The following is a summary of the Postal Realty Trust, Inc. (PSTL) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 delivered funds from operations (FFO) at $0.24 per diluted share and adjusted funds from operations (AFFO) at $0.30 per diluted share.

• Net debt to annualized adjusted EBITDA reduced to 5.6 times from 6.1 times in Q2.

Business Progress:

• Postal Realty Trust has experienced notable progress in re-leasing and demonstrated robust same-store cash NOI projections for 2023 through 2025.

• Executed new leasing approaches with the Postal Service, forecasting NOI growth of over 4% in 2023, at least 3.25% in 2024, and 3% in 2025.

• Completed $64 million in acquisitions for the year and placed additional properties under contract.

• Sold two properties at a 4.9% cap rate, transitioning from acquisitions to focusing on recycling assets and re-deploying proceeds.

Opportunities:

• Acquisitions are targeted to reach $90 million at a 7.5% weighted average cap rate for 2024.

• Continuation of asset recycling to redeploy capital more accretively.

Risks:

• The Q3 acquisition volume was lighter than anticipated, which could suggest variability in acquisition pace and potential challenges in consistently meeting targeted growth.

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