2023 Q3 Form 10-Q Financial Statement

#000162828023028204 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $16.11M $15.46M
YoY Change 16.92% 21.48%
Cost Of Revenue $4.010M $3.443M
YoY Change 26.02% 17.31%
Gross Profit $12.10M $12.01M
YoY Change 14.23% 22.73%
Gross Profit Margin 75.13% 77.73%
Selling, General & Admin $3.350M $3.610M
YoY Change 10.2% 9.1%
% of Gross Profit 27.69% 30.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.910M $4.781M
YoY Change 5.89% 13.32%
% of Gross Profit 40.58% 39.8%
Operating Expenses $12.28M $11.83M
YoY Change 13.06% 13.1%
Operating Profit $3.829M $3.623M
YoY Change 31.31% 60.24%
Interest Expense $2.446M $2.302M
YoY Change 46.47% 107.2%
% of Operating Profit 63.88% 63.54%
Other Income/Expense, Net $246.0K $125.0K
YoY Change 459.09% -33.16%
Pretax Income $1.455M $1.282M
YoY Change 28.31% 8.37%
Income Tax $19.00K $21.00K
% Of Pretax Income 1.31% 1.64%
Net Earnings $1.166M $1.012M
YoY Change 25.24% 6.19%
Net Earnings / Revenue 7.24% 6.55%
Basic Earnings Per Share $0.04 $0.03
Diluted Earnings Per Share $0.04 $0.03
COMMON SHARES
Basic Shares Outstanding 20.62M shares 19.91M shares
Diluted Shares Outstanding 20.28M shares 19.54M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.500M $2.191M
YoY Change -45.3% -52.05%
Cash & Equivalents $2.462M $2.191M
Short-Term Investments
Other Short-Term Assets $17.30M $14.32M
YoY Change 9.65% 33.79%
Inventory
Prepaid Expenses
Receivables $5.300M $3.936M
Other Receivables $1.500M $1.356M
Total Short-Term Assets $26.60M $21.80M
YoY Change 4.24% 14.41%
LONG-TERM ASSETS
Property, Plant & Equipment $494.4M $472.3M
YoY Change 15.95% 15.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $751.0K
YoY Change 18.34% -45.5%
Total Long-Term Assets $527.1M $505.4M
YoY Change 14.39% 14.06%
TOTAL ASSETS
Total Short-Term Assets $26.60M $21.80M
Total Long-Term Assets $527.1M $505.4M
Total Assets $553.7M $527.2M
YoY Change 13.86% 14.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.700M $7.082M
YoY Change 13.2% -17.31%
Accrued Expenses $900.0K $914.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.60M $7.996M
YoY Change 23.7% -6.64%
LONG-TERM LIABILITIES
Long-Term Debt $231.5M $225.7M
YoY Change 23.28% 29.17%
Other Long-Term Liabilities $12.20M $11.88M
YoY Change 2.65% 6.66%
Total Long-Term Liabilities $243.7M $237.6M
YoY Change 22.05% 27.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.60M $7.996M
Total Long-Term Liabilities $243.7M $237.6M
Total Liabilities $254.4M $245.6M
YoY Change 22.15% 26.31%
SHAREHOLDERS EQUITY
Retained Earnings -$44.53M -$40.75M
YoY Change 51.28% 56.94%
Common Stock $215.0K $200.0K
YoY Change 13.16% 6.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $244.9M $225.7M
YoY Change
Total Liabilities & Shareholders Equity $553.7M $527.2M
YoY Change 13.86% 14.07%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $1.166M $1.012M
YoY Change 25.24% 6.19%
Depreciation, Depletion And Amortization $4.910M $4.781M
YoY Change 5.89% 13.32%
Cash From Operating Activities $6.710M $6.892M
YoY Change 21.71% 7.07%
INVESTING ACTIVITIES
Capital Expenditures $23.17M $16.05M
YoY Change -230.97% -128.99%
Acquisitions
YoY Change
Other Investing Activities $410.0K -$16.00K
YoY Change -1466.67% -102.08%
Cash From Investing Activities -$22.77M -$16.07M
YoY Change 28.49% -70.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.00M 9.331M
YoY Change 43.25% -80.08%
NET CHANGE
Cash From Operating Activities 6.710M 6.892M
Cash From Investing Activities -22.77M -16.07M
Cash From Financing Activities 16.00M 9.331M
Net Change In Cash -60.00K 158.0K
YoY Change -94.23% -112.08%
FREE CASH FLOW
Cash From Operating Activities $6.710M $6.892M
Capital Expenditures $23.17M $16.05M
Free Cash Flow -$16.46M -$9.157M
YoY Change -170.94% -114.82%

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Organization and Description of Business<div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Postal Realty Trust, Inc. (the “Company”) was organized in the state of Maryland on November 19, 2018. On May 17, 2019, the Company completed its initial public offering (“IPO”) of the Company’s Class A common stock, par value $0.01 per share (the “Class A common stock”). The Company contributed the net proceeds from the IPO to Postal Realty LP, a Delaware limited partnership (the “Operating Partnership”), in exchange for common units of limited partnership interest in the Operating Partnership (the “OP Units”). Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related formation transactions. Prior to the completion of the IPO and the formation transactions, the Company had no operations.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of OP Units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage and conduct the Operating Partnership’s business, subject to limited approval and voting rights of the limited partners. As of June 30, 2023, the Company held an approximately 80.2% interest in the Operating Partnership. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. The Operating Partnership is considered a variable interest entity (“VIE”) in which the Company is the primary beneficiary.