 2022E 2023E 2024E 2025E

United States Postal ServiceStable Credit Tenant

Source: USPS Website, 2020 Annual Report to Congress, 2020 USPS 10-K, Report from the Task Force on the United States Postal System, USPS Office of Inspector General

Website, 2020 USPS Postal Facts Companion

(1) Represents the weighted average lease retention of our predecessor for owned and managed properties prior to our IPO from 2011 to 2019

(2) Represents operating lease costs for FY 2020

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USPS as a

Tenant

▪ The USPS is an independent government agency and remains an essential service with no closures due

to the COVID-19 pandemic, making 100% of rent payments on time

▪ Historic retention rate has been 98.5%(1)

▪ Government-backed credit

▪ Publicly reported financials provide additional transparency

▪ Lease payments in fiscal year 2020 totaled approximately $1.4 billion, representing only 1.7% of the

USPS’s total operating expenses(2)

▪ In rural areas, these facilities are often the government touch-point within the community

▪ We believe the outlook for the USPS is positive and supported by growth in ecommerce and trends

in package delivery

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Divide, CO

Lender Amount Fixed / Float Rate Maturity Date

Term Loan $50,000 Fixed 2.29% Jan-27

Revolving Credit Facility $42,500 Floating 1.60% Jan-26

AIG (Warrendale) $30,225 Fixed 2.80% Jan-31

Other $2,988 Fixed 4.59% Oct-35

Total Debt $125,713 2.23% 6.2 years

37.2%

23.5%

36.9%

24.9% 25.9%

6.2x

3.9x

6.6x

4.2x4.8x

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Net Debt to Enterprise Value Nebt Debt to Annualized Adjusted EBITDA

L + 1.50%

Capitalized To Execute On Acquisition Strategy

5 Straight Forward & Conservative Balance Sheet

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DEBT COMPOSITION ($ IN THOUSANDS)

KEY LEVERAGE METRICS

Source: Company Filings

Note: As of August 9, 2021, except for Key Leverage Metrics data

(1) Term Loan has an interest rate effectively fixed at 2.29%, given the Company’s execution

of an interest rate swap

(2) Reflects weighted average interest rate and maturity date calculations

(3) Refer to Page 21 for Debt Statistics & Adjusted EBITDA reconciliation

(3)

(2) (2)

(2) (2)

(1)

Source: Company Filings

Common

Equity

OP

Units

Revolving

Line of

Credit

&

Term Loan

Property

Level

Mortgages

Multiple Sources of Capital to Support GrowthPSTL Has Many Arrows in Its Capital Quiver

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▪ Raised over $100 million in gross proceeds through two follow-on offerings

▪ $500 million shelf filing to support additional registered public offerings of common and preferred stock

▪ $50 million at-the-market equity offering program

▪ Successfully closed property transactions with OP Units

▪ $150M revolving line of credit with $150M accordion feature

▪ $50M term loan with $50M accordion feature

Experienced Management TeamDecades of Postal, Real Estate and Finance Experience

▪ Founder and CEO of the Company’s predecessor, Nationwide Postal Management (“NPM”), the largest

manager of USPS-leased properties in the United States until our IPO

▪ More than 20 years of experience exclusively focused on investing in and managing postal properties

▪ Prior to founding NPM, led acquisitions and property management for his family’s private real estate

investment activities

▪ Serves on the board of directors of the Association of United States Postal Lessors

▪ M.S., Real Estate, New York University; B.B.A., Finance & International Management, Boston University

▪ Joined in January 2017 and leads all operational and strategic activities of the Company

▪ Prior to joining, served as a consultant to private real estate investment companies and family offices

▪ From June 2014 to December 2015, served as the Chief Operating Officer of Burford Capital (LON: BUR), a

London Stock Exchange-listed global finance firm focused on litigation finance and specialty finance for the

legal industry

▪ From 2004 to 2014, served as the chief operating officer for various hedge funds, including Longacre Fund

Management and Trilogy Capital Management

▪ From 1999 to 2004, worked at Lehman Brothers in Equity Capital Markets and Prime Brokerage divisions

▪ J.D., Benjamin N. Cardozo School of Law; B.S., Economics, Yeshiva University

▪ Joined in January 2021 and leads all capital market and corporate finance activities of the Company

▪ More than 20 years of experience in real estate and capital markets

▪ Prior to joining, served as a Managing Partner at Monday Properties

▪ Formerly a Managing Director on the Real Estate Banking team at Evercore with additional experience at MJC

Associates, Reckson Associates Realty Corp, Goldman Sachs, and Bankers Trust

▪ Member of the Urban Land Institute, University of Florida’s Bergstrom Center Advisory Board and the

Columbia Business School Real Estate Circle

▪ MBA, Columbia Business School, BSBA, University of Florida Honors Program

Andrew Spodek Chief Executive Officer

Jeremy Garber President, Treasurer & Secretary

Robert KleinChief Financial Officer

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Strong Independent BoardExtensive Postal, Real Estate and Public Company Knowledge

