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We believe that we are the largest owner and manager, measured by net leasable square footage, of properties that are leased to the USPS.
−Removed: We were organized in the state of Maryland on November 19, 2018 and commenced operations upon completion of our initial public offering ("IPO") on May 17, 2019 and the related formation transactions (the "Formation Transactions").
−Removed: Our Class A common stock trades on the New York Stock Exchange (the "NYSE") under the symbol “PSTL”.
+Added: We were organized in the state of Maryland on November 19, 2018 and commenced operations upon completion of our initial public offering ("IPO") on May 17, 2019 and the related formation transactions.
+Added: Our Class A common stock trades on the New York Stock Exchange under the symbol “PSTL”.
We elected to be taxed as a REIT for U.S.
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Real Estate Investments
−Removed: As of December 31, 2021, we had investments of approximately $343.7 million in 966 real estate properties (including two properties accounted for as financing leases).
−Removed: The properties are located in 49 states, totaling approximately 4.5 million net leasable interior square feet in the aggregate and were 99.6% occupied as of December 31, 2021 with a weighted average remaining lease term of approximately four years.
+Added: As of December 31, 2022, we had net investments of approximately $459.9 million in 1,286 real estate properties (including two properties accounted for as financing leases).
+Added: The properties are located in 49 states and one territory, totaling approximately 5.3 million net leasable interior square feet in the aggregate and were 99.7% occupied as of December 31, 2022 with a weighted average remaining lease term of approximately three years.
As of December 31, 2022, we manage, through our taxable REIT subsidiary ("TRS"), an additional 397 properties owned by our chief executive officer, Andrew Spodek, and his affiliates.
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2022 Highlights
−Removed: • We collected 100% of our rents and our owned portfolio was 99.6% occupied as of December 31, 2021.
−Removed: • We acquired 239 properties (including one property accounted for as a financing lease) leased primarily to the USPS totaling approximately 1.8 million net leasable interior square feet, for approximately $118 million, excluding closing costs.
−Removed: • We completed follow-on offerings of 3,737,500 shares of our Class A common stock in January 2021 and 4,887,500 shares of our Class A common stock in November 2021, raising approximately $57.0 million and $83.1 million in gross proceeds, respectively.
−Removed: We also issued 344,717 shares under our at-the-market equity offering program ("ATM Program") during 2021, raising approximately $6.9 million in gross proceeds.
−Removed: • In August 2021, we entered into a $150.0 million senior unsecured revolving credit facility and a $50.0 million senior unsecured term loan facility (together, the "2021 Credit Facilities") and paid off our previous revolving credit facility (the "2019 Credit Facility").
−Removed: We also entered into an interest rate swap (the "2021 Interest Rate Swap") that effectively fixed the LIBOR component of the interest rate on $50.0 million portion of the 2021
−Removed: Credit Facilities through January 2027.
−Removed: In addition, we repaid two mortgage loans in the aggregate amount of $13.7 million and amended several other mortgage loans to reduce their interest rates.
+Added: • We collected 100% of our contractual rents and our owned portfolio was 99.7% occupied as of December 31, 2022.
+Added: • We acquired 320 properties leased primarily to the USPS totaling approximately 869,000 net leasable interior square feet, for approximately $123 million, excluding closing costs, during 2022.
+Added: • We amended our existing Credit Facilities (as defined below) in May 2022 to, among other things, add the 2022 Term Loan (as defined below), replace the London Interbank Offered Rate (“LIBOR”) with the Secured Overnight Financing Rate ("SOFR") as the benchmark interest rate and allow for a decrease in the applicable margin by 0.02% if we achieve certain sustainability targets.
+Added: In December 2022, we further exercised $40.0 million of term loan accordion under the Credit Facilities.
+Added: We also entered into five interest rate swaps with a total notional amount of $165.0 million to manage our interest rate risks under the Credit Facilities.
+Added: • We issued 751,382 shares of Class A common stock under our at-the-market equity offering programs during 2022, raising approximately $11.9 million in gross proceeds.
• We have increased our quarterly dividend from $0.2275 for the fourth quarter 2021 dividend to $0.2375 for the fourth quarter 2022 dividend.
−Removed: Our dividend per share has increased for the past ten consecutive quarters.
+Added: Our dividend per share has increased for the past fourteen consecutive quarters.
Although we expect to continue our policy of paying regular dividends, we cannot guarantee that we will maintain our current level of dividends, that we will continue our recent pattern of increasing dividends per share or what our actual dividend yield will be in any future period.
