Postal Realty Trust (PSTL) 10-Q 13 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 11, 2020
Document and Entity Information [Abstract]
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-Q
Document Period End Date	Sep. 30, 2020
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		9,449,352
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Real estate properties, at cost:
Land	$ 38,603,504	$ 25,147,732
Building and improvements	144,763,204	92,873,637
Tenant improvements	3,227,454	2,562,293
Total real estate properties, at cost	186,594,162	120,583,662
Less: Accumulated depreciation	(11,875,852)	(8,813,579)
Total real estate properties, net	174,718,310	111,770,083
Investment in financing lease, net	516,164
Total investments	175,234,474	111,770,083
Cash	7,786,677	12,475,537
Rent and other receivables	2,728,818	1,710,314
Prepaid expenses and other assets, net	3,669,503	2,752,862
Escrow and reserves	694,910	708,066
Deferred rent receivable	145,690	33,344
In-place lease intangibles, net	9,349,264	7,315,867
Above market leases, net	54,667	22,124
Total Assets	199,664,003	136,788,197
Liabilities:
Secured borrowings, net	16,599,366	3,211,004
Revolving credit facility	49,000,000	54,000,000
Accounts payable, accrued expenses and other	4,537,644	3,152,799
Below market leases, net	8,379,874	6,601,119
Total Liabilities	78,516,884	66,964,922
Equity:
Class A common stock, par value $0.01 per share; 500,000,000 shares authorized, 9,449,352 and 5,285,904 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	94,494	52,859
Class B common stock, par value $0.01 per share; 27,206 shares authorized: 27,206 shares issued and outstanding as of September 30, 2020 and December 31, 2019	272	272
Additional paid-in capital	101,303,229	51,396,226
Accumulated deficit	(8,246,422)	(2,575,754)
Total Stockholders' Equity	93,151,573	48,873,603
Operating Partnership unitholders' non-controlling interests	27,995,546	20,949,672
Total Equity	121,147,119	69,823,275
Total Liabilities and Equity	$ 199,664,003	$ 136,788,197

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Class A
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	9,449,352	5,285,904
Common stock, shares outstanding	9,449,352	5,285,904
Class B
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	27,206	27,206
Common stock, shares issued	27,206	27,206
Common stock, shares outstanding	27,206	27,206

Consolidated and Combined Conso

Consolidated and Combined Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2020		Sep. 30, 2019		Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental income	$ 5,270,143		$ 2,387,082		$ 14,211,317	$ 5,735,896
Tenant reimbursements	743,622		342,419		1,997,716	852,504
Fee and other income	282,703		278,846		890,008	842,097
Total revenues	6,296,468		3,008,347		17,099,041	7,430,497
Operating expenses:
Real estate taxes	797,996		353,663		2,136,805	880,117
Property operating expenses	460,033		332,892		1,261,515	821,839
General and administrative	2,027,284		1,601,727		6,245,732	2,970,101
Depreciation and amortization	2,394,332		1,066,338		6,590,982	2,314,553
Total operating expenses	5,679,645		3,354,620		16,235,034	6,986,610
Income (loss) from operations	616,823		(346,273)		864,007	443,887
Interest expense, net:
Contractual interest expense	(484,272)		(48,916)		(1,757,413)	(635,423)
Write-off and amortization of deferred financing fees	(123,650)		(4,523)		(343,511)	(9,558)
Loss on early extinguishment of predecessor debt						(185,586)
Interest income	668		1,136		2,155	3,394
Total interest expense, net	(607,254)		(52,303)		(2,098,769)	(827,173)
Income (loss) before income tax expense	9,569		(398,576)		(1,234,762)	(383,286)
Income tax (expense) benefit	(29,754)		6,259		(44,876)	(39,749)
Net loss	(20,185)		(392,317)		(1,279,638)	(423,035)
Net income attributable to non-controlling interest in properties						(4,336)
Net income attributable to Predecessor						(463,414)
Net (income) loss attributable to Operating Partnership unitholders’ non-controlling interests	5,001		84,348		436,149	191,020
Net loss attributable to common stockholders	$ (15,184)		$ (307,969)		$ (843,489)	$ (699,765)
Net loss per share:
Basic and Diluted	$ (0.01)		$ (0.06)		$ (0.18)	$ (0.14)
Weighted average common shares outstanding:
Basic and Diluted	8,425,708	[1]	5,164,264	[1]	6,276,145	5,164,264	[1]
[1]	The combined statements of operations prior to May 17, 2019 represents the activity of the Predecessor and EPS was not applicable.

