Postal Realty Trust Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits
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Real Estate Investment Trusts
Real Estate
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 5, 2025
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Item 8.01. Other Events.
On May 5, 2025, Postal Realty Trust, Inc. (the “Company”), through its taxable REIT subsidiary, Real Estate Asset Counseling, LLC (“REAC”), entered into amendments to the management agreements (as amended, the “Amended Management Agreements”) pursuant to which the Company provides property management services to 362 properties, owned by family members and affiliates of Andrew Spodek, the Company’s Chief Executive Officer and a member of the Company’s board of directors (the “Board”). An additional property for which REAC provides management services to affiliates of Mr. Spodek was not amended by the Amended Management Agreements.
The Amended Management Agreements provide that, as of April 1, 2025, the initial management fee to be received by REAC is equal to 4.0% per annum of each property’s gross revenue, payable quarterly. Each successive April 1, the management fee will be increased to 102.5% of the management fee previously in effect. The initial term of the Amended Management Agreements is through March 31, 2030 (the “Initial Term”), unless terminated earlier. After the Initial Term, the Amended Management Agreements will be automatically renewed for successive one-year terms, unless either party provides 30 days' advance notice of non-renewal. Furthermore, beginning October 1, 2025, the Amended Management Agreements may be terminated by either party at any time upon 60 days’ notice to the other party. The Amended Management Agreements also provide that, to the extent REAC provides services in connection with the financing of managed properties, REAC shall be entitled to an additional $5,000 fee per property being financed, whether such properties are financed individually, as part of a portfolio or pooled, provided that the total fees payable shall not exceed $50,000 per financing transaction. The Amended Management Agreements were unanimously approved by an independent Special Committee of the Board consisting of all members of the Board other than Mr. Spodek.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits. | |||||||
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 9, 2025
| POSTAL REALTY TRUST, INC. | ||||||||
| By: | /s/ Jeremy Garber | |||||||
| Name: Jeremy Garber | ||||||||
| Title: President, Treasurer and Secretary | ||||||||