Postal Realty Trust, Inc.

Greetings and welcome to Postal Realty Trust first quarter 2021 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. 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.

Thank you. Good evening, everyone, and welcome to the Postal Realty Trust first 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 include 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, without limitation, those contained in the company's 10-K filed on March 30, 2021, 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. With that, I will now turn the call over to Andrew Spodek, Chief Executive Officer of Postal Realty Trust.

Good evening, and thank you for joining Postal Realty Trust's first quarter 2021 earnings call. We hope you're all safe and well. Building on our strong 2020, we achieved a number of milestones in the first quarter, including the completion of an upsized overnight marketed offering, raising $57 million of gross proceeds, and receipt of a renewal for our master lease encompassing 135 properties extending the maturity date to February 2027. On the acquisition front, we continue to execute with the completion of approximately $26 million in accretive acquisitions supported by a meaningfully enhanced capital structure. We remain quite confident about our positioning as we have plenty of financial capacity to continue to expand our platform of U.S. Postal Service last mile flex and industrial facilities. As has been our experience to date, our portfolio is 100% occupied and we have collected 100% of our rents. Our lease renewals, most notably the ones that relate to our master lease for 135 properties, serve to enhance our already stable revenue stream. The composite of accretive acquisitions, a historical 98% renewal rate, stable cash flows, and a credit tenant allow us to enhance our total return profile. We have consecutively raised our dividends since our IPO in 2019 to an annualized $0.88 per share and unit. Our investment activity provides the fuel for our growing dividend. As I mentioned earlier, we completed the acquisition of 54 USPS properties for $25.8 million, excluding closing costs, totaling 686,000 leaseable interior square feet. These properties include 36 last mile, 15 flex, and three industrial facilities. Quarter to date, we closed on an additional 13 properties for $5.4 million, excluding closing costs, including an OP unit deal priced at $18.54 per unit. We have another 52 properties totaling approximately $18.5 million on the definitive contract that also include OP units as part of the consideration. Looking ahead, our pipeline remains full, and we are finding that the market for postal properties is ripe with opportunities. Given the fortitude of our balance sheet and the financial capacity and our ability to offer multiple sources of consideration, including OP units, we expect to continue to execute and maintain our position as a market leader and a natural buyer of assets with the Postal Service as the tenant. With an experienced team and a resolve to build on the progress we have made over the past few years, we are optimistic about the year ahead and excited about the consolidation opportunity before us. I'll now turn the call over to Rob to walk through our results and our capital position.