Consolidated and Combined Con_2

Consolidated and Combined Consolidated Statements of Changes in Equity (Deficit) (Unaudited) - USD ($)	Common Stock	Common StockPredecessor	Additional Paid-in Capital	Additional Paid-in CapitalPredecessor	Accumulated Equity (Deficit)	Accumulated Equity (Deficit)Predecessor	Member's Equity (Deficit)	Member's Equity (Deficit)Predecessor	Total Stockholders' & Predecessor equity	Total Stockholders' & Predecessor equityPredecessor	Operating Partnership unitholders' non-controlling interests	Operating Partnership unitholders' non-controlling interestsPredecessor	Non-controlling interests in properties	Non-controlling interests in propertiesPredecessor	Total	Predecessor
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)
Net income (loss)						(173,554)		427,787		254,233				2,843		257,076
Capital contributions				397,121				1,377,758		1,774,879						1,774,879
Distributions and dividends				(150,000)				(1,067,515)		(1,217,515)				(521)		(1,218,036)
Ending Balance at Mar. 31, 2019		4,000,200		3,688,614		(11,177,430)		(1,357,793)		(4,846,409)				46,915		(4,799,494)
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)
Net income (loss)																467,750
Ending Balance at May. 16, 2019	$ 4,000,200		$ 3,139,423		$ (11,174,220)		$ (1,168,623)		$ (5,203,220)				$ 42,741		$ (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)
Net income (loss)															(423,035)
Ending Balance at Sep. 30, 2019		$ 53,131		46,502,630		(1,034,471)				45,521,290		12,467,615				57,988,905
Ending Balance, Shares at Sep. 30, 2019		5,313,110
Beginning Balance at Mar. 31, 2019		$ 4,000,200		3,688,614		(11,177,430)		(1,357,793)		(4,846,409)				46,915		(4,799,494)
Net income (loss)						3,210		205,971		209,181				1,493		210,674
Capital contributions								293,373		293,373						293,373
Distributions and dividends				(549,191)				(310,174)		(859,365)				(5,667)		(865,032)
Ending Balance at May. 16, 2019	4,000,200		3,139,423		(11,174,220)		(1,168,623)		(5,203,220)				42,741		(5,160,479)
Ending Balance, Shares at May. 16, 2019
Issuance and amortization of equity-based compensation		$ 1,485		126,755						128,240		62,103				190,343
Issuance and amortization of equity-based compensation, Shares		148,529
Dividends declared						(334,706)				(334,706)		(91,213)				(425,919)
Net income (loss)						(391,796)				(391,796)		(106,672)				(498,468)
Reallocation of non-controlling interest				10,117,974						10,117,974		(10,117,974)
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)		(31,798,499)		11,174,220		1,168,623		(23,449,213)		22,662,907		(42,741)		(829,047)
Formation transactions, Shares		664,264
Ending Balance at Jun. 30, 2019		$ 53,128		46,250,914		(726,502)				45,577,540		12,409,152				57,986,692
Ending Balance, Shares at Jun. 30, 2019		5,312,793
Beginning Balance at May. 16, 2019	4,000,200		3,139,423		(11,174,220)		(1,168,623)		(5,203,220)				42,741		(5,160,479)
Beginning Balance, Shares at May. 16, 2019
Ending Balance at Sep. 30, 2019		$ 53,131		46,502,630		(1,034,471)				45,521,290		12,467,615				57,988,905
Ending Balance, Shares at Sep. 30, 2019		5,313,110
Beginning Balance at Jun. 30, 2019		$ 53,128		46,250,914		(726,502)				45,577,540		12,409,152				57,986,692
Beginning Balance, Shares at Jun. 30, 2019		5,312,793
Issuance and amortization of equity-based compensation		$ 3		262,181						262,184		132,346				394,530
Issuance and amortization of equity-based compensation, Shares		317
Net income (loss)						(307,969)				(307,969)		(84,348)			(392,317)	(392,317)
Reallocation of non-controlling interest				(10,465)						(10,465)		10,465
Ending Balance at Sep. 30, 2019		$ 53,131		$ 46,502,630		$ (1,034,471)				$ 45,521,290		$ 12,467,615				$ 57,988,905
Ending Balance, Shares at Sep. 30, 2019		5,313,110
Beginning Balance at Dec. 31, 2019	$ 53,131		51,396,226		(2,575,754)				48,873,603		20,949,672				69,823,275
Beginning Balance, Shares at Dec. 31, 2019	5,313,110
Issuance and amortization of equity-based compensation	$ 1,035		519,215						520,250		185,015				705,265
Issuance and amortization of equity-based compensation, Shares	103,463
Issuance and amortization under the Employee Stock Purchase Plan ("ESPP")	$ 35		53,160						53,195						53,195
Issuance and amortization under the Employee Stock Purchase Plan ("ESPP"), Shares	3,538
Dividends declared					(923,348)				(923,348)		(478,385)				(1,401,733)
Net income (loss)					(677,755)				(677,755)		(352,071)				(1,029,826)
Reallocation of non-controlling interest			2,218,990						2,218,990		(2,218,990)
Issuance of OP Units in connection with transaction											7,921,828				7,921,828
Issuance of OP Units in connection with transaction, Shares
Ending Balance at Mar. 31, 2020	$ 54,201		54,187,591		(4,176,857)				50,064,935		26,007,069				76,072,004
Ending Balance, Shares at Mar. 31, 2020	5,420,111
Beginning Balance at Dec. 31, 2019	$ 53,131		51,396,226		(2,575,754)				48,873,603		20,949,672				69,823,275
Beginning Balance, Shares at Dec. 31, 2019	5,313,110
Net income (loss)															(1,279,638)
Ending Balance at Sep. 30, 2020	$ 94,766		101,303,229		(8,246,422)				93,151,573		27,995,546				121,147,119
Ending Balance, Shares at Sep. 30, 2020	9,476,557
Beginning Balance at Mar. 31, 2020	$ 54,201		54,187,591		(4,176,857)				50,064,935		26,007,069				76,072,004
Beginning Balance, Shares at Mar. 31, 2020	5,420,111
Issuance and amortization of equity-based compensation	$ 423		351,248						351,671		181,352				533,023
Issuance and amortization of equity-based compensation, Shares	42,297
Amortization under ESPP			1,557						1,557						1,557
Amortization under ESPP, Shares
Restricted stock withholding	$ (113)		(182,402)						(182,515)						(182,515)
Restricted stock withholding, Shares	(11,342)
Dividends declared					(1,088,706)				(1,088,706)		(565,547)				(1,654,253)
Net income (loss)					(150,550)				(150,550)		(79,077)				(229,627)
Reallocation of non-controlling interest			(6,049)						(6,049)		6,049
Ending Balance at Jun. 30, 2020	$ 54,511		54,351,945		(5,416,113)				48,990,343		25,549,846				74,540,189
Ending Balance, Shares at Jun. 30, 2020	5,451,066
Dividends declared					(1,947,481)				(1,947,481)		(585,295)				(2,532,776)
Net income (loss)					(15,184)				(15,184)		(5,001)				(20,185)
Reallocation of non-controlling interest			(2,845,205)						(2,845,205)		2,845,205
Net proceeds from sale of Common Stock	$ 40,218		49,368,086		(867,644)				48,540,660						48,540,660
Net proceeds from sale of Common Stock, Shares	4,021,840
Amortization of equity-based compensation			367,315						367,315		190,791				558,106
Issuance and amortization under ESPP	$ 37		61,088						61,125						61,125
Issuance and amortization under ESPP, shares	3,651
Ending Balance at Sep. 30, 2020	$ 94,766		$ 101,303,229		$ (8,246,422)				$ 93,151,573		$ 27,995,546				$ 121,147,119
Ending Balance, Shares at Sep. 30, 2020	9,476,557

Consolidated and Combined Con_3

Consolidated and Combined Consolidated Statements of Changes in Equity (Deficit) (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.205	$ 0.20	$ 0.17

Consolidated and Combined Con_4

Consolidated and Combined Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (1,279,638)	$ (423,035)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	3,151,376	1,074,793
Amortization of in-place intangibles	3,439,606	1,239,760
Write-off and amortization of deferred financing costs	343,511	9,558
Amortization of above/below market leases	(932,250)	(326,776)
Amortization of intangible liability	(6,686)
Equity based compensation	1,818,291	584,873
Loss on extinguishment debt		185,586
Deferred rent receivable	(112,346)	(17,627)
Deferred rent expense payable	13,305	(41,374)
Deferred tax liability		(65,895)
Changes in assets and liabilities:
Rent and other receivables	(1,018,504)	(802,618)
Prepaid expenses and other assets	(284,602)	(260,038)
Due to affiliates		8,569
Accounts payable, accrued expenses and other	821,287	935,122
Net cash provided by operating activities	5,953,350	2,100,898
Cash flows from investing activities:
Acquisition of real estate	(60,144,554)	(38,925,771)
Investment in financing lease, net	(516,164)
Escrows for acquisition and construction deposits	(330,951)	(410,000)
Capital improvements	(549,019)	(105,116)
Other investing activities	(22,300)
Net cash used in investing activities	(61,562,988)	(39,440,887)
Cash flows from financing activities:
Proceeds from secured borrowings	13,674,311	445,000
Repayments of secured borrowings	(81,645)	(32,191,238)
Proceeds from revolving credit facility	43,500,000	17,000,000
Repayments of revolving credit facility	(48,500,000)
Proceeds from other financing activity	557,000
Repayments from other financing activity	(347,290)
Net proceeds from issuance of shares	48,567,985	66,624,167
Other formation transactions		(2,007,417)
Debt issuance costs	(767,990)	(1,371,931)
Proceeds from issuance of ESPP shares	93,867
Shares withheld for payment of taxes on restricted share vesting	(182,402)
Contributions from partners and members		2,068,252
Distributions and dividends	(5,588,761)	(2,508,962)
Other financing activities	(17,453)
Net cash provided by financing activities	50,907,622	48,057,871
Net (decrease) increase in Cash and Escrows and Reserves	(4,702,016)	10,717,882
Cash and Escrows and Reserves at the beginning of period	13,183,603	861,875
Cash and Escrow and Reserves at the end of period	$ 8,481,587	$ 11,579,757

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020, the Company held an approximately 76.9% 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 ("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 purpose of managing commercial real estate properties. As of September 30, 2020, the Company owned a portfolio of 691 postal properties located in 47 states. Our properties were leased to a single tenant, the United States Postal Service (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 400 postal properties, which are owned by Mr. Spodek and his affiliates, 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 believes it has been organized in conformity with, and has operated in a manner that has enabled it to meet, the requirements or qualification as a real estate investment trust ("REIT") under the Code, and the Company elected to be taxed as a REIT under the Code beginning with its short taxable year ended December 31, 2019. As a REIT, the Company generally will not be subject to federal income tax to the extent that it distributes its REIT taxable income 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, as we have done, 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	9 Months Ended
	Sep. 30, 2020
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 Company's results of operations for the three and nine months ended September 30, 2019 reflect the results of operations of the Predecessor together with the Company, while the financial condition as of December 31, 2019 and September 30, 2020 reflects solely 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 Statement 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 September 30, 2019. These amounts are included in the Consolidated and Combined Consolidated Statement of Operations herein for the nine months ended September 30, 2019. Predecessor Postal Realty January 1, May 17, 2019 2019 through through May 16, September 30, 2019 2019 Revenues: Rental income $ 2,249,355 $ 3,486,541 Tenant reimbursements 348,075 504,429 Fee and other income 427,959 414,138 Total revenues 3,025,389 4,405,108 Operating Expenses: Real estate taxes 358,693 521,424 Property operating expenses 357,779 464,060 General and administrative 501,204 2,468,897 Depreciation and amortization 725,756 1,588,797 Total operating expenses 1,943,432 5,043,178 Income (loss) from operations 1,081,957 (638,070 ) Interest expense, net: Contractual interest expense (570,819 ) (64,604 ) Amortization of deferred financing costs (4,773 ) (4,785 ) Loss on early extinguishment of Predecessor debt - (185,586 ) Interest income 1,134 2,260 Total interest expense, net (574,458 ) (252,715 ) Income (loss) before income tax expense 507,499 (890,785 ) Income tax expense (39,749 ) - Net income (loss) 467,750 (890,785 ) Less: 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 interests 191,020 Net loss attributable to common stockholders $ (699,765 )

