Postal Realty Trust (PSTL) 10-K 27 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 25, 2020	Jun. 30, 2019
Document And Entity Information
Entity Registrant Name	Postal Realty Trust, Inc.
Entity Central Index Key	0001759774
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Entity File Number	001-38903
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	MD
Entity Common Stock, Shares Outstanding		5,392,906
Entity Public Float			$ 70,900,000
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019

Consolidated and Combined Conso

Consolidated and Combined Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Real estate properties
Land	$ 25,147,732
Building and improvements	92,873,637
Tenant improvements	2,562,293
Total real estate properties	120,583,662
Accumulated depreciation	(8,813,579)
Total real estate properties, net	111,770,083
Cash	12,475,537
Rents and other receivables	1,710,314
Prepaid expenses and other assets, net	2,752,862
Escrow and reserves	708,066
Deferred rent receivable	33,344
In-place lease intangibles, net	7,315,867
Above market leases, net	22,124
Total Assets	136,788,197
Liabilities:
Secured borrowings, net	3,211,004
Revolving credit facility	54,000,000
Accounts payable, accrued expenses and other	3,152,799
Below market leases, net	6,601,119
Deferred tax liability, net
Total Liabilities	66,964,922
Commitments and Contingencies
Equity (Deficit):
Class A common shares $0.01 par value; 500,000,000 shares authorized: 5,285,904 shares issued and outstanding as of December 31, 2019	52,859
Class B common shares $0.01 par value; 27,206, shares authorized: 27,206 shares issued and outstanding as of December 31, 2019	272
UPH - No Par, 1,000 shares authorized; 1,000 shares issued and outstanding
NPM - No Par, 200 shares authorized; 200 shares issued and outstanding
Additional paid-in capital	51,396,226
Accumulated deficit	(2,575,754)
Members deficit
Total Stockholders' and Predecessor Equity (Deficit)	48,873,603
Operating Partnership unitholders' non-controlling interests	20,949,672
Non-controlling interests in properties
Total Equity (Deficit)	69,823,275
Total Liabilities and Equity (Deficit)	$ 136,788,197
Predecessor [Member]
Real estate properties
Land		$ 7,239,213
Building and improvements		29,550,076
Tenant improvements		1,646,215
Total real estate properties		38,435,504
Accumulated depreciation		(7,121,532)
Total real estate properties, net		31,313,972
Cash		262,926
Rents and other receivables		601,670
Prepaid expenses and other assets, net		146,014
Escrow and reserves		598,949
Deferred rent receivable		14,060
In-place lease intangibles, net		2,735,927
Above market leases, net		10,914
Total Assets		35,684,432
Liabilities:
Secured borrowings, net		34,792,419
Revolving credit facility
Accounts payable, accrued expenses and other		1,869,084
Below market leases, net		3,842,495
Deferred tax liability, net		793,847
Total Liabilities		41,297,845
Commitments and Contingencies
Equity (Deficit):
Class A common shares $0.01 par value; 500,000,000 shares authorized: 5,285,904 shares issued and outstanding as of December 31, 2019
Class B common shares $0.01 par value; 27,206, shares authorized: 27,206 shares issued and outstanding as of December 31, 2019
UPH - No Par, 1,000 shares authorized; 1,000 shares issued and outstanding		4,000,000
NPM - No Par, 200 shares authorized; 200 shares issued and outstanding		200
Additional paid-in capital		3,441,493
Accumulated deficit		(11,003,876)
Members deficit		(2,095,823)
Total Stockholders' and Predecessor Equity (Deficit)		(5,658,006)
Operating Partnership unitholders' non-controlling interests
Non-controlling interests in properties		44,593
Total Equity (Deficit)		(5,613,413)
Total Liabilities and Equity (Deficit)		$ 35,684,432

Consolidated and Combined Con_2

Consolidated and Combined Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Predecessor | UPH
Common stock, par value
Common stock, shares authorized		1,000
Common stock, shares issued		1,000
Common stock, shares outstanding		1,000
Predecessor | NPM
Common stock, par value
Common stock, shares authorized		200
Common stock, shares issued		200
Common stock, shares outstanding		200
Class A
Common stock, par value	$ 0.01
Common stock, shares authorized	500,000,000
Common stock, shares issued	5,285,904
Common stock, shares outstanding	5,285,904
Class B
Common stock, par value	$ 0.01
Common stock, shares authorized	27,206
Common stock, shares issued	27,206
Common stock, shares outstanding	27,206

Consolidated and Combined Con_3

Consolidated and Combined Consolidated Statements of Operations - USD ($)		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Revenues:
Rental income		$ 8,865,868
Tenant reimbursements		1,311,121
Fee and other income		1,112,367
Total revenues		11,289,356
Operating expenses:
Real estate taxes		1,366,892
Property operating expenses		1,207,486
General and administrative		4,846,392
Depreciation and amortization		3,800,059
Total operating expenses		11,220,829
Income from operations		68,527
Interest expense, net:
Contractual interest expense		(1,098,788)
Write-off and amortization of deferred financing fees		(242,763)
Loss on early extinguishment of Predecessor debt		(185,586)
Interest income		5,928
Total interest expense, net		(1,521,209)
(Loss) income before income tax (expense) benefit		(1,452,682)
Income tax (expense) benefit		(39,749)
Net (loss) income		(1,492,431)
Net income attributable to non-controlling interest in properties		(4,336)
Net income attributable to Predecessor		(463,414)
Net loss attributable to Operating Partnership unitholders' non-controlling interests		462,968
Net income (loss) attributable to common stockholders	[1]	$ (1,497,213)
Net loss per share:
Basic and Diluted		$ (0.30)
Weighted average common shares outstanding:
Basic and Diluted	[1]	5,164,264
Predecessor [Member]
Revenues:
Rental income			$ 5,662,145
Tenant reimbursements			892,541
Fee and other income			1,130,449
Total revenues			7,685,135
Operating expenses:
Real estate taxes			919,783
Property operating expenses			948,775
General and administrative			1,410,344
Depreciation and amortization			1,832,237
Total operating expenses			5,111,139
Income from operations			2,573,996
Interest expense, net:
Contractual interest expense			(1,478,545)
Write-off and amortization of deferred financing fees			(12,556)
Loss on early extinguishment of Predecessor debt
Interest income			4,504
Total interest expense, net			(1,486,597)
(Loss) income before income tax (expense) benefit			1,087,399
Income tax (expense) benefit			60,763
Net (loss) income			1,148,162
Net income attributable to non-controlling interest in properties			(12,153)
Net income attributable to Predecessor			$ 1,136,009
[1]	The combined statements of operations prior to May 16, 2019 represents the activity of the Predecessor and EPS was not applicable.

Consolidated and Combined Con_4

Consolidated and Combined Consolidated Statements of Equity (Deficit) - USD ($)	Common StockPredecessor	Common Stock	Additional Paid-In CapitalPredecessor	Additional Paid-In Capital	Accumulated Equity (Deficit)Predecessor	Accumulated Equity (Deficit)	Member's Equity (Deficit)Predecessor	Member's Equity (Deficit)	Total Total stockholders' & Predecessor equityPredecessor	Total Total stockholders' & Predecessor equity	Operating Partnership unitholders' noncontrolling interestsPredecessor	Operating Partnership unitholders' noncontrolling interests	Noncontrolling interest in propertiesPredecessor	Noncontrolling interest in properties	Predecessor	Total
Beginning Balance at Dec. 31, 2017	$ 4,000,200		$ 3,650,309		$ (10,693,356)		$ (7,012,369)		$ (10,055,216)				$ 44,577		$ (10,010,639)
Beginning Balance, Shares at Dec. 31, 2017
Capital contributions			653,251				7,880,061		8,533,312						8,533,312
Distributions and dividends			(862,067)				(4,410,044)		(5,272,111)				(12,137)		(5,284,248)
Net income (loss)					(310,520)		1,446,529		1,136,009				12,153		1,148,162
Ending Balance at Dec. 31, 2018	$ 4,000,200		3,441,493		(11,003,876)		(2,095,823)		(5,658,006)				44,593		(5,613,413)
Ending Balance, Shares at Dec. 31, 2018
Capital contributions			397,121				1,671,131		2,068,252						2,068,252
Distributions and dividends			(699,191)				(1,377,689)		(2,076,880)				(6,188)		(2,083,068)
Net income (loss)					(170,344)		633,758		463,414				4,336		467,750
Ending Balance at May. 16, 2019	$ 4,000,200	$ 4,000,200	3,139,423	$ 3,139,423	(11,174,220)	$ (11,174,220)	(1,168,623)	$ (1,168,623)	(5,203,220)	$ (5,203,220)			42,741	$ 42,741	(5,160,479)	$ (5,160,479)
Ending Balance, Shares at May. 16, 2019
Beginning Balance at Dec. 31, 2018	$ 4,000,200		3,441,493		(11,003,876)		(2,095,823)		(5,658,006)				44,593		(5,613,413)
Beginning Balance, Shares at Dec. 31, 2018
Distributions and dividends																(3,456,258)
Net income (loss)																(1,492,431)
Ending Balance at Dec. 31, 2019		$ 53,131		51,396,226		(2,575,754)				48,873,603		20,949,672				69,823,275
Ending Balance, Shares at Dec. 31, 2019		5,313,110
Beginning Balance at May. 16, 2019	$ 4,000,200	$ 4,000,200	$ 3,139,423	3,139,423	$ (11,174,220)	(11,174,220)	$ (1,168,623)	(1,168,623)	$ (5,203,220)	(5,203,220)			$ 42,741	42,741	$ (5,160,479)	(5,160,479)
Beginning Balance, Shares at May. 16, 2019
Net proceeds from sale of common stock		$ 45,000		64,665,261						64,710,261						64,710,261
Net proceeds from sale of common stock, shares		4,500,000
Formation transactions		$ (3,993,557)		(31,586,914)		11,174,220		1,168,623		(23,237,628)		22,662,907		(42,741)		(617,462)
Formation transactions, shares		664,264
Issuance of OP Units in connection with transaction												13,227,801				13,227,801
Issuance of OP Units in connection with transaction, Shares
Issuance and amortization of equity-based compensation		$ 1,488		651,200						652,688		328,518				981,206
Issuance and amortization of equity-based compensation, shares		148,846
Amortization under the Employee Stock Purchase Plan ("ESPP")				15,319						15,319						15,319
Amortization under the Employee Stock Purchase Plan ("ESPP"), shares
Dividends declared ($0.203 per share)						(1,078,541)				(1,078,541)		(294,649)				(1,373,190)
Net income (loss)						(1,497,213)				(1,497,213)		(462,968)				(1,960,181)
Reallocation of non-controlling interest				14,511,937						14,511,937		(14,511,937)
Ending Balance at Dec. 31, 2019		$ 53,131		$ 51,396,226		$ (2,575,754)				$ 48,873,603		$ 20,949,672				$ 69,823,275
Ending Balance, Shares at Dec. 31, 2019		5,313,110

Consolidated and Combined Con_5

Consolidated and Combined Consolidated Statements of Equity (Deficit) (Parenthetical)	7 Months Ended
	Dec. 31, 2019$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.203

Consolidated and Combined Con_6

Consolidated and Combined Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (1,492,431)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	1,716,601
Amortization of in-place intangibles	2,083,458
Write-off and amortization of deferred financing costs	242,763
Amortization of above/below market leases	(535,834)
Deferred rent receivable	(19,284)
Loss on extinguishment of debt	185,586
Deferred rent expense payable	(38,592)
Deferred tax liability	(65,895)
Equity-based compensation	996,525
Changes in assets and liabilities:
Rent and other receivables	(1,374,311)
Prepaid expenses and other assets	(419,675)
Due to affiliates	(503,961)
Accounts payable, accrued expenses and other	2,083,673
Net cash provided by operating activities	2,858,623
Cash flows from investing activities:
Acquisition of real estate	(72,166,456)
Acquisition and other deposits	(335,999)
Capital improvements	(151,582)
Net cash used in investing activities	(72,654,037)
Cash flows from financing activities:
Gross proceeds from the issuance of common stock	76,500,000
Costs of issuance of common stock	(11,789,739)
Formation transactions	(2,007,417)
Proceeds from mortgage payable	445,000
Repayments of mortgage payable	(32,218,087)
Proceeds from revolving credit facility	54,000,000
Debt issuance costs	(1,424,609)
Capital contributions	2,068,252
Distributions and dividends	(3,456,258)
Net cash provided by (used in) financing activities	82,117,142
Net increase in Cash and Escrows and Reserves	12,321,728
Cash and Escrows and Reserves at the beginning of period	861,875
Cash and Escrow and Reserves at the end of period	13,183,603	$ 861,875
Predecessor
Cash flows from operating activities:
Net income (loss)		1,148,162
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation		1,003,461
Amortization of in-place intangibles		828,776
Write-off and amortization of deferred financing costs		12,556
Amortization of above/below market leases		(290,989)
Deferred rent receivable		1,354
Loss on extinguishment of debt
Deferred rent expense payable		45,532
Deferred tax liability		(271,945)
Equity-based compensation
Changes in assets and liabilities:
Rent and other receivables		(2,430)
Prepaid expenses and other assets		(5,179)
Due to affiliates
Accounts payable, accrued expenses and other		259,569
Net cash provided by operating activities		2,728,867
Cash flows from investing activities:
Acquisition of real estate		(2,785,580)
Acquisition and other deposits
Capital improvements		(104,062)
Net cash used in investing activities		(2,889,642)
Cash flows from financing activities:
Gross proceeds from the issuance of common stock
Costs of issuance of common stock
Formation transactions
Proceeds from mortgage payable		1,707,500
Repayments of mortgage payable		(1,078,415)
Proceeds from revolving credit facility
Debt issuance costs		(5,702)
Capital contributions		4,989,097
Distributions and dividends		(5,284,248)
Net cash provided by (used in) financing activities		328,232
Net increase in Cash and Escrows and Reserves		167,457
Cash and Escrows and Reserves at the beginning of period	$ 861,875	694,418
Cash and Escrow and Reserves at the end of period		$ 861,875

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2019
Organization and Description of Business [Abstract]
Organization and Description of Business	Note 1. Organization and Description of Business Postal Realty Trust, Inc. (the "Company" "we", "us", or "our") was organized in the state of Maryland on November 19, 2018. On May 17, 2019, the Company completed its initial public offering ("IPO") of the Company's Class A common stock, par value $0.01 per share (our "Class A common stock"). The Company contributed the net proceeds from the IPO to Postal Realty LP, a Delaware limited partnership (the "Operating Partnership"), in exchange for common units of limited partnership interest in the Operating Partnership (each, an "OP Unit," and collectively , the "OP Units"). Both the Company and the Operating Partnership commenced operations upon completion of the IPO and certain related formation transactions (the "Formation Transactions"). Prior to the completion of the IPO and the Formation Transactions, the Company had no operations. The Company's interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company's percentage ownership of OP Units As the sole general partner of the Operating Partnership, the Company has the exclusive power under the partnership agreement to manage and conduct the Operating Partnership's business, subject to limited approval and voting rights of the limited partners. As of December 31, 2019, the Company held an approximately 70.0% interest in the Operating Partnership. As the sole general partner and the majority interest holder, the Company consolidates the financial position and results of operations of the Operating Partnership. The Operating Partnership is considered a variable interest entity, or VIE, in which we are the primary beneficiary. Our Predecessor (the "Predecessor") is a combination of limited liability companies (the "LLCs"), one C-Corporation ("UPH"), one S-Corporation ("NPM") and one limited partnership. The entities that comprise the Predecessor were majority owned and controlled by Mr. Andrew Spodek and his affiliates and were acquired by contribution to, or merger with, the Company and the Operating Partnership. The Predecessor does not represent a legal entity. The Predecessor and its related assets and liabilities were under common control and were contributed to the Operating Partnership in connection with the Company's IPO. For the periods prior to May 17, 2019, the Predecessor, through the LLCs, UPH and the limited partnership, owned 190 post office properties in 33 states. NPM was formed on November 17, 2004, for the purposes of managing commercial real estate properties. As of December 31, 2019, the Company owned a portfolio of 466 postal properties located in 44 states. Our properties were leased to a single tenant, the United States Postal Service (the "USPS") other than a de-minimis non-postal tenant that shares space in a building leased to the USPS. In addition, through its taxable REIT subsidiary ("TRS"), Postal Realty Management TRS, LLC ("PRM"), the Company provides fee-based third party property management services for an additional 403 postal properties, which are owned by Mr. Spodek, his family members and their partners. The Company, until May 15, 2019, was authorized to issue up to 600,000,000 shares of common stock, par value $0.01 per share. On May 15, 2019, in connection with the IPO, the Company amended its articles of incorporation such that the Company is currently authorized to issue up to 500,000,000 shares of Class A common stock, 27,206 shares of Class B common stock, $0.01 par value per share (our "Class B common stock" or "Voting Equivalency stock"), and up to 100,000,000 shares of preferred stock. The Company elected to be taxed as an S-Corporation under the Internal Revenue Code of 1986, as amended (the "Code"), effective November 19, 2018, and as such, all federal tax liabilities were the responsibility of the Company's sole stockholder until the completion of our IPO. In anticipation of the IPO, the Company revoked its S-Corporation election on May 14, 2019. The Company will elect to be treated as and operate in a matter that will allow it to qualify as a real estate investment trust ("REIT") under the Code beginning with its short taxable year ending December 31, 2019. As a REIT, the Company generally will not be subject to federal income tax to the extent that it distributes at least 90% of its REIT taxable income, determined without regard to the deduction for the dividends paid and excluding net capital gains, for each tax year to its stockholders. REITs are subject to a number of organizational and operational requirements. Pursuant to the Jumpstart Our Business Startups Act (the "JOBS Act"), the Company qualifies as an emerging growth company ("EGC"). An EGC may choose to take advantage of the extended private company transition period provided for complying with new or revised accounting standards that may be issued by the Financial Accounting Standards Board ("FASB") or the Securities and Exchange Commission (the "SEC").

