Founded: 2018 (1 years)
HQ: Cedarhurst, NY, United States
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Micro-Cap
REIT Sector: Office, Specialty
Internally Managed REIT
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The Company is an internally managed real estate company that will own and manage properties leased to the United States Postal Service, or USPS. 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 chief executive officer, and their partners. We believe our ownership and continuing acquisition of properties leased to the USPS, as well as management of postal properties owned by third parties and leased to the USPS, is an attractive investment opportunity for, among others, the following reasons: The strategic importance of the USPS’s extensive national network to the nation’s infrastructure and growth of e commerce; Attractive cash flows from USPS-leased properties through stable occupancy and consistent rent growth across various economic cycles; Fragmented ownership and an aging demographic of current owners of USPS-leased properties present an attractive opportunity to consolidate ownership of an institutional asset class that currently is principally non-institutionally owned; and Opportunity to increase returns through professional property management, asset management and consulting services.