Andrew Spodek, CEO of Postal Realty Trust, Inc. (NYSE: PSTL), participated in a video interview at Nareit’s REITweek: 2023 Investor Conference, held in New York June 6-8.
Spodek discussed Postal Realty Trust’s strategic acquisition of individual properties throughout the USPS logistics continuum, noting that his father had this investment forethought in the early 1980s.
“The Postal Service always pays the rent on time [and] they very rarely move,” he said. “Because of the preferential lease structure, we’re able to own and operate these properties all over the country without the need for any outside personnel.”
Spodek also discussed PSTL’s value proposition in a challenging economic environment, adding that the REIT has arguably the best credit tenant, with 100% rent received 100% of the time.
“We went public about four years ago and since that time, we’ve grown our square footage and rental revenue by five times, and we’re just really getting started,” he said. “Right now we’re about 6% of the total market and the next 20 largest owners all together are only about 11%.”
Looking ahead to the remainder of 2023 and into 2024, Spoked said that PSTL will “keep our heads down, keep our balance sheet tight, and give ourselves access to dry powder and the ability to continue to acquire accretively as the opportunities present themselves.”