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

Postal Realty Trust (NYSE: PSTL) reported Q1 EPS of $0.00, $0.07 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $8.87 million versus the consensus estimate of $8.09 million.

Highlights for Quarter Ended March 31, 2021 and Subsequent Events

• Completed acquisitions of 54 properties for $25.8 million, excluding closing costs
• Grew quarterly rental income 73% year-over-year, reflecting accretive property acquisitions
• Net income allocable to common shareholders was $0.1 million or $0.00 per diluted share
• Funds from Operations was $3.3 million, or $0.21 per diluted share
• Adjusted Funds from Operations was $4.3 million, or $0.27 per diluted share
• Raised $57.0 million of gross proceeds through a marketed equity offering
• Repaid $13.7 million of mortgage financings
• Executed early renewal for 135 properties that were scheduled to expire in 2022 under a master lease and extended maturity to February 2027
• Subsequent to quarter-end, raised quarterly dividend to $0.22 per share representing a 10% increase from the quarterly dividend a year ago

Andrew Spodek, Postal Realty Trust’s Chief Executive Officer commented, “We are off to a strong start to 2021, executing important lease renewals, closing on 54 properties, strengthening our balance sheet and positioning the Company to continue to build upon its growth trajectory. Our results this quarter continue to demonstrate the power of our platform and the efficiency of our operating model. Our properties comprise an important element of our Nation’s infrastructure and we are poised to grow through additional acquisitions of last mile, flex, and industrial USPS properties.”

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
• Zeo Energy Corp (ZEO) Misses Q2 EPS by 7c
• Optimum Communications gets NYSE non-compliance notice over stock price