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2023, the Company owned a portfolio of 1,364 properties located in 49 states and one territory. The Company’s properties are leased primarily to a single tenant, the United States Postal Service (the “USPS”).</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, through its taxable REIT subsidiary (“TRS”), Real Estate Asset Counseling, LLC (“REAC”), the Company provides fee-based third party property management services for an additional 397 properties, which are owned by Andrew Spodek, the Company's chief executive officer ("CEO"), and his affiliates, and certain advisory services to third-party owners of postal properties.</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Pursuant to the Company’s articles of amendment and restatement, the Company is currently authorized to issue up to 500,000,000 shares of Class A common stock, 27,206 shares of Class B common stock, $0.01 par value per share (the “Voting Equivalency stock”), and up to 100,000,000 shares of preferred stock.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the Company's short taxable year ended December 31, 2019, and intends to continue to qualify as a REIT. As a REIT, the Company generally will not be subject to federal income tax to the extent that it distributes its REIT taxable income for each tax year to its stockholders. REITs are subject to a number of organizational and operational requirements. Additionally, any income earned by the TRS and any other TRS the Company forms in the future will be subject to federal, state and local corporate income tax.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Jumpstart Our Business Startups Act, the Company qualifies as an emerging growth company (“EGC”). An EGC may choose, as the Company has done, to take advantage of the extended private company transition period provided for complying with new or revised accounting standards that may be issued by the Financial Accounting Standards Board (“FASB”) or the Securities and Exchange Commission.</span></div>
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us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. As discussed in the Consolidated Financial Statements </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in the Company’s </span><span style="background-color:#ffffff;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1759774/000162828023006624/pstl-20221231.htm" style="background-color:#ffffff;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Annual Report on Form 10-K</a></span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for the year ended December 31, 2022, t</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">he Company’s most significant assumptions and estimates are related to the valuation of investments in real estate properties and impairment of long-lived assets. Although management believes its estimates are reasonable, actual results could differ from those estimates.</span></div>
CY2023Q2 pstl Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
40000.00 usd
CY2023Q2 us-gaap Below Market Lease Net
BelowMarketLeaseNet
11875000 usd
CY2022Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
19077000 usd
CY2022Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
7256000 usd
CY2022Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
11821000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3500000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1700000 usd
CY2023Q2 us-gaap Cash
Cash
2191000 usd
CY2022Q4 us-gaap Cash
Cash
1495000 usd
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
260000 usd
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
206000 usd
CY2023Q2 pstl Real Estate Tax Reserve
RealEstateTaxReserve
384000 usd
CY2022Q4 pstl Real Estate Tax Reserve
RealEstateTaxReserve
240000 usd
CY2023Q2 pstl Espp Reserve
EsppReserve
107000 usd
CY2022Q4 pstl Espp Reserve
EsppReserve
101000 usd
CY2023Q2 pstl Cash And Escrows And Reserves
CashAndEscrowsAndReserves
2942000 usd
CY2022Q4 pstl Cash And Escrows And Reserves
CashAndEscrowsAndReserves
2042000 usd
CY2023Q2 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
27800000 usd
CY2022Q4 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
27500000 usd
CY2023Q2 us-gaap Secured Debt Current
SecuredDebtCurrent
33000000 usd
CY2022Q4 us-gaap Secured Debt Current
SecuredDebtCurrent
33100000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2022Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risks</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2023, the Company’s properties were leased primarily to a single tenant, the USPS. For the six months ended June 30, 2023, approximately 13.3% of the Company’s total rental income, or $3.9 million, was concentrated in Pennsylvania. For the six months ended June 30, 2022, approximately 16.1% of the Company's total rental income, or $3.8 million, was concentrated in Pennsylvania. The ability of the USPS to honor the terms of its leases is dependent upon regulatory, economic, environmental or competitive conditions in Pennsylvania or other regions where the Company operates in and could have a material effect on the Company’s overall business results.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has deposited cash and maintains its bank deposits with large financial institutions in amounts that, from time to time, exceed federally insured limits. The Company has not experienced any losses in such accounts.</span></div>
