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POSTAL REALTY
TRUST, INC.NYSE: PSTL
August 2021
Investor Presentation
This presentation regarding Postal Realty Trust, Inc. (“our”, “us”, “we” or the “Company”) contains “forward-looking statements.” Forward-looking statements include
statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,”
“projects” and similar references to future periods, or by the inclusion of forecasts or projections. Because forward-looking statements relate to the future, by their
nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ
materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-
looking statements include, among others, change in the status of the USPS as an independent agency of the executive branch of the U.S. federal government, change in
the demand for postal services delivered by the USPS, our ability to come to an agreement with the USPS regarding new leases, the solvency and financial health of the
USPS, defaults on, early terminations of or non-renewal of leases by the USPS, the competitive market in which we operate, changes in the availability of acquisition
opportunities, our inability to successfully complete real estate acquisitions or dispositions on the terms and timing we expect, or at all, our failure to successfully operate
developed and acquired properties, adverse economic or real estate developments, either nationally or in the markets in which our properties are located, decreased
rental rates or increased vacancy rates, change in our business, financing or investment strategy or the markets in which we operate, fluctuations in mortgage rates and
increased operating costs, changes in the method pursuant to which reference rates are determined and the elimination of LIBOR after June 2023, general economic
conditions, financial market fluctuations, our failure to generate sufficient cash flows to service our outstanding indebtedness, our failure to obtain necessary outside
financing on favorable terms or at all, failure to hedge effectively against interest rate changes, our reliance on key personnel whose continued service is not guaranteed,
the outcome of claims and litigation involving or affecting us, changes in real estate, taxation, zoning laws and other legislation and government activity and changes to
real property tax rates and the taxation of REITs in general, operations through joint ventures and reliance on or disputes with co-venturers, cybersecurity threats,
environmental uncertainties and risks related to adverse weather conditions and natural disasters, governmental approvals, actions and initiatives, including the need for
compliance with environmental requirements, lack or insufficient amounts of insurance, limitations imposed on our business in order to qualify and maintain our status
as a REIT and our failure to qualify for or maintain such status, public health threats such as the COVID-19 pandemic, and other factors set forth under “Risk Factors” in
the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement made in this presentation speaks only as of the date on which it is
made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments
or otherwise. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise,
except as may be required by applicable securities laws.
Disclaimer & Forward Looking Statements
2
Investment Highlights
Meaningful growth through acquisition of high quality, geographically diverse
postal properties with attractive fundamentals
Fragmented market offers compelling opportunity to consolidate USPS
logistics network
Critical logistics infrastructure to support e-commerce and last-mile
delivery
Stable government-backed tenant provides reliable cash flows
Straight-forward capital structure and conservative balance sheet
Experienced management team with strong alignment and ownership of
common equity
1
2
3
4
5
6
3
Company Overview
COMPANY HISTORY
8th Consecutive quarter of dividend growth
97.1% U.S. Government independent agency
tenant(4)
3.7M Total interior
sq ft
98.5% Weighted average lease renewal rate
between 2011 and 2021 YTD(2)
884 Postal properties owned in 49 states
#1We believe we are the nation’s largest
owner and manager of properties
