Postal Realty Trust reports Q3 AFFO 30c, consensus 26c

Reports Q3 revenue $19.67M, consensus $18.49M. “We delivered solid results this quarter as we made noteworthy progress on re-leasing and raised a substantial amount of capital,” stated Andrew Spodek, CEO. “Our negotiations with the Postal Service have resulted in new five and ten year leases featuring 3% annual rent escalations, as 21% of our portfolio now benefits from rent escalations; an impressive shift from the historically flat rents in postal leases. Our term loan and interest rate swap execution subsequent to quarter end, provide us additional capital to continue to grow our portfolio of postal properties while also allowing us to reduce our weighted average interest rate and exposure to floating rate debt. With our strong internal and external growth, we remain confident in our ability to deliver attractive returns for our stakeholders.”