CY2022Q4 pstl Pstl Number Of Direct Financing Leases
PSTLNumberOfDirectFinancingLeases
2 lease
CY2022Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
16100000 usd
CY2023Q1 pstl Number Of Properties Acquired
NumberOfPropertiesAcquired
39 property
CY2023Q1 us-gaap Payments For Proceeds From Real Estate Partnership Investment Net
PaymentsForProceedsFromRealEstatePartnershipInvestmentNet
17576000 usd
CY2023Q2 pstl Number Of Properties Acquired
NumberOfPropertiesAcquired
39 property
CY2023Q2 us-gaap Payments For Proceeds From Real Estate Partnership Investment Net
PaymentsForProceedsFromRealEstatePartnershipInvestmentNet
16019000 usd
pstl Number Of Properties Acquired
NumberOfPropertiesAcquired
78 property
us-gaap Payments For Proceeds From Real Estate Partnership Investment Net
PaymentsForProceedsFromRealEstatePartnershipInvestmentNet
33595000 usd
CY2023Q1 pstl Purchase Price Of Postal Portfolio Acquired Including Closing Costs
PurchasePriceOfPostalPortfolioAcquiredIncludingClosingCosts
300000 usd
CY2023Q2 pstl Purchase Price Of Postal Portfolio Acquired Including Closing Costs
PurchasePriceOfPostalPortfolioAcquiredIncludingClosingCosts
200000 usd
CY2023Q2 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
20386000 usd
CY2023Q2 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
8511000 usd
pstl Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
80000.00 usd
CY2022Q2 pstl Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
20000.00 usd
pstl Amortization Of Above Market Lease
AmortizationOfAboveMarketLease
40000.00 usd
CY2023Q2 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
600000 usd
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
1300000 usd
CY2022Q2 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
500000 usd
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
1100000 usd
CY2023Q2 us-gaap Below Market Lease Amortization Income Remainder Of Fiscal Year
BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear
1233000 usd
CY2023Q2 us-gaap Below Market Lease Amortization Income Next Twelve Months
BelowMarketLeaseAmortizationIncomeNextTwelveMonths
2143000 usd
CY2023Q2 us-gaap Below Market Lease Amortization Income Year Two
BelowMarketLeaseAmortizationIncomeYearTwo
1566000 usd
CY2023Q2 us-gaap Below Market Lease Amortization Income Year Three
BelowMarketLeaseAmortizationIncomeYearThree
1266000 usd
CY2023Q2 us-gaap Below Market Lease Amortization Income Year Four
BelowMarketLeaseAmortizationIncomeYearFour
990000 usd
CY2023Q2 pstl Below Market Lease Amortization Income After Year Four
BelowMarketLeaseAmortizationIncomeAfterYearFour
4677000 usd
CY2023Q2 us-gaap Below Market Lease Net
BelowMarketLeaseNet
11875000 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
226996000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
198093000 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1287000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1431000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
225709000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
196662000 usd
pstl Weighted Average Maturity Date For Secured Borrowing Term
WeightedAverageMaturityDateForSecuredBorrowingTerm
P4Y8M12D
CY2022 pstl Weighted Average Maturity Date For Secured Borrowing Term
WeightedAverageMaturityDateForSecuredBorrowingTerm
P5Y6M
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
9000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
112000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
118000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
29636000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
50774000 usd
CY2023Q2 pstl Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
146347000 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
226996000 usd
CY2023Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
4700000 usd
CY2023Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2500000 usd
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-4700000 usd
CY2022Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1300000 usd
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2100000 usd
CY2023Q2 pstl Lessor Direct Financing Lease Number
LessorDirectFinancingLeaseNumber
2 lease
CY2023Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
12854000 usd
CY2022Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
10482000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
25404000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
20146000 usd
CY2023Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
1908000 usd
CY2022Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
1653000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
3857000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
3338000 usd
CY2023Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
14762000 usd
CY2022Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
12135000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