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited 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 Company did not have any operations from the date of formation to May 17, 2019. 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. The accompanying consolidated and combined consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. This interim financial information should be read in conjunction with the consolidated and combined consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2020. All material intercompany accounts and transactions have been eliminated. 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. Reclassifications Certain prior period amounts have been reclassified to conform to the current period's presentation. Cash and Escrows and Reserves Cash includes 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 escrows and reserves reported within the Company's Consolidated Balance Sheets and Consolidated and Combined Consolidated Statements of Cash Flows: As of September 30, December 31, Cash $ 7,786,677 $ 12,475,537 Escrows and reserves: Maintenance reserve 665,494 663,339 ESPP reserve 29,416 44,727 Cash and escrows and reserves $ 8,481,587 $ 13,183,603 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. Revenue from direct financing leases is recognized over the lease term using the effective interest rate method. At lease inception, we record an asset within investments on the Company's consolidated balance sheets, which represents the Company's net investment in the direct financing lease. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property, if any, less unearned income. Over the lease term, the investment in the direct financing lease is reduced and income is recognized as revenue in "Fee and other income" on the Company's Consolidated and Combined Consolidated Statement of Operations and produces a constant periodic rate of return on the investment in direct financing lease, net. 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 September 30, 2020 and December 31, 2019. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash, escrows and reserves, receivables, prepaid expenses, accounts payable and accrued expenses are carried at amounts which reasonably approximate their fair values as of September 30, 2020 and December 31, 2019 due to their short maturities. As of September 30, 2020, the Company had an investment in a direct financing lease with a carrying value of $0.5 million and an effective interest rate of 7.89%. The carrying value of the investment in a direct financing lease approximated the fair market value as of September 30, 2020. 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). 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 $16.9 million and $3.2 million as compared to the principal balance of $16.8 million and $3.2 million as of September 30, 2020 and December 31, 2019, 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). The fair value of these financial instruments was determined by using a discounted cash flow analysis based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt was determined by discounting the future contractual interest and principal payments by a market rate. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of September 30, 2020 and December 31, 2019. 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 September 30, 2020 and current estimates of fair value may differ significantly from the amounts presented herein. 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 three and nine months ended September 30, 2020 and 2019. Concentration of Credit Risks As of September 30, 2020, the Company's properties were leased to a single tenant, the USPS. For the nine months ended September 30, 2020, no state had a concentration of rental income over 10% as a percentage of total rental income. For the nine months ended September 30, 2019, our total rental income of $5.7 million was concentrated in the following states: Texas (11.5%), Massachusetts (11.1%) and Pennsylvania (10.7%). 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 and could have an effect on our overall business results. The Company has deposited cash and maintains its bank deposits with large financial institutions in amounts that exceed federally insured limits. The Company has not experienced any losses in such accounts. 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. Equity-classified stock awards granted to employees and non-employees that have a service condition and/or a market condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. The Company will record forfeitures as they occur. The Company recognizes compensation expense on a straight-line basis over the requisite service period of each award, with the amount of compensation expense recognized at the end of a reporting period at least equal the portion of fair value of the respective award at grant date or modification date, as applicable, that has vested through that date. For awards with a market condition, compensation cost is not reversed if a market condition is not met so long as the requisite service has been rendered, as a market condition does not represent a vesting condition. See Note 11. Stockholder's Equity for further details. Earnings per Share The Company calculates net 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 2,855,102 potentially dilutive shares outstanding related to the issuance of OP Units and LTIP Units held by non-controlling interests as of September 30, 2020. 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 a 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 September 30, 2020, the Company was the lessee under one office lease and two ground leases 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 income 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	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Real Estate Acquisitions	Note 4. Real Estate Acquisitions The following tables summarizes the Company's acquisitions for the nine months ended September 30, 2020. 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 acquisition. The total purchase price including transaction costs was allocated as follows: Three Months Ended Number Land Building Tenant In-place Above- Below- Other (1) Total (2) March 31, 2020 (3)(4)(5) 83 $ 4,825,507 $ 24,572,597 $ 293,726 $ 2,477,174 $ 7,148 $ (1,616,080 ) $ (34,098 ) $ 30,525,974 June 30, 2020 (6) 19 2,555,428 7,344,021 54,894 692,705 - (38,934 ) - 10,608,114 September 30, 2020 (7) 122 6,074,837 19,426,255 316,541 2,300,575 37,290 (1,067,886 ) (33,386 ) 27,054,226 224 $ 13,455,772 $ 51,342,873 $ 665,161 $ 5,470,454 $ 44,438 $ (2,722,900 ) $ (67,484 ) $ 68,188,314 Explanatory Notes: (1) Includes an intangible liability related to unfavorable operating leases on three properties that is included in "Accounts Payable, accrued expenses and other" on the Company's Consolidated Balance Sheets. (2) Includes acquisition costs of $0.3 million for the three months ended March 31, 2020, $0.2 million for the three months ended June 30, 2020 and $0.8 million for the three months ended September 30, 2020. (3) Includes the acquisition of a 21-building portfolio leased to the USPS. The contract purchase price for the portfolio was $13.8 million, exclusive of closing costs, and giving effect to 483,333 OP Units issued to the sellers at a value of $17.00 per unit. The closing price of the Company's common stock on January 10, 2020 was $16.39; therefore, total consideration at closing, including closing costs, was approximately $13.6 million of which $7.9 million represented the non-cash consideration (the value of the OP Units) issued to the sellers. (4) Includes the acquisition of a 42-building portfolio leased to the USPS. The aggregate purchase price of such portfolio was approximately $8.8 million, including closing costs, which was funded with borrowings under our Credit Facility. (5) Includes the acquisition of 20 postal properties in individual or smaller portfolio transactions for approximately $8.1 million, including closing costs. (6) Includes the acquisition of a 13-building portfolio leased to the USPS in various states for approximately $7.2 million, including closing costs. In addition, the Company purchased six postal properties in individual or smaller portfolio transactions for approximately $3.4 million, including closing costs. (7) Includes the acquisition of 122 postal properties in various states in individual or portfolio transactions for approximately $27.1 million, including closing costs, which was funded with borrowings under our Credit Facility. In addition, the Company closed on one postal property which is a direct financing lease and is included in "Investment in financing lease, net" on the Company's Consolidated Balance Sheets.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2020
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 Accumulated Net September 30, 2020: In-place lease intangibles $ 19,261,027 $ (9,911,763 ) $ 9,349,264 Above-market leases 85,058 (30,391 ) 54,667 Below-market leases (11,395,201 ) 3,015,327 (8,379,874 ) 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 ) Amortization of in-place lease intangibles was $1.2 million and $3.4 million for the three and nine months ended September 30, 2020, respectively and $0.6 million and $1.2 million for the three and nine months ended September 30, 2019, 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 $5,213 and $11,895 for the three and nine months ended September 30, 2020, respectively, and $2,865 and $7,851 for the three and nine months ended September 30, 2019, 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 $0.3 million and $0.9 million for the three and nine months ended September 30, 2020, respectively, and $0.1 million and $0.3 million for the three and nine months ended September 30, 2019, respectively, and is included in "Rental income" on the Company's Consolidated and Combined Consolidated Statements of Operations. Future amortization/accretion of these intangibles is below: Year Ending December 31, In-place lease Above-market Below-market 2020 – Remaining $ 1,097,772 $ 4,549 $ (326,537 ) 2021 3,687,350 15,544 (1,291,010 ) 2022 2,099,279 13,260 (1,147,910 ) 2023 1,273,981 10,626 (1,021,341 ) 2024 649,954 7,889 (857,151 ) Thereafter 540,928 2,799 (3,735,925 ) Total $ 9,349,264 $ 54,667 $ (8,379,874 )

