Postal Realty Trust, Inc. (NYSE:PSTL) Q4 2023 Earnings Conference Call February 27, 2024 9:00 AM ET
Company Participants
Jordan Cooperstein - VP, FP&A Capital Markets
Andrew Spodek - CEO & Director
Robert Klein - CFO
Jeremy Garber - President, Treasurer, Secretary
Conference Call Participants
Steve Dumanski - Janney Montgomery Scott
Barry Oxford - Colliers Securities
Ki Bin Kim - Truist Securities
John Kim - BMO Capital Markets
Jon Petersen - Jefferies Group
Operator
Greetings, and welcome to Postal Realty Trust's Fourth Quarter 2023 Earnings 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 Cooper, Senior Vice President of FP&A Capital. Welcome, Jordan.
Jordan Cooperstein
Thank you and good morning, everyone. Welcome to Postal Realty Trust fourth quarter 2023 earnings conference call. On the call with me 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 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 obligations 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 thanks for joining us today. The fourth quarter marked another period of strong results and concluded a productive year for Postal Realty. We acquired 223 properties for $78 million and came in well above the midpoint of our target weighted average cap rate range at 7.7% for both the fourth quarter and the full year 2023. The weighted average cap rate for 2023 reflects an almost 100 basis point increase from 2022's cap rate.