The Company's IPO and Formation

The Company's IPO and Formation Transactions	12 Months Ended
	Dec. 31, 2019
The Company's Initial Public Offering and Formation Transactions [Abstract]
The Company's IPO and Formation Transactions	Note 2. The Company's IPO and Formation Transactions Both the Company and the Operating Partnership commenced operations upon completion of the IPO and the Formation Transactions on May 17, 2019. The Company's operations are carried out primarily through the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. On May 17, 2019, the Company completed its IPO, pursuant to which it sold 4,500,000 shares of its Class A common stock at a public offering price of $17.00 per share. The Company raised $76.5 million in gross proceeds, resulting in net proceeds of approximately $71.1 million after deducting approximately $5.4 million in underwriting discounts and before giving effect to $6.4 million in other expenses relating to the IPO. The Company's Class A common stock began trading on the New York Stock Exchange under the symbol "PSTL" on May 15, 2019. In connection with the IPO and Formation Transactions, the Company, through its Operating Partnership, used a portion of the net proceeds to repay approximately $31.7 million of outstanding indebtedness related to the Predecessor. Pursuant to the Formation Transactions, the Company, directly or through the Operating Partnership, acquired the entities that comprise the Predecessor. The initial properties and other interests were contributed in exchange for 1,333,112 OP Units, 637,058 shares of Class A common stock, 27,206 shares of Voting Equivalency stock and $1.9 million of cash. In addition, the Operating Partnership purchased 81 post office properties (the "Acquisition Properties") in exchange for $26.9 million in cash, including approximately $1.0 million paid to Mr. Spodek, the Company's chief executive officer and a director for his non-controlling ownership in nine of the Acquisition Properties. The balance sheet as of December 31, 2018 and the statement of operations for the year ended December 31, 2018 reflect the financial condition and results of operations of the Predecessor. The statement of operations for the year ended December 31, 2019 reflects the results of operations of the Predecessor for the period of January 1, 2019 to May 16, 2019 and the Company for the period from May 17, 2019 to December 31, 2019, while the balance sheet as of December 31, 2019 reflects the financial condition of the Company. References in these notes to consolidated financial statements to "Postal Realty Trust, Inc." signify the Company for the period after the completion of the IPO and the Formation Transactions and the Predecessor for all prior periods. The following is a summary of the Predecessor Statements of Operations for the period from January 1, 2019 through May 16, 2019, and the Company's Statement of Operations for the period from May 17, 2019 through December 31, 2019. These amounts are included in the Consolidated and Combined Consolidated Statement of Operations herein for the year ended December 31, 2019. Predecessor Postal Realty Trust, Inc. January 1, 2019 through May 16, May 17, 2019 through December 31, Revenues Rental income $ 2,249,355 $ 6,616,513 Tenant reimbursements 348,075 963,046 Fee and other income 427,959 684,408 Total revenues 3,025,389 8,263,967 Operating Expenses Real estate taxes 358,693 1,008,199 Property operating expenses 357,779 849,707 General and administrative 501,204 4,345,188 Depreciation and amortization 725,756 3,074,303 Total operating expenses 1,943,432 9,277,397 Income (loss) from operations 1,081,957 (1,013,430 ) Interest expense, net: Contractual interest expense (570,819 ) (527,969 ) Write-off and amortization of deferred financing fees (4,773 ) (237,990 ) Loss on early extinguishment of Predecessor debt - (185,586 ) Interest income 1,134 4,794 Total interest expense, net (574,458 ) (946,751 ) Income (loss) before income tax expense 507,499 (1,960,181 ) Income tax (expense ) benefit (39,749 ) - Net Income (loss) 467,750 (1,960,181 ) Net income attributable to noncontrolling interest in properties (4,336 ) - Net income attributable to Predecessor $ 463,414 - Net loss attributable to Operating Partnership unitholders' noncontrolling interest 462,968 Net loss attributable to common stockholders $ (1,497,213 )

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies Basis of Presentation The accompanying Consolidated and Combined Consolidated Financial Statements include the financial position and results of operations of the Company and its Predecessor, the Operating Partnership and its wholly owned subsidiaries. The Predecessor represents a combination of certain entities holding interests in real estate that were commonly controlled prior to the Formation Transactions. Due to their common control, the financial statements of the separate Predecessor entities which owned the properties and the management company are presented on a combined consolidated basis. The effects of all significant intercompany balances and transactions have been eliminated. The Company consolidates the Operating Partnership, a VIE in which the Company is considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. A non-controlling interest is defined as the portion of the equity in an entity not attributable, directly or indirectly, to the Company. Non-controlling interests are required to be presented as a separate component of equity in the Consolidated Balance Sheets. Accordingly, the presentation of net income (loss) reflects the income attributed to controlling and non-controlling interests. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Offering and Other Costs Certain of the costs related to the IPO and the Formation Transactions paid by an affiliate of the Company's initial sole shareholder were reimbursed by the Company from the proceeds of the IPO. Offering costs were recorded in "Stockholders' equity" in the Company's Consolidated Balance Sheets as a reduction of additional paid-in capital. Segment Reporting The Company acquires and manages postal properties and reports our business as a single reportable segment. Investments in Real Estate Upon the acquisition of real estate, the purchase price is allocated based upon the relative fair value of the assets acquired and liabilities assumed. The allocation of the purchase price to the relative fair value of the tangible assets of an acquired property is derived by valuing the property as if it were vacant. All real estate acquisitions in the periods presented qualified as asset acquisitions and, as such, acquisition-related fees and acquisition-related expenses related to these asset acquisitions are capitalized as part of the acquisition. Investments in real estate generally include land, buildings, tenant improvements and identified intangible assets, such as in-place lease intangibles and above or below-market lease intangibles. Direct and certain indirect costs clearly associated with the development, construction, leasing or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives: Years Buildings and improvements 40 Equipment and fixtures 5-10 Tenant improvements Shorter of useful life or applicable lease term In-place lease value Remaining non-cancellable term of the in-place lease The acquired above or below-market lease intangibles are amortized to "Rental income" over the applicable lease term, inclusive of any option periods for below-market leases. Deferred Costs Financing costs related to the issuance of the Company's secured long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the Consolidated Balance Sheets. Deferred financing costs related to the establishment of the Company's credit facility (the "Credit Facility") are deferred and amortized to interest expense over the term of the Credit Facility and are included in "Prepaid expenses and other assets, net" on the Consolidated Balance Sheets. Impairment The carrying value of real estate investments and related intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the asset's carrying amount over its estimated fair value. Impairment analyses will be based on current plans, intended holding periods and available market information at the time the analyses are prepared. If estimates of the projected future cash flows, anticipated holding periods or market conditions change, the evaluation of impairment losses may be different and such differences may be material. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. No impairments were recorded during the years ended December 31, 2019 and 2018. Cash and Escrow and Reserves Cash included unrestricted cash with a maturity of three months or less. Escrows and reserves consist of restricted cash. The following table provides a reconciliation of cash and escrow and reserves reported within the Company's Consolidated Balance Sheets and Consolidated and Combined Consolidated Statements of Cash Flows: As of December 31, 2019 2018 Cash $ 12,475,537 $ 262,926 Escrow and reserves: Maintenance reserve 663,339 598,949 ESPP reserve 44,727 — Cash and escrow and reserves $ 13,183,603 $ 861,875 Fair Value of Financial Instruments The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities as of December 31, 2019 and 2018. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash, escrows and deposits, receivables, prepaid expenses, accounts payable and accrued expenses and due to affiliates are carried at amounts which reasonably approximate their fair values as of December 31, 2019 and 2018 due to their short maturities. The fair value of the Company's borrowings under its Credit Facility approximates carrying value. The fair value of the Company's secured borrowings aggregated approximately $3.2 million and $33.6 million as compared to the principal balance of $3.2 million and $35.0 million as of December 31, 2019 and 2018, respectively. The fair value of the Company's debt was categorized as a Level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2019 and 2018. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2019 and current estimates of fair value may differ significantly from the amounts presented herein. Revenue Recognition The Company has operating lease agreements with tenants, some of which contain provisions for future rental increases. Rental income is recognized on a straight-line basis over the term of the lease. In addition, certain lease agreements provide for reimbursements from tenants for real estate taxes and other recoverable costs, which are recorded on an accrual basis as "Tenant reimbursement revenue" on the Company's Consolidated and Combined Consolidated Statement of Operations. Fee and other income primarily consist of property management fees. These fees arise from contractual agreements with entities that are affiliated with the Company's CEO. Management fee income is recognized as earned under the respective agreements. The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to property damage and business interruption. The Company records the estimated amount of expected insurance proceeds for property damage and other losses incurred as an asset (typically a receivable from the insurer) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the amount of the losses incurred is considered a gain contingency and is not recorded in fee and other income until the proceeds are received. Insurance recoveries for business interruption for lost revenue or profit are accounted for as gain contingencies in their entirety, and therefore are not recorded in income until the proceeds are received. Income Taxes As a REIT, the Company is generally not subject to federal corporate income tax on our net income (loss) that we distribute to our shareholders. The Operating Partnership which holds our properties is a partnership for U.S. federal income tax purposes and is not subject to U.S. federal income taxes as the revenues and expenses pass through to the respective owners where they are taxed. The states and cities in which the Operating Partnership operates generally follows the U.S. federal income tax treatment. Income taxes or credits resulting from earnings or losses for the LLCs, the limited partnership and NPM were payable by or accrue to the benefit of the members/partners/shareholders of such entities. No provision has been made for income taxes for these passthrough entities in the combined consolidated financial statements. UPH was subject to federal and state and local income taxes for tax years before the date of the IPO on May 17, 2019. For periods subsequent to the completion of the IPO and the Formation Transactions, PRM is subject to federal, state and local corporate income taxes to the extent there is taxable income. UPH and PRM account for income taxes in accordance with the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying value of existing assets and liabilities and their respective tax bases based on enacted tax laws and statutory tax rates applicable to the periods in which the temporary differences are expected to reverse. A valuation allowance is established for deferred tax assets when management anticipates that it is more likely than not that all, or a portion, of these assets would not be realized. In determining whether a valuation allowance is warranted, all positive and negative evidence and all sources of taxable income such as prior earnings history, expected future earnings, carryback and carryforward periods and tax strategies are considered to estimate if sufficient future taxable income will be generated to realize the deferred tax asset. The assessment of the adequacy of a valuation allowance is based on estimates of taxable income by jurisdiction and the period over which deferred tax assets will be recoverable. The tax effects of uncertain tax positions taken or expected to be taken in income tax returns are recognized only if they are "more likely-than-not" to be sustained on examination by the taxing authorities based on the technical merits as of the reporting date. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes estimated accrued interest and penalties related to uncertain tax positions in income tax expense. Concentration of Credit Risks The Company's properties are leased to a single tenant, the USPS other than a de-minimis non-postal tenant that shares space in a building leased to the USPS. For the year ended December 31, 2019, our total rental revenues of $8.9 million were concentrated in the following states: Texas (10.5%), Pennsylvania (10.3%) and Massachusetts (9.7%). For the year ended December 31, 2018, $5.7 million of our total rental revenues was concentrated in the following states: Texas (14.2%), Massachusetts (14.0%), Wisconsin (12.9%) and Pennsylvania (9.9%). The ability of the USPS to honor the terms of their leases is dependent upon regulatory, economic, environmental or competitive conditions in any of these areas could have an effect on our overall business results. The Company has deposited cash and maintains our bank deposits with large financial institutions in amounts that exceed federally insured limits. The Company has not experienced any losses in such accounts. Non-controlling Interests Non-controlling interests in the Company represent common units of limited partnership interest of the Operating Partnership (each, an "OP Unit," and collectively , the OP Units") held by the Predecessor's prior investors and certain sellers of properties to the Company and long-term incentive units of the Operating Partnership (each, an "LTIP Unit," and collectively, the "LTIP Units") primarily held by the Company's CEO. Upon completion of the IPO and the Formation Transactions, the Operating Partnership issued 1,333,112 OP Units to the Predecessor's prior investors as partial consideration for the contribution of their interest in the Predecessor to the Operating Partnership and 114,706 LTIP Units to the Company's CEO. In addition, during the year ended December 31, 2019, the Company issued 824,350 OP Units to certain sellers in connection with a portfolio acquisition and 5,298 LTIP Units to an employee. Equity Based Compensation The Company accounts for equity-based compensation in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the grant date fair value of equity-based awards. The estimated grant date fair value of restricted stock units is amortized over their respective vesting periods. The Company will record forfeitures as they occur. See Note 12. Stockholder's Equity for further details. Earnings per Share The Company calculates net income (loss) per share based upon the weighted average shares outstanding less issued and outstanding non-vested shares of Class A common stock for the period beginning May 17, 2019. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. There were 2,277,466 potentially dilutive shares outstanding related to the issuance of OP Units and LTIP Units held by non-controlling interests as of December 31, 2019. Reclassifications Certain prior period amounts have been reclassified to conform to the current period's presentation. Accounting Standards Adopted in 2019 In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers This standard was effective for interim and annual reporting periods that begin on or after December 15, 2018 as a result of the Company's status as an emerging growth company. The Company and the Predecessor adopted ASU 2014-09 on January 1, 2019 using the modified retrospective method however, there was no cumulative effect required to be recognized in retained earnings at the date of application. Substantially all of the Company's revenue is derived from its tenant leases and therefore falls outside the scope of this guidance. With respect to its fee-based revenue, the Company earns monthly base management fees subject to the terms of the contractual agreements with entities that are affiliated with the Company for the day-to-day operations and administration of its managed properties. These services are provided in exchange for monthly management fees, which are based on a percentage of revenues collected from post offices owned by entities that are affiliated with the Company. The Company determined that there is no change to revenue recognition for base management fees as the underlying services are considered to be individual performance obligations composed of a series of distinct services satisfied over time, for which revenue is recognized monthly as earned over the life of the management agreement as services are provided. The total amount of consideration from the contracts is variable as it is based on monthly revenues, which are influenced by multiple factors, some of which are outside the Company's control. Therefore, the Company recognizes the revenue at the end of each month once the uncertainty is resolved. Due to the standardized terms of the management agreements, the Company accounts for all management agreements in a similar, consistent manner. Therefore, no disaggregated information relating to management agreements is presented. Future Application of Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases; in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases — Targeted Improvements; and in December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases). Topic 842 will be effective for the Company on January 1, 2021 as a result of its classification as an emerging growth company. The Company expects to elect the practical expedients provided by Topic 842, including: the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if the timing and pattern of transfer are the same for the non-lease component and associated lease component, and the lease component would be classified as an operating lease if accounted for separately. Topic 842 requires lessees to record most leases on their balance sheet through a right-of-use ("ROU") model, in which a lessee records an ROU asset and a lease liability on their balance sheet. Leases that are less than 12 months do not need to be accounted for under the ROU model. Lessees will account for leases as financing or operating leases, with the classification affecting the timing and pattern of expense recognition in the income statement. Lease expense will be recognized based on the effective interest method for leases accounted for as finance leases and on a straight-line basis over the term of the lease for leases accounted for as operating leases. As of December 31, 2019, the Company was the lessee under one office lease that would require accounting under the ROU model. The accounting by a lessor under Topic 842 is largely unchanged from that of Topic 840. Under Topic 842, lessors will continue to account for leases as a sales-type, direct-financing, or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Topic 842 requires accounting for a transaction as a financing in a sale leaseback in certain circumstances, including when the seller-lessee is provided an option to purchase the property from the landlord at the tenant's option. The Company expects that this provision could change the accounting for these types of leases in the future. Topic 842 also includes the concept of separating lease and non-lease components. Under Topic 842, non-lease components, such as common area maintenance, would be accounted for under Topic 606 and separated from the lease payments. However, the Company will elect the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. Upon adoption of Topic 842, the Company expects to combine tenant reimbursements with rental revenues on its consolidated statements of operations. In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses Codification Improvements to Topic 326, Financial Instruments - Credit Losses

Real Estate Acquisitions

Real Estate Acquisitions	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Real Estate Acquisitions	Note 4. Real Estate Acquisitions The following tables summarizes the Company's acquisitions for the years ended December 31, 2019 and 2018. The purchase prices including transaction costs were allocated to the separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of allocation. The total purchase price including transaction costs was allocated as follows: Quarter Ended Number of Properties Land Building and Improvements Tenant Improvements In-place lease intangibles Above- Below- Total (1) 2019 March 31, 2019 (2) 1 $ 179,202 $ 456,550 $ 18,166 $ 69,504 $ - $ (78,302 ) $ 645,120 June 30, 2019 (3) 81 6,789,589 18,774,918 259,640 2,227,870 6,338 (754,300 ) 27,304,055 September 30, 2019 18 2,619,719 8,306,781 190,343 982,974 - (1,024,644 ) 11,075,173 December 31, 2019 (4) 177 8,320,008 35,658,446 447,929 3,383,050 14,680 (1,447,020 ) 46,377,093 Total 277 $ 17,908,518 $ 63,196,695 $ 916,078 $ 6,663,398 $ 21,018 $ (3,304,266 ) $ 85,401,441 Year Ended Number of Properties Land Building and Improvements Tenant Improvements In-place lease intangibles Above- Below- Total (1) 2018 December 31, 2018 (5) 10 $ 1,615,182 $ 1,201,090 $ 69,497 $ 340,366 $ 19,603 $ (460,158 ) $ 2,785,580 Explanatory Notes: (1) Includes acquisition costs of $10,120 for the three months ended March 31, 2019, $0.4 million for the three months ended June 30, 2019, $0.1 million for the three months ended September 30, 2019 and $0.8 million for the three months ended December 31, 2019. For the year ended December 31, 2018, includes acquisition costs of $0.02 million. (2) The property was acquired by the Predecessor. (3) The Company acquired the Acquisition Properties in connection with the IPO. (4) Includes the acquisition of a 113-building portfolio leased to the USPS. The contract purchase price for the portfolio was $31.4 million, excluding closing costs, and included 824,350 OP Units to be issued to the sellers at a value of $17.00 per unit. The closing price of the Company's common stock on November 22, 2019 was $16.05; therefore, total consideration at closing, excluding closing costs was approximately $30.6 million of which $13.2 million represented the non-cash consideration (the value of the OP Units) issued to the sellers. (5) The properties were acquired by the Predecessor during the year ended December 31, 2018.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2019
Intangible Assets and Liabilities [Abstract]
Intangible Assets and Liabilities	Note 5. Intangible Assets and Liabilities The following table summarizes our intangible assets and liabilities as a result of the application of acquisition accounting: As of Gross Asset (Liability) Accumulated Net Carrying Amount December 31, 2019: In-place lease intangibles $ 13,788,024 $ (6,472,157 ) $ 7,315,867 Above-market leases 40,620 (18,496 ) 22,124 Below-market leases (8,672,301 ) 2,071,182 (6,601,119 ) December 31, 2018: In-place lease intangibles $ 7,124,626 $ (4,388,699 ) $ 2,735,927 Above-market leases 19,602 (8,688 ) 10,914 Below-market leases (5,368,035 ) 1,525,540 (3,842,495 ) Amortization of in-place lease intangibles was $2.1 million and $0.8 million for the years ended December 31, 2019 and 2018, respectively. This amortization is included in "Depreciation and amortization" on the Company's Consolidated and Combined Consolidated Statements of Operations. Amortization of acquired above market leases was $9,807 and $8,688 for the years ended December 31, 2019 and 2018, respectively, and is included in "Rental income" on the Company's Consolidated and Combined Consolidated Statements of Operations. Amortization of acquired below market leases was $0.5 million and $0.3 million for the years ended December 31, 2019 and 2018, respectively, and is included in "Rental income" on the Company's Consolidated and Combined Consolidated Statements of Operations. As of December 31, 2019, the weighted average amortization period for the Company's intangible assets was approximately 3.14 years, 3.46 years and 8.73 years for in-place lease intangibles, above-market leases and below-market leases, respectively. Future amortization/accretion of these intangibles is below: Year Ending December 31, In-place lease intangibles Above-market leases Below-market leases 2020 $ 3,164,685 $ 8,197 $ (935,675 ) 2021 2,187,916 5,270 (780,505 ) 2022 974,207 4,447 (682,004 ) 2023 499,403 3,139 (604,571 ) 2024 211,968 1,071 (551,291 ) Thereafter 277,688 — (3,047,073 ) Total $ 7,315,867 $ 22,124 $ (6 ,601,119 )

