Postal Realty Trust, Inc. Provides Fourth Quarter and Full Year 2020 Update
Postal Realty Trust, Inc. (NYSE: PSTL) provided an update on its performance for Q4 2020 and full year results. The Company reported a 100% rent collection rate for the final quarter and completed acquisitions worth approximately $130.3 million for 261 properties during the year. Portfolio occupancy stands at 100% across 726 properties, totaling around 2.7 million leasable square feet with a weighted average rental rate of $9.67 per square foot. Looking ahead, the Company has agreements for acquiring an additional 13 properties valued at about $18.5 million.
- 100% rent collection rate for Q4 2020.
- Acquired 261 properties in 2020 for $130.3 million, adding significant assets.
- 100% occupancy across 726 properties, enhancing revenue stability.
- Weighted average rental rates of $9.67 per square foot, indicating strong rental income.
- Potential risks related to lease terminations and non-renewals by USPS.
- Dependence on USPS's financial health and operational stability, which may impact revenue.
Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally managed real estate investment trust that owns properties leased primarily to the United States Postal Service (“USPS”), provided an update on collections, acquisitions and holdover lease execution completed in the fourth quarter of 2020.
Andrew Spodek, Chief Executive Officer, stated, “The Company had a very active 2020 and made substantial gains in our USPS property consolidation strategy. We completed approximately
Collections and Acquisitions
For the three months ended December 31, 2020, the Company collected
For the year ended December 31, 2020, the Company acquired 261 properties for approximately
As of December 31, 2020, the Company’s portfolio is
In addition, the Company has entered into definitive agreements to acquire 13 postal properties for approximately
Holdover Leases and 2020 Lease Expirations
As of January 4, 2021, the Company owns 90 properties with leases that expired in 2019 and 2020. The Company has agreed with the USPS upon rents on all properties. Of the 90 properties, 72 properties have new leases that have been fully executed by both the Company and the USPS and leases for the remaining 16 properties have been signed by the Company and returned to the USPS for execution. Leases for the remaining two properties, which were acquired in the fourth quarter of 2020, are awaiting draft leases from the USPS.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements.” Forward-looking statements include statements regarding the proposed public offering and other 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 acquisition strategy or future acquisition activity, including weighted average rental rates and cap rates, which 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, economic and financial conditions as a result of the ongoing COVID-19 pandemic, general real estate market conditions, the Company’s competitive environment and other factors set forth under “Risk Factors” in the Company’s filings with the United States 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.
About Postal Realty Trust, Inc.
Postal Realty Trust, Inc. is an internally managed real estate investment trust that owns and manages over 1,100 properties leased to the USPS. The Company believes it is one of the largest owners and managers of properties leased to the USPS.
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