Note: Board of Directors includes Chief Executive Officer, Andrew Spodek

Strong

Alignment of

Interests

Patrick Donahoe – Independent Chair of the Board

▪ Served as the 73rd Postmaster General of the USPS from October 2010 until his retirement

in February 2015

▪ Career with USPS spanned 39 years, having started as a postal clerk in Pittsburgh, PA in

1975

▪ Prior to appointment as Postmaster General, served as the 19th Deputy Postmaster General

Barry Lefkowitz – Independent Director

▪ President and CEO of Huntington Road Advisors LLC, and Co-Founder of HMC Real Estate

Services LLC

▪ Served as EVP and CFO of Mack-Cali Realty Corporation (NYSE: CLI) from 1996 to 2014

▪ Served as Interim CFO of Brixmor Property Group Inc. (NYSE: BRX) in 2016

▪ Serves on Board of Directors of ShopOne Centers REIT, Inc.

Jane Gural-Senders – Independent Director

▪ Executive Director and Principal at GFP Real Estate, which owns and manages a portfolio of

approximately 50 properties comprising 11 million square feet

▪ Serves on Board of Directors for Gural JCC of the Greater Five Towns, Flatiron BID, Real

Estate Committee for Yeshiva University and the American Associates of Ben-Gurion

University

Anton Feingold – Independent Director

▪ Managing Director and Associate General Counsel, Real Estate in the Legal Group of Ares

Management. General Counsel, Vice President and Secretary of Ares Commercial Real

Estate Corporation (NYSE: ACRE), Assistant Secretary of Ares Management Corporation

(NYSE: ARES) and Vice President and Assistant Secretary of CION Ares Diversified Credit

Fund

▪ Senior Associate at Clifford Chance LLP from 2004 to 2014, where he was a member of the

firm’s capital markets and real estate groups

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18

Management and Board own over

15% of the outstanding equity

interest in PSTL

Emphasis on equity-based

compensation

Internally managed and advised

Opted out of Maryland anti-

takeover provisions

Independent Board of Directors

with industry and public company

expertise

No stockholder rights plan

Independent Chair

Strong

Alignment of

Interests

Environmental, Social & Governance6

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Strong

Alignment of

Interests

▪ Application of energy efficient measures in the PSTL corporate office, include enhanced air filtration and water

conservation to provide a healthy environment for our workforce

▪ Commitment to investments and upgrades across the PSTL portfolio with a focus on environmental stewardship,

such as a program in place to convert all lights and fixtures to LED

▪ Use of proactive maintenance platform to monitor property conditions, preventing building decay and

environmental risks

▪ Focused on ensuring PSTL employee welfare, health, and development in the corporate office

▪ Commitment to diversity & inclusion in the PSTL workplace

▪ Offer PSTL employees a competitive, comprehensive benefit package and regular training sessions to promote

education

▪ Preservation and protection of postal facilities dedicated by U.S. Congress in honor of individuals

▪ 100% of C-Suite incentive compensation elected to be received in restricted stock or LTIP units

▪ Non-Executive Chair of the Board, 80% of the Board of Directors are independent directors, and 20% of the

Board of Directors are female

▪ Reporting and disclosure with an emphasis on transparency

▪ Annual board self-evaluations of effectiveness and review of governance policies

EEnvironmental

Responsibility

SSocial

Responsibility

GCorporate

Governance

Appendix

Debt Statistics

($ in thousands) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020

Market Capitalization

Debt Principal $115,725 $97,754 $125,036 $65,839 $84,335

Cash 4,936 3,314 2,212 7,787 4,895

Escrow & Reserves 1,141 1,109 1,000 665 645

Net Debt 109,648 93,331 121,824 57,387 78,795

Market Value of Common Equity 314,075 281,649 208,259 187,056 132,857

Total Enterprise Value 423,723 374,980 330,083 244,443 211,652

Net Debt to Enterprise Value 25.9% 24.9% 36.9% 23.5% 37.2%

Leverage

Net Debt $109,648 $93,331 $121,824 $57,387 $78,795

Annualized Adjusted EBITDA 22,728 21,994 18,321 14,802 12,733

Net Debt / Annualized Adjusted EBITDA 4.8x 4.2x 6.6x 3.9x 6.2x

EBITDA

($ in thousands) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020

Net income (loss) $823 $126 $639 $(20) $(230)

Contractual interest expense 621 645 588 484 546

Amortization of deferred financing fees 145 145 129 124 115

Loss on extinguishment of debt - 202 - - -

Income tax expense 27 11 44 30 5

Depreciation and amortization 3,219 3,169 2,572 2,394 2,162

EBITDA $4,835 $4,298 $3,972 $3,012 $2,598

Acquisition related expenses 60 71 71 119 51

Non-cash components of compensation expense 787 1,129 538 570 535

Adjusted EBITDA $5,682 $5,498 $4,581 $3,700 $3,184

Debt Statistics & Adjusted EBITDA Reconciliation

21

(1)

Source: Company Filings

(1) Calculated using the closing share price at the end of each reporting period