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