Postal Realty Trust, a recently formed REIT and an internally managed real estate company that will own and manage properties leased to the United States Postal Service, or USPS, announced terms for its IPO on Tuesday.
The Cedarhurst, N.Y.-based company plans to raise $100 million by offering 5 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Postal Realty Trust would command a fully diluted market value of $144 million.
Upon completion of the offering and related formation transactions, the company will own and manage an initial portfolio of 271 postal properties located in 41 states comprising 871,843 net leasable interior square feet, all of which are leased to the USPS, and through its taxable REIT subsidiary will provide fee-based third-party property management services for an additional 404 postal properties leased to the USPS and owned by family members of Andrew Spodek, the company’s CEO, and their partners.
