Cedarhurst-based Postal Realty Trust seeks to raise $100M in IPO

May 13, 2019 04:38PM

Postal Realty Trust, a real estate investment trust that owns and operates properties used by the U.S. Postal Service, filed papers earlier this month seeking to raise $100 million through an initial public offering, Newsday reported. In a filing with the U.S. Securities and Exchange Commission, the Cedarhurst-based REIT said it plans to sell 5 million shares on the New York Stock Exchange. The law firm Hunton Andrews Kurth is advising Postal Realty on its stock listing, which is expected to generate roughly $3.22 million in legal fees and expenses, according to securities filings. Newsday noted that Postal Realty posted $7.7 million in revenue during the past 12 months, with a profit of $1.1 million. The bulk of the REIT’s properties are located in Arkansas, Illinois, Massachusetts, Michigan, Oklahoma, Pennsylvania, Texas and Wisconsin, according to the outlet. Postal Realty was formed in 2018. [Newsday]