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	Note 6. Debt The following table summarizes the Company's indebtedness as of December 31, 2019 and 2018: Outstanding Balance as of December 31, 2019 Outstanding Balance as of December 31, 2018 Interest Rate at December 31, 2019 Maturity Date Revolving Credit Facility (1) $ 54,000,000 $ — LIBOR+170bps (2) September 2023 Vision Bank (3) 1,522,672 15,636,243 4.00 % September 2036 First Oklahoma Bank (4) 378,005 389,599 4.50 % December 2037 Vision Bank – 2018 (5) 900,385 936,750 5.00 % January 2038 Seller Financing (6) 445,000 — 6.00 % January 2025 Atlanta Postal Credit Union (7) — 17,313,481 — First Oklahoma Bank – 2018 (8) — 743,076 — Total Principal 57,246,062 35,019,149 Unamortized deferred financing costs (35,058 ) (226,730 ) Total Debt $ 57,211,004 $ 34,792,419 Explanatory Notes: (1) On September 27, 2019, the Company entered into a credit agreement (the "Credit Agreement") with People's United Bank, National Association, individually and as administrative agent, BMO Capital Markets Corp., as syndication agent, and certain other lenders. The Credit Agreement provides for our senior revolving Credit Facility with revolving commitments in an aggregate principal amount of $100.0 million, an accordion feature that permits the Company to borrow up to $200.0 million, subject to customary terms and conditions, and a maturity date of September 27, 2023. The interest rates applicable to loans under the Credit Facility are, at our option, equal to either a base rate plus a margin ranging from 0.7% to 1.4% per annum or LIBOR plus a margin ranging from 1.7% to 2.4% per annum, each based on a consolidated leverage ratio. In addition, the Company will pay, for the period through and including the calendar quarter ending March 31, 2020, an unused facility fee on the revolving commitments under the Credit Facility of 0.75% per annum for the first $100 million and 0.25% per annum for the portion of revolving commitments exceeding $100.0 million, and for the period thereafter, an unused facility fee of 0.25% per annum for the aggregate unused revolving commitments, with both periods utilizing calculations of daily unused commitments under the Credit Facility. During the year ended December 31, 2019, the Company incurred $0.1 million of unused fees related to the Credit Facility. The Company also incurred $ 1.5 million of lender and third-party fees, all of which were capitalized in "Prepaid expenses and other assets, net" on the Company's Consolidated Balance Sheets. During the year ended December 31, 2019, the Company wrote off $0.1 million of deferred financing costs. The Company's ability to borrow under the Credit Facility is subject to ongoing compliance with a number of customary affirmative and negative covenants. As of December 31, 2019, the Company was in compliance with all of the Credit Facility's debt covenants. (2) As of December 31, 2019, the one-month LIBOR rate was 1.76%. (3) As of December 31, 2018, the loan was collateralized by first mortgage liens on 26 properties and a personal guarantee of payment by Mr. Spodek. In connection with the IPO, the company repaid approximately $13.8 million of outstanding indebtedness and five properties remain collateralized under this loan as of December 31, 2019 with Mr. Spodek as the guarantor. On September 8, 2021 and every five years thereafter, the interest rate will reset at a variable annual rate of Wall Street Journal Prime Rate ("Prime") + 0.5%. (4) The loan is collateralized by first mortgage liens on four properties and a personal guarantee of payment by Mr. Spodek. Interest rate resets on December 31, 2022 to Prime + 0.25%. (5) The loan is collateralized by first mortgage liens on one property and a personal guarantee of payment by Mr. Spodek. Interest rate resets on January 31, 2023 to Prime + 0.5%. (6) In connection with the acquisition of a property, the Company obtained seller financing secured by the property in the amount $0.4 million requiring five annual payments of principal and interest of $0.1 million with the first installment payable on January 2, 2021 based on a 6.0% interest rate per annum through January 2, 2025. (7) In connection with the IPO, the company repaid approximately $17.1 million of outstanding indebtedness. (8) In connection with the IPO, the company repaid approximately $0.7 million of outstanding indebtedness. In connection with the IPO, the Company repaid approximately $31.7 million of outstanding indebtedness and wrote off approximately $0.2 million of deferred financing costs which are recorded in "Loss on extinguishment of debt" on the Consolidated and Combined Consolidated Statements of Operations. Cash paid for interest during the years ended December 31, 2019 and 2018 was $1.1 million and $1.5 million, respectively. The scheduled principal repayments of indebtedness as of December 31, 2019 are as follows: Year Ending December 31, Amount 2020 $ 109,157 2021 191,863 2022 197,790 2023 54,207,008 2024 218,132 Thereafter 2,322,112 Total $ 57,246,062

Loans Payable - Related Party

Loans Payable - Related Party	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Loans Payable - Related Party	Note 7. Loans Payable – Related Party In June 2018, pursuant to a loan modification agreement, interest-only promissory notes aggregating $3.5 million bearing interest at 1.9% per annum, requiring interest only payments, and maturing between August 1, 2036 through July 1, 2041 were assumed by an affiliate of the Predecessor and recorded as an equity contribution to the Predecessor. Interest expense incurred for these notes was $33,671 for the year ended December 31, 2018.

Rentals Under Operating Leases

Rentals Under Operating Leases	12 Months Ended
	Dec. 31, 2019
Leases, Operating [Abstract]
Rentals Under Operating Leases	Note 8. Rentals Under Operating Leases As of December 31, 2019, all of the properties owned by the Company were leased to a single tenant, the USPS, other than a de-minimis non-postal tenant that shares space in a building leased to the USPS. The leases expire at various dates through November 30, 2029. Future minimum lease payments to be received as of December 31, 2019 under non-cancellable operating leases for the next five years and thereafter are as follows: (1) Year Ending December 31, Amount 2020 $ 11,855,034 2021 10,172,259 2022 6,528,706 2023 4,437,662 2024 2,699,975 Thereafter 3,888,553 Total $ 39,582,189 Explanatory Note: (1) The above minimum lease payments to be received do not include reimbursements from the USPS for real estate taxes.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 9. Income Taxes Federal and state income tax (expense) benefit relate to UPH. The federal and state income tax (expense) benefit for the years ended December 31, 2019 and 2018 is comprised of the following: For the Years Ended Provision for income taxes 2019 (1) 2018 Current: Federal $ (83,128 ) $ (147,896 ) State (22,517 ) (63,286 ) Total current expense (105,645 ) (211,182 ) Deferred: Federal 51,371 217,743 State 14,525 54,202 Total deferred benefit 65,896 271,945 Total income tax (expense) benefit $ (39,749 ) $ 60,763 Explanatory Note: (1) Represents the activity of UPH from January 1, 2019 to the IPO. The effective tax rate before income taxes varies from the current statutory US Federal income tax rate as follows: For the Years Ended 2019 2018 Tax expense at Federal statutory rates 21.0% 21.0% Flow-through entities 6.2% (15.7)% REIT non-taxable income (28.3)% - State taxes (0.2)% 1.1% Valuation allowance (0.3)% (11.3)% Uncertain tax position ("FIN 48") (1.1)% (0.6)% Total US Federal income tax rate (2.7)% (5.5)% Significant components of the Predecessor's deferred tax assets (liabilities) are as follows: For the Year Ended December 31, Provision for income taxes 2018 Deferred tax assets: Net operating loss carryforward $ 1,299,997 Other assets 18,452 Accrued expenses 224,414 Total deferred tax assets 1,542,863 Valuation allowance (1,189,133 ) Deferred tax assets, net of valuation allowance $ 353,730 Deferred tax liabilities: Basis differential in carrying value of real estate assets $ (1,147,577 ) Total deferred tax liability (1,147,577 ) Deferred tax liability, net $ (793,847 ) In connection with the IPO, the UPH $727,952 deferred tax liability at May 16, 2019 was reversed through equity. Deferred taxes have not been recorded with respect to the Company's acquired basis differences of UPH as a result of the IPO, the Company's election to be taxed as a REIT and the insignificant state effective tax rate for states that do not conform to federal taxation of REITs. In connection with the IPO, the Company elected to treat PRM as a TRS which performs management services for properties the Company does not own. PRM generates income, resulting in Federal and state corporate income tax liability for these entities. For the twelve months ended December 31, 2019, income tax benefit related to PRM was zero. As of December 31, 2019, the Company's consolidated balance sheets reflect a liability for unrecognized tax benefits in the amounts of $488,277, primarily related to the utilization of certain loss carryforwards by UPH through May 16, 2019. For the year ended December 31, 2019, the Company has accrued interest and penalties of $62,676. These balances are included in the consolidated balance sheets in accounts payable, accrued expenses and other liabilities. As of December 31, 2019, the Company estimates that unrecognized tax benefits may decrease by approximately $95,000 within twelve months of the balance sheet date due to expiring statutes of limitation. In connection with the IPO, the indirect sole shareholder of UPH agreed to reimburse the Company for unrecognized tax benefits. The Company recorded an indemnification asset in the same amount as the unrecognized tax benefits inclusive of accrued interest and penalties that existed as of the date of the IPO. Accordingly, the Company's unrecognized tax benefits, if recognized, would result in a decrease to the indemnification asset and have no impact on the effective tax rate. During the three months ended September 30, 2019, the Company reversed $191,391 of unrecognized tax benefits inclusive of interest and penalties due to the expiration of statute of limitations, with an offsetting adjustment to the indemnification asset. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: For the Years Ended 2019 2018 Gross unrecognized tax benefits, beginning of year $ 578,860 $ 569,162 Additions based on tax positions taken in the current year 51,418 108,665 Decreases based on positions taken in prior year (148,685 ) (98,967 ) Additions based on tax positions taken in prior periods 6,684 — Total $ 488,277 $ 578,860 The Company and PRM are subject to exam by federal and state and local tax authorities for the short tax year ended December 31, 2019. UPH is subject to exam by federal tax authorities for tax years 2016 through the short tax year ending May 16, 2019. Cash paid for taxes for each of the years ended December 31, 2019 and 2018 was $0.02 million.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 10. Related Party Transactions Management Fee Income The Predecessor recognized management fee income of $0.4 million for the period of January 1, 2019 through May 16, 2019 and PRM recognized management fee income of $0.6 million for the period of May 17, 2019 through December 31, 2019, following the IPO, from various properties which were affiliated with the Company's CEO. For the year ended December 31, 2018, the Predecessor recognized $1.0 million from various properties which were affiliated with the Company's CEO. These amounts are included in "Fee and other income" on the Company's Consolidated and Combined Consolidated Statements of Operations. These amounts include accrued management fees receivable of $0.08 million and $140 as of December 31, 2019 and 2018, respectively, which is included in "Rents and other receivables" on the Company's Consolidated Balance Sheets. Related Party Lease On October 1, 2018, the Predecessor entered into a lease for office space in Cedarhurst, New York with an entity affiliated with the Predecessor (the "Office Lease"). Pursuant to the Office Lease, the monthly rent was $15,000 subject to escalations. The term of the Office Lease was five years commencing on October 1, 2018 (with rent commencing on January 1, 2019) and was set to expire on September 30, 2023. In connection with the IPO, the Office Lease was terminated. On May 17, 2019, the Company entered into a new lease for office space in Cedarhurst, New York with an entity affiliated with the Company's CEO (the "New Lease"). Pursuant to the New Lease, the monthly rent is $15,000 subject to escalations. The term of the New Lease is five years commencing on May 17, 2019 and will expire on May 16, 2024. Rental expenses associated with the office lease for the year ended December 31, 2019 was $0.1 million and was recorded in "General and administrative expenses" on the Company's Consolidated and Combined Consolidated Statements of Operations. As of December 31, 2019, $3,096 was outstanding and payable and is included in "Accounts payable, accrued expenses and other." The following table represents the Company's future rental payments related to the New Lease: Year Ending December 31, Amount 2020 $ 183,368 2021 188,869 2022 194,535 2023 200,371 2024 76,244 Total $ 843,387

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Note 11. Earnings Per Share Earnings per share ("EPS") is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares outstanding for the period. The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations. For the period of May 17, 2019 through December 31, 2019, there is no dilutions to earnings per share because there is a net loss. (1) For the Year Ended December 31, 2019 Numerator for earnings per share – basic and diluted: Net loss attributable to common stockholders $ (1,497,213 ) Less: Income attributable to participating securities (54,223 ) Numerator for earnings per share — basic and diluted $ (1,551,436 ) Denominator for earnings per share – basic and diluted 5,164,264 Basic and diluted earnings per share $ (0.30 ) Explanatory Note: (1) The combined statements of operations prior to May 16, 2019 represents the activity of the Predecessor and EPS was not applicable.

Stockholder's Equity

Stockholder's Equity	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Stockholder's Equity	Note 12. Stockholder's Equity The Company issued 4,500,000 shares of Class A common stock in conjunction with the IPO resulting in net proceeds of approximately $71.1 million after deducting approximately $5.4 million in underwriting discounts and before giving effect to $6.4 million in other expenses relating to the IPO. In addition, the Company issued 637,058 shares of Class A common stock and 27,206 shares of Voting Equivalency stock in connection with the Formation Transactions. Each outstanding share of Voting Equivalency stock entitles its holder to 50 votes on all matters on which Class A common stockholders are entitled to vote, including the election of directors, and holders of shares of Class A common stock and Voting Equivalency stock will vote together as a single class. Shares of Voting Equivalency stock are convertible into shares of Class A common stock, on a one-for-one basis, at the election of the holder at any time. Additionally, one share of Voting Equivalency stock will automatically convert into one share of Class A common stock for each 49 OP Units transferred (including by the exercise of redemption rights afforded with respect to OP Units) to a person other than a permitted transferee. This ratio is a function of the fact that each share of Voting Equivalency stock entitles its holder to 50 votes on all matters on which Class A common stockholders are entitled to vote and maintains the voting proportion of holders of Voting Equivalency stock with the holder's economic interest in our Company. Dividends During the year ended December 31, 2019, the Company declared and paid dividends of $1.4 million to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $0.203 per share as shown in the table below. Declaration Date Record Date Date Paid Amount Per Share June 26, 2019 July 9, 2019 July 31, 2019 $ 0.0630 November 5, 2019 November 15, 2019 December 2, 2019 $ 0.1400 Non-controlling Interests Non-controlling interests in the Company represent OP Units held by the Predecessor's prior investors and certain sellers of properties to the Company and LTIP Units primarily issued to the Company's CEO in connection with the IPO and in lieu of cash compensation. In addition, during the year ended December 31, 2019, the Company issued 824,350 of OP Units in connection with a portfolio that the Company acquired and 5,298 LTIP Units to an employee. As of December 31, 2019, noncontrolling interests consisted of 2,157,462 OP Units and 120,004 LTIP Units and represented approximately 30.0% of the outstanding Operating Partnership units. Operating Partnership units and shares of common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of the Operating Partnership. Beginning on or after the date which is 12 months after the later of (i) the completion of the IPO or (ii) the date on which a person first became a holder of common units, each limited partner and assignees of limited partners will have the right, subject to the terms and conditions set forth in the partnership agreement to require the Operating Partnership to redeem all or a portion of the OP Units held by such limited partner or assignee in exchange for cash, or at the Company's sole discretion, in shares of the Company's Class A common stock, on a one-for-one basis determined in accordance with and subject to adjustment under the partnership agreement. The Operating Partnership unitholders are entitled to share in cash distributions from the Operating Partnership in proportion to its percentage ownership of OP Units. Restricted Stock and Other Awards Pursuant to the Company's 2019 Equity Incentive Plan, or Equity Incentive Plan, the Company may grant equity incentive awards to its directors, officers, employees and consultants. Upon completion of the IPO, the Company issued 73,529 LTIP Units to the Company's CEO, 58,824 restricted shares of Class A common stock to the Company's president, 33,824 restricted shares of Class A common stock to other employees and 38,235 restricted shares of Class A common stock to the Company's non-employee directors under the Equity Incentive Plan. In addition, the Company issued 41,177 LTIP Units to the Company's CEO and an aggregate of 17,647 restricted shares of Class A common stock to its non-employee directors, in each case in lieu of cash compensation for the twelve-month period following completion of the IPO. The Company issued an aggregate 5,298 LTIP Units and 317 restricted shares of Class A common stock to certain employees after the completion of the IPO. The maximum number of shares of Class A common stock that is available to be issued under our Equity Incentive Plan is 541,584 shares. To the extent an award granted under the Equity Incentive Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will become available for issuance of additional awards. Awards issued in connection with the IPO will vest in three equal, annual installments on each of the three anniversaries of the date of grant. Awards issued to the Company's non-employee directors in lieu of cash compensation will fully vest on the first anniversary of the grant and awards issued as equity compensation vest in three equal, annual installments on each of the three anniversaries of the date of grant. Awards issued to the Company's CEO in lieu of cash compensation will cliff vest on the eighth anniversary of the date of grant. No forfeitures or vesting's occurred during the year ended December 31, 2019. The weighted average grant date fair value for all outstanding awards as of December 31, 2019 was $16.96. During the year ended December 31, 2019, the Company recognized compensation expense of $1.0 million related to all awards which is recorded in "General and administrative" on the Company's Consolidated and Combined Consolidated Statements of Operations. As of December 31, 2019, there was $3.6 million of total unrecognized compensation cost related to unvested awards, which is expected to be recognized over a weighted average period of 3.01 years. In February 2020, in connection with the Equity Incentive Plan, the Company issued 53,230 LTIP Units to the Company's CEO for his 2019 incentive bonus and 57,367 restricted shares of Class A common stock to the Company's president for his 2019 incentive bonus and his election to defer of a portion of his 2020 annual salary. In addition, in February 2020, in connection with the Equity Incentive Plan, the Company issued 11,184 restricted shares of Class A common stock for annual grants, 23,424 restricted stock units (each, an "RSU," and collectively, "RSUs") and 23,424 restricted shares of Class A common stock to other employees for 2019 incentive bonus and elections by certain employees to defer 2020 annual salary. RSUs reflect the right to receive shares of Class A common stock. RSUs issued for 2019 incentive bonuses will vest fully on the date of grant. RSUs issued in lieu of deferrals of 2020 annual salary cliff vest on December 31, 2020. LTIP Units issued to the Company's CEO and restricted shares of Class A common stock issued to the president in lieu of cash compensation cliff vest on the eighth anniversary of the date of grant. Certain restricted shares of Class A common stock issued to employees will vest in three equal, annual installments on each of the first three anniversaries of the date of grant, while other restricted shares of Class A common stock issued to employees in lieu of cash compensation cliff will vest on the eighth anniversary of the date of grant. In March 2020, the Company issued an aggregate of 13,708 LTIP Units, 12,076 restricted shares of Class A common stock and 38,672 RSUs to certain officers of the Company. The LTIP Units and restricted shares of Class A common stock will vest in three equal, annual installments over the approximately three year period ending December 31, 2022, subject to continued employment with the Company and the RSUs are subject to the achievement of performance-based vesting conditions and continued employment with the Company. The RSUs are market-based awards and are subject to the achievement of performance-based hurdles relating to the Company's absolute total stockholder return and continued employment with the Company over the approximately three year period from the grant date through December 31, 2022. Such RSU recipients may earn up to 100% of the RSUs that were issued. Upon vesting pursuant to the terms of the RSUs, the RSUs that vest will be settled in shares of Class A common stock and the recipients will be entitled to receive the distributions that would have been paid with respect to a share of Class A common stock (for each share that vests) on or after the date the RSUs were initially granted. Employee Stock Purchase Plan In connection with the IPO, the Postal Realty Trust, Inc. 2019 Qualified Employee Stock Purchase Plan ("ESPP"), allows the Company's employees to purchase shares of the Company's Class A common stock at a discount. A total of 100,000 shares of Class A common stock will be reserved for sale and authorized for issuance under the ESPP. The Code permits us to provide up to a 15% discount on the lesser of the fair market value of such shares of stock at the beginning of the offering period and the code of the offering period. The initial offering period ended on December 31, 2019 and 3,538 shares were issued on January 3, 2020 under the ESPP. During the year ended December 31, 2019, the Company recognized compensation expense of $0.02 million which is recorded in "General and administrative" on the Company's Consolidated and Combined Consolidated Statements of Operations.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13. Commitments and Contingencies At December 31, 2019, the Company was not involved in any litigation nor to its knowledge is any litigation threatened against the Predecessor or the Company, as applicable, that, in management's opinion, would result in any material adverse effect on the Company's financial position, or which is not covered by insurance. In the ordinary course of the Company's business, the Company enters into non-binding (except with regard to exclusivity and confidentiality) letters of intent indicating a willingness to negotiate for acquisitions. There can be no assurance that definitive contracts will be entered into with respect to any matter covered by letters of intent, that the Company will close the transactions contemplated by such contracts on time, or that the Company will consummate any transaction contemplated by any definitive contract.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 14. Subsequent Events On January 10, 2020, the Company, through its Operating Partnership, closed on the acquisition of 21 properties leased to the USPS located in various states for approximately $13.5 million, which includes 483,333 OP Units valued at $17.00 per unit (the stock price on the date of closing was $16.39.) On January 27, 2020 the Company borrowed an additional $11.0 million under the Credit Facility. On January 29, 2020, the Company closed on the acquisition of 42 properties leased to the USPS for approximately $8.7 million. On January 30, 2020, the Company's Board of Directors declared a fourth quarter common stock dividend of $0.17 per share which was paid on February 28, 2020 to stockholders of record on February 14, 2020. On January 30, 2020, the Company exercised a portion of the accordion feature on its Credit Facility. The accordion increases the available borrowing capacity under the Credit Facility to $150.0 million from $100.0 million. The Credit Agreement allows for an additional $50.0 million accordion subject to certain conditions. On February 27, 2020, the Company borrowed an additional $3.0 million under the Credit Facility. On March 11, 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) a pandemic. The resulting restrictions on travel and quarantines imposed have had a negative impact on the U.S. economy and business activity globally, the full impact of which is not yet known and may result in an adverse impact to the Company's tenant and operating results. As of March 25, 2020, the Company had entered into definitive agreements to acquire 17 properties leased to the USPS for approximately $11.5 million. Formal due diligence has been completed and the transactions are expected to close in the second or third quarter of 2020, subject to the satisfaction of customary closing conditions.