leased to the USPS(1)$256M Capital deployed into 614 postal
properties since IPO(3)
398 Additional postal properties under
management
Source: Company Filings
(1) As measured by rental income and square feet under management
(2) Includes historical performance of the Company’s predecessor and prior business activities of
Andrew Spodek
Note: As of August 3, 2021
3) Amount excludes closing costs
4) Reflects percentage of total annualized rent attributable to the USPS
5) Reflects gross offering proceeds prior to underwriting discount and other expenses
15+ Year Track Record of Institutionalizing the USPS Network
4
20.8M Total site
sq ft
1
2004: Nationwide Postal
Management founded by
Andrew Spodek
Jul. 2020:
completed $52M
follow-on offering
May 2019: completed
$77M IPO with portfolio
of 270 properties(5)
Dec. 2020: closed acquisition of 431K sq ft
industrial facility with USPS as anchor tenant
bringing full year acquisitions to $130M
Dec. 2019: completed
$58M of acquisitions since
IPO
Sept. 2019: established
$100M revolving credit
facility
Jan. 2020: expanded
credit facility to
$150M
Jan. 2021:
completed $57M
follow-on offering
Dec. 2020:
Established ATM
program
Jun. 2021:
Russell 2000
Index inclusion
$0.56
$0.89
Q3 2019 Current
$8,348,003
$32,300,606
May 2019 Current
871,843
3,689,571
May 2019 Current
270
884
May 2019 Current
▪ IPO formation transaction resulted in PSTL owning a portfolio of 270 postal properties with 871,843 interior sq ft
▪ PSTL has acquired 614 additional properties comprising for approximately $256 million since going public(1)
▪ As of August 3, 2021, approximately $68 million of acquisitions closed in 2021, excluding closing costs, comprised of
1,021,396 net leasable interior sq ft
▪ PSTL has raised the dividend for eight consecutive quarters
– Q2 2021 dividend rose 8.5% over Q2 2020, and ~59% since dividend initiation(2)
Meaningful Growth Since IPOAccretive Acquisitions and Operational Expertise Deliver Growth
5
1
Source: Company Filings
Note: As of August 3, 2021; portfolio statistics reflect owned properties
(1) Amount excludes closing costs
(2) Excludes dividend for the period from the completion of IPO on May 17, 2019 to June 30, 2019
(3) Property count reduced by one in 2020 due to a merger of leases
(4) Annualized contractually specified cash base rent in effect on August 3, 2021 for all of our leases
(including those accounted for as direct financing leases)
(5) Dividends are annualized quarterly distributions. All dividends are at the sole discretion of the board
of directors; “current” reflects most recent announced dividend payment, to be paid in August 2021
+227%
Growth
+323%
Growth
+287%
Growth
PORTFOLIO GROWTH
Property Count Square Footage Annualized Rental Income(4)
+59%
Growth
(3)
Dividend(5)
Midwest30%
Northeast28%
South31%
West11%
Midwest37%
Northeast25%
South30%
West8%
Attractive Owned Portfolio Fundamentals
6
Portfolio Highlights
Locations 884 Properties (49 States)
Maximum State Rent Concentration
(% annualized rent)16.8% (PA)
Interior Sq Ft / Site Sq Ft 3.7 million / 20.8 million
Weighted Average Rent $8.75 per Sq Ft
Weighted Average Lease Term (by Sq Ft) 4 years
Primary Tenant USPS
Occupancy 100.0%
OVERVIEW OF PSTL’S OWNED PORTFOLIO
1
Geographically Diverse Portfolio
Region Sq Ft
Midwest 1,378,073
South 1,115,487
Northeast 915,045
West 280,966
Total 3,689,571
PORTFOLIO INTERIOR SQ FT BY REGION
PORTFOLIO ANNUALIZED GROSS RENT BY REGION(1)
Region Rent
South $10,035,918
Midwest $9,609,097
Northeast $9,151,903
West $3,503,688
Total $32,300,606
Source: Company Filings
Note: As of August 3, 2021; portfolio statistics reflect owned properties
(1) Annualized contractually specified cash base rent in effect on August 3, 2021 for all of our leases (including those accounted for as direct financing leases)
98.9%
96.9%96.7%
97.8%
99.4% 99.2%
98.4%
96.3%
100.0% 100.0% 100.0%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD
98% Historical Retention RateUpcoming Lease Expirations Provide Organic Growth Opportunity
▪ Historical weighted average lease retention rate of 98.5% from 2011 to 2021 YTD(1)
▪ Staggered lease expiration schedule
▪ Executed letter of intent to renew 55 leases with 2021 expirations
HISTORIC LEASE RETENTION RATE(1)
1
7
Weighted Avg.
