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Postal Realty to buy 113 properties for $31M in OP units and cash

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Postal Realty Trust (NYSE:PSTL) agrees to acquire a portfolio of 113 properties of U.S. Postal Service properties from several affiliated sellers for $31M in a deal that will increase the company’s property count by 50% since its IPO in May 2019.

The portfolio is comprised of ~270K square feet and generates a weighted average rent of $9.75 per square foot.

Weighted average remaining lease term of the portfolio is 2.1 years.

As part of the consideration for the portfolio, Postal Realty expects to issue ~$14M of operating partnership units valued at $17 per share.

Balance of purchase price is expected to be funded with proceeds from the company’s line of credit.

Previously: Postal Realty enters $100M credit pact (Oct. 2)

Source: M A News on Seeking Alpha