SCHEDULE III - Real Estate and

SCHEDULE III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - Real Estate and Accumulated Depreciation	Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2019 Initial Cost to Company Costs Gross Amount Carried at Close of Period (2) State Number of Encumbrances Land Buildings & Subsequent Land Buildings & Total Accumulated Date Acquired (Year) Depreciable Life Alaska 1 $ - $ 15,133 $ 50,688 - $ 15,133 $ 50,688 $ 65,821 $ 2,663 2018 40 Alabama 5 - 153,642 793,281 13,250 153,642 806,531 960,173 60,295 2013-2019 40 Arkansas 14 - 1,093,855 3,509,451 - 1,093,855 3,509,451 4,603,306 346,388 2013-2019 40 California 5 - 2,754,136 3,785,709 - 2,754,136 3,785,709 6,539,845 27,920 2019 40 Colorado 2 - 369,867 805,659 - 369,867 805,659 1,175,526 15,011 2019 40 Connecticut 2 - 310,748 1,648,461 - 310,748 1,648,461 1,959,209 72,162 2013-2019 40 Florida 5 - 992,024 1,544,031 11,835 992,024 1,551,494 2,543,518 33,912 2013-2019 40 Georgia 18 - 479,566 2,776,985 - 479,566 2,776,985 3,256,551 81,895 2013-2019 40 Iowa 12 - 297,025 2,268,470 16,302 297,025 2,284,772 2,581,797 49,664 2013-2019 40 Idaho 9 - 60,886 749,215 - 60,886 749,215 810,101 187,698 2013 40 Illinois 30 - 706,442 3,695,874 20,200 706,442 3,716,074 4,422,516 65,080 2013-2019 40 Indiana 9 - 480,163 2,564,569 - 480,163 2,564,569 3,044,732 48,787 2019 40 Kansas 6 - 212,212 1,358,761 - 212,212 1,358,761 1,570,973 12,430 2013-2019 40 Kentucky 5 - 161,553 1,322,286 - 161,553 1,322,286 1,483,839 78,683 2013-2019 40 Louisiana 19 - 1,086,895 3,325,483 18,167 1,086,895 3,343,650 4,430,545 328,714 2013-2019 40 Massachusetts 10 - 1,799,604 4,776,143 - 1,799,604 4,776,143 6,575,747 1,387,502 2007-2019 40 Maryland 2 - 191,099 431,082 - 191,099 431,082 622,181 35,453 2013-2019 40 Maine 3 - 187,134 1,084,622 - 187,134 1,084,622 1,271,756 55,575 2013-2019 40 Michigan 17 - 1,291,882 2,256,886 15,141 1,291,882 2,272,027 3,563,909 333,894 2011-2019 40 Minnesota 12 378,005 72,474 1,009,586 - 72,474 1,009,586 1,082,060 141,426 2013-2019 40 Missouri 24 - 638,684 2,632,427 - 638,684 2,632,427 3,271,111 92,574 2013-2019 40 Mississippi 7 - 531,795 1,661,161 - 531,795 1,661,161 2,192,956 154,730 2013-2019 40 Montana 6 - 57,796 669,974 - 57,796 669,974 727,770 64,694 2013-2019 40 North Carolina 23 - 963,349 5,843,610 - 963,349 5,843,610 6,806,959 65,572 2013-2019 40 North Dakota 12 - 161,529 1,413,490 - 161,529 1,413,490 1,575,019 60,301 2013-2019 40 Nebraska 9 - 45,106 850,530 - 45,106 850,530 895,636 19,901 2013-2019 40 New Hampshire 3 - 192,303 529,929 - 192,303 529,929 722,232 5,279 2019 40 New Jersey 2 - 76,592 499,301 - 76,592 499,301 575,893 1,562 2019 40 New Mexico 3 - 321,585 535,517 - 321,585 535,517 857,102 5,373 2019 40 Nevada 2 - 19,603 314,931 - 19,603 314,931 334,534 28,477 2013-2019 40 New York 9 - 594,257 2,007,450 16,275 594,257 2,023,725 2,617,982 29,572 2019 40 Ohio 10 900,385 1,562,339 4,280,827 45,625 1,562,339 4,326,452 5,888,791 306,552 2006-2019 40 Oklahoma 26 - 791,332 3,964,988 27,208 791,332 3,977,630 4,768,962 621,826 2013-2019 40 Pennsylvania 51 1,522,672 1,909,472 8,232,551 11,541 1,909,472 8,244,092 10,153,564 988,240 2005-2019 40 South Carolina 4 445,000 142,779 1,043,725 13,200 142,779 1,051,822 1,194,601 11,940 2019 40 South Dakota 7 - 37,595 480,613 - 37,595 480,613 518,208 78,895 2013-2019 40 Tennessee 12 - 1,097,418 3,481,889 - 1,097,418 3,481,889 4,579,307 279,925 2013-2019 40 Texas 33 - 1,358,639 7,902,666 - 1,358,639 7,902,666 9,261,305 1,646,499 2005-2019 40 Virginia 4 - 475,590 1,619,746 - 475,590 1,619,746 2,095,336 18,745 2019 40 Vermont 8 - 451,873 1,194,169 - 451,873 1,194,169 1,646,042 21,376 2019 40 Washington 3 - 119,365 661,901 - 119,365 661,901 781,266 42,022 2013-2019 40 Wisconsin 15 - 798,707 4,745,895 46,900 798,707 4,792,795 5,591,502 857,552 2005-2019 40 West Virginia 5 - 62,901 720,222 - 62,901 720,222 783,123 7,533 2019 40 Wyoming 2 - 20,783 159,573 - 20,783 159,573 180,356 39,287 2013 40 Corporate 54,000,000 - - - - - - - 466 $ 57,246,062 $ 25,147,732 $ 95,204,327 $ 255,644 $ 25,147,732 $ 95,435,930 $ 120,583,662 $ 8,813,579 Explanatory Notes: (1) Estimated useful life for buildings. (2) The aggregate cost for Federal Income Tax purposes was approximately $132.9 million as of December 31, 2019. The following table reconciles real estate for the years ended December 31, 2019 and 2018: For the Years Ended 2019 2018 Predecessor Beginning Balance $ 38,435,504 $ 35,115,802 Acquisitions 82,021,291 2,885,769 Capital Improvements 151,582 104,062 Write-offs (24,041 ) - Other (674 ) 329,871 Ending Balance $ 120,583,662 $ 38,435,504 Explanatory Note: (1) Other includes reclassification adjustments. The following table reconciles accumulated depreciation for the years ended December 31, 2019 and December 31, 2018: For the Years Ended 2019 2018 Predecessor Beginning Balance $ (7,121,532 ) $ (6,118,071 ) Depreciation expense (1,716,088 ) (1,003,461 ) Write-offs 24,041 – Ending Balance $ (8,813,579 ) $ (7,121,532 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated and Combined Consolidated Financial Statements include the financial position and results of operations of the Company and its Predecessor, the Operating Partnership and its wholly owned subsidiaries. The Predecessor represents a combination of certain entities holding interests in real estate that were commonly controlled prior to the Formation Transactions. Due to their common control, the financial statements of the separate Predecessor entities which owned the properties and the management company are presented on a combined consolidated basis. The effects of all significant intercompany balances and transactions have been eliminated. The Company consolidates the Operating Partnership, a VIE in which the Company is considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. A non-controlling interest is defined as the portion of the equity in an entity not attributable, directly or indirectly, to the Company. Non-controlling interests are required to be presented as a separate component of equity in the Consolidated Balance Sheets. Accordingly, the presentation of net income (loss) reflects the income attributed to controlling and non-controlling interests.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Offering and Other Costs	Offering and Other Costs Certain of the costs related to the IPO and the Formation Transactions paid by an affiliate of the Company's initial sole shareholder were reimbursed by the Company from the proceeds of the IPO. Offering costs were recorded in "Stockholders' equity" in the Company's Consolidated Balance Sheets as a reduction of additional paid-in capital.
Segment Reporting	Segment Reporting The Company acquires and manages postal properties and reports our business as a single reportable segment.
Investments in Real Estate	Investments in Real Estate Upon the acquisition of real estate, the purchase price is allocated based upon the relative fair value of the assets acquired and liabilities assumed. The allocation of the purchase price to the relative fair value of the tangible assets of an acquired property is derived by valuing the property as if it were vacant. All real estate acquisitions in the periods presented qualified as asset acquisitions and, as such, acquisition-related fees and acquisition-related expenses related to these asset acquisitions are capitalized as part of the acquisition. Investments in real estate generally include land, buildings, tenant improvements and identified intangible assets, such as in-place lease intangibles and above or below-market lease intangibles. Direct and certain indirect costs clearly associated with the development, construction, leasing or expansion of real estate assets are capitalized as a cost of the property. Repairs and maintenance costs are expensed as incurred. Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives: Years Buildings and improvements 40 Equipment and fixtures 5-10 Tenant improvements Shorter of useful life or applicable lease term In-place lease value Remaining non-cancellable term of the in-place lease The acquired above or below-market lease intangibles are amortized to "Rental income" over the applicable lease term, inclusive of any option periods for below-market leases.
Deferred Costs	Deferred Costs Financing costs related to the issuance of the Company's secured long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the Consolidated Balance Sheets. Deferred financing costs related to the establishment of the Company's credit facility (the "Credit Facility") are deferred and amortized to interest expense over the term of the Credit Facility and are included in "Prepaid expenses and other assets, net" on the Consolidated Balance Sheets.
Impairment	Impairment The carrying value of real estate investments and related intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the asset's carrying amount over its estimated fair value. Impairment analyses will be based on current plans, intended holding periods and available market information at the time the analyses are prepared. If estimates of the projected future cash flows, anticipated holding periods or market conditions change, the evaluation of impairment losses may be different and such differences may be material. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. No impairments were recorded during the years ended December 31, 2019 and 2018.
Cash and Escrow and Reserves	Cash and Escrow and Reserves Cash included unrestricted cash with a maturity of three months or less. Escrows and reserves consist of restricted cash. The following table provides a reconciliation of cash and escrow and reserves reported within the Company's Consolidated Balance Sheets and Consolidated and Combined Consolidated Statements of Cash Flows: As of December 31, 2019 2018 Cash $ 12,475,537 $ 262,926 Escrow and reserves: Maintenance reserve 663,339 598,949 ESPP reserve 44,727 — Cash and escrow and reserves $ 13,183,603 $ 861,875
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities as of December 31, 2019 and 2018. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash, escrows and deposits, receivables, prepaid expenses, accounts payable and accrued expenses and due to affiliates are carried at amounts which reasonably approximate their fair values as of December 31, 2019 and 2018 due to their short maturities. The fair value of the Company's borrowings under its Credit Facility approximates carrying value. The fair value of the Company's secured borrowings aggregated approximately $3.2 million and $33.6 million as compared to the principal balance of $3.2 million and $35.0 million as of December 31, 2019 and 2018, respectively. The fair value of the Company's debt was categorized as a Level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2019 and 2018. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2019 and current estimates of fair value may differ significantly from the amounts presented herein.
Revenue Recognition	Revenue Recognition The Company has operating lease agreements with tenants, some of which contain provisions for future rental increases. Rental income is recognized on a straight-line basis over the term of the lease. In addition, certain lease agreements provide for reimbursements from tenants for real estate taxes and other recoverable costs, which are recorded on an accrual basis as "Tenant reimbursement revenue" on the Company's Consolidated and Combined Consolidated Statement of Operations. Fee and other income primarily consist of property management fees. These fees arise from contractual agreements with entities that are affiliated with the Company's CEO. Management fee income is recognized as earned under the respective agreements. The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to property damage and business interruption. The Company records the estimated amount of expected insurance proceeds for property damage and other losses incurred as an asset (typically a receivable from the insurer) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the amount of the losses incurred is considered a gain contingency and is not recorded in fee and other income until the proceeds are received. Insurance recoveries for business interruption for lost revenue or profit are accounted for as gain contingencies in their entirety, and therefore are not recorded in income until the proceeds are received.
Income Taxes	Income Taxes As a REIT, the Company is generally not subject to federal corporate income tax on our net income (loss) that we distribute to our shareholders. The Operating Partnership which holds our properties is a partnership for U.S. federal income tax purposes and is not subject to U.S. federal income taxes as the revenues and expenses pass through to the respective owners where they are taxed. The states and cities in which the Operating Partnership operates generally follows the U.S. federal income tax treatment. Income taxes or credits resulting from earnings or losses for the LLCs, the limited partnership and NPM were payable by or accrue to the benefit of the members/partners/shareholders of such entities. No provision has been made for income taxes for these passthrough entities in the combined consolidated financial statements. UPH was subject to federal and state and local income taxes for tax years before the date of the IPO on May 17, 2019. For periods subsequent to the completion of the IPO and the Formation Transactions, PRM is subject to federal, state and local corporate income taxes to the extent there is taxable income. UPH and PRM account for income taxes in accordance with the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying value of existing assets and liabilities and their respective tax bases based on enacted tax laws and statutory tax rates applicable to the periods in which the temporary differences are expected to reverse. A valuation allowance is established for deferred tax assets when management anticipates that it is more likely than not that all, or a portion, of these assets would not be realized. In determining whether a valuation allowance is warranted, all positive and negative evidence and all sources of taxable income such as prior earnings history, expected future earnings, carryback and carryforward periods and tax strategies are considered to estimate if sufficient future taxable income will be generated to realize the deferred tax asset. The assessment of the adequacy of a valuation allowance is based on estimates of taxable income by jurisdiction and the period over which deferred tax assets will be recoverable. The tax effects of uncertain tax positions taken or expected to be taken in income tax returns are recognized only if they are "more likely-than-not" to be sustained on examination by the taxing authorities based on the technical merits as of the reporting date. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes estimated accrued interest and penalties related to uncertain tax positions in income tax expense.
Concentration of Credit Risks	Concentration of Credit Risks The Company's properties are leased to a single tenant, the USPS other than a de-minimis non-postal tenant that shares space in a building leased to the USPS. For the year ended December 31, 2019, our total rental revenues of $8.9 million were concentrated in the following states: Texas (10.5%), Pennsylvania (10.3%) and Massachusetts (9.7%). For the year ended December 31, 2018, $5.7 million of our total rental revenues was concentrated in the following states: Texas (14.2%), Massachusetts (14.0%), Wisconsin (12.9%) and Pennsylvania (9.9%). The ability of the USPS to honor the terms of their leases is dependent upon regulatory, economic, environmental or competitive conditions in any of these areas could have an effect on our overall business results. The Company has deposited cash and maintains our bank deposits with large financial institutions in amounts that exceed federally insured limits. The Company has not experienced any losses in such accounts.
Non-controlling Interests	Non-controlling Interests Non-controlling interests in the Company represent common units of limited partnership interest of the Operating Partnership (each, an "OP Unit," and collectively , the OP Units") held by the Predecessor's prior investors and certain sellers of properties to the Company and long-term incentive units of the Operating Partnership (each, an "LTIP Unit," and collectively, the "LTIP Units") primarily held by the Company's CEO. Upon completion of the IPO and the Formation Transactions, the Operating Partnership issued 1,333,112 OP Units to the Predecessor's prior investors as partial consideration for the contribution of their interest in the Predecessor to the Operating Partnership and 114,706 LTIP Units to the Company's CEO. In addition, during the year ended December 31, 2019, the Company issued 824,350 OP Units to certain sellers in connection with a portfolio acquisition and 5,298 LTIP Units to an employee.
Equity Based Compensation	Equity Based Compensation The Company accounts for equity-based compensation in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the Company to recognize an expense for the grant date fair value of equity-based awards. The estimated grant date fair value of restricted stock units is amortized over their respective vesting periods. The Company will record forfeitures as they occur. See Note 12. Stockholder's Equity for further details.
Earnings per Share	Earnings per Share The Company calculates net income (loss) per share based upon the weighted average shares outstanding less issued and outstanding non-vested shares of Class A common stock for the period beginning May 17, 2019. Diluted earnings per share is calculated after giving effect to all potential dilutive shares outstanding during the period. There were 2,277,466 potentially dilutive shares outstanding related to the issuance of OP Units and LTIP Units held by non-controlling interests as of December 31, 2019.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period's presentation.
Accounting Standards Adopted in 2019	Accounting Standards Adopted in 2019 In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers This standard was effective for interim and annual reporting periods that begin on or after December 15, 2018 as a result of the Company's status as an emerging growth company. The Company and the Predecessor adopted ASU 2014-09 on January 1, 2019 using the modified retrospective method however, there was no cumulative effect required to be recognized in retained earnings at the date of application. Substantially all of the Company's revenue is derived from its tenant leases and therefore falls outside the scope of this guidance. With respect to its fee-based revenue, the Company earns monthly base management fees subject to the terms of the contractual agreements with entities that are affiliated with the Company for the day-to-day operations and administration of its managed properties. These services are provided in exchange for monthly management fees, which are based on a percentage of revenues collected from post offices owned by entities that are affiliated with the Company. The Company determined that there is no change to revenue recognition for base management fees as the underlying services are considered to be individual performance obligations composed of a series of distinct services satisfied over time, for which revenue is recognized monthly as earned over the life of the management agreement as services are provided. The total amount of consideration from the contracts is variable as it is based on monthly revenues, which are influenced by multiple factors, some of which are outside the Company's control. Therefore, the Company recognizes the revenue at the end of each month once the uncertainty is resolved. Due to the standardized terms of the management agreements, the Company accounts for all management agreements in a similar, consistent manner. Therefore, no disaggregated information relating to management agreements is presented. Future Application of Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases; in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases — Targeted Improvements; and in December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases). Topic 842 will be effective for the Company on January 1, 2021 as a result of its classification as an emerging growth company. The Company expects to elect the practical expedients provided by Topic 842, including: the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if the timing and pattern of transfer are the same for the non-lease component and associated lease component, and the lease component would be classified as an operating lease if accounted for separately. Topic 842 requires lessees to record most leases on their balance sheet through a right-of-use ("ROU") model, in which a lessee records an ROU asset and a lease liability on their balance sheet. Leases that are less than 12 months do not need to be accounted for under the ROU model. Lessees will account for leases as financing or operating leases, with the classification affecting the timing and pattern of expense recognition in the income statement. Lease expense will be recognized based on the effective interest method for leases accounted for as finance leases and on a straight-line basis over the term of the lease for leases accounted for as operating leases. As of December 31, 2019, the Company was the lessee under one office lease that would require accounting under the ROU model. The accounting by a lessor under Topic 842 is largely unchanged from that of Topic 840. Under Topic 842, lessors will continue to account for leases as a sales-type, direct-financing, or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Topic 842 requires accounting for a transaction as a financing in a sale leaseback in certain circumstances, including when the seller-lessee is provided an option to purchase the property from the landlord at the tenant's option. The Company expects that this provision could change the accounting for these types of leases in the future. Topic 842 also includes the concept of separating lease and non-lease components. Under Topic 842, non-lease components, such as common area maintenance, would be accounted for under Topic 606 and separated from the lease payments. However, the Company will elect the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. Upon adoption of Topic 842, the Company expects to combine tenant reimbursements with rental revenues on its consolidated statements of operations. In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses Codification Improvements to Topic 326, Financial Instruments - Credit Losses