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Note 6. Debt The following table summarizes the Company's indebtedness as of September 30, 2020 and December 31, 2019: Outstanding Outstanding Interest Rate Maturity Date Revolving Credit Facility (1) $ 49,000,000 $ 54,000,000 LIBOR+170bps (2) September 2023 Vision Bank (3) 1,474,909 1,522,672 4.00 % September 2036 First Oklahoma Bank (4) 367,618 378,005 4.50 % December 2037 Vision Bank – 2018 (5) 876,890 900,385 5.00 % January 2038 Seller Financing (6) 445,000 445,000 6.00 % January 2025 First Oklahoma Bank – April 2020 (7) 4,522,311 - 4.25 % April 2040 First Oklahoma Bank – June 2020 (8) 9,152,000 - 4.25 % June 2040 Total Principal 65,838,728 57,246,062 Unamortized deferred financing costs (239,362 ) (35,058 ) Total Debt $ 65,599,366 $ 57,211,004 Explanatory Notes: (1) On September 27, 2019, the Company entered into a credit agreement (as amended, 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 revolving commitments in an aggregate principal amount of $100.0 million with an accordion feature ("the Accordion Feature") that permits the Company to borrow up to an additional $100.0 million for an aggregate total of $200.0 million, subject to customary terms and conditions, and a maturity date of September 27, 2023. On January 30, 2020, the Company amended the Credit Agreement in order to exercise a portion of the Accordion Feature to increase the maximum amount available under the Credit Facility to $150.0 million, subject to the borrowing base properties identified therein remaining unencumbered and subject to an enforceable lease. On June 25, 2020, the Company further amended the Credit Agreement to revise, among other items, certain definitions and borrowing base calculations to increase available capacity, as well as the restrictive covenant pertaining to Consolidated Tangible Net Worth (as defined in such amendment). 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 ended 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 three and nine months ended September 30, 2020, the Company incurred $0.1 million and $0.3 million, respectively, of unused fees related to the Credit Facility. 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 September 30, 2020, the Company was in compliance with all of the Credit Facility's debt covenants. (2) As of September 30, 2020, the one-month LIBOR rate was 0.15%. (3) Five properties are collateralized under this loan as of September 30, 2020 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, we obtained seller financing secured by the property in the amount of $0.4 million requiring five annual payments of principal and interest of $105,661 with the first installment due on January 2, 2021 based on a 6.0% interest rate per annum through January 2, 2025. (7) In connection with the purchase of a 13-building portfolio, the Company obtained $4.5 million of mortgage financing, at a fixed interest rate of 4.25% with interest only for the first 18 months, which resets in November 2026 to the greater of Prime or 4.25%. (8) The loan is collateralized by first mortgage liens on 22 properties. Interest rates resets in January 2027 to the greater of Prime or 4.25%. The weighted average maturity date for our secured borrowing as of September 30, 2020 and December 31, 2019 was 18.8 years and 15.7 years, respectively. The scheduled principal repayments of indebtedness as of September 30, 2020 are as follows: Year Ending December 31, Amount 2020 – Remaining $ 28,073 2021 220,497 2022 701,228 2023 49,735,838 2024 767,608 Thereafter 14,385,484 Total $ 65,838,728

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases, Operating [Abstract]
Leases	Note 7. Leases As of September 30, 2020, all of our rental income is paid by a single tenant, the USPS. Certain leases have expired and the balance expire at various dates through November 30, 2029. Future minimum lease payments to be received as of September 30, 2020 under non-cancellable operating leases for the next five years and thereafter are as follows: (1) Year Ending December 31, Amount 2020 – Remaining (2) $ 4,394,175 2021 (3) 16,938,459 2022 13,371,159 2023 10,679,959 2024 7,734,855 Thereafter 10,165,377 Total $ 63,283,984 Explanatory Notes: (1) The above minimum lease payments to be received do not include reimbursements from the USPS for real estate taxes. (2) As of September 30, 2020, the leases at 58 of our properties were expired, and the USPS was occupying such properties as a holdover tenant. In addition, the lease at one of our properties is a month to month lease. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease. (3) The Company has received notice on one property which the USPS intends to vacate in August 2021. Direct Financing Lease As of September 30, 2020, the Company has one direct financing lease agreement related to one of its postal properties. The components of the Company's net investment in financing lease as of September 30, 2020 are summarized in the table below: As of September 30, Total minimum lease payment receivable $ 1,021,466 Less: unearned income (505,302 ) Investment in financing lease, net $ 516,164 Future lease payments to be received under the Company's direct financing lease as of September 30, 2020 for the next five years and thereafter are as follows: Year Ending December 31, Amount 2020 – Remaining $ 11,375 2021 45,500 2022 45,500 2023 45,500 2024 45,500 Thereafter 828,091 Total $ 1,021,466 Ground Lease During the nine months ended September 30, 2020, the Company assumed an operating ground lease at two acquired properties which includes rent escalations throughout the lease term (including renewal options). Ground lease expense is included in "Property Operating Expenses" on the Company's Consolidated and Combined Consolidated Statements of Operations. The table below presents the future minimum ground lease payments as of September 30, 2020. Year Ending December 31, Amount 2020 – Remaining $ 5,904 2021 23,600 2022 23,600 2023 23,600 2024 24,160 Thereafter 1,175,290 Total $ 1,276,154 Impact of COVID-19 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.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 8. Income Taxes Income tax expense related to UPH for the three and nine months ended September 30, 2019 was $0 and $39,749 at an effective tax rate of 13.4%. The effective tax rate for the three months and nine months ended September 30, 2019 differs from the statutory rate of 21% due to certain entities included in the combined consolidated financial statements that are not subject to tax at the entity level, state taxes and interest and penalties from unrecognized tax benefits primarily related to the utilization of loss carryforwards. During the three and nine months ended September 30, 2020, the Company recorded a benefit of $0 and $0.01 million, respectively, due to finalizing certain state taxes filings of UPH. In connection with the IPO, the Company and PRM jointly elected to treat PRM as a TRS. PRM performs management services, including for properties the Company does not own. PRM generates income, resulting in federal and state corporate income tax liability for PRM. For the three and nine months ended September 30, 2020, income tax expense related to PRM was $0.02 million and $0.05 million, respectively. During the three and nine months ended September 30, 2020, the Company recorded income tax expense of $0.01 million related to certain state taxes. The Company has unrecognized tax benefits as of September 30, 2020 of $0.4 million which is inclusive of interest and penalties and a corresponding indemnification asset which is recorded in prepaid expenses and other assets on the consolidated balance sheet. During the three months ended September 30, 2020, the Company reversed $0.1 million of unrecognized tax benefits and the corresponding indemnification asset due to the expiration of statute of limitations. In connection with the IPO, the indirect sole shareholder of UPH agreed to reimburse the Company for unrecognized tax benefits primarily related to the utilization of certain loss carryforwards at UPH. The Company recorded an indemnification asset in the same amount as the unrecognized tax benefits. The indirect sole shareholder of UPH will be responsible for all tax related matters related to UPH. On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act was enacted to provide economic relief to companies and individuals in response to the COVID-19 pandemic. Included in the CARES Act are tax provisions which increase allowable interest expense deductions for 2019 and 2020 and increase the ability for taxpayers to use net operating losses. While we do not expect these provisions to have a material impact on the Company’s taxable income or tax liabilities, we will continue to analyze the provisions of the CARES Act and related guidance as it is published.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 9. Related Party Transactions Management Fee Income PRM recognized management fee income of $0.3 million and $0.8 million for the three and nine months ended September 30, 2020, respectively and the Predecessor recognized management fee income of $0.4 million for the nine months ended September 30, 2019 from various properties which were affiliated with Mr. Spodek. Following the IPO, PRM recognized management fee income of $0.2 million and $0.4 million for the three and nine months ended September 30, 2019, respectively from various properties which are 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. Accrued management fees receivable of $0.3 million and $0.08 million as of September 30, 2020 and December 31, 2019, respectively, are 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 three and nine months ended September 30, 2020 was $0.05 million and $0.1 million, respectively, was recorded in "General and administrative expenses" on the Company's Consolidated and Combined Consolidated Statements of Operations. The following table represents the Company's future rental payments related to the New Lease: Year Ending December 31, Amount 2020 – Remaining $ 46,350 2021 188,869 2022 194,535 2023 200,371 2024 76,244 Total $ 706,369 Transfer of Real Property On May 28, 2020, the Company completed the separation of deed and transfer of the real property attributable to a de minimis non-postal tenant that shares space in a building leased to the USPS. At the time of the IPO a property located in Milwaukee, WI, a portion of which is leased to the USPS, was contributed to the Company. It was intended that the non-postal portion of the property would revert back to an entity affiliated with Mr. Spodek once a separation of the deed was completed. The portion of the property leased to the USPS remains owned by a wholly owned subsidiary of the Operating Partnership. The independent members of our Board of Directors ratified the no consideration transfer. Guarantees Mr. Spodek, our chief executive officer, has personally guaranteed our loans with First Oklahoma Bank that were obtained prior to 2020 and Vision Bank, totaling $2.7 million. As a guarantor, Mr. Spodek's interests with respect to the debt he is guaranteeing (and the terms of any repayment or default) may not align with our interests and could result in a conflict of interest.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Note 10. 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. (1) For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Numerator for earnings per share – basic and diluted: Net loss attributable to common stockholders $ (15,184 ) $ (307,969 ) $ (843,489 ) $ (699,765 ) Less: Income attributable to participating securities (105,829 ) — (266,680 ) (16,715 ) Numerator for earnings per share — basic and diluted $ (121,013 ) $ (307,969 ) $ (1,110,169 ) $ (716,480 ) Denominator for earnings per share – basic and diluted 8,425,708 5,164,264 6,276,145 5,164,264 Basic and diluted earnings per share $ (0.01 ) $ (0.06 ) $ (0.18 ) $ (0.14 ) Explanatory Note: (1) The combined statements of operations prior to May 17, 2019 represents the activity of the Predecessor and EPS was not applicable.

