Postal Realty Trust Inc (NYSE:PSTL) Q2 2024 Results Earnings Conference Call August 6, 2024 4:30 PM ET

Company Participants

Jordan Cooperstein - Vice President, FP&A, Capital Markets
Andrew Spodek - Chief Executive Officer
Jeremy Garber - President
Robert Klein - Chief Financial Officer

Conference Call Participants

Eric Borden - BMO Capital Markets
Nahom Tesfazghi - JPMorgan Chase & Co.
Steven Dumanski - Janney Montgomery Scott

Operator

Greetings and welcome to the Postal Realty Trust Second Quarter 2024 Earnings 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. Please go ahead.

Jordan Cooperstein

Thank you. And good morning, everyone. Welcome to Postal Realty Trust second quarter 2024 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 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 afternoon. And thank you for joining us. In the second quarter, we added 70 properties for $28 million at a weighted average cap rate of 7.6% and nine properties for $3 million subsequent to quarter-end, funding the majority of our acquisitions on our revolving credit facility and raising over $6 million of equity.