...Greetings, and welcome to Postal Realty Trust's second quarter 2024 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the prepared remarks. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jordan Kuperstein, Vice President of FP&A Capital Markets. Please go ahead. Thank you, and good afternoon, everyone. Welcome to Postal Realty Trust's second quarter 2024 earnings conference call. On the call today, we have Andrew Spodek, Chief Executive Officer, Jeremy Garber, President, Robert Klein, Chief Financial Officer, and Matt Brandwein, Chief Accounting Officer. Please note, the company may use forward-looking statements on this conference call, which are statements that are not historical facts and are considered forward-looking. These forward-looking statements are covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including, but not limited to, those contained in the company's latest 10-K and its other Securities and Exchange Commission filings. The company does not assume, and specifically disclaims, any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, on this conference call, the company may refer to certain non-GAAP financial measures, such as Funds from Operations, Adjusted Funds from Operations, Adjusted EBITDA, and Net Debt. You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP measures in the company's earnings release and supplemental materials. With that, I will now turn the call over to Andrew Spodek, Chief Executive Officer of Postal Realty Trust. Good afternoon, and thank you for joining us. In the second quarter, we added 70 properties for $28 million at a weighted average cap rate of 7.6%, and 9 properties for $3 million subsequent to quarter end, funding the majority of our acquisitions on our revolving credit facility and raising over $6 million of equity. Our execution of the $12.5 million ROFO transaction, combined with our year-to-date regular way activity, has us in a position to acquire $90 million at or above a 7.5% weighted average cap rate for 2024. Thanks to our team's tenacious efforts, we have been successful continuing to source and acquire attractive postal properties accretively. And as interest rate cuts become more likely and cost of capital improves, we look forward to increasing transaction volume. On the leasing front, we are encouraged by the progress we have made working in partnership with the Postal Service to improve the annual lease renewal process. We are excited to report that we have started to receive fully executed 2023 leases that include 3% annual escalations. Productions for the 2024 leases have also kicked off in earnest. As we have shared, this is a fluid process, and we look forward to providing further details once we conclude negotiations and receive the remaining fully executed leases. I'm also pleased to share that we completed a 5-year lease renewal with the only significant non-postal tenant in our portfolio, located at our Warrendale, Pennsylvania, industrial facility. The tenant is a publicly traded multinational healthcare technology company that has made substantial investments in their space. We achieve a mark-to-market base rent increase of 19% and incorporated a 2.5% annual escalation. At Postal Realty, we are committed to investing in our workforce and our local community. For the third year in a row, Postal Realty volunteered at Island Harvest, a leading hunger relief organization with a mission to end hunger and reduce food waste on Long Island. The company looks forward to continuing this tradition of giving back to the community. Postal Realty has a tremendous runway ahead, supported by both external growth with the acquisition of new postal properties, and internal growth through improvement of cash flows of existing properties through effective leasing and management. We are well positioned for a successful 2024 and beyond, and we'll keep you updated with our progress. I'll now turn the call over to Jeremy. Thank you, Andrew. The second quarter was another successful quarter for Postal Realty, as we acquired well-utilized, attractive last mile and flex postal properties. Our acquisitions during the quarter added 176,000 net leasable interior sq ft to our portfolio, inclusive of 66,000 sq ft from 47 last mile properties and 111,000 sq ft from 23 flex properties. Subsequent to quarter end, the company acquired 9 properties for $3.4 million and placed an additional 16 properties, totaling $4.7 million, under definitive contracts. As stated on prior calls, the company's business model generates consistent cash flow each quarter, as our business remains stable and reliable throughout economic cycles. We have a long runway of opportunity ahead of us and are encouraged by our growth prospects as the largest owner in this space. We have maintained a 99% historical weighted average lease retention rate over the past 10+ years, which reflects the strategic importance of these properties to both the Postal Service and the communities they serve. This validates our due diligence process in identifying locations that are vital to this crucial logistics network. As Andrew mentioned, we have started to receive fully executed 2023 leases, which represent 32% of the expired rent.... In addition to receiving the executed leases with new rents and 3% annual rent escalations, the company has paid a catch-up payment for the difference between the prior lease rent and the agreed-upon new lease rent. As a result, the company received a net payment of $326,000 from the Postal Service for the leases executed during Q2. We look forward to providing a further update. I'll now turn the call over to Rob to discuss our second quarter 2024 financial results. Thank you, Jeremy, and thank you everyone for joining us on today's call. For the second quarter, we delivered funds from operations, or FFO, of $0.23 and adjusted funds from operations or AFFO, of $0.26 per diluted share. At the end of the quarter, our debt outstanding had a weighted average interest rate of 4.48%, a weighted average maturity of 3 years, and no significant near-term debt maturities. The company's $150 million senior unsecured revolving credit facility had $42 million outstanding, and fixed rate debt comprised 85% of all borrowings. Net debt to annualized adjusted EBITDA was 6.1x, still well within our target of below 7x. During the second quarter and subsequent to quarter end, we issued approximately 365,000 shares of common stock through our ATM Offering Program, and 62,000 common units in our operating partnership for total gross proceeds of approximately $6.1 million at an average gross price of $14.35. Recurring CapEx was $135,000, slightly below our anticipated range due to timing of some projects. Looking forward to Q3, we anticipate the figure to be between $250,000 and $350,000. Our cash G&A expense guidance for the full year 2024 remains between $9.5 million and $9.8 million. Just as in prior years, we continue to prioritize decreasing cash G&A as a percentage of revenue on an annual basis. Our board of directors approved a quarterly dividend of $0.24 per share, representing 1.1% increase from the Q2 2023 dividend. We continued to collect 100% of our contractual rents during the second quarter. This predictability of cash flows remains a significant differentiator for our company, in addition to our strong operations and proven track record of scaling the business. Thanks to our solid foundation and hard work, we continue to be the market leader in the postal real estate space. That concludes our prepared remarks, and we'd like to open the line to take any questions you may have. Operator? We will now begin the question-and-answer session. To ask a question, you may press Star, then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press Star then two. Our first question comes from Eric Borden with BMO Capital Markets. Please go ahead. Hey, good afternoon, everyone. It sounds like you're making really good progress on the 2023 lease expirations, with, you know, a majority of them now addressed. Can you just remind us, you know, how much of your ABR will be tied to 3% annual bumps going forward? Yeah. Hi, this is Jeremy. As you know, this is a fluid process. We're really happy with how things have been progressing. Until we have final leases in hand, we can't talk to actual results. So what we're talking to today is the 2023 leases that have been received and have the 3% escalations. Okay. Maybe I should have worded that better, but on the 2022s and the 2023s that are now addressed, how much of the ABR is tied to 3% bumps? So of total rent, 13% of our total rent is tied to 2022 and 2023 leases received with escalations. Okay. Appreciate that. Then, one for Rob here. Just, you know, with leverage at 6.1x, you know, how high are you letting leverage drift before, you know, you potentially take it out with equity or, you know, pay it down with cash or any other solution here? Or just... And then how are you thinking about a capital allocation mix for the remainder of the year? Yeah, good question. So look, first and foremost, we're making sure that we're raising capital in an accretive manner to the acquisitions that we're doing, and I think we've been successful with that, historically, and this year in particular as well. You know, last quarter, we were a little heavier on debt, than some prior quarters, given where the capital markets were, and it was more advantageous to be borrowing versus raising equity. Although, you know, we did raise, a little over $6 million, $6.1 million, through equity, in Q2 and subsequent to the quarter. So, you know, look, this is a constant monitoring of the market, and we're watching every day and seeing what makes the most sense, you know, if we're gonna raise capital through debt or through equity. But the good news is we're well below our, our target of staying below 7x. So we've got a lot of runway, below that target, but we, we do intend to be monitoring the equity markets and, and at, you know, accessing them and the operating partnership units as, as it makes sense. All right. Thanks very much. Appreciate the time. Thank you. Yep. Our next question comes from Anthony Paolone with J.P. Morgan. Please go ahead. Hey, guys, you have Nahom on for Anthony right now. Just a quick one for me. For the 23 or the 2023 leases that include the 3% annual escalator, the escalator, is there any difference between those and the 2022 vintage that got renewed at the 3.5% clip? When you refer to a difference, are you talking about the contents of the lease? Yeah, I guess, just trying to figure out why these were executed at 3% escalators, and the ones previously were at 3.5%. Hey, Tony, this is Andrew. So I think that at any given time, you have to take into account what's going on. So when we executed that 3.5% versus where we are today, the inflationary environment has changed. But I think it's important to recognize that, number one, I think the 3% is a very good outcome, and we're very pleased with achieving it, especially since before 2022, you know, lease escalations were not even part of the picture. But in part of any lease roll, there are two components. One is the mark to market as the lease rolls, and the other is the escalation that we were able to achieve, and the combination of the two is really what we're trying to get to. We're very happy with our results, and we're looking forward to, hopefully, when we receive the rest of the 2023s, which we're hoping will be in short order, to give you a more wholesome update on what we're able to achieve in that vintage. Got it. Thank you. And I guess Andrew spoke to this a little bit earlier, but what can we expect with regards to timing for the leases that are, you know, set to expire in 2024? Maybe without giving, you know, exact dates, do you think it'll be along the same lines as, you know, the 2022 and 2023 vintages? No. Our hopes are that they get done relatively quickly. Look, this is not within our control. This is mostly on the Postal Service. I'm happy that they've, you know, assigned a new group of people to try to accelerate the movement of these documents. But we're hoping that the 2023 gets completed shortly and the 2024 shortly thereafter. Got it. Thank you. Thank you. The next question comes from Steven Domanski with Janney. Please go ahead. Yes, good afternoon. Can you please provide more insight on your projected CapEx spend for the year? Also, would this figure consist of TI that can be potentially passed through to the USPS? Hey, Steven, good to hear from you. So we gave guidance for our recurring CapEx for next quarter, which will be $250,000-$350,000. And look, you know, this is all dependent on timing of projects and the like. But regarding your question about TI, so it's one of the beautiful things about, you know, our relationship with the USPS and how the lease works, is that there is not TI associated with the leases, so there is nothing to pass through or for us to incur upon a renewal. Got it. Thank you. That's all for me. That's very helpful. Thank you. This concludes our question and answer session. I would like to turn the conference back over to Andrew Spodek for any closing remarks. Thank you. On behalf of the entire team, we'd like to thank you for your support and taking the time to join us today. We look forward to connecting with you in the upcoming months. Have a great evening. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.