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Our employees are not members of any labor union, and we consider our relations with our employees to be satisfactory.
−Removed: As of December 31, 2021, 35% of our employees, 21% of our named executive officers and key employees (defined as all employees with a title of vice president and higher) and 20% of the members of our Board of Directors were female.
+Added: As of December 31, 2022, 31% of our employees, 20% of our named executive officers and key employees (defined as all employees with a title of vice president and higher) and 20% of the members of our Board of Directors were female and 21% of our employees identified as a member of an ethnic and/or racial minority group.
+Added: Our human capital goals are focused on identifying, recruiting, retaining, developing, incentivizing and integrating our existing and prospective employees.
We endeavor to maintain workplaces that are free from discrimination or harassment on the basis of color, race, sex, national origin, ethnicity, religion, age, disability, sexual orientation, gender identification or expression or any other status protected by applicable law.
−Removed: The basis for recruitment, hiring, development, training, compensation and advancement at the Company is qualifications, performance, skills and experience.
+Added: The basis for any recruitment, hiring, development, training, compensation and advancement at the Company are qualifications, performance, skills and experience.
We believe our employees are fairly compensated, and compensation and promotion decisions are made without regard to gender, race and ethnicity.
Employees are routinely recognized for outstanding performance.
−Removed: Covid-19 Health and Safety
−Removed: In response to the COVID-19 pandemic, we temporarily transitioned most of our employees to remote working, without significant impact to productivity.
−Removed: We organized training programs to ensure that all employees were prepared to complete tasks remotely.
−Removed: We have since reopened our corporate office with continued workforce flexibility to promote
−Removed: employee safety.
−Removed: At our corporate office, we provide cleaning supplies and facial coverings to all employees and visitors who chose to work in the office, among other safety measures to help reduce the potential transmission of the disease.
+Added: We maintain both cash- and equity-based compensation programs designed to attract, retain and motivate our employees.
+Added: We recognize the importance of the health, safety and environmental well-being of our employees, and are committed to providing and maintaining a healthy work environment.
+Added: We offer a comprehensive benefits program as well as a 401(k) program, flexible spending accounts, income protection through our sick pay and long-term disability policies, paid vacation, paid maternity and paternity leave and holiday and personal days to balance work and personal life.
+Added: In addition to our benefits program, we offer a number of work life enhancements at our corporate headquarters, including, but not limited to, healthy snacks and ergonomic workstations.
+Added: We encourage our employees to take advantage of various internal training opportunities and those provided by outside service providers to the extent these are business related.
+Added: All corporate employees,
+Added: including members of our management team, receive periodic training about our business, the Company’s structure and the important laws and policies that affect the Company.
+Added: In addition, many of our employees hold professional licenses and we encourage them to, and reimburse them, for qualified ongoing continuing professional education.
+Added: We also provide all of our employees with biannual performance and career development reviews.
Environmental Matters
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However, any potential or existing environmental contamination liabilities may be in excess of the coverage limits of, or not covered by, such insurance policy.
−Removed: As a result, we may not be aware of all potential or existing environmental contamination liabilities at the properties in our portfolio.
+Added: We may also not be aware of all potential or existing environmental contamination liabilities at the properties in our portfolio.
As a result, we could potentially incur material liability for these issues.
−Removed: In addition, some of our buildings may contain lead-based paint or asbestos containing materials or may contain or develop harmful mold or suffer from other indoor air quality issues, which could lead to liability for adverse health effects or property damage or costs for remediation.
+Added: In addition, some of our buildings contain, or at one time contained, lead-based paint, asbestos containing materials or underground storage tanks used to store petroleum products or other potentially hazardous or toxic substances or may contain or develop harmful mold or suffer from other indoor air quality issues, which could lead to liability for adverse health effects or property damage or costs for remediation.
Indoor air quality issues can also stem from inadequate ventilation, chemical contamination from indoor or outdoor sources and other biological contaminants such as pollen, viruses and bacteria.
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Availability of Reports Filed with the Securities and Exchange Commission
−Removed: A copy of this Annual Report on Form 10-K, as well as our quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are available, free of charge, on our Internet website (www.postalrealty.com).
+Added: A copy of this Annual Report on Form 10-K, as well as our quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are available, free of charge, on our Internet website (www.postalrealtytrust.com).
All of these reports are made available on our website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.