The Company's IPO and Formati_2

The Company's IPO and Formation Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
The Company's Initial Public Offering and Formation Transactions [Abstract]
Schedule of predecessor statement of operations	Predecessor Postal Realty Trust, Inc. January 1, 2019 through May 16, May 17, 2019 through December 31, Revenues Rental income $ 2,249,355 $ 6,616,513 Tenant reimbursements 348,075 963,046 Fee and other income 427,959 684,408 Total revenues 3,025,389 8,263,967 Operating Expenses Real estate taxes 358,693 1,008,199 Property operating expenses 357,779 849,707 General and administrative 501,204 4,345,188 Depreciation and amortization 725,756 3,074,303 Total operating expenses 1,943,432 9,277,397 Income (loss) from operations 1,081,957 (1,013,430 ) Interest expense, net: Contractual interest expense (570,819 ) (527,969 ) Write-off and amortization of deferred financing fees (4,773 ) (237,990 ) Loss on early extinguishment of Predecessor debt - (185,586 ) Interest income 1,134 4,794 Total interest expense, net (574,458 ) (946,751 ) Income (loss) before income tax expense 507,499 (1,960,181 ) Income tax (expense ) benefit (39,749 ) - Net Income (loss) 467,750 (1,960,181 ) Net income attributable to noncontrolling interest in properties (4,336 ) - Net income attributable to Predecessor $ 463,414 - Net loss attributable to Operating Partnership unitholders' noncontrolling interest 462,968 Net loss attributable to common stockholders $ (1,497,213 )

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables) - Nationwide Postal and Affiliates Predecessor	12 Months Ended
	Dec. 31, 2019
Schedule of identifiable tangible and intangible assets and liabilities	Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives: Years Buildings and improvements 40 Equipment and fixtures 5-10 Tenant improvements Shorter of useful life or applicable lease term In-place lease value Remaining non-cancellable term of the in-place lease
Schedule of cash and escrows and reserves	The following table provides a reconciliation of cash and escrow and reserves reported within the Company's Consolidated Balance Sheets and Consolidated and Combined Consolidated Statements of Cash Flows: As of December 31, 2019 2018 Cash $ 12,475,537 $ 262,926 Escrow and reserves: Maintenance reserve 663,339 598,949 ESPP reserve 44,727 — Cash and escrow and reserves $ 13,183,603 $ 861,875

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule total purchase price including transaction costs	Quarter Ended Number of Properties Land Building and Improvements Tenant Improvements In-place lease intangibles Above- Below- Total (1) 2019 March 31, 2019 (2) 1 $ 179,202 $ 456,550 $ 18,166 $ 69,504 $ - $ (78,302 ) $ 645,120 June 30, 2019 (3) 81 6,789,589 18,774,918 259,640 2,227,870 6,338 (754,300 ) 27,304,055 September 30, 2019 18 2,619,719 8,306,781 190,343 982,974 - (1,024,644 ) 11,075,173 December 31, 2019 (4) 177 8,320,008 35,658,446 447,929 3,383,050 14,680 (1,447,020 ) 46,377,093 Total 277 $ 17,908,518 $ 63,196,695 $ 916,078 $ 6,663,398 $ 21,018 $ (3,304,266 ) $ 85,401,441 Year Ended Number of Properties Land Building and Improvements Tenant Improvements In-place lease intangibles Above- Below- Total (1) 2018 December 31, 2018 (5) 10 $ 1,615,182 $ 1,201,090 $ 69,497 $ 340,366 $ 19,603 $ (460,158 ) $ 2,785,580 Explanatory Notes: (1) Includes acquisition costs of $10,120 for the three months ended March 31, 2019, $0.4 million for the three months ended June 30, 2019, $0.1 million for the three months ended September 30, 2019 and $0.8 million for the three months ended December 31, 2019. For the year ended December 31, 2018, includes acquisition costs of $0.02 million. (2) The property was acquired by the Predecessor. (3) The Company acquired the Acquisition Properties in connection with the IPO. (4) Includes the acquisition of a 113-building portfolio leased to the USPS. The contract purchase price for the portfolio was $31.4 million, excluding closing costs, and included 824,350 OP Units to be issued to the sellers at a value of $17.00 per unit. The closing price of the Company's common stock on November 22, 2019 was $16.05; therefore, total consideration at closing, excluding closing costs was approximately $30.6 million of which $13.2 million represented the non-cash consideration (the value of the OP Units) issued to the sellers. (5) The properties were acquired by the Predecessor during the year ended December 31, 2018.

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Intangible Assets and Liabilities [Abstract]
Schedule of intangible assets and liabilities	The following table summarizes our intangible assets and liabilities as a result of the application of acquisition accounting: As of Gross Asset (Liability) Accumulated Net Carrying Amount December 31, 2019: In-place lease intangibles $ 13,788,024 $ (6,472,157 ) $ 7,315,867 Above-market leases 40,620 (18,496 ) 22,124 Below-market leases (8,672,301 ) 2,071,182 (6,601,119 ) December 31, 2018: In-place lease intangibles $ 7,124,626 $ (4,388,699 ) $ 2,735,927 Above-market leases 19,602 (8,688 ) 10,914 Below-market leases (5,368,035 ) 1,525,540 (3,842,495 )
Schedule of future amortization	Future amortization/accretion of these intangibles is below: Year Ending December 31 In-place lease intangibles Above-market leases Below-market leases 2020 $ 3,164,685 $ 8,197 $ (935,675 ) 2021 2,187,916 5,270 (780,505 ) 2022 974,207 4,447 (682,004 ) 2023 499,403 3,139 (604,571 ) 2024 211,968 1,071 (551,291 ) Thereafter 277,688 — (3,047,073 ) Total $ 7,315,867 $ 22,124 $ (6,601,119 )

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of principal balances of mortgage loans payable	The following table summarizes the Company's indebtedness as of December 31, 2019 and 2018: Outstanding Balance as of December 31, 2019 Outstanding Balance as of December 31, 2018 Interest Rate at December 31, 2019 Maturity Date Revolving Credit Facility (1) $ 54,000,000 $ — LIBOR+170bps (2) September 2023 Vision Bank (3) 1,522,672 15,636,243 4.00 % September 2036 First Oklahoma Bank (4) 378,005 389,599 4.50 % December 2037 Vision Bank – 2018 (5) 900,385 936,750 5.00 % January 2038 Seller Financing (6) 445,000 — 6.00 % January 2025 Atlanta Postal Credit Union (7) — 17,313,481 — First Oklahoma Bank – 2018 (8) — 743,076 — Total Principal 57,246,062 35,019,149 Unamortized deferred financing costs (35,058 ) (226,730 ) Total Debt $ 57,211,004 $ 34,792,419 Explanatory Notes: (1) On September 27, 2019, the Company entered into a credit agreement (the "Credit Agreement") with People's United Bank, National Association, individually and as administrative agent, BMO Capital Markets Corp., as syndication agent, and certain other lenders. The Credit Agreement provides for our senior revolving Credit Facility with revolving commitments in an aggregate principal amount of $100.0 million, an accordion feature that permits the Company to borrow up to $200.0 million, subject to customary terms and conditions, and a maturity date of September 27, 2023. The interest rates applicable to loans under the Credit Facility are, at our option, equal to either a base rate plus a margin ranging from 0.7% to 1.4% per annum or LIBOR plus a margin ranging from 1.7% to 2.4% per annum, each based on a consolidated leverage ratio. In addition, the Company will pay, for the period through and including the calendar quarter ending March 31, 2020, an unused facility fee on the revolving commitments under the Credit Facility of 0.75% per annum for the first $100 million and 0.25% per annum for the portion of revolving commitments exceeding $100.0 million, and for the period thereafter, an unused facility fee of 0.25% per annum for the aggregate unused revolving commitments, with both periods utilizing calculations of daily unused commitments under the Credit Facility. During the year ended December 31, 2019, the Company incurred $0.1 million of unused fees related to the Credit Facility. The Company also incurred $ 1.5 million of lender and third-party fees, all of which were capitalized in "Prepaid expenses and other assets, net" on the Company's Consolidated Balance Sheets. During the year ended December 31, 2019, the Company wrote off $0.1 million of deferred financing costs. The Company's ability to borrow under the Credit Facility is subject to ongoing compliance with a number of customary affirmative and negative covenants. As of December 31, 2019, the Company was in compliance with all of the Credit Facility's debt covenants. (2) As of December 31, 2019, the one-month LIBOR rate was 1.76%. (3) As of December 31, 2018, the loan was collateralized by first mortgage liens on 26 properties and a personal guarantee of payment by Mr. Spodek. In connection with the IPO, the company repaid approximately $13.8 million of outstanding indebtedness and five properties remain collateralized under this loan as of December 31, 2019 with Mr. Spodek as the guarantor. On September 8, 2021 and every five years thereafter, the interest rate will reset at a variable annual rate of Wall Street Journal Prime Rate ("Prime") + 0.5%. (4) The loan is collateralized by first mortgage liens on four properties and a personal guarantee of payment by Mr. Spodek. Interest rate resets on December 31, 2022 to Prime + 0.25%. (5) The loan is collateralized by first mortgage liens on one property and a personal guarantee of payment by Mr. Spodek. Interest rate resets on January 31, 2023 to Prime + 0.5%. (6) In connection with the acquisition of a property, the Company obtained seller financing secured by the property in the amount $0.4 million requiring five annual payments of principal and interest of $0.1 million with the first installment payable on January 2, 2021 based on a 6.0% interest rate per annum through January 2, 2025. (7) In connection with the IPO, the company repaid approximately $17.1 million of outstanding indebtedness. (8) In connection with the IPO, the company repaid approximately $0.7 million of outstanding indebtedness.
Schedule of Principal payments of mortgage loans payable	The scheduled principal repayments of indebtedness as of December 31, 2019 are as follows: Year Ending December 31, Amount 2020 $ 109,157 2021 191,863 2022 197,790 2023 54,207,008 2024 218,132 Thereafter 2,322,112 Total $ 57,246,062

Rentals Under Operating Leases

Rentals Under Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases, Operating [Abstract]
Schedule of future minimum rental income	Future minimum lease payments to be received as of December 31, 2019 under non-cancellable operating leases for the next five years and thereafter are as follows: (1) Year Ending December 31, Amount 2020 $ 11,855,034 2021 10,172,259 2022 6,528,706 2023 4,437,662 2024 2,699,975 Thereafter 3,888,553 Total $ 39,582,189 Explanatory Note: (1) The above minimum lease payments to be received do not include reimbursements from the USPS for real estate taxes.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of federal and state income tax benefit (expense)	Federal and state income tax (expense) benefit relate to UPH. The federal and state income tax (expense) benefit for the years ended December 31, 2019 and 2018 is comprised of the following: For the Years Ended Provision for income taxes 2019 (1) 2018 Current: Federal $ (83,128 ) $ (147,896 ) State (22,517 ) (63,286 ) Total current expense (105,645 ) (211,182 ) Deferred: Federal 51,371 217,743 State 14,525 54,202 Total deferred benefit 65,896 271,945 Total income tax (expense) benefit $ (39,749 ) $ 60,763 Explanatory Note: (1) Represents the activity of UPH from January 1, 2019 to the IPO.
Schedule of effective tax rate before income taxes	The effective tax rate before income taxes varies from the current statutory US Federal income tax rate as follows: For the Years Ended 2019 2018 Tax expense at Federal statutory rates 21.0 % 21.0 % Flow-through entities 6.2 % (15.7 )% REIT non-taxable income (28.3 )% - State taxes (0.2 )% 1.1 % Valuation allowance (0.3 )% (11.3 )% Uncertain tax position ("FIN 48") (1.1 )% (0.6 )% Total US Federal income tax rate (2.7 )% (5.5 )%
Schedule of deferred tax assets (liabilities)	Significant components of the Predecessor's deferred tax assets (liabilities) are as follows: For the Year Ended December 31, Provision for income taxes 2018 Deferred tax assets: Net operating loss carryforward $ 1,299,997 Other assets 18,452 Accrued expenses 224,414 Total deferred tax assets 1,542,863 Valuation allowance (1,189,133 ) Deferred tax assets, net of valuation allowance $ 353,730 Deferred tax liabilities: Basis differential in carrying value of real estate assets $ (1,147,577 ) Total deferred tax liability (1,147,577 ) Deferred tax liability, net $ (793,847 )
Schedule of unrecognized tax benefits	A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: For the Years Ended 2019 2018 Gross unrecognized tax benefits, beginning of year $ 578,860 $ 569,162 Additions based on tax positions taken in the current year 51,418 108,665 Decreases based on positions taken in prior year (148,685 ) (98,967 ) Additions based on tax positions taken in prior periods 6,684 — Total $ 488,277 $ 578,860

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of future minimum rental payments	The following table represents the Company’s future rental payments related to the New Lease: Year Ending December 31, Amount 2020 $ 183,368 2021 188,869 2022 194,535 2023 200,371 2024 76,244 Total $ 843,387

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of weighted average shares basic and dilutive earnings per share	For the period of May 17, 2019 through December 31, 2019, there is no dilutions to earnings per share because there is a net loss. (1) For the Year Ended December 31, 2019 Numerator for earnings per share – basic and diluted: Net loss attributable to common stockholders $ (1,497,213 ) Less: Income attributable to participating securities (54,223 ) Numerator for earnings per share — basic and diluted $ (1,551,436 ) Denominator for earnings per share – basic and diluted 5,164,264 Basic and diluted earnings per share $ (0.30 ) Explanatory Note: (1) The combined statements of operations prior to May 16, 2019 represents the activity of the Predecessor and EPS was not applicable.

