Postal Realty Trust, Inc. (NYSE:PSTL) Q1 2023 Earnings Conference Call May 3, 2023 8:30 AM ET
Company Participants
Jordan Cooperstein - Vice President, Financial Planning and Analysis and Capital Markets
Andrew Spodek - Chief Executive Officer
Jeremy Garber - President
Robert Klein - Chief Financial Officer
Matt Brandwein - Chief Accounting Officer
Conference Call Participants
Rob Stevenson - Janney
Eric Borden - BMO Capital Markets
Michael Gorman - BTIG
Jon Petersen - Jefferies
Operator
Greetings. And welcome to the Postal Realty Trust First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jordan Cooperstein, Vice President of Financial Planning and Analysis and Capital Markets. Thank you, sir. You may begin.
Jordan Cooperstein
Thank you. Good morning, everyone. And welcome to the Postal Realty Trust first quarter 2023 earnings conference call. On the call today, we have Andrew Spodek, Chief Executive Officer; Jeremy Garber, President; Robert Klein, Chief Financial Officer; and Matt Brandwein, Chief Accounting Officer.
Please note the use of forward-looking statements by the company on this conference call. Statements made on this call may include statements that are not historical facts and are considered forward-looking. These forward-looking statements are covered by the Safe Harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company’s control, including, without limitation, those contained in the company’s latest 10-K and its other Securities and Exchange Commission filings. The company does not assume and specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Additionally, on this conference call, the company may refer to certain non-GAAP financial measures, such as funds from operations, adjusted funds from operations, adjusted EBITDA and net debt.
You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP measures in the company’s earnings release and supplemental materials.
With that, I will now turn the call over to Andrew Spodek, Chief Executive Officer of Postal Realty Trust.
Andrew Spodek
Good morning and thank you for joining us. The first quarter marked a solid start to the year. Postal Realty added 39 properties for $17.2 million at a weighted average cap rate of 7.6%, well above the midpoint of our stated target cap rate range of 6% to 8%.