Postal Realty Trust, Inc. Provides Incremental Information on Recent Portfolio Update
Postal Realty Trust (NYSE: PSTL) updated its property portfolio, owning 692 properties with a total of 2,140,574 net leasable square feet as of October 7, 2020. The weighted average rental rate increased to $9.83 per square foot from $9.75 per square foot reported on September 30, 2020. The company, known for leasing properties to the USPS, emphasizes its size and management capabilities in the sector. However, the press release includes cautionary statements about various risks, including lease terminations by USPS and market dynamics affected by the COVID-19 pandemic.
- Increased property count from 691 to 692 properties.
- Growth in net leasable square feet from 2,091,070 to 2,140,574.
- Improved weighted average rental rate from $9.75 to $9.83 per square foot.
- Potential risks from USPS lease terminations or non-renewals.
- Dependence on USPS's financial health and demand for postal services.
- Uncertainties due to market and economic conditions, including the impact of COVID-19.
CEDARHURST, N.Y.--(BUSINESS WIRE)--Postal Realty Trust, Inc. (NYSE: PSTL), an internally managed real estate investment trust that owns properties leased to the United States Postal Service (“USPS”), today provided updated information related to its portfolio.
As of September 30, 2020, the Company owned 691 properties with 2,091,070 net leasable interior square feet and a weighted average rental rate of
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 ability to obtain financing, the Company’s expected capitalization rates and the Company’s ability to close on pending transactions on the terms or timing it expects, if at all, are based on the Company’s current expectations and assumptions regarding capital market conditions, 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, 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 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 1,000 properties leased to the USPS. The Company believes it is one of the largest owners and managers of properties leased to the USPS.
