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     101  0 Kommentare Postal Realty Trust, Inc. Reports Fourth Quarter 2019 Results

    Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally managed real estate investment trust that owns properties leased to the United States Postal Service (“USPS”), today announced results for the quarter and year-ended December 31, 2019.

    “Since our IPO, less than a year ago, we completed approximately $88 million in acquisitions, which doubled our revenue, properties owned and square footage,” stated Andrew Spodek, Postal Realty Trust, Inc.’s Chief Executive Officer. “We take great pride in the ability to offer our shareholders a highly visible, U.S. Government-backed revenue stream generated by a mission critical service, the Postal Service. We believe the growth of our portfolio and the creditworthiness of our tenant positions us to grow our earnings and dividend in 2020 and beyond. Current macro-economic challenges notwithstanding, we are confident about the long-term prospects for Postal Realty. Our portfolio is fully occupied, highly geographically diversified and provides a strong risk-adjusted return for our shareholders.”

    Mr. Spodek concluded, “Through my 10b5-1 purchasing plan, I have been acquiring shares in the open market over the last several weeks in compliance with the federal securities laws. I have a high conviction on the strength of the business model and am further aligning myself with our shareholders.”

    Property Portfolio

    During the fourth quarter ended December 31, 2019, the Company completed $46.4 million in acquisitions comprised of 447,657 net leasable interior square feet and increased rental revenue 31% quarter-over-quarter. Subsequent to the fourth quarter end, the Company closed $30.2 million of acquisitions comprising 268,146 net leasable interior square feet. As of March 25, 2020, the Company’s portfolio is 100% occupied, comprised of 549 properties across 45 states with approximately 1.7 million net leasable interior square feet and a weighted average rental rate of $9.66 per square leasable square foot.

    In addition, the Company has entered into definitive agreements to acquire $11.5 million of properties; these transactions are anticipated to close during the second and third quarters subject to the satisfaction of customary closing conditions.

    Balance Sheet

    Lesen Sie auch

    As of December 31, 2019, the Company had cash of $12.5 million on the balance sheet and $57.2 million of debt that carried a weighted average interest rate of 3.5% and a fixed charge coverage ratio of 4.0x. The Company’s net debt to annualized adjusted EBITDA ratio was 5.7x.

    On January 30, 2020, the Company increased the size of its credit facility from $100 million to $150 million by exercising $50 million of the $100 million accordion feature on its revolving credit facility.

    Dividend

    On February 28, 2020, the Company paid a quarterly dividend of $0.17 per share of Class A common stock, representing a 21% increase compared to the prior quarter and an annualized dividend of $0.68 per share.

    Webcast and Conference Call Details

    Postal Realty Trust will host a webcast and conference call to discuss the fourth quarter 2019 financial results on March 25, 2020 at 5:00 P.M. Eastern Time. A live audio webcast of the conference call will be available on the Company’s investor website at https://investor.postalrealtytrust.com/QuarterlyResults. To participate in the conference call, callers from the United States and Canada should dial-in ten minutes prior to the scheduled call time at 1-877-407-9208. International callers should dial 1-201-493-6784.

    Replay

    A telephonic replay of the call will also be available from 8:00 P.M. Eastern Time on Wednesday, March 25, 2020, through 11:59 P.M. Eastern Time on Wednesday, April 8, 2020, by dialing 1-844-512-2921 in the United States and Canada or 1-412-317-6671 internationally and entering passcode 13697994.

    Non-GAAP Supplemental Financial Information

    An explanation of certain non-GAAP financial measures used in this press release, including, FFO and AFFO, as well as reconciliations of those non-GAAP financial measures, to the most directly comparable GAAP financial measure, is included below.

    The Company calculates FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines FFO as follows: net income (loss) (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by an entity. Other REITs may not define FFO in accordance with the NAREIT definition or may interpret the current NAREIT definition differently than we do and therefore our computation of FFO may not be comparable to such other REITs.

    The Company calculates AFFO by starting with FFO and adjusting for recurring capital expenditures (defined as all capital expenditures that are recurring in nature, excluding capital improvements that are incurred in connection with the acquisition of a property or obtaining a lease or lease renewal) and acquisition related expenses (defined as acquisition-related expenses that are incurred for investment purposes and do not correlate with the ongoing operations of our existing portfolio, including due diligence costs for acquisitions not consummated and certain auditing and accounting fees incurred that were directly related to completed acquisitions or dispositions) that are not capitalized and then adding back non-cash items including: non-real estate depreciation, loss on extinguishment of debt, write-off and amortization of debt issuance costs, straight-line rent adjustments, fair value lease adjustments and non-cash components of compensation expense. AFFO is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of our operating performance. We believe that AFFO is widely used by other REITs and is helpful to investors as a meaningful additional measure of our ability to make capital investments. Other REITs may not define AFFO in the same manner as we do and therefore our calculation of AFFO may not be comparable to such other REITs.