29261000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
23484000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
21551000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
40391000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
33838000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
25414000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
14190000 usd
CY2023Q2 pstl Lessor Operating Lease Payments To Be Received After Year Four
LessorOperatingLeasePaymentsToBeReceivedAfterYearFour
15716000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
151100000 usd
CY2023Q2 pstl Number Of Expired Leases
NumberOfExpiredLeases
115 property
CY2023Q2 pstl Lessor Operating Lease Lessee Option To Purchase Underlying Asset Number
LessorOperatingLeaseLesseeOptionToPurchaseUnderlyingAssetNumber
67 property
CY2023Q2 pstl Lessor Operating Lease Lessee Option To Purchase Underlying Asset Number Purchase Price Greater Than Value Of Underlying Asset
LessorOperatingLeaseLesseeOptionToPurchaseUnderlyingAssetNumberPurchasePriceGreaterThanValueOfUnderlyingAsset
64 property
CY2023Q2 pstl Lessor Operating Lease Lessee Option To Purchase Underlying Asset Aggregate Carrying Value
LessorOperatingLeaseLesseeOptionToPurchaseUnderlyingAssetAggregateCarryingValue
49200000 usd
CY2023Q2 pstl Lessor Operating Lease Lessee Option To Purchase Underlying Asset Purchase Price Greater Than Value Of Underlying Assets Aggregate Purchase Price
LessorOperatingLeaseLesseeOptionToPurchaseUnderlyingAssetPurchasePriceGreaterThanValueOfUnderlyingAssetsAggregatePurchasePrice
61900000 usd
CY2023Q2 pstl Lessor Operating Lease Lessee Option To Purchase Underlying Asset Number Purchase Price Less Than Or Equal To Underlying Asset
LessorOperatingLeaseLesseeOptionToPurchaseUnderlyingAssetNumberPurchasePriceLessThanOrEqualToUnderlyingAsset
3 property
CY2023Q2 pstl Lessor Operating Lease Lessee Option To Purchase Underlying Assets Number Purchase Price Less Than Or Equal To Underlying Asset Consideration
LessorOperatingLeaseLesseeOptionToPurchaseUnderlyingAssetsNumberPurchasePriceLessThanOrEqualToUnderlyingAssetConsideration
2600000 usd
CY2023Q2 pstl Lessor Direct Financing Lease Number
LessorDirectFinancingLeaseNumber
2 property
CY2022Q4 pstl Lessor Direct Financing Lease Number
LessorDirectFinancingLeaseNumber
2 property
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
32646000 usd
CY2022Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
33215000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Undiscounted Excess Amount
SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount
16563000 usd
CY2022Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Undiscounted Excess Amount
SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount
17085000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
16083000 usd
CY2022Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
16130000 usd
CY2023Q2 us-gaap Direct Financing Lease Revenue
DirectFinancingLeaseRevenue
300000 usd
CY2022Q2 us-gaap Direct Financing Lease Revenue
DirectFinancingLeaseRevenue
300000 usd
us-gaap Direct Financing Lease Revenue
DirectFinancingLeaseRevenue
500000 usd
CY2023Q2 us-gaap Direct Financing Lease Revenue
DirectFinancingLeaseRevenue
300000 usd
CY2022Q2 us-gaap Direct Financing Lease Revenue
DirectFinancingLeaseRevenue
300000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Remainder Of Fiscal Year
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedRemainderOfFiscalYear
568000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths
1137000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
1137000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
1137000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Four Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears
1137000 usd
CY2023Q2 pstl Sales Type And Direct Financing Leases Lease Receivable To Be Received After Year Four
SalesTypeAndDirectFinancingLeasesLeaseReceivableToBeReceivedAfterYearFour
27530000 usd
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
32646000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P22Y1M6D
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
908000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1010000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
914000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1014000 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
60000.00 usd
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
60000.00 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
100000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
100000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
124000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
121000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
46000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
43000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
43000 usd
CY2023Q2 pstl Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1387000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1764000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
850000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
