Postal Realty Trust (PSTL) Tops Q4 EPS by 7c, Revenues Beat

Postal Realty Trust (NYSE: PSTL) reported Q4 EPS of $0.04, $0.07 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $7.58 million versus the consensus estimate of $6.05 million.

Highlights for Quarter Ended December 31, 2020

• Completed acquisitions of 36 postal properties for $62.6 million, excluding closing costs
• Grew rental income 93.5% period-over-period reflecting accretive property acquisitions
• Net income attributable to common shareholders of $0.49 million, or $0.04 per share
• Funds from Operations (“FFO”) was $3.2 million, or $0.26 per share
• Adjusted Funds from Operations (“AFFO”) was $3.4 million, or $0.28 per share
• Raised fourth quarter 2020 dividend to $0.2175 per share of common stock representing a 28% increase over fourth quarter 2019 dividend and the sixth consecutive quarterly increase
• Obtained a 10-year, $30.2 million fixed rate mortgage at a 2.80% interest rate secured by a multi-tenanted industrial facility anchored by the USPS in Warrendale, PA

Andrew Spodek, Chief Executive Officer commented, “I am pleased to report that Postal Realty Trust delivered strong financial and operational results in a challenging environment. Our Company meaningfully expanded its platform through the completion of over $130 million in accretive property acquisitions during 2020, within the USPS logistics network, including industrial, flex and last mile facilities. This level of growth exceeded our transaction outlook for 2020 and was completed within our expected weighted average cap rate target range of 7.0% to 9.0%. Our stable and substantially larger portfolio along with our recent $57.0 million equity raise positions the Company for accretive acquisitions in the year ahead. Our pipeline remains very active and our team is fully committed to creating long term value for our shareholders.”

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
• Pro Diversity Network (IPDN) Reports Q2 Loss of $0.15
• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery