Postal Realty Trust (NYSE:PSTL) wrapped up “another strong year” by adding 223 properties leased to the U.S. Postal Service to its portfolio for approximately $78M, excluding closing costs. This news was conveyed by CEO Andrew Spodek in a statement released on Wednesday.

The properties, encompassing around 532,000 net leasable interior square feet, have a weighted average rental rate of $12.86 per leasable square foot based on rents in place as of Dec. 31, 2023. The acquisitions were completed at a weighted average capitalization rate of approximately 7.7%.

Notably, in Q4 2023, the real estate investment trust managed to collect 100% of its contractual rents and procured 75 properties leased to the USPS for about $20.7M, excluding closing costs, comprising roughly 153,000 net leasable interior square feet.

As of Dec. 31, 2023, the company’s owned portfolio boasted a remarkable 99.7% occupancy rate, comprising 1,509 properties spread across 49 states and one territory, with approximately 5.9 million net leasable interior square feet and a weighted average rental rate of $9.37 per occupied leasable square foot based on rents in place.

Moreover, the weighted average rental rate included $11.52 per occupied leasable square foot on last-mile and flex properties, and $3.55 on industrial properties.

The year concluded with the weighted average interest rate of Postal Realty’s (PSTL) total outstanding debt standing at 4.14%.