98.5%
Source: Company Filings; Note: As of August 3, 2021
(1) Reflects the weighted average lease retention of our predecessor for owned and managed properties prior to our IPO from 2011 to 2019
$1,155
$3,179 $3,574 $3,527
$6,673
$14,192
2021 2022 2023 2024 2025 Thereafter
▪ Various forms of double net leases
▪ Historically, USPS leases have not provided for tenant
improvements or free rent upon lease renewal
▪ USPS leases are not subject to annual budgetary appropriations
▪ Most commonly five-year terms
▪ No on-site staff needed to manage properties
Favorable Lease TermsMinimal Near-Term Expirations
1
USPS LEASE STRUCTURE
Note: As of August 3, 2021; portfolio statistics reflect owned properties
(1) Executed letter of intent in place to renew 55 leases with 2021 expirations
(2) Annualized contractually specified cash base rent in effect on August 3, 2021 for all of our leases (including those accounted for as direct financing leases)
8
Year Number of Leases Square Feet Annual Rent(2) % of Total Rent(2)
2021 59(1) 125,788 $1,154,591 3.6%
2022 77 353,336 $3,179,481 9.8%
2023 69 574,136 $3,573,664 11.1%
2024 85 331,355 $3,527,193 10.9%
2025 175 570,963 $6,673,480 20.7%
Thereafter 422 1,733,993 $14,192,197 43.9%
Total 887 3,689,571 $32,300,606 100%
Lease Expirations by Year
LEASE EXPIRATIONS BY YEAR (ANNUAL RENT)
($ in thousands)
21.9%
52.6%
25.5%
Last Mile
Flex
Industrial
20.6%
52.4%
27.0%
Source: Company Filings, USPS Leased FOIA Data
Note: As of August 3, 2021; portfolio statistics reflect owned properties
(1) Percentages reflect size of bucket by total interior sq ft
(2) Inclusive of parking, ground leases, land, and antennas
(3) Includes Office, Retail, and Warehouse
Fragmented Market OpportunityPSTL Targets Mission Critical Assets Across the USPS Logistics Network
2
▪ 25,517 postal properties, representing ~84.1 million
interior sq ft, are privately owned and leased to the
USPS
▪ 18,192 last mile, 7,228 flex, and 97 industrial
properties are leased to the USPS, representing
~18.4 million interior sq ft of last mile, ~44.3 million
of flex, and ~21.5 million of industrial properties
PSTL Last MileProperties under 2,500 interior sq ft
PSTL FlexProperties 2,500 – 50,000 interior sq ft
ALL USPS LEASES VS. PSTL PORTFOLIO (1)
9
PSTL IndustrialProperties over 50,000 interior sq ft
Property
Count
Interior
Sq Ft
Annualized
Rent
Annualized
Rent PSF
547 758,892 $7,596,095 $10.01
(2)
(3)
Property
Count
Interior
Sq Ft
Annualized
Rent
Annualized
Rent PSF
333 1,934,154 $20,358,753 $10.53
Property
Count
Interior
Sq Ft
Annualized
Rent
Annualized
Rent PSF
4 996,525 $4,345,758 $4.36
USPS PSTL
Well-Positioned To Consolidate USPS Logistics Network
Compelling Currency and Disciplined Underwriting Criteria
2
COMPETITIVE ADVANTAGE IN CONSOLIDATION STRATEGY
UNDERWRITING CONSIDERATIONS
Attractive market area demographics✓
Target acquiring at or below replacement cost✓
▪ Decades of experience acquiring and managing postal assets
▪ Operational scale allows PSTL to make compelling purchase offers to
private owners while still delivering attractive returns to shareholders
▪ PSTL can issue OP Units to contributors looking for tax-efficient liquidity
▪ History of efficient acquisition and expedited closing
Strategic importance to the USPS logistics network✓
Albuquerque, NM
Satsuma, FL
Little Rock, Arkansas
10
Select AcquisitionsRepresent Growth Across the Entire USPS Logistics Network
2
11
Rosemount, MN
▪ Part of a portfolio comprised of last-mile and flex properties
▪ Operating Partnership unit transaction
▪ Off-market transaction purchased from multi-generational developers
and owners
Kahului, HI
▪ Fee-simple purchase of ~9,700 sq ft facility siting on 1 acre
▪ Strategically located near the Kahului Airport and oversees the Carrier
Annex at the airport
▪ Serves 13 city routes
Birmingham, AL
▪ ~178,000 sq ft Mail Processing Annex
▪ Priority mail hub for the sorting of all priority mail and flats for the
Birmingham District and the state of Alabama
▪ 24 / 7 operations
Rocky Mount, NC
▪ ~18,500 sq ft built-to-suit USPS Carrier Annex
▪ Responsible for 30 rural routes and 18 city routes
▪ Offers administrative support to 2 other Post Offices
Last Mile
Industrial
Flex
Only Organization Capable of Delivering to Every Address in the U.S.
