8-K
Postal Realty Trust, Inc. (PSTL)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
WASHINGTON,DC 20549
FORM8-K
CURRENTREPORT
Pursuantto Section 13 OR 15(d) of The
SecuritiesExchange Act of 1934
Dateof report (Date of earliest event reported): July 6, 2021
PostalRealty Trust, Inc.
(ExactName of Registrant as Specified in Charter)
| Maryland | 001-38903 | 83-2586114 |
|---|---|---|
| (State<br> or Other Jurisdiction <br><br>of Incorporation) | (Commission<br><br> File Number) | (I.R.S.<br> Employer<br><br> Identification No.) |
75Columbia Avenue
Cedarhurst,NY 11516
(Address of Principal Executive Offices) (Zip Code)
(516)295-7820
Registrant’s Telephone Number, Including Area Code
NotApplicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written<br>communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
|---|---|---|
| ☐ | Soliciting<br>material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| --- | --- | |
| ☐ | Pre-commencement<br>communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| --- | --- | |
| ☐ | Pre-commencement<br>communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
| --- | --- | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| --- | --- | --- |
| Class A Common Stock, par<br> value<br><br> $0.01 per share | PSTL | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item2.02. Results of Operations and Financial Condition.
Postal Realty Trust, Inc. (the “Company”) issued a press release on July 6, 2021 that provided an update on the Company’s collections, occupancy, acquisitions and equity activity for the quarter ended June 30, 2021. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information in this Item 2.02 and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act except as set forth by specific reference in such filing.
Item9.01. Financial Statements and Exhibits.
(d) Exhibits.
| ExhibitNo. | Description |
|---|---|
| 99.1 | Press Release, dated July 6, 2021. |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| POSTAL REALTY TRUST, INC. | ||
|---|---|---|
| Date: July 6, 2021 | By: | /s/ Jeremy Garber |
| Name: | Jeremy<br>Garber | |
| Title: | President,<br>Treasurer and Secretary |
2
Exhibit 99.1
PostalRealty Trust, Inc. Provides Second Quarter 2021
BusinessUpdate
Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally managed real estate investment trust that owns and manages over 1,250 properties leased primarily to the United States Postal Service (the “USPS”), ranging from last mile post offices to larger industrial facilities, provided an update on the Company’s collections, occupancy, acquisitions and equity activity for the second quarter of 2021.
Collections,Occupancy and Acquisitions
For the three months ended June 30, 2021, the Company collected 100% of its rents and completed the acquisition of 71 properties for approximately $30 million, excluding closing costs. These acquisitions comprised approximately 246,000 net leasable interior square feet and have a weighted average rental rate of $10.47 per leasable square foot based on rents in place as of June 30, 2021. During the quarter, the Company achieved another milestone, acquiring a fee simple property in Hawaii whereby expanding its owned/managed geographic reach to 50 states.
Year to date, the Company has acquired 125 properties for approximately $56 million, excluding closing costs. These acquisitions comprised approximately 932,000 net leasable interior square feet.
As of June 30, 2021, the Company’s portfolio is 100% occupied and is comprised of 852 properties with approximately 3.6 million net leasable interior square feet. The weighted average rental rate for the portfolio is $8.68 per leasable square foot.
In addition, as of July 6, 2021, the Company has entered into definitive agreements to acquire 40 properties for approximately $16 million, excluding closing costs, some of which include Operating Partnership units as part of the consideration. The majority of these transactions are anticipated to close by the end of the third quarter of 2021, subject to the satisfaction of customary closing conditions.
EquityActivity
For the three months ended June 30, 2021, the Company issued through its at-the-market offering program 319,702 shares of common stock at an average gross sales price of $20.02 per share and received net proceeds of approximately $6 million. In addition, the Company issued 481,517 common units in its Operating Partnership to sellers as part of the consideration for properties acquired during the quarter.
AboutPostal Realty Trust, Inc.
Postal Realty Trust, Inc. is an internally managed real estate investment trust that owns and manages over 1,250 properties leased primarily to the USPS, ranging from last mile post offices to larger industrial facilities. More information is available at postalrealty.com.
Forward-Lookingand Cautionary Statements
This press release contains “forward-looking statements.” Forward-looking statements include statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements, including, among others, statements regarding the Company’s ability to close on pending transactions on the terms or timing it expects, if at all, are based on the Company’s current expectations and assumptions regarding the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the USPS’s terminations or non-renewals of leases, changes in demand for postal services delivered by the USPS, the solvency and financial health of the USPS, competitive, financial market and regulatory conditions, disruption in market, economic and financial conditions as a result of the ongoing COVID-19 pandemic, general real estate market conditions, the Company’s competitive environment and other factors set forth under “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Contact:
InvestorRelations and Media Relations
Email: [email protected]
Phone: (516) 232-8900
Source: Postal Realty Trust, Inc.