Postal Realty Trust Reports Strong Second Quarter 2024 Results

Postal Realty Trust, Inc. has announced strong financial performance for the quarter ended June 30, 2024, with notable highlights including 17% growth in revenues from the second quarter of 2023 to the second quarter of 2024, net income attributable to common shareholders of $0.8 million, and funds from operations (FFO) of $6.5 million. The company has also expanded its property portfolio, acquiring 70 USPS properties for approximately $28.3 million, and has announced a quarterly dividend of $0.24 per share.

Key Takeaways:

• The company reported 17% growth in revenues from the second quarter of 2023 to the second quarter of 2024, compared to a 10% growth in the same period last year.
• Net income attributable to common shareholders was $0.8 million, or $0.02 per diluted share, representing a 20% increase from the same period last year.
• The company's owned portfolio was 99.6% occupied, with approximately 6.2 million net leasable interior square feet and a weighted average rental rate of $9.67 per leasable square foot.
• The Company acquired 70 last-mile and flex properties leased to the USPS for approximately $28.3 million, excluding closing costs, at a weighted average capitalization rate of 7.6%.
• FFO of $6.5 million, or $0.23 per diluted share, and adjusted funds from operations (AFFO) of $7.5 million, or $0.26 per diluted share, were reported by the company.
• The company has a strong financial position, with minimal near-term debt maturities and plenty of available liquidity to continue expanding its portfolio.
• The company will host a webcast and conference call on August 6, 2024, to discuss the second quarter 2024 financial results, and has announced a quarterly dividend of $0.24 per share.

Statistics:

• The company's owned portfolio was 99.6% occupied as of June 30, 2024.
• The weighted average rental rate of the last-mile and flex properties acquired in the second quarter was $12.55 per leasable square foot.
• The company has a weighted average capitalization rate of 7.6% on the properties acquired in the second quarter.
• Net debt as of June 30, 2024, was approximately $272 million, with a weighted average interest rate of 4.48%.
• The company had $3 million of cash and property-related reserves as of June 30, 2024.

Sources:

• "Postal Realty Trust, Inc. Reports Second Quarter 2024 Results." Postal Realty Trust, Inc., 30 June 2024, investor.postalrealtytrust.com/Investors/financial-information/default.aspx.
• "2024 Second Quarter Earnings Release." Postal Realty Trust, Inc., 30 June 2024, investor.postalrealtytrust.com/Investors/financial-information/default.aspx.