Postal Realty Trust, Inc. Provides Fourth Quarter and Full Year 2023 Update
10 Janvier 2024 - 10:50PM
Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an
internally managed real estate investment trust that owns and
manages over 1,900 postal properties leased primarily to the United
States Postal Service (the “USPS”), ranging from last-mile post
offices to industrial facilities, provided an update on its
portfolio, collections, acquisitions, and capital markets activity
for the fourth quarter of 2023. The Company also provided an update
on its portfolio and balance sheet at year-end as well as on its
acquisitions for the full year of 2023.
For the full year 2023, the Company acquired 223
properties leased to the USPS for approximately $78 million,
excluding closing costs. These properties comprise approximately
532,000 net leasable interior square feet and have a weighted
average rental rate of $12.86 per leasable square foot based on
rents in place as of December 31, 2023. These acquisitions were
completed at a weighted average capitalization rate of
approximately 7.7%.
Andrew Spodek, Chief Executive Officer, stated,
“2023 was another strong year for Postal Realty as we added 223
last-mile and flex properties to our portfolio at a weighted
average cap rate of approximately 7.7%. We have continued to
execute our consolidation strategy by acquiring attractive assets
that are important to the Postal Service. We have prudently managed
our balance sheet with no near-term debt maturities, 96% of our
debt currently set to fixed rates, and $141 million undrawn on our
revolving credit facility. Our experienced leadership team, stable
cash flows, and strong balance sheet give us confidence that we
will continue to create value for our shareholders in 2024.”
Fourth Quarter & Year-End 2023
Update
For the fourth quarter of 2023, the Company
collected 100% of its contractual rents and acquired 75 properties
leased to the USPS for approximately $20.7 million, excluding
closing costs, comprising approximately 153,000 net leasable
interior square feet. These acquisitions were completed at a
weighted average capitalization rate of approximately 7.7%.
The Company’s owned portfolio was 99.7% occupied
comprised of 1,509 properties across 49 states and one territory
with approximately 5.9 million net leasable interior square feet
and a weighted average rental rate of $9.37 per occupied leasable
square foot based on rents in place as of December 31, 2023. The
weighted average rental rate consisted of $11.52 per occupied
leasable square foot on last-mile and flex properties, and $3.55 on
industrial properties.
At the end of 2023, 96% of the Company’s debt
outstanding was set to fixed rates and $141 million of the
Company’s senior unsecured revolving credit facility was undrawn.
The weighted average interest rate of the Company’s total debt
outstanding was 4.14%.
During the fourth quarter, the Company settled
198,847 shares of common stock under previous forward sales
transactions at a gross sales price of $15.02 per share and issued
227,256 additional shares of common stock at an average gross sales
price of $14.32 per share through its at-the-market equity offering
program. In addition, the Company issued 450,818 common units in
its operating partnership at an average price of $14.01 per unit as
part of the consideration for properties acquired during the
quarter.
About Postal Realty Trust,
Inc.
Postal Realty Trust, Inc. is an internally
managed real estate investment trust that owns and manages over
1,900 postal properties leased primarily to the USPS.
Forward-Looking and Cautionary
Statements
This press release 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. Forward-looking statements, including, among others,
statements regarding the Company’s anticipated growth and
acquisition activity, are based on the Company’s current
expectations and assumptions regarding capital market conditions,
its acquisition pipeline, the Company’s business, the economy and
other future conditions. 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 the USPS’s terminations or non-renewals of leases, changes
in demand for postal services delivered by the USPS, the solvency
and financial health of the USPS and the Company’s other tenants,
competitive, financial market and regulatory conditions, disruption
in market, general real estate market conditions, the Company’s
competitive environment and other factors set forth under “Risk
Factors” in the Company’s most recent filings with the U.S.
Securities and Exchange Commission. Any forward-looking statement
made in this press release 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.
Investor Relations and Media Relations
Email: Investorrelations@postalrealtytrust.com
Phone: (516) 232-8900
Source: Postal Realty Trust, Inc.
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