Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-04

Postal Realty Trust, Inc. (PSTL)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$3,692,254
Andrew Spodek total, FY2025
85th
CEO pay percentile vs peers
CEO-to-median pay ratio
96.2%
Say-on-pay support, latest vote
Companies that benchmark against PSTL
3 companies name PSTL as a compensation peer

Each company listed discloses PSTL in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PSTL in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Andrew Spodek$383,838$1,153,289$2,096,781$0$0$0$58,346$3,692,254
Chief Executive Officer
Jeremy Garber345,962882,0881,266,93500059,0242,554,009
President, Treasurer & Secretary
Robert Klein124,0380767,627000377,1621,268,827
Former Chief Financial Officer
Stephen Bakke42,308636,256511,2560001961,190,016
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Andrew Spodek$3,692,254$3,282,812$2,586,144+409,442
Jeremy Garber2,554,0091,988,9551,702,169+565,054
Robert Klein1,268,8271,164,9601,307,827+103,867
Stephen Bakke1,190,016

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Barry LefkowitzDirector2026-06-02A4,776Derivative, Class A CommonForm 4 ↗
Jane Gural-SendersDirector2026-06-02A3,070Derivative, Class A CommonForm 4 ↗
Anton FeingoldDirector2026-06-02A3,19800Derivative, Class A CommonForm 4 ↗
Patrick R. DonahoeDirector2026-06-02A9,381Derivative, Class A CommonForm 4 ↗
Patrick R. DonahoeDirector2026-06-02A3,19800Derivative, Class A CommonForm 4 ↗
Barry LefkowitzDirector2026-06-02A3,19800Derivative, Class A CommonForm 4 ↗
Jane Gural-SendersDirector2026-06-02A3,19800Derivative, Class A CommonForm 4 ↗
Anton FeingoldDirector2026-06-02A4,093Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Robert KleinOTHER$767,627
Stephen BakkeOTHER511,256
Jeremy GarberOTHER1,266,935
Andrew SpodekOTHER2,096,781
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jeremy GarberPSU279,222$6,824,186
Andrew SpodekRSU41,177664,597
Stephen BakkeRSU33,569541,804
Jeremy GarberPSU649,95815,884,974
Jeremy GarberPSU32,866530,457
Jeremy GarberRSU1,467,27135,860,103
Jeremy GarberRSU57,367925,903
Andrew SpodekRSU1,909,44346,666,787
Andrew SpodekPSU1,627,71939,781,452
Jeremy GarberRSU341,6528,349,975
Stephen BakkePSU33,569541,804
Andrew SpodekPSU12,815206,834
Jeremy GarberRSU8,963144,663
Jeremy GarberPSU71,5911,155,479
Andrew SpodekRSU123,1971,988,400
Andrew SpodekPSU3,201,12778,235,544
Andrew SpodekRSU2,141,66552,342,293
Andrew SpodekPSU53,230859,132
05

Incentive-plan design — the Compensation Discussion & Analysis

We believe that the compensation of our executive officers and directors should align their interests with those of the stockholders in a way that encourages prudent decision-making, links compensation to our overall performance, provides a competitive level of total compensation necessary to attract and retain talented and experienced officers and motivates the officers and directors to contribute to our success.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantFerguson
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1518,086,794713,474145,96496.2%Passed
20252025-05-1616,684,2251,251,40272,11093.02%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1596.2%a
20252025-05-1693.02%b

a. Approved under the standard stated in the filing — “You may vote "FOR," "AGAINST" or "ABSTAIN." Abstentions and broker non-votes will not be counted either for or a e compensation paid to the Company's NEOs, as disclosed in this proxy statement pursuant to SEC rules, including the discussion and analysis of executive officer compensation, compensation tables, and narrative discussion, is hereby APPROVED." Approval of the advisory vote on executive compensation requires the affirmative vote of a majority of the votes cast on Proposal 3 at the Annual Meeting or by proxy.”.

b. Approved under the standard stated in the filing — “You may vote "FOR," "AGAINST" or "ABSTAIN." Abstentions and broker non-votes will not be counted either for or against this proposal e compensation paid to the Company's NEOs, as disclosed in this proxy statement pursuant to SEC rules, including the discussion and analysis of executive officer compensation, compensation tables, and narrative discussion, is hereby APPROVED." Approval of the advisory vote on executive compensation requires the affirmative vote of a majority of the votes cast on Proposal No.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Patrick R. DonahoeIndependent · Board Chair · Audit$0$270,712$0$0$0$270,712
Barry LefkowitzIndependent · Audit (Chair) · Corporate Governance and Compensation0136,397000136,397
Anton FeingoldIndependent · Audit · Corporate Governance and Compensation (Chair)0119,608000119,608
Jane Gural-SendersIndependent · Corporate Governance and Compensation0102,819000102,819
Andrew SpodekEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$25,000
Annual equity retainer$50,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$0
Equity awards (grant-date value)$629,536
All other compensation$0
Total cost of the board$629,536

