Postal Realty Q3: FFO $0.24/shr, AFFO $0.30/shr; lease escalations; debt refi

Postal Realty Trust, Inc.

2024-Q3 EPS reported $0.04 revenue$55,004,000

Q3 net income $1.1M ($0.03/shr); FFO $7.1M ($0.24/shr); AFFO $8.8M ($0.30/shr). Revenue up 22% YoY.
Acquired 35 USPS properties for $13.3M at 7.5% cap; portfolio 99.6% occupied, 6.3M sq ft.
New leases on 55% of 2023 expired rent and 78% of 2024; all include 3% annual escalations. Catch-up payments $1.4M and $0.4M.
Subsequent: added $50M term loan commitments, drew $40M to pay revolver; interest rate swap fixes at 5.37% through Feb 2028.
Q4 dividend $0.24/shr ($0.96 annualized), payable Nov 29, 2024 to holders of record Nov 4.

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