Stockholder's Equity

Stockholder's Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Stockholder's Equity	Note 11. Stockholder's Equity The Company issued 4.5 million 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. On July 15, 2020, the Company priced a public offering of 3.5 million shares of its Class A Common Stock (the "Follow-on Offering") at $13.00 per share. On July 17, 2020, the underwriters purchased an additional 521,840 shares pursuant to a 30-day option to purchase up to an additional 525,000 shares at $13.00 per share (the "Additional Shares"). The Follow-on Offering, including the Additional Shares, closed on July 20, 2020 resulting in $52.2 million in gross proceeds, and approximately $49.4 million in net proceeds after deducting approximately $2.9 million in underwriting discounts and before giving effect to $0.9 million in other estimated expenses relating to the Follow-on Offering. Dividends During the three and nine months ended September 30, 2020, the Board approved and the Company declared and paid dividends of $2.5 million and $5.6 million, respectively, to Class A common stockholders, Voting Equivalency stockholders, OP unitholders and LTIP unitholders, or $0.575 per share as shown in the table below. Declaration Date Record Date Date Paid Amount Per Share January 30, 2020 February 14, 2020 February 28, 2020 $0.17 April 30, 2020 May 11, 2020 May 29, 2020 $0.20 July 30, 2020 August 14, 2020 August 31, 2020 $0.205 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. During the nine months ended September 30, 2020, the Company issued 483,333 OP Units in January 2020 in connection with a portfolio that the Company acquired, 53,230 LTIP Units in February 2020 to the Company's CEO for his 2019 incentive bonus, 13,708 LTIP Units in March 2020 to the Company's CEO and 27,365 LTIP Units in May 2020 to the Company's CEO for his salary for the period of May 18, 2020 to December 31, 2020. As of September 30, 2020, and December 31, 2019, non-controlling interests consisted of 2,640,795 OP Units and 214,307 LTIP Units and 2,157,462 OP Units and 120,004 LTIP Units, respectively. This represented approximately 23.1% and 30.0% of the outstanding Operating Partnership units as of September 30, 2020 and December 31, 2019, respectively. 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 their percentage ownership of OP Units. Restricted Stock and Other Awards Pursuant to the Company's 2019 Equity Incentive Plan (the "Equity Incentive Plan" or the "Plan"), the Company may grant equity incentive awards to its directors, officers, employees and consultants. The maximum number of shares of Class A Common Stock that were authorized for issuance under the Plan were 541,584. On April 27, 2020, the Board of Directors amended the Equity Incentive Plan to increase the total number of shares of Class A common stock that may be issued under the Plan from 541,584 shares to 1,291,584 shares. The stockholders approved such amendment on June 26, 2020. As of September 30, 2020, the remaining shares available under the Plan for future issuance was 751,697. The Plan provides for grants of stock options, stock awards, stock appreciation rights, performance units, incentive awards, other equity-based awards (including LTIP units) and dividend equivalents in connection with the grant of performance units and other equity-based awards. The following table presents a summary of restricted stock, LTIP Units and RSUs. The balance as of September 30, 2020 represents unvested shares of restricted stock and LTIP Units and RSUs that are outstanding, whether vested or not: Restricted (1)(2) LTIP (3) Restricted (4) Total Weighted Outstanding, as of January 1, 2020 148,847 120,003 — 268,850 $ 16.96 Granted 146,348 94,303 62,096 302,747 $ 14.20 Vesting of restricted shares (5) (61,181 ) — — (61,181 ) $ 17.00 Forfeited (588 ) — — (588 ) $ 17.00 Outstanding, as of September 30, 2020 233,426 214,306 62,096 509,828 $ 15.35 Explanatory Notes: (1) Represents restricted shares awards included in common stock. (2) The time-based restricted share awards granted to our officers and employees typically vest in three annual installments or cliff vest at the end of eight years. The time-based restricted share awards granted to our directors' vest over one to three years. (3) LTIP units to our officers and employees typically vest over three to eight years. During the nine months ended September 30, 2020, 2,843 LTIPs issued to an employee vested as a result of a modification of the award and 13,708 LTIPs to the Company's CEO. In May 2020, pursuant to the Plan, the Company issued 27,365 LTIP Units to the Company's CEO in lieu of his salary payable for the period from the one-year anniversary of the IPO to December 31, 2020. LTIP Units issued to the Company's CEO in lieu of cash compensation cliff vest on the eighth anniversary of the date of grant. (4) Includes 38,672 RSUs granted to certain officers of the Company during the nine months ended September 30, 2020 subject to the achievement of a service condition and a market condition. Such RSUs are market-based awards and are subject to the achievement of 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. The number of market-based RSUs is based on the number of shares issuable upon achievement of the market-based metric at target. Also, includes 13,253 time-based RSUs issued for 2019 incentive bonuses to certain employees that vested fully on February 14, 2020, the date of grant and 10,171 time-based RSUs granted to certain employees for their election to defer 2020 salary that vest on December 31, 2020. RSUs reflect the right to receive shares of Class A common stock, subject to the applicable vesting criteria. (5) Includes 49,839 of restricted shares that vested and 11,342 shares of restricted shares that were withheld to satisfy minimum statutory withholding requirements. During the three and nine months ended September 30, 2020, the Company recognized compensation expense of $0.6 million and $1.8 million, respectively, and during the three and nine months ended September 30, 2019 the Company recognized $0.4 million and $0.6 million, respectively, related to all awards. The fair value of restricted shares that vested during the nine months ended September 30, 2020 was $1.0 million. As of September 30, 2020, there was $6.1 million of total unrecognized compensation cost related to unvested awards, which is expected to be recognized over a weighted average period of 4.0 years. Employee Stock Purchase Plan In connection with the IPO, the Company established the Postal Realty Trust, Inc. 2019 Qualified Employee Stock Purchase Plan ("ESPP"), which 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 close of the offering period. As of September 30, 2020, 7,189 shares have been issued under the ESPP since commencement. During the three and nine months ended September 30, 2020, the Company recognized compensation expense of $11,795 and $21,897.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies As of September 30, 2020, 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	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 13. Subsequent Events On October 30, 2020, the Company borrowed an additional $3.0 million under the Credit Facility. As of the date of this report, the Company has $52.0 million drawn on its Credit Facility. On October 30, 2020, the Company’s Board of Directors approved, and the Company declared a third quarter common stock dividend of $0.215 per share which is payable on November 30, 2020 to stockholders of record as of November 16, 2020. As of November 11, 2020, the Company closed on the acquisitions of 14 postal properties for approximately $8.0 million during the period subsequent to September 30, 2020. As of November 11, 2020, the Company had entered into agreements to acquire 12 postal properties for approximately $10.1 million. The majority of these transactions are anticipated to close during the fourth quarter of 2020, subject to the satisfaction of customary closing conditions. Furthermore, the Company has signed a material agreement for an industrial building in Warrendale, Pennsylvania for $47.0 million. The USPS occupies 73% of this property as a distribution facility. The Company is currently performing formal due diligence procedures customary for this transaction and cannot provide assurance as to the timing of when, or on what terms, the transaction will close, if at all. Current Lease Renewal and Revised USPS Lease Form As of November 11, 2020, we have executed 29 leases with respect to the total of all leases that have expired in 2019 or 2020, or will expire in 2020. As of the same date, the leases at 52 of our properties (consisting of one lease for which the lease expired in 2018 which we acquired in July 2020, 15 properties for which leases expired in 2019, including six leases that expired as of the date of our acquisition, and 36 properties for which leases expired in 2020) were expired and the USPS is occupying such properties as a holdover tenant, aggregating approximately $2.5 million in annualized rental income. As of November 11, 2020, the USPS has not vacated any of these 52 properties. The Company has received all holdover rent on a month-to-month basis, with the USPS typically paying the greater of estimated market rent or the rent amount under the expired lease. The USPS has adopted a revised form of our modified double-net lease, which transfers the responsibility for additional maintenance expenses and obligations to the landlord, including some components of plumbing and electrical systems. As of November 11, 2020, we have entered into 29 leases reflecting this revised form, including an addendum, as applicable, to its revised form of lease for leases acquiring annual rent in excess of $25,000, pursuant to which documentation requirements are streamlined and some of the new responsibilities placed on the landlord by the USPS’ revised form of our modified double-net lease would be mitigated for leases

