Postal Realty Trust (PSTL) Misses Q1 EPS by 7c, Revenues Beat

Postal Realty Trust (NYSE: PSTL) reported Q1 EPS of ($0.14), $0.07 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $5.2 million versus the consensus estimate of $4.37 million.

Highlights for Quarter Ended March 31, 2020

• Completed acquisitions of 83 USPS properties for $30.5 million which included issuing 483,333 OP units
• Grew rental income 37% sequentially to $4.3 million, reflecting the contribution from acquired properties
• GAAP net loss to common stockholders was $(677,755), or $(0.14) per diluted share
• Funds from Operations was $1.0 million, or $0.12 per diluted share
• Adjusted Funds from Operations was $1.7 million, or $0.21 per diluted share

“In the first quarter, we grew our rental income 37% on a sequential quarter basis and declared an 18% increase to our quarterly dividend,” stated Andrew Spodek, Postal Realty Trust, Inc.’s Chief Executive Officer. “Our USPS portfolio performed as anticipated as we have collected 100% of our rents in March and April, the impact of the COVID-19 pandemic notwithstanding. Our tenant, the USPS, is an independent agency of the federal government providing a mission critical service to the American public, delivering prescriptions, personal and business necessities, groceries, Personal Protective Equipment, Paycheck Protection Program, Social Security and tax refund checks and CDC advice cards on keeping oneself and family safe. Our expected ability to provide a reliable risk-adjusted return to our shareholders stems from the predictability of the USPS’ mission critical service and the importance of this agency to the people of the United States.”

Mr. Spodek continued, ”We anticipate long-term growth in our cash flows and our dividend as we continue to scale our portfolio through acquisitions. We remain confident in our 2020 targets. However, given the dislocation and government imposed travel related limitations as a consequence of the pandemic, our ability to complete acquisitions in the near-term may be delayed. We expect to resume executing on our growth plan as the nation reopens for business.”

For earnings history and earnings-related data on Postal Realty Trust (PSTL) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Newton Golf Company (NWTG) Reports Q2 Loss of $0.49
• Silexion Therapeutics (SLXN) Tops Q2 EPS by 793c