Postal Realty Trust, Inc. Provides Fourth Quarter and Full Year 2024 Update
Postal Realty Trust (NYSE: PSTL) has provided its Q4 and full-year 2024 update, highlighting significant portfolio expansion and leasing activities. The company acquired 197 properties for $91 million in 2024, with a weighted average capitalization rate of 7.6%. These properties added 571,000 net leasable square feet at $13.61 per square foot.
The company made substantial progress in lease renewals, securing 88 new leases representing 85% of 2023 expired rent and 118 leases covering 95% of 2024 expired rent. Notable improvements include 3% annual rent escalations and extended lease terms. The portfolio maintained a 99.6% occupancy rate across 1,703 properties in 49 states, with a weighted average rental rate of $10.60 per square foot.
In Q4 2024, PSTL acquired 63 properties for $30.7 million. The company drew $10 million on a term loan with a fixed interest rate of 5.55% through February 2028. By year-end, 95% of the company's debt was fixed-rate, with $136 million available on its revolving credit facility.
Postal Realty Trust (NYSE: PSTL) ha fornito il suo aggiornamento per il quarto trimestre e l'intero anno 2024, evidenziando una significativa espansione del portafoglio e attività di locazione. L'azienda ha acquisito 197 proprietà per 91 milioni di dollari nel 2024, con un tasso di capitalizzazione medio ponderato del 7,6%. Queste proprietà hanno aggiunto 571.000 piedi quadrati netti affittabili a 13,61 dollari per piede quadrato.
L'azienda ha fatto progressi sostanziali nel rinnovo dei contratti di locazione, garantendo 88 nuovi contratti che rappresentano l'85% dell'affitto scaduto nel 2023 e 118 contratti che coprono il 95% dell'affitto scaduto nel 2024. I miglioramenti significativi includono un incremento annuale dei canoni del 3% e termini di locazione estesi. Il portafoglio ha mantenuto un tasso di occupazione del 99,6% su 1.703 proprietà in 49 stati, con un tasso di affitto medio ponderato di 10,60 dollari per piede quadrato.
Nel quarto trimestre del 2024, PSTL ha acquisito 63 proprietà per 30,7 milioni di dollari. L'azienda ha prelevato 10 milioni di dollari da un prestito a termine con un tasso fisso del 5,55% fino a febbraio 2028. Entro la fine dell'anno, il 95% del debito dell'azienda era a tasso fisso, con 136 milioni di dollari disponibili sulla sua linea di credito revolving.
Postal Realty Trust (NYSE: PSTL) ha proporcionado su actualización del cuarto trimestre y del año completo 2024, destacando una expansión significativa de su cartera y actividades de arrendamiento. La empresa adquirió 197 propiedades por 91 millones de dólares en 2024, con una tasa de capitalización media ponderada del 7,6%. Estas propiedades añadieron 571,000 pies cuadrados netos alquilables a 13,61 dólares por pie cuadrado.
La compañía avanzó sustancialmente en la renovación de arrendamientos, asegurando 88 nuevos contratos que representan el 85% del alquiler expirado de 2023 y 118 contratos que cubren el 95% del alquiler expirado de 2024. Las mejoras notables incluyen aumentos anuales de renta del 3% y términos de arrendamiento ampliados. El portafolio mantuvo una tasa de ocupación del 99,6% en 1,703 propiedades en 49 estados, con una renta media ponderada de 10,60 dólares por pie cuadrado.
En el cuarto trimestre de 2024, PSTL adquirió 63 propiedades por 30,7 millones de dólares. La empresa tomó prestados 10 millones de dólares de un préstamo a término con una tasa de interés fija del 5,55% hasta febrero de 2028. Al final del año, el 95% de la deuda de la compañía era a tasa fija, con 136 millones de dólares disponibles en su línea de crédito revolvente.
Postal Realty Trust (NYSE: PSTL)는 2024년 4분기 및 전체 연도 업데이트를 제공하며 포트폴리오 확장과 임대 활동의 중요성을 강조했습니다. 이 회사는 2024년 9100만 달러에 197개의 부동산을 인수했으며, 가중 평균 자본화율은 7.6%입니다. 이러한 부동산은 제곱피트 당 13.61달러에 571,000 순 임대 가능한 제곱피트를 추가했습니다.
회사는 임대 갱신에서 상당한 진전을 이루었으며, 2023년 만료된 임대의 85%에 해당하는 88개의 새 임대를 확보하고 2024년 만료된 임대의 95%를 포함하는 118개의 임대를 확보했습니다. 주목할 만한 개선 사항으로는 연간 3% 임대 인상과 연장된 임대 기간이 포함됩니다. 이 포트폴리오는 49개 주의 1,703개 부동산에서 99.6%의 점유율을 유지하며, 제곱피트당 평균 임대료는 10.60달러입니다.
2024년 4분기 동안 PSTL은 3,070만 달러에 63개의 부동산을 인수했습니다. 회사는 2028년 2월까지 고정 이자율 5.55%의 기한이 정해진 대출에서 1천만 달러를 인출했습니다. 연말까지 회사의 부채의 95%가 고정 이자율이었으며, 순환 신용 시설로 1억 3천6백만 달러가 가능했습니다.