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited 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 Company did not have any operations from the date of formation to May 17, 2019. 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. The accompanying consolidated and combined consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. This interim financial information should be read in conjunction with the consolidated and combined consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2020. All material intercompany accounts and transactions have been eliminated.
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.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period's presentation.
Cash and Escrows and Reserves	Cash and Escrows and Reserves Cash includes 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 escrows and reserves reported within the Company's Consolidated Balance Sheets and Consolidated and Combined Consolidated Statements of Cash Flows: As of September 30, December 31, Cash $ 7,786,677 $ 12,475,537 Escrows and reserves: Maintenance reserve 665,494 663,339 ESPP reserve 29,416 44,727 Cash and escrows and reserves $ 8,481,587 $ 13,183,603
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. Revenue from direct financing leases is recognized over the lease term using the effective interest rate method. At lease inception, we record an asset within investments on the Company's consolidated balance sheets, which represents the Company's net investment in the direct financing lease. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property, if any, less unearned income. Over the lease term, the investment in the direct financing lease is reduced and income is recognized as revenue in "Fee and other income" on the Company's Consolidated and Combined Consolidated Statement of Operations and produces a constant periodic rate of return on the investment in direct financing lease, net.
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 September 30, 2020 and December 31, 2019. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash, escrows and reserves, receivables, prepaid expenses, accounts payable and accrued expenses are carried at amounts which reasonably approximate their fair values as of September 30, 2020 and December 31, 2019 due to their short maturities. As of September 30, 2020, the Company had an investment in a direct financing lease with a carrying value of $0.5 million and an effective interest rate of 7.89%. The carrying value of the investment in a direct financing lease approximated the fair market value as of September 30, 2020. 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). 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 $16.9 million and $3.2 million as compared to the principal balance of $16.8 million and $3.2 million as of September 30, 2020 and December 31, 2019, 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). The fair value of these financial instruments was determined by using a discounted cash flow analysis based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt was determined by discounting the future contractual interest and principal payments by a market rate. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of September 30, 2020 and December 31, 2019. 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 September 30, 2020 and current estimates of fair value may differ significantly from the amounts presented herein.
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 three and nine months ended September 30, 2020 and 2019.
Concentration of Credit Risks	Concentration of Credit Risks As of September 30, 2020, the Company's properties were leased to a single tenant, the USPS. For the nine months ended September 30, 2020, no state had a concentration of rental income over 10% as a percentage of total rental income. For the nine months ended September 30, 2019, our total rental income of $5.7 million was concentrated in the following states: Texas (11.5%), Massachusetts (11.1%) and Pennsylvania (10.7%). 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 and could have an effect on our overall business results. The Company has deposited cash and maintains its bank deposits with large financial institutions in amounts that exceed federally insured limits. The Company has not experienced any losses in such accounts.
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. Equity-classified stock awards granted to employees and non-employees that have a service condition and/or a market condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. The Company will record forfeitures as they occur. The Company recognizes compensation expense on a straight-line basis over the requisite service period of each award, with the amount of compensation expense recognized at the end of a reporting period at least equal the portion of fair value of the respective award at grant date or modification date, as applicable, that has vested through that date. For awards with a market condition, compensation cost is not reversed if a market condition is not met so long as the requisite service has been rendered, as a market condition does not represent a vesting condition. See Note 11. Stockholder's Equity for further details.
Earnings per Share	Earnings per Share The Company calculates net 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 2,855,102 potentially dilutive shares outstanding related to the issuance of OP Units and LTIP Units held by non-controlling interests as of September 30, 2020.
Future Application of Accounting Standards	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 a 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 September 30, 2020, the Company was the lessee under one office lease and two ground leases 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 income 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)	9 Months Ended
	Sep. 30, 2020
The Company's Initial Public Offering and Formation Transactions [Abstract]
Schedule of predecessor statement of operations	Predecessor Postal Realty January 1, May 17, 2019 2019 through through May 16, September 30, 2019 2019 Revenues: Rental income $ 2,249,355 $ 3,486,541 Tenant reimbursements 348,075 504,429 Fee and other income 427,959 414,138 Total revenues 3,025,389 4,405,108 Operating Expenses: Real estate taxes 358,693 521,424 Property operating expenses 357,779 464,060 General and administrative 501,204 2,468,897 Depreciation and amortization 725,756 1,588,797 Total operating expenses 1,943,432 5,043,178 Income (loss) from operations 1,081,957 (638,070 ) Interest expense, net: Contractual interest expense (570,819 ) (64,604 ) Amortization of deferred financing costs (4,773 ) (4,785 ) Loss on early extinguishment of Predecessor debt - (185,586 ) Interest income 1,134 2,260 Total interest expense, net (574,458 ) (252,715 ) Income (loss) before income tax expense 507,499 (890,785 ) Income tax expense (39,749 ) - Net income (loss) 467,750 (890,785 ) Less: 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 interests 191,020 Net loss attributable to common stockholders $ (699,765 )

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of cash and escrows and reserves	As of September 30, December 31, Cash $ 7,786,677 $ 12,475,537 Escrows and reserves: Maintenance reserve 665,494 663,339 ESPP reserve 29,416 44,727 Cash and escrows and reserves $ 8,481,587 $ 13,183,603