Source: USPS Website
3
12
USPS’s Irreplaceable Logistics Network
140,000+blue collection boxes
161 Millionunique delivery points
768 Million+customer visits in 2020
Critical Services That
Strengthen Importance
of USPS Network:
money orders
passports
address changes
international shipping
military mail
PO Boxes
PC Postage
31,000+locations
USPS’s logistics network is unparalleled—despite
investments by Amazon and others, no business
replicates USPS’s distribution capabilities
231,000+delivery routes
~43%of the world’s mail volume
~496,000 career employees
▪ As e-commerce has grown, the USPS’s shipping and package services have proven vital to “last mile” deliveries
– The USPS empowers e-commerce retailers to meet growing consumer delivery demands in the digital era
– As a result, USPS has experienced compound annual packing and shipping revenue growth of 11.9% since FY 2012
▪ The ~31,000 USPS facilities represent the largest retail distribution network in the United States
– USPS’s unmatched logistics network is both time and cost prohibitive to replicate, giving it a virtual monopoly on last
mile delivery
▪ Parcel Select, where packages are delivered to the post office for last-mile delivery, has driven shipping and package revenue,
growing 23.2% compounded from fiscal year 2012 through fiscal year 2020
Critical Infrastructure Supports eCommerce & Last Mile Delivery
E-Commerce Has Fueled Revenue Growth for the Postal Service
Source: USPS 10-K 2012-2020, eMarketer, Politifact
EXPECTED GROWTH IN U.S. E-COMMERCE MARKET ANNUAL PARCEL SELECT VS. TOTAL PACKAGE REVENUE USPS TOTAL REVENUE VS % PACKAGE DELIVERY REVENUE
($ in billions) ($ in billions) ($ in billions)
3
$2.6 $3.4 $4.7 $5.7 $6.7 $7.1$8.7
$13.5$15.1
$17.4$19.5
$21.5$22.8
$28.5
19%
23%
27%29%
31% 31% 31%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
$0. 0
$6. 0
$12 .0
$18 .0
$24 .0
$30 .0
FY2014 FY2016 FY2018 FY2020
Total Package Revenue
Parcel Select Revenue
% Parcel Select $68.8
$70.4$69.6
$70.6 $71.1
$73.1
22%
25%
28%
30%32%
39%
15. 0%
20. 0%
25. 0%
30. 0%
35. 0%
40. 0%
45. 0%
50. 0%
$50 .0
$55 .0
$60 .0
$65 .0
$70 .0
$75 .0
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
13
$791.7
$933.3
$1,089.2
$1,262.3
$1,449.2
$1,647.7
2020 2021E 2022E 2023E 2024E 2025E
United States Postal ServiceStable Credit Tenant
Source: USPS Website, 2020 Annual Report to Congress, 2020 USPS 10-K, Report from the Task Force on the United States Postal System, USPS Office of Inspector General
Website, 2020 USPS Postal Facts Companion
(1) Represents the weighted average lease retention of our predecessor for owned and managed properties prior to our IPO from 2011 to 2019
(2) Represents operating lease costs for FY 2020
4
USPS as a
Tenant
▪ The USPS is an independent government agency and remains an essential service with no closures due
to the COVID-19 pandemic, making 100% of rent payments on time
▪ Historic retention rate has been 98.5%(1)
▪ Government-backed credit
▪ Publicly reported financials provide additional transparency
▪ Lease payments in fiscal year 2020 totaled approximately $1.4 billion, representing only 1.7% of the
USPS’s total operating expenses(2)
▪ In rural areas, these facilities are often the government touch-point within the community
▪ We believe the outlook for the USPS is positive and supported by growth in ecommerce and trends
in package delivery
14
Divide, CO
Lender Amount Fixed / Float Rate Maturity Date
Term Loan $50,000 Fixed 2.29% Jan-27
Revolving Credit Facility $42,500 Floating 1.60% Jan-26
AIG (Warrendale) $30,225 Fixed 2.80% Jan-31
Other $2,988 Fixed 4.59% Oct-35
Total Debt $125,713 2.23% 6.2 years
37.2%
23.5%
36.9%
24.9% 25.9%
6.2x
3.9x
6.6x
4.2x4.8x
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021
Net Debt to Enterprise Value Nebt Debt to Annualized Adjusted EBITDA
L + 1.50%
Capitalized To Execute On Acquisition Strategy
5 Straight Forward & Conservative Balance Sheet
15
DEBT COMPOSITION ($ IN THOUSANDS)
KEY LEVERAGE METRICS
Source: Company Filings
