Postal Realty Trust (PSTL) Tops Q3 EPS by 2c, Revenues Beat

Postal Realty Trust (NYSE: PSTL) reported Q3 EPS of ($0.01), $0.02 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $6.3 million versus the consensus estimate of $5.02 million.

Highlights for Quarter Ended September 30, 2020 and Subsequent Events

• Completed acquisitions of 123 USPS properties for $27.6 million
• Grew rental income 13.6% reflecting the accretive contribution from acquired properties
• Net loss attributable to common stockholders was approximately $15.2 thousand, or $(0.01) per diluted share
• Funds from Operations was $2.4 million, or $0.21 per diluted share
• Adjusted Funds from Operations was $2.8 million, or $0.24 per diluted share
• Successfully raised $52.2 million to support ongoing growth
• Raised quarterly dividend 5.0% to $0.86 per share on an annualized basis
• Acquired $8.0 million of USPS properties comprised of 14 buildings, subsequent to quarter-end
• Executed agreements to acquire 12 postal properties for approximately $10.1 million
• Entered into a material agreement to purchase a $47.0 million industrial facility

Andrew Spodek, Chief Executive Officer commented, “Postal Realty had another successful quarter adding 123 USPS properties to our platform. Revenues for our geographically diversified portfolio have grown over 100% over the last 12 months. This growth allowed us to raise our dividend more than 54% in the last year. Our pipeline remains active and we are seeing a broader range of postal properties including office, warehouse and distribution facilities. Given the third quarter’s acquisition activity and opportunities in our pipeline, we expect to reach our $100 million target for acquisitions for 2020 within our stated average cap rate range of 7-9%. The capital we raised in the third quarter is fueling our consolidation thesis. The stable nature of our tenant, the US Postal Service, provides us with visibility on our cash flows and the confidence to provide our shareholders with an increased AFFO- covered dividend and an attractive total return over the long term.”

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

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