CEDARHURST, N.Y.--(BUSINESS WIRE)-- Postal Realty Trust, Inc. (NYSE:PSTL) (the “Company”), an internally managed real estate investment trust that owns properties leased to the United States Postal Service (“USPS”), announced the completion of an amendment to its revolving line of credit. The amendment allows additional properties to be eligible to the borrowing base and provides additional flexibility to access funding by increasing the advance rate of the borrowing base.
Andrew Spodek, Chief Executive Officer commented, “The ability to expand Postal Realty Trust’s access to capital in a market challenged by COVID-19 underscores the confidence of our lenders in the strength and reliability of our business model. Our acquisition pipeline remains robust and we continue to source investment opportunities in our targeted 7 to 9 percent cap rate range. The modification to our revolver enhances our ability to continue to execute on our growth plan and our consolidation strategy.”
The Company and its lending group, led by People’s United Bank, National Association, finalized an amendment to the Company’s credit facility that increases the properties eligible to be included in the borrowing base and increased the advance rate of the borrowing base from 50% to 60%. The amendment to the facility was filed with the Company’s 10-Q for the quarter ended March 31, 2020 on June 26, 2020.