Note: As of August 9, 2021, except for Key Leverage Metrics data
(1) Term Loan has an interest rate effectively fixed at 2.29%, given the Company’s execution
of an interest rate swap
(2) Reflects weighted average interest rate and maturity date calculations
(3) Refer to Page 21 for Debt Statistics & Adjusted EBITDA reconciliation
(3)
(2) (2)
(2) (2)
(1)
Source: Company Filings
Common
Equity
OP
Units
Revolving
Line of
Credit
&
Term Loan
Property
Level
Mortgages
Multiple Sources of Capital to Support GrowthPSTL Has Many Arrows in Its Capital Quiver
5
16
▪ Raised over $100 million in gross proceeds through two follow-on offerings
▪ $500 million shelf filing to support additional registered public offerings of common and preferred stock
▪ $50 million at-the-market equity offering program
▪ Successfully closed property transactions with OP Units
▪ $150M revolving line of credit with $150M accordion feature
▪ $50M term loan with $50M accordion feature
Experienced Management TeamDecades of Postal, Real Estate and Finance Experience
▪ Founder and CEO of the Company’s predecessor, Nationwide Postal Management (“NPM”), the largest
manager of USPS-leased properties in the United States until our IPO
▪ More than 20 years of experience exclusively focused on investing in and managing postal properties
▪ Prior to founding NPM, led acquisitions and property management for his family’s private real estate
investment activities
▪ Serves on the board of directors of the Association of United States Postal Lessors
▪ M.S., Real Estate, New York University; B.B.A., Finance & International Management, Boston University
▪ Joined in January 2017 and leads all operational and strategic activities of the Company
▪ Prior to joining, served as a consultant to private real estate investment companies and family offices
▪ From June 2014 to December 2015, served as the Chief Operating Officer of Burford Capital (LON: BUR), a
London Stock Exchange-listed global finance firm focused on litigation finance and specialty finance for the
legal industry
▪ From 2004 to 2014, served as the chief operating officer for various hedge funds, including Longacre Fund
Management and Trilogy Capital Management
▪ From 1999 to 2004, worked at Lehman Brothers in Equity Capital Markets and Prime Brokerage divisions
▪ J.D., Benjamin N. Cardozo School of Law; B.S., Economics, Yeshiva University
▪ Joined in January 2021 and leads all capital market and corporate finance activities of the Company
▪ More than 20 years of experience in real estate and capital markets
▪ Prior to joining, served as a Managing Partner at Monday Properties
▪ Formerly a Managing Director on the Real Estate Banking team at Evercore with additional experience at MJC
Associates, Reckson Associates Realty Corp, Goldman Sachs, and Bankers Trust
▪ Member of the Urban Land Institute, University of Florida’s Bergstrom Center Advisory Board and the
Columbia Business School Real Estate Circle
▪ MBA, Columbia Business School, BSBA, University of Florida Honors Program
Andrew Spodek Chief Executive Officer
Jeremy Garber President, Treasurer & Secretary
Robert KleinChief Financial Officer
6
17
Strong Independent BoardExtensive Postal, Real Estate and Public Company Knowledge
Note: Board of Directors includes Chief Executive Officer, Andrew Spodek
Strong
Alignment of
Interests
Patrick Donahoe – Independent Chair of the Board
▪ Served as the 73rd Postmaster General of the USPS from October 2010 until his retirement
in February 2015
▪ Career with USPS spanned 39 years, having started as a postal clerk in Pittsburgh, PA in
1975
▪ Prior to appointment as Postmaster General, served as the 19th Deputy Postmaster General
Barry Lefkowitz – Independent Director
▪ President and CEO of Huntington Road Advisors LLC, and Co-Founder of HMC Real Estate
Services LLC
▪ Served as EVP and CFO of Mack-Cali Realty Corporation (NYSE: CLI) from 1996 to 2014
▪ Served as Interim CFO of Brixmor Property Group Inc. (NYSE: BRX) in 2016
▪ Serves on Board of Directors of ShopOne Centers REIT, Inc.
Jane Gural-Senders – Independent Director
▪ Executive Director and Principal at GFP Real Estate, which owns and manages a portfolio of
approximately 50 properties comprising 11 million square feet
▪ Serves on Board of Directors for Gural JCC of the Greater Five Towns, Flatiron BID, Real
Estate Committee for Yeshiva University and the American Associates of Ben-Gurion
University
Anton Feingold – Independent Director
▪ Managing Director and Associate General Counsel, Real Estate in the Legal Group of Ares
Management. General Counsel, Vice President and Secretary of Ares Commercial Real
Estate Corporation (NYSE: ACRE), Assistant Secretary of Ares Management Corporation
(NYSE: ARES) and Vice President and Assistant Secretary of CION Ares Diversified Credit
Fund
▪ Senior Associate at Clifford Chance LLP from 2004 to 2014, where he was a member of the
firm’s capital markets and real estate groups
6
18
Management and Board own over
15% of the outstanding equity
interest in PSTL
Emphasis on equity-based
compensation
Internally managed and advised
Opted out of Maryland anti-
takeover provisions
Independent Board of Directors
with industry and public company
expertise
No stockholder rights plan
Independent Chair
Strong
Alignment of
Interests
Environmental, Social & Governance6
19
Strong
Alignment of
Interests
▪ Application of energy efficient measures in the PSTL corporate office, include enhanced air filtration and water
conservation to provide a healthy environment for our workforce
▪ Commitment to investments and upgrades across the PSTL portfolio with a focus on environmental stewardship,
such as a program in place to convert all lights and fixtures to LED
▪ Use of proactive maintenance platform to monitor property conditions, preventing building decay and
environmental risks
▪ Focused on ensuring PSTL employee welfare, health, and development in the corporate office
▪ Commitment to diversity & inclusion in the PSTL workplace
▪ Offer PSTL employees a competitive, comprehensive benefit package and regular training sessions to promote
education
▪ Preservation and protection of postal facilities dedicated by U.S. Congress in honor of individuals
▪ 100% of C-Suite incentive compensation elected to be received in restricted stock or LTIP units
▪ Non-Executive Chair of the Board, 80% of the Board of Directors are independent directors, and 20% of the
Board of Directors are female
▪ Reporting and disclosure with an emphasis on transparency
▪ Annual board self-evaluations of effectiveness and review of governance policies
EEnvironmental
Responsibility
SSocial
Responsibility
GCorporate
Governance
Appendix
Debt Statistics
($ in thousands) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020
Market Capitalization
Debt Principal $115,725 $97,754 $125,036 $65,839 $84,335
Cash 4,936 3,314 2,212 7,787 4,895
Escrow & Reserves 1,141 1,109 1,000 665 645
Net Debt 109,648 93,331 121,824 57,387 78,795
Market Value of Common Equity 314,075 281,649 208,259 187,056 132,857
Total Enterprise Value 423,723 374,980 330,083 244,443 211,652
Net Debt to Enterprise Value 25.9% 24.9% 36.9% 23.5% 37.2%
Leverage
Net Debt $109,648 $93,331 $121,824 $57,387 $78,795
Annualized Adjusted EBITDA 22,728 21,994 18,321 14,802 12,733
Net Debt / Annualized Adjusted EBITDA 4.8x 4.2x 6.6x 3.9x 6.2x
EBITDA
($ in thousands) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020
Net income (loss) $823 $126 $639 $(20) $(230)
Contractual interest expense 621 645 588 484 546
Amortization of deferred financing fees 145 145 129 124 115
Loss on extinguishment of debt - 202 - - -
Income tax expense 27 11 44 30 5
Depreciation and amortization 3,219 3,169 2,572 2,394 2,162
EBITDA $4,835 $4,298 $3,972 $3,012 $2,598
Acquisition related expenses 60 71 71 119 51
Non-cash components of compensation expense 787 1,129 538 570 535
Adjusted EBITDA $5,682 $5,498 $4,581 $3,700 $3,184
Debt Statistics & Adjusted EBITDA Reconciliation
21
(1)
Source: Company Filings
(1) Calculated using the closing share price at the end of each reporting period