Postal Realty Trust, Inc.

Welcome to the Postal Realty Trust fourth quarter 2020 earnings conference call. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. I would now like to turn the conference over to Jordan Cooperstein. Please go ahead, sir.

Thank you. Good afternoon, everyone, and welcome to the Postal Realty Trust fourth quarter 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 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 effect 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 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 without limitation those contained in the company's 10-K, which will be filed later this week, 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 to the most currently comparable GAAP measures in the company's earnings release. Additional information may 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 of Postal Realty Trust.

Good afternoon, and thank you for joining Postal Realty Trust's fourth quarter 2020 earnings goal. We hope you are all safe and well and that we can all return to a new normal soon. 2020 was a success for Postal Realty. We more than doubled our revenue and quadrupled our portfolio square footage since our IPO. Over the course of the year, we acquired 261 properties within the USPS Logistics Network for over $130 million, exceeding our acquisitions goals for the year. We increased our borrowing capacity under our credit facility and successfully raised $52 million in gross proceeds to support our growth. Just after year end, given the many accretive opportunities we continue to pursue and to ensure that we are appropriately positioned to further increase the scale of our platform, we successfully raised an additional $57 million in gross proceeds in an oversubscribed offering that broadened our investor base and reloaded the capacity on our credit facility. These accomplishments highlight our access to various sources of capital as well as the stability of our strategy, our platform, and the commitment of our team. Across the country, there is a focus on critical infrastructure, and the USPS Logistics Network is an important component of it. We believe that we are proving out the consolidation opportunity of investing in the USPS Logistics Network. As Postal Realty's platform continues to grow, We are adapting our terminology to appropriately classify our properties within this network. The categories are last mile, which are properties less than 2,500 square feet, flex, which are properties 2,500 to 50,000 square feet, and industrial, which are properties with square footage greater than 50,000 square feet. Over the past two quarters, we purchased industrial postal properties located in Warrendale, Pennsylvania, Topeka, Kansas, and Birmingham, Alabama. Our flex properties include office, warehouse, and retail, with our fourth quarter 2020 acquisition of the Greensboro, North Carolina office building being the largest. Finally, we believe Last Mile is the backbone to the USPS logistics network, and we are focused on these postal properties. These comprise approximately 20% of the postal leased properties and are approximately 20% of our portfolio. The market for postal properties remain highly fragmented, and we are well positioned, given our relationship size and relative cost of capital, to continue adding accretive investment opportunities. As the largest owner of postal properties, we have only aggregated approximately 4% of the total leased postal property universe, and we've only gotten started. This growth opportunity is further enhanced by the credit quality of our tenant, the United States Postal Service, their demonstrated commitment to renewing in our properties and the universally recognized importance of their logistics network as critical infrastructure for this country. The 2021 acquisition program is off to a strong start, and we continue to evaluate a wide spectrum of opportunities throughout the USPS logistics network. We expect to meet or exceed $100 million of acquisitions within our weighted average cap rate range of 7 to 9 percent. Let me turn it over to Jeremy to give you an update on leasing, acquisition activity, and some other operational initiatives. Thank you, Andrew.