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of dividends declared	Declaration Date Record Date Date Paid Amount Per Share June 26, 2019 July 9, 2019 July 31, 2019 $ 0.0630 November 5, 2019 November 15, 2019 December 2, 2019 $ 0.1400

Organization and Description _2

Organization and Description of Business (Details Narrative)	12 Months Ended
	Dec. 31, 2019propertiesStatesSegments$ / sharesshares	May 16, 2019propertiesStates$ / shares	May 15, 2019$ / sharesshares
Business Description and Basis of Presentation [Line Item]
Common stock, shares authorized			600,000,000
Common stock, par value | $ / shares			$ 0.01
Percentage of interest in operating partnership	70.00%
Number of properties | properties	466
IPO [Member]
Business Description and Basis of Presentation [Line Item]
Common stock, shares authorized			500,000,000
Common stock, par value | $ / shares			$ 0.01
Preferred stock, shares authorized			100,000,000
Real estate investment trust, description	The Company elected to qualify as a real estate investment trust ("REIT") under the Code beginning with its short taxable year ending December 31, 2019. As a REIT, the Company generally will not be subject to federal income tax to the extent that it distributes at least 90% of its REIT taxable income, determined without regard to the deduction for the dividends paid and excluding net capital gains for each tax year to its stockholders. REITs are subject to a number of organizational and operational requirements.
Class A [Member]
Business Description and Basis of Presentation [Line Item]
Common stock, shares authorized	500,000,000
Common stock, par value | $ / shares	$ 0.01
Common stock, shares issued	5,285,904
Class A [Member] | Predecessor [Member]
Business Description and Basis of Presentation [Line Item]
Common stock, par value | $ / shares		$ 0.01
Class B [Member]
Business Description and Basis of Presentation [Line Item]
Common stock, shares authorized	27,206
Common stock, par value | $ / shares	$ 0.01
Common stock, shares issued	27,206
PRM [Member]
Business Description and Basis of Presentation [Line Item]
Number of properties managed | properties	403
LLCs, UPH and the limited partnership [Member]
Business Description and Basis of Presentation [Line Item]
Number of properties | properties		190
Number of States | States		33
USPS [Member]
Business Description and Basis of Presentation [Line Item]
Number of properties | properties	466
Number of States | States	44
Number of reportable segment | Segments	1
Postal Realty Trust, Inc. [Member]
Business Description and Basis of Presentation [Line Item]
Organization date	Nov. 19, 2018
NPM [Member]
Business Description and Basis of Presentation [Line Item]
Formation date	Nov. 17, 2004

The Company's IPO and Formati_3

The Company's IPO and Formation Transactions (Details) - USD ($)		5 Months Ended	7 Months Ended	12 Months Ended
		May 16, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Revenues
Rental income				$ 8,865,868
Tenant reimbursements				1,311,121
Fee and other income				1,112,367
Total revenues				11,289,356
Operating Expenses
Real estate taxes				1,366,892
Property operating expenses				1,207,486
General and administrative				4,846,392
Depreciation and amortization				3,800,059
Total operating expenses				11,220,829
Income (loss) from operations				68,527
Interest expense, net:
Contractual interest expense				(1,098,788)
Amortization of deferred financing fees				(242,763)
Loss on early extinguishment of Predecessor debt				(185,586)
Interest income				5,928
Total interest expense, net				(1,521,209)
Income (loss) before income tax expense				(1,452,682)
Income tax (expense) benefit				(39,749)
Net income (loss)			$ (1,960,181)	(1,492,431)
Net loss attributable to common stockholders	[1]			$ (1,497,213)
Predecessor [Member]
Revenues
Rental income		$ 2,249,355			$ 5,662,145
Tenant reimbursements		348,075			892,541
Fee and other income		427,959			1,130,449
Total revenues		3,025,389			7,685,135
Operating Expenses
Real estate taxes		358,693			919,783
Property operating expenses		357,779			948,775
General and administrative		501,204			1,410,344
Depreciation and amortization		725,756			1,832,237
Total operating expenses		1,943,432			5,111,139
Income (loss) from operations		1,081,957			2,573,996
Interest expense, net:
Contractual interest expense		(570,819)			(1,478,545)
Amortization of deferred financing fees		(4,773)			(12,556)
Loss on early extinguishment of Predecessor debt
Interest income		1,134			4,504
Total interest expense, net		(574,458)			(1,486,597)
Income (loss) before income tax expense		507,499			1,087,399
Income tax (expense) benefit		(39,749)			60,763
Net income (loss)		467,750			$ 1,148,162
Net income attributable to noncontrolling interest in properties		(4,336)
Net income attributable to Predecessor		$ 463,414
Postal Realty Trust, Inc.
Revenues
Rental income			6,616,513
Tenant reimbursements			963,046
Fee and other income			684,408
Total revenues			8,263,967
Operating Expenses
Real estate taxes			1,008,199
Property operating expenses			849,707
General and administrative			4,345,188
Depreciation and amortization			3,074,303
Total operating expenses			9,277,397
Income (loss) from operations			(1,013,430)
Interest expense, net:
Contractual interest expense			(527,969)
Amortization of deferred financing fees			(237,990)
Loss on early extinguishment of Predecessor debt			(185,586)
Interest income			4,794
Total interest expense, net			(946,751)
Income (loss) before income tax expense			(1,960,181)
Income tax (expense) benefit
Net income (loss)			(1,960,181)
Net income attributable to noncontrolling interest in properties
Net income attributable to Predecessor
Net loss attributable to Operating Partnership unitholders' noncontrolling interest			462,968
Net loss attributable to common stockholders			$ (1,497,213)
[1]	The combined statements of operations prior to May 16, 2019 represents the activity of the Predecessor and EPS was not applicable.

The Company's IPO and Formati_4

The Company's IPO and Formation Transactions (Details Narrative) - IPO [Member] - USD ($)	May 16, 2019	May 31, 2019
The Company's Initial Public Offering and Formation Transactions (Textual)
Sold IPO	4,500,000
Public offering price	$ 17
Gross proceeds from initial public offering	$ 76,500,000
Net proceeds of initial public offering	71,100,000	$ 71,100,000
Underwriting discounts	5,400,000
Repayment of outstanding indebtedness	$ 31,700,000
Formation transactions, description	The initial properties and other interests were contributed in exchange for 1,333,112 OP Units, 637,058 shares of Class A common stock, 27,206 shares of Voting Equivalency stock and $1.9 million of cash. In addition, the Operating Partnership purchased 81 post office properties (the "Acquisition Properties") in exchange for $26.9 million in cash, including approximately $1.0 million paid to Mr. Spodek, the Company's chief executive officer and a director for his non-controlling ownership in nine of the Acquisition Properties.
Other expenses	$ 6,400,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Predecessor [Member]	12 Months Ended
	Dec. 31, 2019
Buildings and improvements [Member]
Estimated useful lives, years	40 years
Equipment and fixtures [Member] | Minimum [Member]
Estimated useful lives, years	5 years
Equipment and fixtures [Member] | Maximum [Member]
Estimated useful lives, years	10 years
Tenant Improvements [Member]
Estimated useful lives, description	Shorter of useful life or applicable lease term
In-place lease value [Member]
Estimated useful lives, description	Remaining non-cancellable term of the in-place lease

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 1) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash	$ 12,475,537
Escrow and reserves:
Maintenance reserve	663,339
ESPP reserve	44,727
Cash and escrow and reserves	$ 13,183,603	$ 861,875
Predecessor [Member]
Cash		262,926
Escrow and reserves:
Maintenance reserve		598,949
ESPP reserve
Cash and escrow and reserves		$ 861,875	$ 694,418

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Summary of Significant Accounting Policies (Textual)
Mortgage loans payable	$ 3,200,000
Issue of common units of limited partnership	1,333,112
Long term incentive units	114,706
Potentially dilutive shares outstanding	2,277,466
Aggregated mortgages loans payable	$ 3,200,000
Concentration of credit risks, description	For the year ended December 31, 2019, our total rental revenues of $8.9 million were concentrated in the following states: Texas (10.5%), Pennsylvania (10.3%) and Massachusetts (9.7%).
Certain sellers [Member]
Summary of Significant Accounting Policies (Textual)
Issue of common units of limited partnership	824,350
Employee [Member]
Summary of Significant Accounting Policies (Textual)
Long term incentive units	5,298
Predecessor [Member]
Summary of Significant Accounting Policies (Textual)
Mortgage loans payable		$ 33,600,000
Aggregated mortgages loans payable		$ 35,000,000
Concentration of credit risks, description		For the year ended December 31, 2018, $5.7 million of our total rental revenues was concentrated in the following states: Texas (14.2%), Massachusetts (14.0%), Wisconsin (12.9%) and Pennsylvania (9.9%).

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details)		3 Months Ended							12 Months Ended
		Dec. 31, 2019USD ($)properties	[1]	Sep. 30, 2019USD ($)properties	Jun. 30, 2019USD ($)properties	[2]	Mar. 31, 2019USD ($)properties	[4]	Dec. 31, 2019USD ($)properties	Dec. 31, 2018USD ($)properties	[5]
Number of Properties | properties		177		18	81				277
Total purchase price	[3]	$ 46,377,093		$ 11,075,173	$ 27,304,055				$ 85,401,441
Predecessor [Member]
Number of Properties | properties							1			10
Total purchase price	[3]						$ 645,120			$ 2,785,580
Land [Member]
Total purchase price		8,320,008		2,619,719	6,789,589				17,908,518
Land [Member] | Predecessor [Member]
Total purchase price							179,202			1,615,182
Building and Improvements [Member]
Total purchase price		35,658,446		8,306,781	18,774,918				63,196,695
Building and Improvements [Member] | Predecessor [Member]
Total purchase price							456,550			1,201,090
Tenant Improvements [Member]
Total purchase price		447,929		190,343	259,640				916,078
Tenant Improvements [Member] | Predecessor [Member]
Total purchase price							18,166			69,497
In-place lease intangibles [Member]
Total purchase price		3,383,050		982,974	2,227,870				6,663,398
In-place lease intangibles [Member] | Predecessor [Member]
Total purchase price							69,504			340,366
Above-market leases [Member]
Total purchase price		14,680			6,338				21,018
Above-market leases [Member] | Predecessor [Member]
Total purchase price										19,603
Below Market Leases [Member]
Total purchase price		$ (1,447,020)		$ (1,024,644)	$ (754,300)				$ (3,304,266)
Below Market Leases [Member] | Predecessor [Member]
Total purchase price							$ (78,302)			$ (460,158)
[1]	Includes the acquisition of a 113-building portfolio leased to the USPS. The contract purchase price for the portfolio was $31.4 million, excluding closing costs, and included 824,350 OP Units to be issued to the sellers at a value of $17.00 per unit. The closing price of the Company's common stock on November 22, 2019 was $16.05; therefore, total consideration at closing, excluding closing costs was approximately $30.6 million of which $13.2 million represented the non-cash consideration (the value of the OP Units) issued to the sellers.
[2]	The Company acquired the Acquisition Properties in connection with the IPO.
[3]	Includes acquisition costs of $10,120 for the three months ended March 31, 2019, $0.4 million for the three months ended June 30, 2019, $0.1 million for the three months ended September 30, 2019 and $0.8 million for the three months ended December 31, 2019. For the year ended December 31, 2018, includes acquisition costs of $0.02 million.
[4]	The property was acquired by the Predecessor.
[5]	The properties were acquired by the Predecessor during the year ended December 31, 2018.

Real Estate Acquisitions (Det_2

Real Estate Acquisitions (Details Narrative) - USD ($)	3 Months Ended				12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Real Estate Acquisitions (Textual)
Acquisition costs	$ 800,000	$ 100,000	$ 400,000	$ 10,120		$ 20,000
Acquisition of portfolio leased, description					The contract purchase price for the portfolio was $31.4 million, excluding closing costs, and included 824,350 OP Units to be issued to the sellers at a value of $17.00 per unit. The closing price of the Company's common stock on November 22, 2019 was $16.05; therefore, total consideration at closing, excluding closing costs was approximately $30.6 million of which $13.2 million represented the non-cash consideration (the value of  the OP Units) issued to the sellers.

Intangible Assets and Liabili_3

Intangible Assets and Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
In-place lease intangibles [Member]
Gross Asset (Liability)	$ 13,788,024	$ 7,124,626
Accumulated (Amortization)/Accretion	(6,472,157)	(4,388,699)
Net Carrying Amount	7,315,867	2,735,927
Above-market leases [Member]
Gross Asset (Liability)	40,620	19,602
Accumulated (Amortization)/Accretion	(18,496)	(8,688)
Net Carrying Amount	22,124	10,914
Below-market leases [Member]
Gross Asset (Liability)	(8,672,301)	(5,368,035)
Accumulated (Amortization)/Accretion	2,071,182	1,525,540
Net Carrying Amount	$ (6,601,119)	$ (3,842,495)

Intangible Assets and Liabili_4

Intangible Assets and Liabilities (Details 1)	Dec. 31, 2019USD ($)
Total	$ 7,315,867
In-place lease intangibles [Member]
2020	3,164,685
2021	2,187,916
2022	974,207
2023	499,403
2024	211,968
Thereafter	277,688
Total	7,315,867
Above-market leases [Member]
2020	8,197
2021	5,270
2022	4,447
2023	3,139
2024	1,071
Thereafter
Total	22,124
Below-market leases [Member]
2020	(935,675)
2021	(780,505)
2022	(682,004)
2023	(604,571)
2024	(551,291)
Thereafter	(3,047,073)
Total	$ (6,601,119)

Intangible Assets and Liabili_5

Intangible Assets and Liabilities (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Intangible Assets and Liabilities (Textual)
Amortization of in-place lease intangibles	$ 2,100,000
Amortization of acquired above market leases	9,807
Amortization of acquired below market leases	$ 500,000
In-Place Lease Intangibles [Member]
Intangible Assets and Liabilities (Textual)
Weighted average amortization period	3 years 1 month 20 days
Above Market Leases [Member]
Intangible Assets and Liabilities (Textual)
Weighted average amortization period	3 years 5 months 16 days
Below Market Leases [Member]
Intangible Assets and Liabilities (Textual)
Weighted average amortization period	8 years 8 months 23 days
Predecessor [Member]
Intangible Assets and Liabilities (Textual)
Amortization of in-place lease intangibles		$ 800,000
Amortization of acquired above market leases		8,688
Amortization of acquired below market leases		$ 300,000

Debt (Details)

Debt (Details) - USD ($)		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Revolving Credit Facility		$ 54,000,000
Total Principal		57,246,062
Unamortized deferred financing costs		(35,058)
Total Debt		57,211,004
Predecessor [Member]
Revolving Credit Facility
Total Principal			35,019,149
Unamortized deferred financing costs			(226,730)
Total Debt			34,792,419
Revolving Credit Facility [Member]
Revolving Credit Facility	[1]	$ 54,000,000
Interest Rate	[1],[2]	1.76%
Interest Rate, description	[1],[2]	LIBOR
Maturity Date	[1]	Sep. 30, 2023
Revolving Credit Facility [Member] | Predecessor [Member]
Revolving Credit Facility	[1]
Vision Bank [Member]
Mortgage loans payable	[3]	$ 1,522,672
Interest Rate	[3]	4.00%
Maturity Date	[3]	Sep. 30, 2036
Vision Bank [Member] | Predecessor [Member]
Mortgage loans payable	[3]		$ 15,636,243
Interest Rate, description			On September 8, 2021 and every five years thereafter, the interest rate will reset at a variable annual rate of Wall Street Journal Prime Rate (“Prime”) + 0.5%.
First Oklahoma Bank [Member]
Mortgage loans payable	[4]	$ 378,005
Interest Rate	[4]	4.50%
Maturity Date	[4]	Dec. 31, 2037
First Oklahoma Bank [Member] | Predecessor [Member]
Mortgage loans payable	[4]		$ 389,599
Vision Bank - 2018 [Member]
Mortgage loans payable	[5]	$ 900,385
Interest Rate	[5]	5.00%
Maturity Date	[5]	Jan. 31, 2038
Vision Bank - 2018 [Member] | Predecessor [Member]
Mortgage loans payable	[5]		936,750
Seller Financing [Member]
Mortgage loans payable	[6]	$ 445,000
Interest Rate	[6]	6.00%
Maturity Date	[6]	Jan. 31, 2025
Seller Financing [Member] | Predecessor [Member]
Mortgage loans payable	[6]
Atlanta Postal Credit Union [Member]
Mortgage loans payable	[7]
Interest Rate	[7]
Atlanta Postal Credit Union [Member] | Predecessor [Member]
Mortgage loans payable	[7]		17,313,481
First Oklahoma Bank - 2018 [Member]
Mortgage loans payable	[8]
Interest Rate	[8]
First Oklahoma Bank - 2018 [Member] | Predecessor [Member]
Mortgage loans payable	[8]		$ 743,076
[1]	On September 27, 2019, the Company entered into a credit agreement (the "Credit Agreement") with People's United Bank, National Association, individually and as administrative agent, BMO Capital Markets Corp., as syndication agent, and certain other lenders. The Credit Agreement provides for our senior revolving Credit Facility with revolving commitments in an aggregate principal amount of $100.0 million, an accordion feature that permits the Company to borrow up to $200.0 million, subject to customary terms and conditions, and a maturity date of September 27, 2023. The interest rates applicable to loans under the Credit Facility are, at our option, equal to either a base rate plus a margin ranging from 0.7% to 1.4% per annum or LIBOR plus a margin ranging from 1.7% to 2.4% per annum, each based on a consolidated leverage ratio. In addition, the Company will pay, for the period through and including the calendar quarter ending March 31, 2020, an unused facility fee on the revolving commitments under the Credit Facility of 0.75% per annum for the first $100 million and 0.25% per annum for the portion of revolving commitments exceeding $100.0 million, and for the period thereafter, an unused facility fee of 0.25% per annum for the aggregate unused revolving commitments, with both periods utilizing calculations of daily unused commitments under the Credit Facility. During the year ended December 31, 2019, the Company incurred $0.1 million of unused fees related to the Credit Facility. The Company also incurred $ 1.5 million of lender and third-party fees, all of which were capitalized in "Prepaid expenses and other assets, net" on the Company's Consolidated Balance Sheets. During the year ended December 31, 2019, the Company wrote off $0.1 million of deferred financing costs. The Company's ability to borrow under the Credit Facility is subject to ongoing compliance with a number of customary affirmative and negative covenants. As of December 31, 2019, the Company was in compliance with all of the Credit Facility's debt covenants.
[2]	As of December 31, 2019, the one-month LIBOR rate was 1.76%.
[3]	As of December 31, 2018, the loan was collateralized by first mortgage liens on 26 properties and a personal guarantee of payment by Mr. Spodek. In connection with the IPO, the company repaid approximately $13.8 million of outstanding indebtedness and five properties remain collateralized under this loan as of December 31, 2019 with Mr. Spodek as the guarantor. On September 8, 2021 and every five years thereafter, the interest rate will reset at a variable annual rate of Wall Street Journal Prime Rate ("Prime") + 0.5%.
[4]	The loan is collateralized by first mortgage liens on four properties and a personal guarantee of payment by Mr. Spodek. Interest rate resets on December 31, 2022 to Prime + 0.25%.
[5]	The loan is collateralized by first mortgage liens on one property and a personal guarantee of payment by Mr. Spodek. Interest rate resets on January 31, 2023 to Prime + 0.5%.
[6]	In connection with the acquisition of a property, the Company obtained seller financing secured by the property in the amount $0.4 million requiring five annual payments of principal and interest of $0.1 million with the first installment payable on January 2, 2021 based on a 6.0% interest rate per annum through January 2, 2025.
[7]	In connection with the IPO, the company repaid approximately $17.1 million of outstanding indebtedness.
[8]	In connection with the IPO, the company repaid approximately $0.7 million of outstanding indebtedness.

