Postal Realty Trust Substantially Completes Acquisition of 22-Property US Postal Service Portfolio
CEDARHURST, N.Y.--(BUSINESS WIRE)--Jan 13, 2020--
Postal Realty Trust, Inc. (NYSE:PSTL) (the “Company”), an internally managed real estate investment trust that owns properties leased to the United States Postal Service (“USPS”), today announced it has closed on the acquisition of 21 of the 22 properties (the “Portfolio”) previously announced on December 4, 2019. The remaining property is scheduled to close during the third quarter of 2020.
The entire Portfolio is comprised of approximately 91,900 net leasable interior square feet and generates a weighted average rental rate of $15.60 per net leasable interior square foot. The aggregate purchase price of the 21 properties was $13.8 million. The purchase was funded with the issuance of $8.2 million of OP units valued at $17.00 per unit and the remainder in cash.
As of January 13, 2020, the Company owns 487 properties in 45 states comprising 1.5 million net leasable interior square feet generating a weighted average rent of $9.71 per square foot.
About Postal Realty Trust, Inc.
Postal Realty Trust, Inc. is an internally managed real estate investment trust that owns properties leased to the USPS. The Company believes it is one of the largest owners and managers of properties leased to the USPS.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements.” Forward-looking statements include statements regarding 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, 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.
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CONTACT: Investor Relations and Media Relations
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Postal Realty Trust, Inc.
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PUB: 01/13/2020 06:00 AM/DISC: 01/13/2020 06:00 AM