Postal Realty Trust, Inc. · NYSE:PSTL
Postal Realty Trust — Q1 2023 Earnings Presentation
19 slides from Postal Realty Trust's earnings presentation, May 3, 2023
Slide 1: Postal Realty Trust, Inc. Q1 2023 Supplemental
POSTAL REALTY TRUST, INC. NYSE: PSTL Q1 2023 Supplemental
Slide 2: Corporate Information & Analyst Coverage
Corporate Information & Analyst Coverage Key Management Andrew Spodek Chief Executive Officer Jeremy Garber President, Treasurer & Secretary Robert Klein Chief Financial Officer Board of Directors Board Responsibilities Patrick Donahoe Chair of the Board, Member - Audit Committee Andrew Spodek Chief
Slide 3: Company Overview
Company Overview Postal Realty Trust, Inc. (NYSE: PSTL) is an internally managed real estate investment trust that owns properties primarily leased to the United States Postal Service ("USPS"). PSTL is focused on acquiring the network of USPS properties, which provide a critical element of the natio
Slide 4: Executive Summary
Executive Summary Figures for the quarter ended March 31, 2023 Price of Common Shares Earnings High closing price during period $16.05 Net income attributable to common stockholders $348 Low closing price during period $14.19 Net income attributable to common stockholders per share $0.00 End of peri
Slide 5: Balance Sheet
Balance Sheet ($ in thousands) Balance Sheet ASSETS March 31, 2023 December 31, 2022 Investments: (Unaudited) Real estate properties, at cost: Land $92,822 $90,020 Building and improvements 393,143 378,596 Tenant improvements 6,526 6,375 Total real estate properties, at cost 492,491 474,991 Less: Ac
Slide 6: Statement of Operations
Statement of Operations Statement of Operations ($ in thousands and unaudited) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 REVENUE Rental income $14,499 $14,211 $13,181 $12,135 $11,349 Fee and other 649 689 594 589 582 Total revenues 15,148 14,900 13,775 12,724 11,931 OPERATING EXPENSES Real estate taxe
Slide 7: FFO & AFFO Reconciliation
FFO & AFFO Reconciliation FFO & AFFO ($ in thousands and unaudited, except per share / unit data) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Net income $433 $1,708 $1,150 $1,165 $721 Depreciation and amortization of real estate assets 4,811 4,735 4,616 4,202 4,110 Funds from operations (FFO) $5,244 $6,
Slide 8: NOI Reconciliation
NOI Reconciliation Net Operating Income ($ in thousands and unaudited) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 REVENUE Rental income(1) $12,550 $12,227 $11,435 $10,482 $9,664 Tenant reimbursements(1) 1,949 1,984 1,746 1,653 1,685 Revenue from direct financing leases(2) 259 265 266 263 261 Total reve
Slide 9: EBITDA Reconciliation
EBITDA Reconciliation EBITDA ($ in thousands and unaudited) Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Net income $433 $1,708 $1,150 $1,165 $721 Contractual interest expense 2,045 1,913 1,670 1,111 686 Write-off and amortization of deferred financing fees 165 156 156 155 129 Income tax expense (benefit
Slide 10: Debt Summary
Debt Summary Debt Outstanding as of March 31, 2023 Debt Breakdown Effective Lender Maturity Date Interest Rate(2) Outstanding Balance ($ in thousands) 2022 Term Loan(1) February-28 4.59% $115,000 (1) 2021 Term Loan January-27 2.27% 50,000 AIG - December 2020 January-31 2.80% 30,225 Vision Bank Septe
Slide 11: Debt Statistics
Debt Statistics Debt Statistics ($ in thousands) Q1 2023 Market Capitalization Debt Principal $215,000 Cash 2,112 Escrow & Reserves 611 Net Debt 212,277 (1) Market Value of Common Equity 378,415 Total Enterprise Value 590,692 Net Debt to Enterprise Value 35.9% Leverage Net Debt $212,277 Annualized A
Slide 12: Acquisition Summary
Acquisition Summary Acquisition Summary as of April 26, 2023 (1) (2) Acquisition Summary Acquisitions By Property Purchase Interior Purchase Price Annualized Property Type Count Price(1) Square Feet per Int. Sq Ft Rent(2) 2022 Acquisitions Last-Mile 219 Properties $34,709,075 294,627 $117.81 $3,154,
Slide 13: Portfolio Fundamentals
Portfolio Fundamentals Diversified Portfolio with High Historic Occupancy Historic Occupancy Rate Since IPO(1) Portfolio By % of Aggregate Interior Sq Ft Region Sq Ft Midwest 2,252,584 South(2) 1,748,316 Northeast 1,054,026 West 432,197 Total 5,487,123 Portfolio By % of Annualized Gross Rent(3) Regi
Slide 14: Lease Expiration Schedule
Lease Expiration Schedule Year Number of Leases Square Feet Annual Rent(1) % of Total Rent(1) 2023 173(2) 902,111 $7,796,640 15.8% 2024 94 538,415 $5,161,136 10.4% 2025 204 617,032 $7,391,137 14.9% 2026 264 1,041,668 $9,957,641 20.1% 2027 313 1,003,903 $9,185,866 18.6% 2028 90 268,744 $2,903,437 5.9
Slide 15: Property Breakdown by Location
Property Breakdown by Location Property Breakdown by Location Location Gross Rent % Gross Rent Square Footage % Square Footage Property Count(1) % Property Count Pennsylvania $5,886,159 11.90% 701,529 12.79% 87 6.52% Wisconsin 3,367,303 6.80% 818,311 14.90% 79 5.93% North Carolina 2,653,868 5.36% 22
Slide 16: Property Breakdown by Location (continued)
Property Breakdown by Location (continued) Property Breakdown by Location Location Gross Rent % Gross Rent Square Footage % Square Footage Property Count(1) % Property Count Arkansas 727,291 1.47% 76,107 1.39% 29 2.18% Mississippi 714,310 1.44% 65,769 1.20% 19 1.43% Maine 659,314 1.33% 54,300 0.99%
Slide 17: Definitions
Definitions Funds from Operation (FFO) The Company calculates FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition. NAREIT currently defines FFO as follows: net income (loss) (computed in accordance with GAAP) excluding depreciation and amort
Slide 18: Definitions (continued)
Definitions (continued) Earnings before Interest Tax and Depreciation and Amortization (EBITDA) and Adjusted EBITDA The Company computes EBITDA as earnings before interest, income taxes, depreciation and amortization. The Company presents EBITDA as it is a measure commonly used in its industry and t
Slide 19: Forward-Looking Cautionary Statements
Forward-Looking Cautionary Statements This presentation regarding Postal Realty Trust, Inc. (the “Company”) contains “forward-looking statements.” Forward-looking statements include statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “