Postal Realty Trust provides FY24 update, acquired 197 properties

For the full year 2024, the Company acquired 197 properties leased to the USPS for approximately $91 million, excluding closing costs. As of December 31, 2024, the Company received 88 fully executed new leases from the USPS representing 85% of the aggregate 2023 expired rent and 118 fully executed new leases from the USPS representing 95% of the aggregate 2024 expired rent. 9% of leases within the portfolio were ten-year leases and 27% benefitted from annual rent escalations based on rents in place from leases received as of December 31, 2024. “Despite recent headlines regarding the Postal Service, our business has and continues to perform, maintaining a 99% retention rate with the USPS over the past 10+ years through multiple administrations and USPS organizational changes,” stated Andrew Spodek, Chief Executive Officer. “We have received almost the entirety of the outstanding 2023 & 2024 leases and production is underway on the 2025 expirations. These new leases contain 3% annual rent escalations and include a mix of five and ten-year term. Our progress on the leasing front underscores the Postal Service’s commitment to this crucial logistics network and our portfolio of mission-critical postal properties.”