Postal Realty Trust, Inc. (NYSE:PSTL) Q3 2023 Earnings Conference Call November 1, 2023 9:00 AM ET

Company Participants

Jordan Cooperstein - Vice President of FP&A Capital Markets

Andrew Spodek - Chief Executive Officer

Jeremy Garber - President

Robert Klein - Chief Financial Officer

Matt Brandwein - Senior Vice President and Chief Accounting Officer

Conference Call Participants

Eric Borden - BMO Capital Markets

Robert Stevenson - Janney Montgomery Scott

Ki Bin Kim - Truist Securities

Jonathan Petersen - Jefferies

Anthony Paolone - JPMorgan

Operator

Greetings, and welcome to Postal Realty Trust Third Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the prepared remarks. As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Mr. Jordan Cooperstein, Vice President of FP&A Capital Markets. Welcome Jordan.

Jordan Cooperstein

Thank you and good morning everyone. Welcome to Postal Realty Trust third 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 company may use of forward-looking statements on this conference call which are 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, but not limited to 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 today. The third quarter marked another strong period for Postal Realty. We demonstrated our ability to drive external and internal growth by expanding our asset base and achieving operating efficiencies. We acquired 70 Postal properties across the U.S. during the quarter at an 8% weighted average cap rate, the top of our stated range. Based on the acquisitions completed through October 20, we have added 153 properties to our portfolio for $58 million, continue to work towards our $80 million target, and anticipate our full year 2023 weighted average cap rate to be between 7.25% and 7.75%.