5/15/2019 | By Nareit Staff
Postal Realty Trust, Inc. (NYSE: PSTL), a REIT that owns and manages properties leased to the United States Postal Service (USPS), listed on the New York Stock Exchange on May 15.
The Cedarhurst, New York-based REIT will own and manage an initial portfolio of 271 postal properties located in 41 states and will manage an additional 404 postal properties leased to the USPS.
The company priced its IPO at $17 a share.
In a SEC filing, Postal Realty Trust said its CEO Andrew Spodek currently owns interests in 199 of the 271 initial properties, which he will contribute as part of the formation transactions.
Spodek has been actively engaged in the ownership and management of postal properties for more than 20 years. Upon completion of the offering, he will own approximately 29 percent of the company.
Postal Realty Trust said that as the only public REIT focused on postal properties, it will be able to offer postal property owners a tax efficient disposition and estate planning option.
“We believe that current post office property owners are an aging demographic and have limited ability to obtain liquidity from their post office investments in a tax efficient manner,” the company said.