    These metrics are non-GAAP financial measures and should not be viewed as an alternative measurement of our operating performance to net income. Management believes that accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. As a result, we believe that the additive use of FFO and AFFO, together with the required GAAP presentation, is widely-used by our competitors and other REITs and provides a more complete understanding of our performance and a more informed and appropriate basis on which to make investment decisions.

    Forward-Looking and Cautionary Statements

    This press release contains “forward-looking statements.” Forward-looking statements include statements regarding the proposed public offering and other statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements, including, among others, statements regarding the Company’s ability to obtain financing, the Company’s expected capitalization rates and the Company’s ability to close on pending transactions on the terms or timing it expects, if at all, are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the USPS’s terminations or non-renewals of leases, changes in demand for postal services delivered by the USPS, the solvency and financial health of the USPS, competitive, financial market and regulatory conditions, disruption in market, economic and financial conditions as a result of the ongoing COVID-19 pandemic, general real estate market conditions, the Company’s competitive environment and other factors set forth under “Risk Factors” in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

    About Postal Realty Trust, Inc.

    Postal Realty Trust, Inc. is an internally managed real estate investment trust that owns properties leased to the USPS. The Company believes it is one of the largest owners and managers measured by net leasable square footage of properties that are leased to the USPS.

    Postal Realty Trust, Inc. and Predecessor
    Consolidated and Combined Consolidated Statements of Operations
    For the Three and Twelve Months Ended December 31, 2019 and 2018

     

     

     

     

    Predecessor

     

     

     

    Predecessor

     

    Three Months ended December 31, 2019
    (Unaudited)

     

    Three Months ended December 31, 2018
    (Unaudited)

     

    Twelve Months ended December 31, 2019
    (Audited)

     

    Twelve Months ended December 31, 2018
    (Audited)

    Revenues

     

     

     

     

       

    Rental income

     

    $ 3,129,972

     

    $ 1,462,378

     

    $ 8,865,868

     

    $ 5,662,145

    Tenant reimbursements

     

    458,617

     

    224,039

     

    1,311,121

     

    892,541

    Fee and other income

     

    270,270

     

    268,132

     

    1,112,367

     

    1,130,449

    Total revenues

     

    3,858,859

     

    1,954,549

     

    11,289,356

     

    7,685,135

     

     

     

     

     

       

    Operating expenses

     

     

     

     

       

    Real estate taxes

     

    486,775

     

    230,830

     

    1,366,892

     

    919,783

    Property operating expenses

     

    385,647

     

    309,486

     

    1,207,486

     

    948,775

    General and administrative

     

    1,876,291

     

    323,960

     

    4,846,392

     

    1,410,344

    Depreciation and amortization

     

    1,485,506

     

    468,662

     

    3,800,059

     

    1,832,237

    Total operating expenses

     

    4,234,219

     

    1,332,938

     

    11,220,829

     

    5,111,139

     

     

     

     

     

       

    Income (loss) from operations

     

    (375,360)

     

    621,611

     

    68,527

     

    2,573,996

     

     

     

     

       

    Interest expense, net:

     

     

     

     

       

    Contractual interest expense

     

    (463,365)

     

    (366,192)

     

    (1,098,788)

     

    (1,478,545)

    Write-off and amortization of deferred financing costs

     

    (233,205)

     

    (3,181)

     

    (242,763)

     

    (12,556)

    Loss on extinguishment of debt

     

    -

     

    -

     

    (185,586)

     

    -

    Interest income

     

    2,534

     

    1,134

     

    5,928

     

    4,504

    Total interest expense, net

     

    (694,036)

     

    (368,239)

     

    (1,521,209)

     

    (1,486,597)

     

     

     

     

       

    Income (loss) before income tax (expense) benefit

     

    (1,069,396)

     

    253,372

     

    (1,452,682)

     

    1,087,399

    Income tax (expense) benefit

     

    -

     

    (22,979)

     

    (39,749)

     

    60,763

    Net income (loss)

     

    (1,069,396)

     

    230,393

     

    (1,492,431)

     

    1,148,162

     

     

     

     

       

    Less: Net income attributable to noncontrolling interest in properties

     

    -

     

    (2,691)

     

    (4,336)

     

    (12,153)

     

     

     

     

       

    Net income attributable to predecessor and Affiliates Predecessor

     

    -

     

    227,702

     

    (463,414)

     

    1,136,009

    Net loss attributable to Operating Partnership unitholders’ noncontrolling interests

     

    271,948

     

     

     

    462,968

     

    Net income (loss) attributable to common stockholders

     

    $ (797,448)

     

     

     

    $ (1,497,213)

     
     

     

     

     

       

    Net income (loss) per share (basic and diluted)

     

    $ (0.16)

     

     

     

