|
|
Post by alvinthechipmunk on Mar 31, 2022 5:22:47 GMT
|
|
comlb
Lieutenant
Posts: 68
|
Post by comlb on Apr 11, 2022 1:05:26 GMT
thank you for posting, this looks interesting. 5.4% dividend yield that they grow (modestly) ten quarters in a row. Income is backed by US Govt.
Keys-
1) Postal Centers make their lease payments (100% lease payments on time)
2) They do not move (98.8% retention rate) 3) Growing by acquisition - acquired 261 postal properties in 2020 for ~$130M and 239 postal properties in 2021 for ~$118M 4) Own 1,004 Properties- 621 Last Mile (standard PO), 377 Flex (post office plus admin and/or local distribution), and 5 Industrial 5) Buying at 6-8% cap rates
6) 25,517 of the 31,000+ total postal properties are leased to the USPS. Over 17,000 different lessors of properties leased to the USPS. PSTL is the largest owner of properties leased to the USPS and only represents ~5% of the market. Next top 20 portfolio owners combined only own ~11% of the market 7) Founder has been investing in the space throughout his career, his father started investing in post office real estate in the 80s 8) Management and Board own 10% of outstanding equity 9) Average lease is 4 yrs 10) one negative is organic growth opportunity, the leases do not seem to have escalators for inflation or time or other factors
|
|
|
|
Post by kathiel on Apr 12, 2022 18:31:24 GMT
|
|
comlb
Lieutenant
Posts: 68
|
Post by comlb on Jun 1, 2022 17:20:51 GMT
|
|