Debt (Details 1)

Debt (Details 1)	Dec. 31, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 109,157
2021	191,863
2022	197,790
2023	54,207,008
2024	218,132
Thereafter	2,322,112
Total	$ 57,246,062

Debt (Details Narrative)

Debt (Details Narrative)		Sep. 27, 2019USD ($)	May 16, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)properties
Mortgage Loans Payable (Textual)
Debt, description				The loan is collateralized by first mortgage liens on one property and a personal guarantee of payment by Mr. Spodek. Interest rate resets on January 31, 2023 to Prime + 0.5%.
Outstanding indebtedness				$ 700,000
Cash paid for interest				$ 1,100,000
Vision Bank [Member]
Mortgage Loans Payable (Textual)
Credit facility , maturity	[1]			Sep. 30, 2036
Predecessor [Member]
Mortgage Loans Payable (Textual)
Debt repayment					$ 31,800,000
Number of properties | properties					26
Cash paid for interest					$ 1,500,000
Predecessor [Member] | Vision Bank [Member]
Mortgage Loans Payable (Textual)
Interest rate, description					On September 8, 2021 and every five years thereafter, the interest rate will reset at a variable annual rate of Wall Street Journal Prime Rate (“Prime”) + 0.5%.
IPO [Member]
Mortgage Loans Payable (Textual)
Debt repayment			$ 31,700,000
Outstanding indebtedness				$ 17,100,000
Revolving Credit Facility [Member]
Mortgage Loans Payable (Textual)
Revolving credit facility		$ 100,000,000
Maximum borrowing facility		$ 200,000,000
Credit facility , maturity		Sep. 27, 2023
Interest rate, description		The interest rates applicable to loans under the Credit Facility are, at our option, equal to either a base rate plus a margin ranging from 0.7% to 1.4% per annum or LIBOR plus a margin ranging from 1.7% to 2.4% per annum, each based on a consolidated leverage ratio. In addition, the Company will pay, for the period through and including the calendar quarter ending March 31, 2020, an unused facility fee on the revolving commitments under the Credit Facility of 0.75% per annum for the first $100 million and 0.25% per annum for the portion of revolving commitments exceeding $100.0 million, and for the period thereafter, an unused facility fee of 0.25% per annum for the aggregate unused revolving commitments, with both periods utilizing calculations of daily unused commitments under the Credit Facility. During the year ended December 31, 2019, the Company incurred $0.1 million of unused fees related to the Credit Facility. The Company also incurred $ 1.5 million of lender and third-party fees, all of which were capitalized in "Prepaid expenses and other assets, net" on the Company's Consolidated Balance Sheets. During the year ended December 31, 2019, the Company wrote off $0.1 million of deferred financing costs. The Company's ability to borrow under the Credit Facility is subject to ongoing compliance with a number of customary affirmative and negative covenants. As of December 31, 2019, the Company was not in compliance with the Credit Facility's maximum dividend payout ratio covenant, which resulted in a non-monetary default. Subsequent to December 31, 2019, the Company received a waiver for such covenant as of December 31, 2019 and for the three months ended March 31, 2020.
Percentage of interest rate				1.76%
Debt, description				The loan is collateralized by first mortgage liens on four properties and a personal guarantee of payment by Mr. Spodek. Interest rate resets on December 31, 2022 to Prime + 0.25%.
Write-off deferred financing costs				$ 200,000
Debt repayment				$ 31,700,000
Payment frequency, description				The Company obtained seller financing secured by the property in the amount $0.4 million requiring five annual payments of principal and interest of $0.1 million with the first installment payable on January 2, 2021 based on a 6.0% interest rate per annum through January 2, 2025.
[1]	As of December 31, 2018, the loan was collateralized by first mortgage liens on 26 properties and a personal guarantee of payment by Mr. Spodek. In connection with the IPO, the company repaid approximately $13.8 million of outstanding indebtedness and five properties remain collateralized under this loan as of December 31, 2019 with Mr. Spodek as the guarantor. On September 8, 2021 and every five years thereafter, the interest rate will reset at a variable annual rate of Wall Street Journal Prime Rate ("Prime") + 0.5%.

Loans Payable - Related Party (

Loans Payable - Related Party (Details) - Predecessor [Member] - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018
Loans Payable - Related Party (Abstract)
Interest expense		$ 33,671
Loan Modification Agreement [Member]
Loans Payable - Related Party (Abstract)
Promissory notes	$ 3,500,000
Interest rate	1.90%
Promissory notes maturity start date	Aug. 1, 2036
Promissory notes maturity end date	Jul. 1, 2041

Rentals Under Operating Lease_2

Rentals Under Operating Leases (Details)	Dec. 31, 2019USD ($)
Leases, Operating [Abstract]
2020	$ 11,855,034
2021	10,172,259
2022	6,528,706
2023	4,437,662
2024	2,699,975
Thereafter	3,888,553
Total	$ 39,582,189	[1]
[1]	The above minimum lease payments to be received do not include reimbursements from the USPS for real estate taxes.

Rentals Under Operating Lease_3

Rentals Under Operating Leases (Details Narrative)	12 Months Ended
	Dec. 31, 2019
Leases, Operating [Textual]
Lease expiration, description	The leases expire at various dates through November 30, 2029.

Income Tax (Details)

Income Tax (Details) - USD ($)		5 Months Ended	12 Months Ended
		May 16, 2019	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	[1]		$ (83,128)
State			(22,517)
Total current expense	[1]		(105,645)
Deferred:
Federal	[1]		51,371
State	[1]		14,525
Total deferred benefit	[1]		65,896
Total income tax (expense) benefit			$ (39,749)
Predecessor [Member]
Current:
Federal				$ (147,896)
State				(63,286)
Total current expense				(211,182)
Deferred:
Federal				217,743
State				54,202
Total deferred benefit				271,945
Total income tax (expense) benefit		$ (39,749)		$ 60,763
[1]	Represents the activity of UPH from January 1, 2019 to the IPO.

Income Tax (Effective Tax Rate)

Income Tax (Effective Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Tax expense at Federal statutory rates	21.00%
Flow-through entities	6.20%
REIT non-taxable income	(28.30%)
State taxes	(0.20%)
Valuation allowance	(0.30%)
Uncertain tax position (“FIN 48”)	(1.10%)
Total US Federal income tax rate	(2.70%)
Predecessor [Member]
Tax expense at Federal statutory rates		21.00%
Flow-through entities		(15.70%)
REIT non-taxable income
State taxes		1.10%
Valuation allowance		(11.30%)
Uncertain tax position (“FIN 48”)		(0.60%)
Total US Federal income tax rate		(5.50%)

Income Tax (Deferred Tax Assets

Income Tax (Deferred Tax Assets (liabilities) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred tax liabilities
Deferred tax liability, net
Predecessor [Member]
Deferred tax assets
Net operating loss carryforward		$ 1,299,997
Other assets		18,452
Accrued expenses		224,414
Total deferred tax assets		1,542,863
Valuation allowance		(1,189,133)
Deferred tax assets, net of valuation allowance		353,730
Deferred tax liabilities
Basis differential in carrying value of real estate assets		(1,147,577)
Total deferred tax liability		(1,147,577)
Deferred tax liability, net		$ (793,847)

Income Tax (Unrecognized Tax Be

Income Tax (Unrecognized Tax Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Gross unrecognized tax benefits, beginning of year	$ 578,860
Additions based on tax positions taken in the current year	51,418
Decreases based on positions taken in prior year	(148,685)
Additions based on tax positions taken in prior periods	6,684
Total	488,277	$ 578,860
Predecessor [Member]
Gross unrecognized tax benefits, beginning of year	$ 578,860	569,162
Additions based on tax positions taken in the current year		108,665
Decreases based on positions taken in prior year		(98,967)
Additions based on tax positions taken in prior periods
Total		$ 578,860

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	3 Months Ended	5 Months Ended	12 Months Ended
	Sep. 30, 2019	May 16, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Taxes (Textual)
Unrecognized tax benefits	$ (191,391)
Estimates unrecognized tax benefits may decrease			$ 95,000
Accrued interest			62,676
Cash paid for taxes			20,000
Income tax benefit			39,749
Predecessor [Member]
Income Taxes (Textual)
Cash paid for taxes				$ 20,000
Income tax benefit		$ 39,749		$ (60,763)
UPH [Member]
Income Taxes (Textual)
Unrecognized tax benefits			488,277
Deferred tax liability		$ 727,952
PRM [Member]
Income Taxes (Textual)
Income tax benefit			$ 0

Related Party Transactions (Det

Related Party Transactions (Details)	Dec. 31, 2019USD ($)
Related Party Transactions [Abstract]
2020	$ 183,368
2021	188,869
2022	194,535
2023	200,371
2024	76,244
Total	$ 843,387

Related Party Transactions (D_2

Related Party Transactions (Details Narrative) - USD ($)	5 Months Ended	12 Months Ended
	May 16, 2019	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions (Line Items)
Accrued management fees receivable		$ 8,000
Postal Realty Management [Member]
Related Party Transactions (Line Items)
Management fee income		600,000
Office Lease 2 [Member]
Related Party Transactions (Line Items)
Outstanding and payable		$ 3,096
Lease agreement entered date		May 17, 2019
Monthly rent amount		$ 15,000
Rental expenses		$ 100,000
Lease term		5 years
Lease expire date		May 16, 2024
Predecessor [Member]
Related Party Transactions (Line Items)
Management fee income	$ 400,000
Accrued management fees receivable			$ 140
Income earned after the IPO			$ 1,000,000
Predecessor [Member] | Office Lease 1 [Member]
Related Party Transactions (Line Items)
Lease agreement entered date			Oct. 1, 2018
Monthly rent amount			$ 15,000
Lease term			5 years
Lease expire date			Sep. 30, 2023

Earnings Per Share (Details)

Earnings Per Share (Details)	12 Months Ended
	Dec. 31, 2019USD ($)$ / sharesshares	[1]
Numerator for earnings per share - basic and diluted:
Net loss attributable to common stockholders	$ (1,497,213)
Less: Income attributable to participating securities	(54,223)
Numerator for earnings per share - basic and diluted	$ (1,497,213)
Denominator for earnings per share - basic and diluted | shares	5,164,264
Basic and diluted earnings per share | $ / shares	$ (0.30)
[1]	The combined statements of operations prior to May 16, 2019 represents the activity of the Predecessor and EPS was not applicable.

Stockholder's Equity (Details)

Stockholder's Equity (Details) - $ / shares	7 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Amount Per Share	$ 0.203
June 26, 2019 [Member]
Declaration Date		Jun. 26, 2019
Record Date		Jul. 9, 2019
Date Paid		Jul. 31, 2019
Amount Per Share		$ 0.0630
November 5, 2019 [Member]
Declaration Date		Nov. 5, 2019
Record Date		Nov. 15, 2019
Date Paid		Dec. 2, 2019
Amount Per Share		$ 0.1400

Stockholder's Equity (Details N

Stockholder's Equity (Details Narrative) - USD ($)	Jan. 03, 2020	May 16, 2019	Mar. 31, 2020	Feb. 29, 2020	May 31, 2019	Dec. 31, 2019	Jan. 30, 2020	Jan. 10, 2020
Class of Stock [Line Items]
Operating partnership units issued						1,333,112
Total recognized compensation expense						$ 1,000,000
Subsequent Event [Member]
Class of Stock [Line Items]
Operating partnership units issued								483,333
Amount Per Share							$ 0.17
Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Long term incentive plan percentage						15.00%
Total recognized compensation expense						$ 20,000
Total shares of common stock will be reserved for sale and authorized for issuance						100,000
Employee Stock Purchase Plan [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Stockholder's Equity shares issued	3,538
Class A [Member]
Class of Stock [Line Items]
Amount Per Share						$ 0.203
Dividends paid						$ 1,400,000
IPO [Member]
Class of Stock [Line Items]
Stockholder's Equity shares issued					4,500,000
Stockholder's Equity net proceeds		$ 71,100,000			$ 71,100,000
Stockholder underwriting discount					$ 5,400,000
Other shares					100,000
Common stock voting rights					Each outstanding share of Voting Equivalency stock entitles its holder to 50 votes on all matters on which Class A common stockholders are entitled to vote, including the election of directors, and holders of shares of Class A common stock and Voting Equivalency stock will vote together as a single class. Shares of Voting Equivalency stock are convertible into shares of Class A common stock, on a one-for-one basis, at the election of the holder at any time. Additionally, one share of Voting Equivalency stock will automatically convert into one share of Class A common stock for each 49 OP Units transferred (including by the exercise of redemption rights afforded with respect to OP Units) to a person other than a permitted transferee. This ratio is a function of the fact that each share of Voting Equivalency stock entitles its holder to 50 votes on all matters on which Class A common stockholders are entitled to vote and maintains the voting proportion of holders of Voting Equivalency stock with the holder's economic interest in our Company.
Other expenses					$ 6,400,000
IPO [Member] | Class A [Member]
Class of Stock [Line Items]
Stockholder's Equity shares issued						637,058
IPO [Member] | Class B [Member]
Class of Stock [Line Items]
Stockholder's Equity shares issued						27,206
Restricted Stock and Other Awards [Member]
Class of Stock [Line Items]
Weighted average grant date fair value						$ 16.96
Shares issued under the Equity Incentive Plan						541,584
Total unrecognized compensation cost related to unvested awards						$ 3,600,000
Expected to be recognized over a weighted average period						3 years 4 days
Restricted Stock and Other Awards [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
LTIP Units			13,708
Restricted shares			12,076
Granted to issue restricted shares			38,672
Restricted shares and LTIP Issued			The Company issued an aggregate of 13,708 LTIP Units, 12,076 restricted shares of Class A common stock and 38,672 RSUs to certain officers of the Company. The LTIP Units and restricted shares of Class A common stock will vest in three equal, annual installments over the approximately three year period ending December 31, 2022, subject to continued employment with the Company and the RSUs are subject to the achievement of performance-based vesting conditions and continued employment with the Company. The RSUs are market-based awards and are subject to the achievement of performance-based hurdles relating to the Company's absolute total stockholder return and continued employment with the Company over the approximately three year period from the grant date through December 31, 2022. Such RSU recipients may earn up to 100% of the RSUs that were issued. Upon vesting pursuant to the terms of the RSUs, the RSUs that vest will be settled in shares of Class A common stock and the recipients will be entitled to receive the distributions that would have been paid with respect to a share of Class A common stock (for each share that vests) on or after the date the RSUs were initially granted.
Non employee directors [Member] | Class A [Member]
Class of Stock [Line Items]
Restricted shares						17,647
CEO [Member]
Class of Stock [Line Items]
LTIP Units						41,177
CEO [Member] | Restricted Stock and Other Awards [Member]
Class of Stock [Line Items]
LTIP Units						73,529
CEO [Member] | Restricted Stock and Other Awards [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Restricted shares and LTIP Issued				The Company issued 53,230 LTIP Units to the Company's CEO for his 2019 incentive bonus and 57,367 restricted shares of Class A common stock to the Company's president for his 2019 incentive bonus and his election to defer of a portion of his 2020 annual salary. In addition, in February 2020, in connection with the Equity Incentive Plan, the Company issued 11,184 restricted shares of Class A common stock for annual grants, 23,424 restricted stock units (each, an "RSU," and collectively, "RSUs")  and 23,424 restricted shares of Class A common stock to other employees for 2019 incentive bonus and elections by certain employees to defer 2020 annual salary. RSUs reflect the right to receive shares of Class A common stock. RSUs issued for 2019 incentive bonuses will vest fully on the date of grant. RSUs issued in lieu of deferrals of 2020 annual salary cliff vest on December 31, 2020.
President [Member] | Class A [Member]
Class of Stock [Line Items]
Restricted shares						58,824
Other Employees [Member] | Class A [Member]
Class of Stock [Line Items]
Restricted shares						33,824
Other Employees [Member] | Restricted Stock and Other Awards [Member]
Class of Stock [Line Items]
LTIP Units						5,298
Restricted shares						317
Other Employees [Member] | Restricted Stock and Other Awards [Member] | Class A [Member]
Class of Stock [Line Items]
Restricted shares						38,235
Non-controlling Interest [Member]
Class of Stock [Line Items]
Operating Partnership units interest						2,157,462
Operating partnership units issued						824,350
LTIP Units						120,004
Outstanding partnership percentage						30.00%
Non-controlling Interest [Member] | Employee [Member]
Class of Stock [Line Items]
LTIP Units						5,298

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	1 Months Ended
	Jan. 30, 2020USD ($)$ / shares	Mar. 25, 2020USD ($)properties	Feb. 27, 2020USD ($)	Jan. 29, 2020USD ($)properties	Jan. 27, 2020USD ($)	Jan. 10, 2020USD ($)properties$ / sharesshares	Dec. 31, 2019shares
Subsequent Event [Line Items]
Number of OP units issued to seller | shares							1,333,112
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of properties acquired or to be acquired | properties		17		42		21
Asset acquisition		$ 11,500,000		$ 8,700,000		$ 13,500,000
Number of OP units issued to seller | shares						483,333
Acquisition share price | $ / shares						$ 17
Share price OP units issued | $ / shares						$ 16.39
Credit facility maximum borrowing capacity	$ 150,000,000
Credit facility current borrowing capacity	100,000,000
Line of credit additional barrowings	$ 50,000,000
Borrowed an additional			$ 3,000,000		$ 11,000,000
Common stock dividend per share | $ / shares	$ 0.17
Common stock dividend paid	Feb. 28, 2020
Common stock dividend record	Feb. 14, 2020