914000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
20000.00 usd
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
20000.00 usd
CY2019Q2 us-gaap Payments For Rent
PaymentsForRent
15000 usd
CY2019Q2 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P5Y
CY2022Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
50000.00 usd
CY2023Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
50000.00 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
100000 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
100000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
1012000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
953000 usd
us-gaap Net Income Loss
NetIncomeLoss
1360000 usd
us-gaap Net Income Loss
NetIncomeLoss
1548000 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
346000 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
346000 usd
CY2022Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
241000 usd
CY2022Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
241000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
652000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
652000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
470000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
470000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
666000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
666000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
712000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
712000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
708000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
708000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1078000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1078000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19544833 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19544833 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18398808 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18398808 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19417304 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19417304 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18383544 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18383544 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2023Q2 pstl Outstanding Partnership Percentage
OutstandingPartnershipPercentage
0.198
CY2022Q4 pstl Outstanding Partnership Percentage
OutstandingPartnershipPercentage
0.192
CY2023Q2 us-gaap Partners Capital Account Units Converted
PartnersCapitalAccountUnitsConverted
22798 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1038299 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1215444 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
16.12
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
580052 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.56
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
84396 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
12.17
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
16220 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
8.51
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1694880 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
16.20
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
38672 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
27456 shares
CY2023Q2 pstl Employee Benefits And Share Based Compensation Portion Included In General And Administrative Expenses
EmployeeBenefitsAndShareBasedCompensationPortionIncludedInGeneralAndAdministrativeExpenses
1200000 usd
pstl Employee Benefits And Share Based Compensation Portion Included In General And Administrative Expenses
EmployeeBenefitsAndShareBasedCompensationPortionIncludedInGeneralAndAdministrativeExpenses
2800000 usd
CY2023Q2 pstl Employee Benefits And Share Based Compensation Portion Included In Property Operating Expenses
EmployeeBenefitsAndShareBasedCompensationPortionIncludedInPropertyOperatingExpenses
100000 usd
pstl Employee Benefits And Share Based Compensation Portion Included In Property Operating Expenses
EmployeeBenefitsAndShareBasedCompensationPortionIncludedInPropertyOperatingExpenses
400000 usd
CY2022Q2 pstl Employee Benefits And Share Based Compensation Portion Included In General And Administrative Expenses
EmployeeBenefitsAndShareBasedCompensationPortionIncludedInGeneralAndAdministrativeExpenses
900000 usd
pstl Employee Benefits And Share Based Compensation Portion Included In General And Administrative Expenses
EmployeeBenefitsAndShareBasedCompensationPortionIncludedInGeneralAndAdministrativeExpenses
2400000 usd
CY2022Q2 pstl Employee Benefits And Share Based Compensation Portion Included In Property Operating Expenses
EmployeeBenefitsAndShareBasedCompensationPortionIncludedInPropertyOperatingExpenses
100000 usd
pstl Employee Benefits And Share Based Compensation Portion Included In Property Operating Expenses
EmployeeBenefitsAndShareBasedCompensationPortionIncludedInPropertyOperatingExpenses
300000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
17400000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P5Y3M

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