The Company also provided recent corporate highlights.
RECENT CORPORATE HIGHLIGHTS
Initial Public Offering: On May 17, 2019, the Company completed its initial public offering of 4.5 million shares of Class A common stock at a public offering price of $17.00 per share. Net proceeds from the offering of $71.1 million before expenses were used to acquire $29.0 million of properties in the Company’s formation transactions and to pay down $31.7 million of debt as well as for general corporate purposes. As a result of the IPO and the completion of the formation transactions, the Company’s portfolio is currently comprised of 271 owned and 404 managed post office properties.
Acquisitions: In June 2019, the Company entered into definitive agreements to purchase three USPS properties for approximately $4.4 million in cash. The properties comprise approximately 36,500 square feet with an average rental rate of $11.54 per square foot and a weighted average remaining lease term of 5 years. The transactions are expected to close by the end of the third quarter 2019.
Dividend: As previously communicated on June 26, 2019, the Company’s board of directors approved an initial cash dividend on the Company’s Class A common stock in the amount of $0.063 per share of common stock for the period from May 17, 2019 to June 30, 2019. The initial dividend represents a pro-rated cash dividend for the period from the completion of PSTL’s initial public offering on May 17, 2019 to June 30, 2019. The dividend will be payable on July 31, 2019 to stockholders of record as of the close of business on July 9, 2019.
About Postal Realty Trust, Inc.
Postal Realty Trust, Inc. is an internally managed real estate investment trust that owns and manages properties leased to the United State Postal Service or “USPS”. The Company believes it is one of the largest owners and managers measured by net leasable square footage of properties that are leased to the USPS.”
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements.” Forward-looking statements include statements regarding the proposed public offering and other 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 statements regarding the Company’s ability to close on any pending transactions on the terms or timing it expects, if at all, are based on the Company’s current expectations and assumptions regarding capital market conditions 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, 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 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.
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Investor Relations and Media Relations
Source: Postal Realty Trust, Inc.