SCHEDULE III - Real Estate an_2

SCHEDULE III - Real Estate and Accumulated Depreciation (Details)		12 Months Ended
		Dec. 31, 2019USD ($)properties		Dec. 31, 2018USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		466
Encumbrances		$ 57,246,062
Initial Cost to Company, Land		25,147,732
Initial Cost to Company, Buildings & Improvements		95,204,327
Costs Capitalized Subsequent to Acquisition		255,644
Gross Amount Carried at Close of Period, Land	[1]	25,147,732
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	95,435,930
Gross Amount Carried at Close of Period, Total		120,583,662	[1]	$ 38,435,504
Accumulated Depreciation		$ 8,813,579		$ 7,121,532
Alaska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		1
Encumbrances
Initial Cost to Company, Land		15,133
Initial Cost to Company, Buildings & Improvements		50,688
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	15,133
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	50,688
Gross Amount Carried at Close of Period, Total	[1]	65,821
Accumulated Depreciation		$ 2,663
Date Acquired (Year)		2018
Depreciable Life (Yrs)	[2]	40 years
Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		5
Encumbrances
Initial Cost to Company, Land		153,642
Initial Cost to Company, Buildings & Improvements		793,281
Costs Capitalized Subsequent to Acquisition		13,250
Gross Amount Carried at Close of Period, Land	[1]	153,642
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	806,531
Gross Amount Carried at Close of Period, Total	[1]	960,173
Accumulated Depreciation		$ 60,295
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Arkansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		14
Encumbrances
Initial Cost to Company, Land		1,093,855
Initial Cost to Company, Buildings & Improvements		3,509,451
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	1,093,855
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	3,509,451
Gross Amount Carried at Close of Period, Total	[1]	4,603,306
Accumulated Depreciation		$ 346,388
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		5
Encumbrances
Initial Cost to Company, Land		2,754,136
Initial Cost to Company, Buildings & Improvements		3,785,709
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	2,754,136
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	3,785,709
Gross Amount Carried at Close of Period, Total	[1]	6,539,845
Accumulated Depreciation		$ 27,920
Date Acquired (Year)		2019
Depreciable Life (Yrs)	[2]	40 years
Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		2
Encumbrances
Initial Cost to Company, Land		369,867
Initial Cost to Company, Buildings & Improvements		805,659
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	369,867
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	805,659
Gross Amount Carried at Close of Period, Total	[1]	1,175,526
Accumulated Depreciation		$ 15,011
Date Acquired (Year)		2019
Depreciable Life (Yrs)	[2]	40 years
Connecticut
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		2
Encumbrances
Initial Cost to Company, Land		310,748
Initial Cost to Company, Buildings & Improvements		1,648,461
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	310,748
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	1,648,461
Gross Amount Carried at Close of Period, Total	[1]	1,959,209
Accumulated Depreciation		$ 72,162
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		5
Encumbrances
Initial Cost to Company, Land		992,024
Initial Cost to Company, Buildings & Improvements		1,544,031
Costs Capitalized Subsequent to Acquisition		11,835
Gross Amount Carried at Close of Period, Land	[1]	992,024
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	1,551,494
Gross Amount Carried at Close of Period, Total	[1]	2,543,518
Accumulated Depreciation		$ 33,912
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		18
Encumbrances
Initial Cost to Company, Land		479,566
Initial Cost to Company, Buildings & Improvements		2,776,985
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	479,566
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	2,776,985
Gross Amount Carried at Close of Period, Total	[1]	3,256,551
Accumulated Depreciation		$ 81,895
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		12
Encumbrances
Initial Cost to Company, Land		297,025
Initial Cost to Company, Buildings & Improvements		2,268,470
Costs Capitalized Subsequent to Acquisition		16,302
Gross Amount Carried at Close of Period, Land	[1]	297,025
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	2,284,772
Gross Amount Carried at Close of Period, Total	[1]	2,581,797
Accumulated Depreciation		$ 49,664
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Idaho
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		9
Encumbrances
Initial Cost to Company, Land		60,886
Initial Cost to Company, Buildings & Improvements		749,215
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	60,886
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	749,215
Gross Amount Carried at Close of Period, Total	[1]	810,101
Accumulated Depreciation		$ 187,698
Date Acquired (Year)		2013
Depreciable Life (Yrs)	[2]	40 years
Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		30
Encumbrances
Initial Cost to Company, Land		706,442
Initial Cost to Company, Buildings & Improvements		3,695,874
Costs Capitalized Subsequent to Acquisition		20,200
Gross Amount Carried at Close of Period, Land	[1]	706,442
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	3,716,074
Gross Amount Carried at Close of Period, Total	[1]	4,422,516
Accumulated Depreciation		$ 65,080
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		9
Encumbrances
Initial Cost to Company, Land		480,163
Initial Cost to Company, Buildings & Improvements		2,564,569
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	480,163
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	2,564,569
Gross Amount Carried at Close of Period, Total	[1]	3,044,732
Accumulated Depreciation		$ 48,787
Date Acquired (Year)		2019
Depreciable Life (Yrs)	[2]	40 years
Kansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		6
Encumbrances
Initial Cost to Company, Land		212,212
Initial Cost to Company, Buildings & Improvements		1,358,761
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	212,212
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	1,358,761
Gross Amount Carried at Close of Period, Total	[1]	1,570,973
Accumulated Depreciation		$ 12,430
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		5
Encumbrances
Initial Cost to Company, Land		161,553
Initial Cost to Company, Buildings & Improvements		1,322,286
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	161,553
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	1,322,286
Gross Amount Carried at Close of Period, Total	[1]	1,483,839
Accumulated Depreciation		$ 78,683
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		19
Encumbrances
Initial Cost to Company, Land		1,086,895
Initial Cost to Company, Buildings & Improvements		3,325,483
Costs Capitalized Subsequent to Acquisition		18,167
Gross Amount Carried at Close of Period, Land	[1]	1,086,895
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	3,343,650
Gross Amount Carried at Close of Period, Total	[1]	4,430,545
Accumulated Depreciation		$ 328,714
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		10
Encumbrances
Initial Cost to Company, Land		1,799,604
Initial Cost to Company, Buildings & Improvements		4,776,143
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	1,799,604
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	4,776,143
Gross Amount Carried at Close of Period, Total	[1]	6,575,747
Accumulated Depreciation		$ 1,387,502
Date Acquired (Year)		2007-2019
Depreciable Life (Yrs)	[2]	40 years
Maryland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		2
Encumbrances
Initial Cost to Company, Land		191,099
Initial Cost to Company, Buildings & Improvements		431,082
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	191,099
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	431,082
Gross Amount Carried at Close of Period, Total	[1]	622,181
Accumulated Depreciation		$ 35,453
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Maine
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		3
Encumbrances
Initial Cost to Company, Land		187,134
Initial Cost to Company, Buildings & Improvements		1,084,622
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	187,134
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	1,084,622
Gross Amount Carried at Close of Period, Total	[1]	1,271,756
Accumulated Depreciation		$ 55,575
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Michigan
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		17
Encumbrances
Initial Cost to Company, Land		1,291,882
Initial Cost to Company, Buildings & Improvements		2,256,886
Costs Capitalized Subsequent to Acquisition		15,141
Gross Amount Carried at Close of Period, Land	[1]	1,291,882
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	2,272,027
Gross Amount Carried at Close of Period, Total	[1]	3,563,909
Accumulated Depreciation		$ 333,894
Date Acquired (Year)		2011-2019
Depreciable Life (Yrs)	[2]	40 years
Minnesota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		12
Encumbrances		$ 378,005
Initial Cost to Company, Land		72,474
Initial Cost to Company, Buildings & Improvements		1,009,586
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	72,474
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	1,009,586
Gross Amount Carried at Close of Period, Total	[1]	1,082,060
Accumulated Depreciation		$ 141,426
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		24
Encumbrances
Initial Cost to Company, Land		638,684
Initial Cost to Company, Buildings & Improvements		2,632,427
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	638,684
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	2,632,427
Gross Amount Carried at Close of Period, Total	[1]	3,271,111
Accumulated Depreciation		$ 92,574
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Mississippi
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		7
Encumbrances
Initial Cost to Company, Land		531,795
Initial Cost to Company, Buildings & Improvements		1,661,161
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	531,795
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	1,661,161
Gross Amount Carried at Close of Period, Total	[1]	2,192,956
Accumulated Depreciation		$ 154,730
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Montana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		6
Encumbrances
Initial Cost to Company, Land		57,796
Initial Cost to Company, Buildings & Improvements		669,974
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	57,796
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	669,974
Gross Amount Carried at Close of Period, Total	[1]	727,770
Accumulated Depreciation		$ 64,694
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		23
Encumbrances
Initial Cost to Company, Land		963,349
Initial Cost to Company, Buildings & Improvements		5,843,610
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	963,349
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	5,843,610
Gross Amount Carried at Close of Period, Total	[1]	6,806,959
Accumulated Depreciation		$ 65,572
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
North Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		12
Encumbrances
Initial Cost to Company, Land		161,529
Initial Cost to Company, Buildings & Improvements		1,413,490
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	161,529
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	1,413,490
Gross Amount Carried at Close of Period, Total	[1]	1,575,019
Accumulated Depreciation		$ 60,301
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Nebraska
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		9
Encumbrances
Initial Cost to Company, Land		45,106
Initial Cost to Company, Buildings & Improvements		850,530
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	45,106
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	850,530
Gross Amount Carried at Close of Period, Total	[1]	895,636
Accumulated Depreciation		$ 19,901
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
New Hampshire
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		3
Encumbrances
Initial Cost to Company, Land		192,303
Initial Cost to Company, Buildings & Improvements		529,929
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	192,303
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	529,929
Gross Amount Carried at Close of Period, Total	[1]	722,232
Accumulated Depreciation		$ 5,279
Date Acquired (Year)		2019
Depreciable Life (Yrs)	[2]	40 years
New Jersey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		2
Encumbrances
Initial Cost to Company, Land		76,592
Initial Cost to Company, Buildings & Improvements		499,301
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	76,592
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	499,301
Gross Amount Carried at Close of Period, Total	[1]	575,893
Accumulated Depreciation		$ 1,562
Date Acquired (Year)		2019
Depreciable Life (Yrs)	[2]	40 years
New Mexico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		3
Encumbrances
Initial Cost to Company, Land		321,585
Initial Cost to Company, Buildings & Improvements		535,517
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	321,585
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	535,517
Gross Amount Carried at Close of Period, Total	[1]	857,102
Accumulated Depreciation		$ 5,373
Date Acquired (Year)		2019
Depreciable Life (Yrs)	[2]	40 years
Nevada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		2
Encumbrances
Initial Cost to Company, Land		19,603
Initial Cost to Company, Buildings & Improvements		314,931
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	19,603
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	314,931
Gross Amount Carried at Close of Period, Total	[1]	334,534
Accumulated Depreciation		$ 28,477
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		9
Encumbrances
Initial Cost to Company, Land		594,257
Initial Cost to Company, Buildings & Improvements		2,007,450
Costs Capitalized Subsequent to Acquisition		16,275
Gross Amount Carried at Close of Period, Land	[1]	594,257
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	2,023,725
Gross Amount Carried at Close of Period, Total	[1]	2,617,982
Accumulated Depreciation		$ 29,572
Date Acquired (Year)		2019
Depreciable Life (Yrs)	[2]	40 years
Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		10
Encumbrances		$ 900,385
Initial Cost to Company, Land		1,562,339
Initial Cost to Company, Buildings & Improvements		4,280,827
Costs Capitalized Subsequent to Acquisition		45,625
Gross Amount Carried at Close of Period, Land	[1]	1,562,339
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	4,326,452
Gross Amount Carried at Close of Period, Total	[1]	5,888,791
Accumulated Depreciation		$ 306,552
Date Acquired (Year)		2006-2019
Depreciable Life (Yrs)	[2]	40 years
Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		26
Encumbrances
Initial Cost to Company, Land		791,332
Initial Cost to Company, Buildings & Improvements		3,964,988
Costs Capitalized Subsequent to Acquisition		27,208
Gross Amount Carried at Close of Period, Land	[1]	791,332
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	3,977,630
Gross Amount Carried at Close of Period, Total	[1]	4,768,962
Accumulated Depreciation		$ 621,826
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		51
Encumbrances		$ 1,522,672
Initial Cost to Company, Land		1,909,472
Initial Cost to Company, Buildings & Improvements		8,232,551
Costs Capitalized Subsequent to Acquisition		11,541
Gross Amount Carried at Close of Period, Land	[1]	1,909,472
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	8,244,092
Gross Amount Carried at Close of Period, Total	[1]	10,153,564
Accumulated Depreciation		$ 988,240
Date Acquired (Year)		2005-2019
Depreciable Life (Yrs)	[2]	40 years
South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		4
Encumbrances		$ 445,000
Initial Cost to Company, Land		142,779
Initial Cost to Company, Buildings & Improvements		1,043,725
Costs Capitalized Subsequent to Acquisition		13,200
Gross Amount Carried at Close of Period, Land	[1]	142,779
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	1,051,822
Gross Amount Carried at Close of Period, Total	[1]	1,194,601
Accumulated Depreciation		$ 11,940
Date Acquired (Year)		2019
Depreciable Life (Yrs)	[2]	40 years
South Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		7
Encumbrances
Initial Cost to Company, Land		37,595
Initial Cost to Company, Buildings & Improvements		480,613
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	37,595
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	480,613
Gross Amount Carried at Close of Period, Total	[1]	518,208
Accumulated Depreciation		$ 78,895
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		12
Encumbrances
Initial Cost to Company, Land		1,097,418
Initial Cost to Company, Buildings & Improvements		3,481,889
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	1,097,418
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	3,481,889
Gross Amount Carried at Close of Period, Total	[1]	4,579,307
Accumulated Depreciation		$ 279,925
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		33
Encumbrances
Initial Cost to Company, Land		1,358,639
Initial Cost to Company, Buildings & Improvements		7,902,666
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	1,358,639
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	7,902,666
Gross Amount Carried at Close of Period, Total	[1]	9,261,305
Accumulated Depreciation		$ 1,646,499
Date Acquired (Year)		2005-2019
Depreciable Life (Yrs)	[2]	40 years
Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		4
Encumbrances
Initial Cost to Company, Land		475,590
Initial Cost to Company, Buildings & Improvements		1,619,746
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	475,590
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	1,619,746
Gross Amount Carried at Close of Period, Total	[1]	2,095,336
Accumulated Depreciation		$ 18,745
Date Acquired (Year)		2019
Depreciable Life (Yrs)	[2]	40 years
Vermont
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		8
Encumbrances
Initial Cost to Company, Land		451,873
Initial Cost to Company, Buildings & Improvements		1,194,169
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	451,873
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	1,194,169
Gross Amount Carried at Close of Period, Total	[1]	1,646,042
Accumulated Depreciation		$ 21,376
Date Acquired (Year)		2019
Depreciable Life (Yrs)	[2]	40 years
Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		3
Encumbrances
Initial Cost to Company, Land		119,365
Initial Cost to Company, Buildings & Improvements		661,901
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	119,365
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	661,901
Gross Amount Carried at Close of Period, Total	[1]	781,266
Accumulated Depreciation		$ 42,022
Date Acquired (Year)		2013-2019
Depreciable Life (Yrs)	[2]	40 years
Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		15
Encumbrances
Initial Cost to Company, Land		798,707
Initial Cost to Company, Buildings & Improvements		4,745,895
Costs Capitalized Subsequent to Acquisition		46,900
Gross Amount Carried at Close of Period, Land	[1]	798,707
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	4,792,795
Gross Amount Carried at Close of Period, Total	[1]	5,591,502
Accumulated Depreciation		$ 857,552
Date Acquired (Year)		2005-2019
Depreciable Life (Yrs)	[2]	40 years
West Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		5
Encumbrances
Initial Cost to Company, Land		62,901
Initial Cost to Company, Buildings & Improvements		720,222
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	62,901
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	720,222
Gross Amount Carried at Close of Period, Total	[1]	783,123
Accumulated Depreciation		$ 7,533
Date Acquired (Year)		2019
Depreciable Life (Yrs)	[2]	40 years
Wyoming
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Properties | properties		2
Encumbrances
Initial Cost to Company, Land		20,783
Initial Cost to Company, Buildings & Improvements		159,573
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]	20,783
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]	159,573
Gross Amount Carried at Close of Period, Total	[1]	180,356
Accumulated Depreciation		$ 39,287
Date Acquired (Year)		2013
Depreciable Life (Yrs)	[2]	40 years
Corporate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances		$ 54,000,000
Initial Cost to Company, Land
Initial Cost to Company, Buildings & Improvements
Costs Capitalized Subsequent to Acquisition
Gross Amount Carried at Close of Period, Land	[1]
Gross Amount Carried at Close of Period, Buildings & Improvements	[1]
Gross Amount Carried at Close of Period, Total	[1]
Accumulated Depreciation
[1]	The aggregate cost for Federal Income Tax purposes was approximately $132.9 million as of December 31, 2019.
[2]	Estimated useful life for buildings.

SCHEDULE III - Real Estate an_3

SCHEDULE III - Real Estate and Accumulated Depreciation (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2019		Dec. 31, 2018
Beginning Balance	$ 38,435,504
Acquisitions	82,021,291
Capital Improvements	151,582
Write-offs	(24,041)
Other	(674)
Ending Balance	120,583,662	[1]	$ 38,435,504
Predecessor [Member]
Beginning Balance	$ 38,435,504		35,115,802
Acquisitions			2,885,769
Capital Improvements			104,062
Write-offs
Other			329,871
Ending Balance			$ 38,435,504
[1]	The aggregate cost for Federal Income Tax purposes was approximately $132.9 million as of December 31, 2019.

SCHEDULE III - Real Estate an_4

SCHEDULE III - Real Estate and Accumulated Depreciation (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Beginning Balance	$ (7,121,532)
Depreciation expense	(1,716,088)
Write-offs	24,041
Ending Balance	(8,813,579)	$ (7,121,532)
Predecessor [Member]
Beginning Balance	$ (7,121,532)	(6,118,071)
Depreciation expense		(1,003,461)
Write-offs
Ending Balance		$ (7,121,532)

SCHEDULE III - Real Estate an_5

SCHEDULE III - Real Estate and Accumulated Depreciation (Details Textual) $ in Millions	Dec. 31, 2019USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost for Federal Income Tax purposes	$ 132.9