    $ (0.30)

     
     

     

     

     

       

    Weighted average common shares outstanding (basic and diluted)

     

    5,164,264

     

     

     

    5,164,264

     

    Postal Realty Trust, Inc. and Predecessor
    Consolidated and Combined Consolidated Balance Sheets
    (Audited)

     

       

     

     

     

     

    Predecessor,

     

    December 31, 2019

     

    December 31, 2018

    ASSETS

       

    Real Estate Properties

     

     

     

     

    Land

     

    $ 25,147,732

     

    $ 7,239,213

    Buildings and improvements

     

    92,873,637

     

    29,550,076

    Tenant improvements

     

    2,562,293

     

    1,646,215

    Total real estate properties

     

    120,583,662

     

    38,435,504

    Less: accumulated depreciation

     

    (8,813,579)

     

    (7,121,532)

    Total real estate, net

     

    111,770,083

     

    31,313,972

     

     

     

     

     

    Cash

     

    12,475,537

     

    262,926

    Rent and other receivables

     

    1,710,314

     

    601,670

    Prepaid expenses and other assets

     

    2,752,862

     

    146,014

    Escrows and reserves

     

    708,066

     

    598,949

    Deferred rent receivable

     

    33,344

     

    14,060

    In-place lease intangibles (net of accumulated amortization

     

     

     

     

    of $6,472,157 and $4,388,699, respectively)

     

    7,315,867

     

    2,735,927

    Above market leases (net of accumulated amortization

     

     

     

     

    of $18,496 and $8,688, respectively)

     

    22,124

     

    10,914

     

     

     

     

     

    Total assets

     

    $ 136,788,197

     

    $ 35,684,432

     

     

     

     

     

    LIABILITIES AND EQUITY (DEFICIT)

     

     

     

     

    Liabilities

     

     

     

     

    Secured borrowings, net

     

    $ 3,211,004

     

    $ 34,792,419

    Revolving credit facility

     

    54,000,000

     

    -

    Accounts payable, accrued expenses and other

     

    3,152,799

     

    1,869,084

    Below market leases (net of accumulated amortization

     

     

     

     

    of $2,071,182 and $1,525,540, respectively)

     

    6,601,119

     

    3,842,495

    Deferred tax liability, net

     

    -

     

    793,847

    Total liabilities

     

    $66,964,922

     

    $ 41,297,845

     

     

     

     

     

    Commitments and contingencies

     

     

     

     

     

     

     

     

     

    Equity (deficit)

     

     

     

     

    Common stock,

     

     

     

     

    PSTL - $.01 par value per share

     

     

     

     

    Class A, 500,000,000 shares authorized, 5,285,904 shares issued and outstanding

     

    52,859

     

    -

    Class B, 27,206 shares authorized, 27,206 shares issued and outstanding

     

    272

     

    -

    UPH - no par, 1,000 shares authorized, 1,000 shares issued and outstanding

     

    -

     

    4,000,000

    NPM - no par, 200 shares authorized, issued and outstanding

     

     

     

    200

    Additional paid-in capital

     

    51,396,226

     

    3,441,493

    Accumulated deficit

     

    (2,575,754)

     

    (11,003,876)

    Member's deficit

     

    -

     

    (2,095,823)

    Total Stockholders' and Predecessor Equity

     

    48,873,603

     

    (5,658,006)

    Operating Partnership unitholders' noncontrolling interests

     

    20,949,672

     

    -

    Noncontrolling interest in properties

     

    -

     

    44,593

    Total equity (deficit)

     

    69,823,275

     

    (5,613,413)

     

       

     

    Total liabilities and equity (deficit)

     

    $136,788,197

     

    $35,684,432

    Postal Realty Trust, Inc.
    Reconciliation of Net Income (Loss) to FFO and AFFO
    For the Three Months Ended December 31, 2019 (Unaudited)

     

    Three Months Ended December 31, 2019

     

     

    Net Income (loss)

     

    $ (1,069,396)

    Depreciation and amortization of real estate assets

     

    1,485,506

    FFO

     

    $ 416,110

    Recurring capital expenditures

     

    (60,893)

    Acquisition related expenses

     

    444,544

    Write-off and amortization of debt issuance costs

     

    233,205

    Straight-line rent adjustments

     

    1,125

    Amortization of above and below market leases

     

    (209,058)

    Non-cash stock compensation expense

     

    411,652

    AFFO

     

    $ 1,236,685

    FFO per common share and common unit outstanding

     

    $ 0.06

    AFFO per common share and common unit outstanding

     

    $ 0.17

    Weighted average common shares and common units outstanding

     

    7,124,638

       

     



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    Postal Realty Trust, Inc. Reports Fourth Quarter 2019 Results Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally managed real estate investment trust that owns properties leased to the United States Postal Service (“USPS”), today announced results for the quarter and year-ended December 31, …