Postal Realty Trust (NYSE: PSTL) director converts LTIP and OP units into shares

Q: What insider transaction did Postal Realty Trust (PSTL) disclose on this Form 4?

The company disclosed that a director converted 12,000 LTIP Units in Postal Realty LP into OP Units, and those OP Units were redeemed for 12,000 shares of Postal Realty Trust’s Class A common stock on 12/01/2025 .

Q: What are LTIP Units and OP Units in relation to Postal Realty Trust (PSTL)?

The filing explains that LTIP Units are long-term incentive plan units in Postal Realty LP that, after certain events and vesting, are convertible into OP Units . Each OP Unit may be redeemed by the holder for cash or, at the issuer’s election, for one share of Class A common stock or the cash value of such share.

Q: How many LTIP Units does the Postal Realty Trust (PSTL) insider hold after the reported transaction?

After the transaction, the insider beneficially owned 73,263 LTIP Units in Postal Realty LP, which may become convertible into OP Units and ultimately redeemable for Class A common stock or cash.

Q: Do the LTIP Units or OP Units of Postal Realty Trust (PSTL) have expiration dates?

According to the disclosure, LTIP Units do not have expiration dates , and OP Units also have no expiration date .

Q: What is the economic relationship between OP Units and Postal Realty Trust (PSTL) Class A common stock?

Each OP Unit in Postal Realty LP can be presented for redemption for, at the election of the issuer, either one share of Class A common stock or the cash value of such share, creating an economic link between partnership units and the REIT’s common equity.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Postal Realty Trust, Inc. reported an insider equity transaction by a director involving long-term incentive and partnership units. On 12/01/2025, the reporting person converted 12,000 LTIP Units in Postal Realty LP into an equal number of OP Units, and those OP Units were then redeemed for 12,000 shares of the company’s Class A common stock on a one-for-one basis, as provided in the partnership agreement.

After this transaction, the reporting person beneficially owned 55,666 shares of Class A common stock directly and 73,263 LTIP Units, which are convertible into OP Units and ultimately redeemable for Class A shares or cash on a one-for-one basis. The OP Units themselves have no expiration date, and LTIP Units do not have expiration dates.

Insider Trade Summary

36,000 shares exercised/converted

Mixed 4 txns

Insider Donahoe Patrick R

Role Director

Type	Security	Shares	Price	Value
Exercise	LTIP Units	12,000	$0.00	--
Exercise	OP Units	12,000	$0.00	--
Exercise	OP Units	12,000	$0.00	--
Exercise	Class A common stock	12,000	$0.00	--

Holdings After Transaction: LTIP Units — 73,263 shares (Direct); OP Units — 12,000 shares (Direct); Class A common stock — 55,666 shares (Direct)

Footnotes (1)

12,000 of the reporting person's long term incentive plan units ("LTIP Units") in Postal Realty LP (the "Operating Partnership"), of which Postal Realty Trust, Inc. (the "Issuer") is the general partner, were converted into common units of limited partnership interests ("OP Units") in the Operating Partnership by the Reporting Person and the OP Units were redeemed for an equal number of shares of the Issuer's Class A common stock in accordance with the Operating Partnership's Partnership Agreement. Following the occurrence of certain events and upon vesting, the LTIP Units are convertible by the Issuer into an equivalent number of OP Units. OP Units are redeemable by the Reporting Person for cash or, at the election of the Issuer, shares of Class A common stock of the Issuer on a one-for-one basis or the cash value of such shares. LTIP Units do not have expiration dates. Represents OP Units in the Operating Partnership. Each OP Unit may be presented for redemption for, at the election of the Issuer, shares of Class A common stock of the Issuer on a one-for-one basis or the cash value of such shares. OP Units have no expiration date.

Form 4 Insider Transactions: What Each Field Means →

12/01/2025 - 06:46 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Donahoe Patrick R

(Last)

(First)

(Middle)

C/O POSTAL REALTY TRUST, INC.

75 COLUMBIA AVENUE

(Street)

CEDARHURST

11516

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Postal Realty Trust, Inc. [ PSTL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A common stock	12/01/2025		M⁽¹⁾		12,000	A	⁽¹⁾	55,666	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
LTIP Units	⁽²⁾	12/01/2025		M⁽¹⁾			12,000	⁽²⁾	⁽²⁾	Class A common stock	12,000	⁽¹⁾	73,263	D
OP Units	⁽³⁾	12/01/2025		M⁽¹⁾		12,000		⁽³⁾	⁽³⁾	Class A common stock	12,000	⁽¹⁾⁽³⁾	12,000	D
OP Units	⁽³⁾	12/01/2025		M⁽¹⁾			12,000	⁽³⁾	⁽³⁾	Class A common stock	12,000	⁽¹⁾⁽³⁾	0	D

Explanation of Responses:

1. 12,000 of the reporting person's long term incentive plan units ("LTIP Units") in Postal Realty LP (the "Operating Partnership"), of which Postal Realty Trust, Inc. (the "Issuer") is the general partner, were converted into common units of limited partnership interests ("OP Units") in the Operating Partnership by the Reporting Person and the OP Units were redeemed for an equal number of shares of the Issuer's Class A common stock in accordance with the Operating Partnership's Partnership Agreement.

2. Following the occurrence of certain events and upon vesting, the LTIP Units are convertible by the Issuer into an equivalent number of OP Units. OP Units are redeemable by the Reporting Person for cash or, at the election of the Issuer, shares of Class A common stock of the Issuer on a one-for-one basis or the cash value of such shares. LTIP Units do not have expiration dates.

3. Represents OP Units in the Operating Partnership. Each OP Unit may be presented for redemption for, at the election of the Issuer, shares of Class A common stock of the Issuer on a one-for-one basis or the cash value of such shares. OP Units have no expiration date.

Remarks:

	/s/ Joseph Antignani, attorney-in-fact	12/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Postal Realty Trust (PSTL) disclose on this Form 4?

The company disclosed that a director converted 12,000 LTIP Units in Postal Realty LP into OP Units, and those OP Units were redeemed for 12,000 shares of Postal Realty Trust’s Class A common stock on 12/01/2025.

How many Postal Realty Trust (PSTL) Class A shares does the insider own after the transaction?

Following the reported transaction, the insider beneficially owned 55,666 shares of Postal Realty Trust, Inc. Class A common stock in direct ownership.

What are LTIP Units and OP Units in relation to Postal Realty Trust (PSTL)?

The filing explains that LTIP Units are long-term incentive plan units in Postal Realty LP that, after certain events and vesting, are convertible into OP Units. Each OP Unit may be redeemed by the holder for cash or, at the issuer’s election, for one share of Class A common stock or the cash value of such share.

How many LTIP Units does the Postal Realty Trust (PSTL) insider hold after the reported transaction?

After the transaction, the insider beneficially owned 73,263 LTIP Units in Postal Realty LP, which may become convertible into OP Units and ultimately redeemable for Class A common stock or cash.

Do the LTIP Units or OP Units of Postal Realty Trust (PSTL) have expiration dates?

According to the disclosure, LTIP Units do not have expiration dates, and OP Units also have no expiration date.

What is the economic relationship between OP Units and Postal Realty Trust (PSTL) Class A common stock?

Each OP Unit in Postal Realty LP can be presented for redemption for, at the election of the issuer, either one share of Class A common stock or the cash value of such share, creating an economic link between partnership units and the REIT’s common equity.