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule total purchase price including transaction costs	Three Months Ended Number Land Building Tenant In-place Above- Below- Other (1) Total (2) March 31, 2020 (3)(4)(5) 83 $ 4,825,507 $ 24,572,597 $ 293,726 $ 2,477,174 $ 7,148 $ (1,616,080 ) $ (34,098 ) $ 30,525,974 June 30, 2020 (6) 19 2,555,428 7,344,021 54,894 692,705 - (38,934 ) - 10,608,114 September 30, 2020 (7) 122 6,074,837 19,426,255 316,541 2,300,575 37,290 (1,067,886 ) (33,386 ) 27,054,226 224 $ 13,455,772 $ 51,342,873 $ 665,161 $ 5,470,454 $ 44,438 $ (2,722,900 ) $ (67,484 ) $ 68,188,314 Explanatory Notes: (1) Includes an intangible liability related to unfavorable operating leases on three properties that is included in "Accounts Payable, accrued expenses and other" on the Company's Consolidated Balance Sheets. (2) Includes acquisition costs of $0.3 million for the three months ended March 31, 2020, $0.2 million for the three months ended June 30, 2020 and $0.8 million for the three months ended September 30, 2020. (3) Includes the acquisition of a 21-building portfolio leased to the USPS. The contract purchase price for the portfolio was $13.8 million, exclusive of closing costs, and giving effect to 483,333 OP Units issued to the sellers at a value of $17.00 per unit. The closing price of the Company's common stock on January 10, 2020 was $16.39; therefore, total consideration at closing, including closing costs, was approximately $13.6 million of which $7.9 million represented the non-cash consideration (the value of the OP Units) issued to the sellers. (4) Includes the acquisition of a 42-building portfolio leased to the USPS. The aggregate purchase price of such portfolio was approximately $8.8 million, including closing costs, which was funded with borrowings under our Credit Facility. (5) Includes the acquisition of 20 postal properties in individual or smaller portfolio transactions for approximately $8.1 million, including closing costs. (6) Includes the acquisition of a 13-building portfolio leased to the USPS in various states for approximately $7.2 million, including closing costs. In addition, the Company purchased six postal properties in individual or smaller portfolio transactions for approximately $3.4 million, including closing costs. (7) Includes the acquisition of 122 postal properties in various states in individual or portfolio transactions for approximately $27.1 million, including closing costs, which was funded with borrowings under our Credit Facility. In addition, the Company closed on one postal property which is a direct financing lease and is included in "Investment in financing lease, net" on the Company's Consolidated Balance Sheets.

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Intangible Assets and Liabilities [Abstract]
Schedule of intangible assets and liabilities	As of Gross Asset Accumulated Net September 30, 2020: In-place lease intangibles $ 19,261,027 $ (9,911,763 ) $ 9,349,264 Above-market leases 85,058 (30,391 ) 54,667 Below-market leases (11,395,201 ) 3,015,327 (8,379,874 ) 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 )
Schedule of future amortization	Year Ending December 31, In-place lease Above-market Below-market 2020 – Remaining $ 1,097,772 $ 4,549 $ (326,537 ) 2021 3,687,350 15,544 (1,291,010 ) 2022 2,099,279 13,260 (1,147,910 ) 2023 1,273,981 10,626 (1,021,341 ) 2024 649,954 7,889 (857,151 ) Thereafter 540,928 2,799 (3,735,925 ) Total $ 9,349,264 $ 54,667 $ (8,379,874 )

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of principal balances of mortgage loans payable	Outstanding Outstanding Interest Rate Maturity Date Revolving Credit Facility (1) $ 49,000,000 $ 54,000,000 LIBOR+170bps (2) September 2023 Vision Bank (3) 1,474,909 1,522,672 4.00 % September 2036 First Oklahoma Bank (4) 367,618 378,005 4.50 % December 2037 Vision Bank – 2018 (5) 876,890 900,385 5.00 % January 2038 Seller Financing (6) 445,000 445,000 6.00 % January 2025 First Oklahoma Bank – April 2020 (7) 4,522,311 - 4.25 % April 2040 First Oklahoma Bank – June 2020 (8) 9,152,000 - 4.25 % June 2040 Total Principal 65,838,728 57,246,062 Unamortized deferred financing costs (239,362 ) (35,058 ) Total Debt $ 65,599,366 $ 57,211,004 Explanatory Notes: (1) On September 27, 2019, the Company entered into a credit agreement (as amended, 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 revolving commitments in an aggregate principal amount of $100.0 million with an accordion feature ("the Accordion Feature") that permits the Company to borrow up to an additional $100.0 million for an aggregate total of $200.0 million, subject to customary terms and conditions, and a maturity date of September 27, 2023. On January 30, 2020, the Company amended the Credit Agreement in order to exercise a portion of the Accordion Feature to increase the maximum amount available under the Credit Facility to $150.0 million, subject to the borrowing base properties identified therein remaining unencumbered and subject to an enforceable lease. On June 25, 2020, the Company further amended the Credit Agreement to revise, among other items, certain definitions and borrowing base calculations to increase available capacity, as well as the restrictive covenant pertaining to Consolidated Tangible Net Worth (as defined in such amendment). 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 ended 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 three and nine months ended September 30, 2020, the Company incurred $0.1 million and $0.3 million, respectively, of unused fees related to the Credit Facility. 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 September 30, 2020, the Company was in compliance with all of the Credit Facility's debt covenants. (2) As of September 30, 2020, the one-month LIBOR rate was 0.15%. (3) Five properties are collateralized under this loan as of September 30, 2020 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, we obtained seller financing secured by the property in the amount of $0.4 million requiring five annual payments of principal and interest of $105,661 with the first installment due on January 2, 2021 based on a 6.0% interest rate per annum through January 2, 2025. (7) In connection with the purchase of a 13-building portfolio, the Company obtained $4.5 million of mortgage financing, at a fixed interest rate of 4.25% with interest only for the first 18 months, which resets in November 2026 to the greater of Prime or 4.25%. (8) The loan is collateralized by first mortgage liens on 22 properties. Interest rates resets in January 2027 to the greater of Prime or 4.25%.
Schedule of Principal payments of mortgage loans payable	Year Ending December 31, Amount 2020 – Remaining $ 28,073 2021 220,497 2022 701,228 2023 49,735,838 2024 767,608 Thereafter 14,385,484 Total $ 65,838,728

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases, Operating [Abstract]
Schedule of future minimum rental income	Year Ending December 31, Amount 2020 – Remaining (2) $ 4,394,175 2021 (3) 16,938,459 2022 13,371,159 2023 10,679,959 2024 7,734,855 Thereafter 10,165,377 Total $ 63,283,984 Explanatory Notes: (1) The above minimum lease payments to be received do not include reimbursements from the USPS for real estate taxes. (2) As of September 30, 2020, the leases at 58 of our properties were expired, and the USPS was occupying such properties as a holdover tenant. In addition, the lease at one of our properties is a month to month lease. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease. (3) The Company has received notice on one property which the USPS intends to vacate in August 2021.
Schedule of direct financing lease	As of September 30, Total minimum lease payment receivable $ 1,021,466 Less: unearned income (505,302 ) Investment in financing lease, net $ 516,164
Schedule of direct financing future lease payments	Year Ending December 31, Amount 2020 – Remaining $ 11,375 2021 45,500 2022 45,500 2023 45,500 2024 45,500 Thereafter 828,091 Total $ 1,021,466
Schedule of future ground lease lease	Year Ending December 31, Amount 2020 – Remaining $ 5,904 2021 23,600 2022 23,600 2023 23,600 2024 24,160 Thereafter 1,175,290 Total $ 1,276,154

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Schedule of future minimum rental payments	Year Ending December 31, Amount 2020 – Remaining $ 46,350 2021 188,869 2022 194,535 2023 200,371 2024 76,244 Total $ 706,369

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of weighted average shares basic and dilutive earnings per share	For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Numerator for earnings per share – basic and diluted: Net loss attributable to common stockholders $ (15,184 ) $ (307,969 ) $ (843,489 ) $ (699,765 ) Less: Income attributable to participating securities (105,829 ) — (266,680 ) (16,715 ) Numerator for earnings per share — basic and diluted $ (121,013 ) $ (307,969 ) $ (1,110,169 ) $ (716,480 ) Denominator for earnings per share – basic and diluted 8,425,708 5,164,264 6,276,145 5,164,264 Basic and diluted earnings per share $ (0.01 ) $ (0.06 ) $ (0.18 ) $ (0.14 ) Explanatory Note: (1) The combined statements of operations prior to May 17, 2019 represents the activity of the Predecessor and EPS was not applicable.

