Postal Realty Trust, Inc.

Good afternoon. At this time, I'd like to welcome everyone to the Postal Realty Trust second quarter conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. I will now turn the call over to Mr. Blaine Willenborg, Vice President of Business Development and Capital Markets. Please begin your conference.

Thank you. Good afternoon, everyone, and welcome to the Postal Realty Trust second quarter earnings conference call. On the call today, we have Andrew Spodek, Chief Executive Officer, Jeremy Garber, President, 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, including, among others, statements related to the COVID-19 pandemic and its effects on our business, the terms and timing of our pending acquisitions, and the status of our ongoing negotiations with the Postal Service. These forward-looking statements are covered by the state's 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 without limitations. Those contained in the company's 10-K filed on March 27, 2020 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 and adjusted funds from operations. You can find a tabular reconciliation of these non-GAAP financial measures in the most currently comparable GAAP measures in the company's earnings release and in filings with Securities and Exchange Commission. Additional information will be found on the Investor Relations page of our website. With that, I will now turn the call over to Andrew Spodek, Chief Executive Officer at Postal Realty Trust.

Good afternoon, and thank you for joining Postal Realty Trust's second quarter 2020 earnings call. As the country begins to advance into different phases of reopening, we hope you and your loved ones continue to stay safe. We would also like to thank all the first responders and Postal Service employees for their hard work and commitment since the pandemic began. Our company is currently maintaining an optional work-from-home policy as we want to respect what is best for each of our team members and their safety. I am pleased to report our company produced strong results in the first half of the year. As a team, we've been able to maintain our health and well-being throughout this crisis. In addition to this, the pandemic has not had any impact on our business's stable revenue stream. Our rent collection remain unchanged with receiving 100% of our rents in July as we have every month since our IPO. As a result, we've been able to raise our dividend every quarter. In July, we raised our dividend by 2.5% to 82 cents per share on an annual basis. Our acquisition activity in 2020 has continued to show progress, having closed on approximately 200 properties for approximately $65 million and over 585,000 net leasable interior square feet, all within our stated average cap rate range of 7% to 9%. As we previously communicated, as a result of the pandemic, we proactively and prudently paused our pipeline in the second quarter and took this opportunity to amend our line of credit and successfully completed our first follow-on equity offering. We resumed our acquisition activity in the third quarter, and even with the slowdown, we are on pace to achieve our acquisition goal of $100 million for 2020. Our continued ability to access the capital markets, amend our credit facility, and execute on our acquisition plan in the current environment further highlights the strength of our business model. Having now reported four quarters, it has been extremely rewarding to see our pre-IPO thesis play out firsthand. We welcome our new shareholders that joined us through our first follow-on and thank our initial shareholders for their continued support. We are very much aligned with you. The Board and I are deferring 100% of our cash salaries for 2020 and remain committed to growing shareholder value. I will now turn the call over to Jeremy to discuss our second quarter results.