Postal Realty Trust, Inc. Reports First Quarter 2025 Results

Core Viewpoint - Postal Realty Trust, Inc. reported strong performance in Q1 2025, with significant leasing activity and acquisitions, indicating a robust growth trajectory supported by long-term leases and stable cash flows [3][8]. Property Portfolio & Acquisitions - The company's portfolio was 99.8% occupied, consisting of 1,738 properties across 49 states and one territory, with approximately 6.5 million net leasable square feet and a weighted average rental rate of $10.90 per square foot as of March 31, 2025 [3]. - In Q1 2025, the company acquired 36 USPS properties for approximately $15.8 million, representing about 100,000 net leasable square feet at a weighted average rental rate of $13.69 per square foot [4][8]. Leasing Activity - As of April 16, 2025, the company secured 38 fully executed new leases from the USPS for leases expiring in 2025, with a total net lump sum catch-up payment of approximately $0.4 million received for leases executed during Q1 2025 [5][8]. Financial Performance - The company reported total revenues of $22.15 million for Q1 2025, a 28% increase from $17.29 million in Q1 2024, with net income attributable to common shareholders of $2.1 million, or $0.06 per diluted share [8][23]. - Funds from Operations (FFO) were $8.4 million, or $0.28 per diluted share, while Adjusted Funds from Operations (AFFO) were $9.8 million, or $0.32 per diluted share [8][28]. Balance Sheet & Capital Markets - As of March 31, 2025, the company had approximately $1.5 million in cash and property-related reserves, with net debt of approximately $307 million at a weighted average interest rate of 4.41% [6][8]. - The company issued 249,000 shares of common stock at an average price of $14.22 per share through its equity offering program [7]. Dividend Declaration - On April 21, 2025, the company declared a quarterly dividend of $0.2425 per share of Class A common stock, equating to an annualized rate of $0.97 per share [8]. 2025 Guidance - The company provided guidance for 2025, projecting AFFO per diluted share between $1.20 and $1.22, and acquisition volume between $80 million and $90 million [11].