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Postal Realty Trust, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Postal Realty Trust, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1NETSTREIT Corp.2025Mark Manheimer$700,000$3,194,416$0$1,253,175$5,165,527
2CTO Realty Growth, Inc.2025John Albright870,0001,778,42101,239,7503,905,735
3Postal Realty Trust, Inc.2025Andrew Spodek383,8382,096,781003,692,254
4Getty Realty Corp.2025Christopher Constant643,1251,875,808003,163,755
5Plymouth Industrial REIT, Inc.2024Jeffrey Witherell643,7501,799,9800620,0003,108,503
6Community Healthcare Trust Incorporated2025David Dupuy666,6681,147,5020620,0012,448,171
7City Office REIT, Inc.2024James Farrar525,0001,054,368002,326,635
8Orion Office REIT Inc.2025Paul McDowell584,000659,9060746,9362,080,319
9Clipper Realty Inc.2025David Bistricer630,000835,000002,047,372
10One Liberty Properties, Inc.2025Patrick Callan1,061,330776,200002,009,253
11BRT Apartments Corp.2025Jeffrey Gould1,023,798497,555001,912,560
12Farmland Partners Inc.2025Luca Fabbri400,000545,5560121,8751,385,172
13Global Self Storage, Inc.2025Mark Winmill467,000128,74800693,476

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Postal Realty Trust, Inc.not disclosedRSU 55 · LTIP Units 45YesFerguson
BRT Apartments Corp.not disclosedPSU 100Yes — total stockholder return (TSR)not disclosed
City Office REIT, Inc.125%PRSU 60 · RSU 40Nonot disclosed
Clipper Realty Inc.not disclosedLTIP Units 100not disclosednot disclosed
Community Healthcare Trust Incorporated62%PSU 65 · RSU 35Yes — Relative TSR vs. Peer GroupFerguson Partners Consulting
CTO Realty Growth, Inc.150%PSU 61 · RSU 39Yes — Relative TSRFerguson Partners Consulting
Farmland Partners Inc.30%not disclosedNoAlvarez and Marsal (A&M)
Getty Realty Corp.not disclosedRSU 100not disclosednot disclosed
Global Self Storage, Inc.not disclosedRSU 100NoWillis Towers Watson
NETSTREIT Corp.179.0%PSU 60 · RSU 40Yes — Absolute TSRFPC and Farient
One Liberty Properties, Inc.not disclosedRSU 100Yes — Total Stockholder Return (TSR)Ferguson Partners Consulting L.P.
Orion Office REIT Inc.not disclosedPSU 60 · RSU 40Yes — absolute TSR performanceFerguson Partners Consulting L.P.
Plymouth Industrial REIT, Inc.77.5%RSU 50 · PSU 50Yes — 3-Year Relative TSR vs. MSCI US REIT IndexFerguson Partners Consulting L.P.

