The following is a summary of the Postal Realty Trust Inc (PSTL) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 2024 Funds from Operations (FFO) of $0.23 and adjusted Funds from Operations (AFFO) of $0.26 per diluted share.

• No significant near-term debt maturities with a net debt to annualized adjusted EBITDA of 6.1 times, under the target maximum of 7 times.

• Issued approximately 365,000 shares of common stock and 62,000 common units for ~$6.1 million at $14.35 average price.

Business Progress:

• Acquired 70 properties for $28 million with a cap rate of 7.6% and 9 properties post-quarter for $3 million.

• Achieved a 99% historical weighted average lease retention rate over the past 10 years.

• Completed a five-year lease renewal with a significant non-postal tenant resulting in a 19% base rent increase and a 2.5% annual escalation.

Opportunities:

• Anticipated increase in transaction volume driven by interest rate cuts and improved cost of capital.

• Continued external and internal growth through new acquisitions and leasing improvements.

Risks:

• Dependency on the Postal Service for lease renewals and related negotiations which follows a fluid process.

• Adjusting financial strategies to align with market conditions, highlighted by the balance of equity and debt financing used.

More details: Postal Realty Trust IR

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