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Postal Realty Trust says acquired 54% properties, collected 100% rent in Q4
The Fly

Postal Realty Trust says acquired 54% properties, collected 100% rent in Q4

The company states: "For the fourth quarter of 2022, the Company collected 100% of its rents and acquired 54 properties for approximately $20.2 million, excluding closing costs, comprising approximately 142,000 net leasable interior square feet. The Company’s owned portfolio was 99.7% occupied by 1,286 properties across 49 states with approximately 5.3 million net leasable interior square feet and a weighted average rental rate of $8.74 per occupied leasable square foot based on rents in place as of December 31, 2022." CEO Andrew Spodek says: "2022 was another year of significant growth at Postal Realty as we added 320 last-mile and flex properties to our portfolio. As we look into the first half of 2023, transaction volume may be lighter than prior quarters as prospective sellers continue to take time to adjust to a dynamic market environment. Importantly, given the significant shift in interest rates over the past year, we have prudently managed our balance sheet by ensuring that 100% of our debt is currently fixed rate, and we have the entirety of our $150 million revolving credit facility undrawn going into 2023. With our industry leadership as the largest owner of postal properties, a strong balance sheet and stable cash flows, we are well-positioned to continue our consolidation of this network of postal assets."

Published first on TheFly

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