Postal Realty Trust, Inc. Reports Fourth Quarter and Year End 2024 Results

Core Insights - Postal Realty Trust, Inc. announced a strong operational year for 2024, with an AFFO of $1.16 per share, representing an 8.4$1.20 to $1.22 per diluted share [4][15] Financial Performance - For the year ended December 31, 2024, total revenues increased to$76.4 million from $63.7 million in 2023, driven by a 20$6.6 million, or $0.21 per diluted share, compared to$3.7 million, or $0.12 per diluted share in 2023 [28] - The Company raised its quarterly dividend to$0.2425 per share, marking the seventh consecutive year of dividend increases [12] Property Portfolio & Acquisitions - The Company's portfolio was 99.6% occupied, consisting of 1,703 properties across 49 states and one territory, with a weighted average rental rate of $10.60 per leasable square foot [5] - In 2024, the Company acquired 197 properties for approximately$91 million at an average capitalization rate of 7.6% [6][7] Leasing Activity - As of February 14, 2025, the Company executed 89 new leases representing 95% of the aggregate 2023 expired rent and 119 new leases representing 99% of the aggregate 2024 expired rent, all subject to 3% annual rent escalations [7][8] Balance Sheet & Capital Markets - As of December 31, 2024, the Company had approximately $2.4 million in cash and property-related reserves, with net debt of approximately$296 million at a weighted average interest rate of 4.35% [9] - The Company amended its credit facilities to add $50 million in commitments to a term loan maturing in February 2028 [10] Subsequent Events - Subsequent to the quarter end, the Company acquired 18 properties for approximately$8.4 million and had another 14 properties under definitive contracts totaling approximately $8.9 million [13]