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Postal Realty Trust, Inc. in fiscal 2025?
Andrew Spodek, Chief Executive Officer, was the highest-paid executive at Postal Realty Trust, Inc. in fiscal 2025 with total compensation of $3,692,254.
How does Postal Realty Trust, Inc.'s chief executive pay compare to its disclosed peer group?
The company reported that the CEO's pay fell within the 85th percentile of disclosed peer group data.
What is Postal Realty Trust, Inc.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was not disclosed in this extract.
How did shareholders vote on Postal Realty Trust, Inc.'s executive compensation?
Shareholders supported the latest executive compensation plan with 96.2% approval in the Say on Pay vote.
How much does Postal Realty Trust, Inc. spend in total on board compensation for fiscal 2025?
The filing shows total board compensation for fiscal 2025 was $629,536.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Andrew SpodekDEF 14A2026-04-010001140361-26-012804Section “Summary Compensation Table”. As printed: 3,692,254. Filing ↗machine: t185 · r3 · c24 · span 619237–619246
2Section 01, Jeremy GarberDEF 14A2026-04-010001140361-26-012804Section “Summary Compensation Table”. As printed: 2,554,009. Filing ↗machine: t185 · r5 · c24 · span 628417–628426
3Section 01, Robert KleinDEF 14A2026-04-010001140361-26-012804Section “Summary Compensation Table”. As printed: 1,268,827. Filing ↗machine: t185 · r9 · c24 · span 646974–646983
4Section 01, Stephen BakkeDEF 14A2026-04-010001140361-26-012804Section “Summary Compensation Table”. As printed: 1,190,016. Filing ↗machine: t185 · r7 · c24 · span 637689–637698
5Section 03, Robert Klein OTHERDEF 14A2026-04-010001140361-26-012804Section “TABLE OF CONTENTS EXECUTIVE OFFICER AND DIRECTOR COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t185 · r9 · c18 · span 645975–645982
6Section 03, Stephen Bakke OTHERDEF 14A2026-04-010001140361-26-012804Section “TABLE OF CONTENTS EXECUTIVE OFFICER AND DIRECTOR COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t185 · r7 · c15 · span 635853–635860
7Section 03, Jeremy Garber OTHERDEF 14A2026-04-010001140361-26-012804Section “TABLE OF CONTENTS EXECUTIVE OFFICER AND DIRECTOR COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t185 · r5 · c18 · span 627382–627391
8Section 03, Andrew Spodek OTHERDEF 14A2026-04-010001140361-26-012804Section “TABLE OF CONTENTS EXECUTIVE OFFICER AND DIRECTOR COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t185 · r3 · c18 · span 618042–618051
9Section 07, pay ratio10-K2026-02-240001628280-26-011212Section “CEO Pay Ratio”. As printed: —. Filing ↗
10Section 08, Patrick R. DonahoeDEF 14A2026-04-010001140361-26-012804Section “Director Compensation”. As printed: 270,712. Filing ↗machine: r3 · c15 · span 914697–914704
11Section 08, Barry LefkowitzDEF 14A2026-04-010001140361-26-012804Section “Director Compensation”. As printed: 136,397. Filing ↗machine: r4 · c15 · span 917394–917401
12Section 08, Anton FeingoldDEF 14A2026-04-010001140361-26-012804Section “Director Compensation”. As printed: 119,608. Filing ↗machine: r6 · c15 · span 923193–923200
13Section 08, Jane Gural-SendersDEF 14A2026-04-010001140361-26-012804Section “Director Compensation”. As printed: 102,819. Filing ↗machine: r5 · c15 · span 920566–920573
14Section 08, Andrew SpodekDEF 14A2026-04-010001140361-26-012804Section “Director Compensation”. As printed: 0. Filing ↗
15Section 02, Barry Lefkowitz 2026-06-02Form 42026-06-040001628280-26-040777Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Jane Gural-Senders 2026-06-02Form 42026-06-040001628280-26-040780Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Anton Feingold 2026-06-02Form 42026-06-040001628280-26-040779Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Patrick R. Donahoe 2026-06-02Form 42026-06-040001628280-26-040778Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Patrick R. Donahoe 2026-06-02Form 42026-06-040001628280-26-040778Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Barry Lefkowitz 2026-06-02Form 42026-06-040001628280-26-040777Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Jane Gural-Senders 2026-06-02Form 42026-06-040001628280-26-040780Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Anton Feingold 2026-06-02Form 42026-06-040001628280-26-040779Insider equity transaction reported since the proxy statement. Filing ↗
23Section 06, 2026 voteForm 8-K2026-05-190001628280-26-036471Item 5.07 · say-on-pay result. As reported: 96.2% (votes for as printed: 18,086,794). Filing ↗
24Section 06, 2025 voteForm 8-K2025-05-190001628280-25-026518Item 5.07 · say-on-pay result. As reported: 93.02% (votes for as printed: 16,684,225). Filing ↗
25Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
26Section 09b board cost (computed)ComputedcomputedCash 0 + equity 629,536 + all other 0 = 629,536, summed across the director compensation table rows.machine: formula: Σ = 629,536
27NETSTREIT Corp., Section 10b CEO totalDEF 14A2026-04-010001628280-26-022557CEO total compensation as printed in NETSTREIT Corp.'s own proxy. As printed: 5,165,527. Filing ↗machine: r2 · c13 · span 1458631–1458640
28CTO Realty Growth, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050405CEO total compensation as printed in CTO Realty Growth, Inc.'s own proxy. As printed: 3,905,735. Filing ↗machine: t23 · r1 · c35 · span 620653–620662
29Postal Realty Trust, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-010001140361-26-012804CEO total compensation as printed in Postal Realty Trust, Inc.'s own proxy. As printed: 3,692,254. Filing ↗machine: t185 · r3 · c24 · span 619237–619246
30Getty Realty Corp., Section 10b CEO totalDEF 14A2026-03-120001140361-26-009218CEO total compensation as printed in Getty Realty Corp.'s own proxy. As printed: 3,163,755. Filing ↗machine: r2 · c28 · span 750236–750245
31Plymouth Industrial REIT, Inc., Section 10b CEO totalDEF 14A2025-04-280001171520-25-000158CEO total compensation as printed in Plymouth Industrial REIT, Inc.'s own proxy. As printed: 3,108,503. Filing ↗machine: r1 · c12 · span 469279–469288
32Community Healthcare Trust Incorporated, Section 10b CEO totalDEF 14A2026-03-120001631569-26-000021CEO total compensation as printed in Community Healthcare Trust Incorporated's own proxy. As printed: 2,448,171. Filing ↗machine: t78 · r5 · c14 · span 606124–606133
33City Office REIT, Inc., Section 10b CEO totalDEF 14A2025-03-120001193125-25-052437CEO total compensation as printed in City Office REIT, Inc.'s own proxy. As printed: 2,326,635. Filing ↗machine: r2 · c22 · span 458462–458471
34Orion Office REIT Inc., Section 10b CEO totalDEF 14A2026-03-200001873923-26-000073CEO total compensation as printed in Orion Office REIT Inc.'s own proxy. As printed: 2,080,319. Filing ↗machine: r4 · c39 · span 433823–433832
35Clipper Realty Inc., Section 10b CEO totalDEF 14A2026-04-300001437749-26-014021CEO total compensation as printed in Clipper Realty Inc.'s own proxy. As printed: 2,047,372. Filing ↗machine: span 239614–239623
36One Liberty Properties, Inc., Section 10b CEO totalDEF 14A2026-04-200001140361-26-015499CEO total compensation as printed in One Liberty Properties, Inc.'s own proxy. As printed: 2,009,253. Filing ↗machine: r2 · c18 · span 461230–461239
37BRT Apartments Corp., Section 10b CEO totalDEF 14A2026-04-200001140361-26-015498CEO total compensation as printed in BRT Apartments Corp.'s own proxy. As printed: 1,912,560. Filing ↗machine: r8 · c18 · span 468941–468950
38Farmland Partners Inc., Section 10b CEO totalDEF 14A2026-03-170001104659-26-029548CEO total compensation as printed in Farmland Partners Inc.'s own proxy. As printed: 1,385,172. Filing ↗machine: t9 · r3 · c41 · span 330738–330747
39Global Self Storage, Inc., Section 10b CEO totalDEF 14A2026-04-290001193125-26-191430CEO total compensation as printed in Global Self Storage, Inc.'s own proxy. As printed: 693,476. Filing ↗machine: span 556666–556673
40Section 10a, Orion Office REIT Inc. reciprocityDEF 14A0001873923-26-000073Orion Office REIT Inc. names Postal Realty Trust, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, CTO Realty Growth, Inc. reciprocityDEF 14A0001104659-26-050405CTO Realty Growth, Inc.'s most recent proxy was read; its disclosed peer group does not include Postal Realty Trust, Inc.. Filing ↗
42Section 10a, Getty Realty Corp. reciprocityDEF 14A0001140361-26-009218Getty Realty Corp.'s most recent proxy was read; its disclosed peer group does not include Postal Realty Trust, Inc.. Filing ↗
43Section 10a, One Liberty Properties, Inc. reciprocityDEF 14A0001140361-26-015499One Liberty Properties, Inc. names Postal Realty Trust, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Plymouth Industrial REIT, Inc. reciprocityDEF 14A0001171520-25-000158Plymouth Industrial REIT, Inc.'s most recent proxy was read; its disclosed peer group does not include Postal Realty Trust, Inc.. Filing ↗
45Section 10a, NETSTREIT Corp. reciprocityDEF 14A0001628280-26-022557NETSTREIT Corp.'s most recent proxy was read; its disclosed peer group does not include Postal Realty Trust, Inc.. Filing ↗
46Section 10a, Community Healthcare Trust Incorporated reciprocityDEF 14A0001631569-26-000021Community Healthcare Trust Incorporated names Postal Realty Trust, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