Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

TRS

In connection with the IPO, the Company and REAC jointly elected to treat REAC as a TRS. REAC performs management services, including for properties the Company does not own, and advisory services to third-party owners of postal properties. REAC has generated income, resulting in federal and state corporate income tax liability for REAC. There was no income tax expense related to REAC for the three months ended September 30, 2025 and $0.01 million for the nine months ended September 30, 2025. For the three and nine months ended September 30, 2024, income tax expense related to REAC was $0.02 million and $0.05 million, respectively.