Postal Realty Trust (NYSE: PSTL) a fourni sa mise à jour pour le quatrième trimestre et l'année complète 2024, mettant en avant une expansion significative de son portefeuille et des activités de location. La société a acquis 197 propriétés pour 91 millions de dollars en 2024, avec un taux de capitalisation moyen pondéré de 7,6%. Ces propriétés ont ajouté 571 000 pieds carrés nettes louables à 13,61 dollars par pied carré.
L'entreprise a réalisé des progrès considérables en matière de renouvellement de baux, sécurisant 88 nouveaux baux représentant 85% des loyers échus en 2023 et 118 baux couvrant 95% des loyers échus en 2024. Les améliorations notables incluent une hausse annuelle de loyer de 3% et des durées de bail prolongées. Le portefeuille a maintenu un taux d'occupation de 99,6% sur 1 703 propriétés dans 49 États, avec un loyer moyen pondéré de 10,60 dollars par pied carré.
Au quatrième trimestre 2024, PSTL a acquis 63 propriétés pour 30,7 millions de dollars. L'entreprise a tiré 10 millions de dollars d'un prêt à terme avec un taux d'intérêt fixe de 5,55% jusqu'en février 2028. À la fin de l'année, 95% de la dette de l'entreprise était à taux fixe, avec 136 millions de dollars disponibles sur sa ligne de crédit renouvelable.
Postal Realty Trust (NYSE: PSTL) hat sein Update für das vierte Quartal und das Gesamtjahr 2024 bereitgestellt und hebt eine signifikante Portfolio-Erweiterung sowie Leasingaktivitäten hervor. Das Unternehmen hat 197 Immobilien für 91 Millionen Dollar im Jahr 2024 erworben, mit einem gewogenen durchschnittlichen Kapitalisierungszins von 7,6%. Diese Immobilien haben 571.000 netto vermietbare Quadratfuß zu 13,61 Dollar pro Quadratfuß hinzugefügt.
Das Unternehmen hat erhebliche Fortschritte bei Mietverlängerungen erzielt und 88 neue Verträge gesichert, die 85% der im Jahr 2023 abgelaufenen Mieten repräsentieren, sowie 118 Verträge, die 95% der im Jahr 2024 abgelaufenen Mieten abdecken. Bedeutende Verbesserungen umfassen eine jährliche Mietsteigerung von 3% und verlängerte Mietverträge. Das Portfolio wies eine Belegungsrate von 99,6% über 1.703 Immobilien in 49 Bundesstaaten auf, mit einem gewogenen durchschnittlichen Mietpreis von 10,60 Dollar pro Quadratfuß.
Im vierten Quartal 2024 erwarb PSTL 63 Immobilien für 30,7 Millionen Dollar. Das Unternehmen zog 10 Millionen Dollar aus einem Darlehen mit festem Zinssatz von 5,55% bis Februar 2028. Bis zum Jahresende war 95% der Verschuldung des Unternehmens festverzinslich, mit 136 Millionen Dollar, die in seiner revolvierenden Kreditfazilität verfügbar waren.
- Acquired 197 properties for $91M in 2024 at 7.6% cap rate
- High lease renewal success: 85% of 2023 and 95% of 2024 expired rents secured
- Portfolio maintains 99.6% occupancy rate
- New leases include 3% annual rent escalations
- 95% of debt fixed at weighted average interest rate of 4.35%
- Increased debt with $10M term loan draw at 5.55% interest rate
- Potential shareholder dilution from 185,445 new shares issued through ATM program
Insights
The acquisition of 197 properties for
The successful execution of new leases with
The weighted average rental rate of
The portfolio's composition heavily weighted towards last-mile and flex properties at
The
- Executed New Leases with
- Acquired 197 Properties for
- Full Year 2024 Weighted Average Capitalization Rate of
CEDARHURST, N.Y., Jan. 13, 2025 (GLOBE NEWSWIRE) -- Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally managed real estate investment trust that owns and manages over 2,000 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 acquisitions, re-leasing and capital markets activity for the fourth quarter of 2024. The Company also provided an update on its portfolio, balance sheet and fully diluted shares outstanding at year-end as well as on its acquisitions for the full year of 2024.
For the full year 2024, the Company acquired 197 properties leased to the USPS for approximately
The Company continued to make significant progress signing new leases with the USPS. As of December 31, 2024, the Company received 88 fully executed new leases from the USPS representing
“Despite recent headlines regarding the Postal Service, our business has and continues to perform, maintaining a
Fourth Quarter & Year-End 2024 Update
For the fourth quarter of 2024, the Company acquired 63 properties leased to the USPS for approximately
The Company’s owned portfolio was
In November 2024, the Company drew
At the end of 2024,
During the quarter, the Company issued through its at-the-market offering program 185,445 shares of common stock at an average gross sales price of
As of December 31, 2024, there were 29,924,517 fully diluted shares outstanding (including securities convertible into shares of Class A common stock such as common units and long-term incentive units in the Company’s operating partnership and restricted stock units) and the weighted average fully diluted share count for the fourth quarter of 2024 was 29,860,647 shares.
About Postal Realty Trust, Inc.
Postal Realty Trust, Inc. is an internally managed real estate investment trust that owns and manages over 2,000 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.
Contact:
Investor Relations and Media Relations
Email: Investorrelations@postalrealtytrust.com
Phone: (516) 232-8900
FAQ
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