Postal Realty Trust, Inc. (NYSE:PSTL) (the “Company”), an internally managed real estate investment trust that owns properties leased to the United States Postal Service (“USPS”), today announced it closed on the remaining 91 properties of the 113-property US Postal Service Portfolio acquisition previously announced on October 7th.
The Company acquired the 113-property portfolio of USPS properties for $31.4 million dollars, excluding closing costs. The Company funded the purchase with issuance of approximately $14.0 million of OP units valued at $17.00 per unit and the balance of the purchase price was funded with proceeds from the Company’s line of credit. The portfolio comprises approximately 270,000 net leasable interior square feet generating a weighted average rent of $9.59 per square foot.
Currently, the Company owns 457 properties in 44 states comprising approximately 1.4 million net leasable interior square feet generating a weighted average rent of $9.54 per square foot.
Year to date, the Company has acquired 186 properties for $51.8 million, excluding closing costs, comprising approximately 500,000 net lease interior square feet generating a weighted average rent of $9.41 per square foot.