CEDARHURST, N.Y.--(BUSINESS WIRE)--Postal Realty Trust, Inc. (NYSE: PSTL), an internally managed real estate investment trust that owns and manages properties leased to the United States Postal Service, today announced the closing of its initial public offering of 4,500,000 shares of Class A common stock at an initial public offering price of $17.00 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 675,000 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions. The Class A common stock began trading on the New York Stock Exchange on May 15, 2019 under the symbol “PSTL”.

The Company intends to use the net proceeds received from the offering as follows: (a) approximately $29.0 million to acquire properties in the Company’s formation transactions; and (b) approximately $31.7 million to repay mortgage debt secured by certain of the Company’s initial properties.

Stifel, Nicolaus & Company, Incorporated, Janney Montgomery Scott LLC, BMO Capital Markets Corp. and Height Capital Markets, LLC acted as joint book-running managers for the offering. B. Riley FBR, Inc. and D.A. Davidson & Co. acted as co-managers for the offering.

About Postal Realty Trust, Inc.

The Company is an internally managed real estate investment trust that owns and manages properties leased to the United States Postal Service, or USPS. The Company owns and manages a 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.