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Postal Realty Trust(PSTL) - 2025 Q1 - Quarterly Results
PSTLPostal Realty Trust(PSTL)2025-05-01 00:14

Financial Performance - The company reported a 28% growth in revenues from Q1 2024 to Q1 2025, totaling 22.15million[6].−Netincomeattributabletocommonshareholderswas22.15 million[6]. - Net income attributable to common shareholders was 2.1 million, or 0.06perdilutedshare[6].−FundsfromOperations(FFO)were0.06 per diluted share[6]. - Funds from Operations (FFO) were 8.4 million, or 0.28perdilutedshare,whileAdjustedFundsfromOperations(AFFO)were0.28 per diluted share, while Adjusted Funds from Operations (AFFO) were 9.8 million, or 0.32perdilutedshare[6].−NetincomeforthethreemonthsendedMarch31,2025,was0.32 per diluted share[6]. - Net income for the three months ended March 31, 2025, was 2,655 thousand, with Funds From Operations (FFO) reported at 8,366thousand[31].−AdjustedFundsFromOperations(AFFO)reached8,366 thousand[31]. - Adjusted Funds From Operations (AFFO) reached 9,808 thousand, with AFFO per common share at 0.32[31].−2025guidanceforAFFOperdilutedshareisprojectedtobebetween0.32[31]. - 2025 guidance for AFFO per diluted share is projected to be between 1.20 and 1.22[12].PropertyAcquisitions−Thecompanyacquired36USPSpropertiesforapproximately1.22[12]. Property Acquisitions - The company acquired 36 USPS properties for approximately 15.8 million at a weighted average capitalization rate of 7.6%[6][4]. - Subsequent to the quarter end, the company acquired 25 properties for approximately 12.7million,withanother35propertiesunderdefinitivecontractstotalingapproximately12.7 million, with another 35 properties under definitive contracts totaling approximately 21.6 million[11]. Portfolio and Occupancy - The property portfolio was 99.8% occupied, with a weighted average rental rate of 10.90perleasablesquarefoot[3].−ThecompanyhasagreedtonewleasetermswiththeUSPSfor2025and2026,whichinclude310.90 per leasable square foot[3]. - The company has agreed to new lease terms with the USPS for 2025 and 2026, which include 3% annual escalations[6]. Debt and Liabilities - As of March 31, 2025, the company had approximately 307 million of net debt with a weighted average interest rate of 4.41%[8]. - Total liabilities rose to 339,113thousandasofMarch31,2025,comparedto339,113 thousand as of March 31, 2025, compared to 329,320 thousand at the end of 2024, indicating an increase of about 2.39%[29]. Equity and Assets - Total assets increased to 654,018thousandasofMarch31,2025,upfrom654,018 thousand as of March 31, 2025, up from 646,818 thousand at December 31, 2024, representing a growth of approximately 1.85%[29]. - The company reported a total stockholders' equity of 245,479thousand,downfrom245,479 thousand, down from 251,285 thousand, reflecting a decrease of approximately 2.30%[29]. Cash and Reserves - Cash reserves decreased to 639thousandfrom639 thousand from 1,799 thousand, a decline of about 64.53%[29]. Expenses and Charges - The company incurred impairment charges of 65thousandandalossonthesaleofrealestateassetsamountingto65 thousand and a loss on the sale of real estate assets amounting to 49 thousand during the quarter[31]. - Depreciation and amortization of real estate assets totaled 5,597thousandforthethreemonthsendedMarch31,2025[31].−Thecompanyreportedacquisition−relatedandotherexpensesof5,597 thousand for the three months ended March 31, 2025[31]. - The company reported acquisition-related and other expenses of 122 thousand during the quarter[31]. Dividends - The company declared a quarterly dividend of 0.2425pershare,equatingto0.2425 per share, equating to 0.97 on an annualized basis[10]. Shares Outstanding - The weighted average common shares and common units outstanding were 30,293,528 for the period[31].