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of dividends declared	Declaration Date Record Date Date Paid Amount Per Share January 30, 2020 February 14, 2020 February 28, 2020 $0.17 April 30, 2020 May 11, 2020 May 29, 2020 $0.20 July 30, 2020 August 14, 2020 August 31, 2020 $0.205
Schedule of unvested equity	Restricted (1)(2) LTIP (3) Restricted (4) Total Weighted Outstanding, as of January 1, 2020 148,847 120,003 — 268,850 $ 16.96 Granted 146,348 94,303 62,096 302,747 $ 14.20 Vesting of restricted shares (5) (61,181 ) — — (61,181 ) $ 17.00 Forfeited (588 ) — — (588 ) $ 17.00 Outstanding, as of September 30, 2020 233,426 214,306 62,096 509,828 $ 15.35 Explanatory Notes: (1) Represents restricted shares awards included in common stock. (2) The time-based restricted share awards granted to our officers and employees typically vest in three annual installments or cliff vest at the end of eight years. The time-based restricted share awards granted to our directors' vest over one to three years. (3) LTIP units to our officers and employees typically vest over three to eight years. During the nine months ended September 30, 2020, 2,843 LTIPs issued to an employee vested as a result of a modification of the award and 13,708 LTIPs to the Company's CEO. In May 2020, pursuant to the Plan, the Company issued 27,365 LTIP Units to the Company's CEO in lieu of his salary payable for the period from the one-year anniversary of the IPO to December 31, 2020. LTIP Units issued to the Company's CEO in lieu of cash compensation cliff vest on the eighth anniversary of the date of grant. (4) Includes 38,672 RSUs granted to certain officers of the Company during the nine months ended September 30, 2020 subject to the achievement of a service condition and a market condition. Such RSUs are market-based awards and are subject to the achievement of 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. The number of market-based RSUs is based on the number of shares issuable upon achievement of the market-based metric at target. Also, includes 13,253 time-based RSUs issued for 2019 incentive bonuses to certain employees that vested fully on February 14, 2020, the date of grant and 10,171 time-based RSUs granted to certain employees for their election to defer 2020 salary that vest on December 31, 2020. RSUs reflect the right to receive shares of Class A common stock, subject to the applicable vesting criteria. (5) Includes 49,839 of restricted shares that vested and 11,342 shares of restricted shares that were withheld to satisfy minimum statutory withholding requirements.

Organization and Description _2

Organization and Description of Business (Details Narrative)	9 Months Ended
	Sep. 30, 2020propertiesStates$ / sharesshares	Dec. 31, 2019$ / sharesshares	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	76.90%
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
Class A [Member]
Business Description and Basis of Presentation [Line Item]
Common stock, shares authorized	500,000,000	500,000,000
Common stock, par value | $ / shares	$ 0.01	$ 0.01
Common stock, shares issued	9,449,352	5,285,904
Class B [Member]
Business Description and Basis of Presentation [Line Item]
Common stock, shares authorized	27,206	27,206
Common stock, par value | $ / shares	$ 0.01	$ 0.01
Common stock, shares issued	27,206	27,206
Postal Realty Management [Member]
Business Description and Basis of Presentation [Line Item]
Number of properties managed | properties	400
USPS [Member]
Business Description and Basis of Presentation [Line Item]
Number of properties | properties	691
Number of States | States	47
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
LLCs, UPH and the limited partnership [Member] | Predecessor [Member]
Business Description and Basis of Presentation [Line Item]
Description of post office properties	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.

The Company's IPO and Formati_3

The Company's IPO and Formation Transactions (Details) - USD ($)		1 Months Ended	2 Months Ended	3 Months Ended					4 Months Ended	5 Months Ended	9 Months Ended
		Jun. 30, 2019	May 16, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2019	May 16, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Rental income				$ 5,270,143			$ 2,387,082				$ 14,211,317	$ 5,735,896
Tenant reimbursements				743,622			342,419				1,997,716	852,504
Fee and other income				282,703			278,846				890,008	842,097
Total revenues				6,296,468			3,008,347				17,099,041	7,430,497
Operating Expenses:
Real estate taxes				797,996			353,663				2,136,805	880,117
Property operating expenses				460,033			332,892				1,261,515	821,839
General and administrative				2,027,284			1,601,727				6,245,732	2,970,101
Depreciation and amortization				2,394,332			1,066,338				6,590,982	2,314,553
Total operating expenses				5,679,645			3,354,620				16,235,034	6,986,610
Income (loss) from operations				616,823			(346,273)				864,007	443,887
Interest expense, net:
Contractual interest expense				(484,272)			(48,916)				(1,757,413)	(635,423)
Amortization of deferred financing costs				(123,650)			(4,523)				(343,511)	(9,558)
Loss on early extinguishment of Predecessor debt												(185,586)
Interest income				668			1,136				2,155	3,394
Total interest expense, net				(607,254)			(52,303)				(2,098,769)	(827,173)
Income (loss) before income tax expense				9,569			(398,576)				(1,234,762)	(383,286)
Net income (loss)				(20,185)	$ (229,627)	$ (1,029,826)	(392,317)				(1,279,638)	(423,035)
Less:
Net loss attributable to common stockholders	[1]			$ (15,184)			(307,969)				$ (843,489)	$ (699,765)
Postal Realty Trust, Inc.
Revenues
Rental income									$ 3,486,541
Tenant reimbursements									504,429
Fee and other income									414,138
Total revenues									4,405,108
Operating Expenses:
Real estate taxes									521,424
Property operating expenses									464,060
General and administrative									2,468,897
Depreciation and amortization									1,588,797
Total operating expenses									5,043,178
Income (loss) from operations									(638,070)
Interest expense, net:
Contractual interest expense									(64,604)
Amortization of deferred financing costs									(4,785)
Loss on early extinguishment of Predecessor debt									(185,586)
Interest income									2,260
Total interest expense, net									(252,715)
Income (loss) before income tax expense									(890,785)
Income tax expense
Net income (loss)									(890,785)
Less:
Net income attributable to noncontrolling interest in properties
Net income attributable to Predecessor
Net loss attributable to Operating Partnership unitholders' noncontrolling interests									191,020
Net loss attributable to common stockholders									$ (699,765)
Predecessor [Member]
Revenues
Rental income										$ 2,249,355
Tenant reimbursements										348,075
Fee and other income										427,959
Total revenues										3,025,389
Operating Expenses:
Real estate taxes										358,693
Property operating expenses										357,779
General and administrative										501,204
Depreciation and amortization										725,756
Total operating expenses										1,943,432
Income (loss) from operations										1,081,957
Interest expense, net:
Contractual interest expense										(570,819)
Amortization of deferred financing costs										(4,773)
Loss on early extinguishment of Predecessor debt
Interest income										1,134
Total interest expense, net										(574,458)
Income (loss) before income tax expense										507,499
Income tax expense										(39,749)
Net income (loss)		$ (498,468)	$ 210,674				$ (392,317)	$ 257,076		467,750
Less:
Net income attributable to noncontrolling interest in properties										(4,336)
Net income attributable to Predecessor										$ 463,414
[1]	The combined statements of operations prior to May 17, 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 15, 2019	Sep. 30, 2020
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) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Cash	$ 7,786,677	$ 12,475,537
Escrows and reserves:
Maintenance reserve	665,494	663,339
ESPP reserve	29,416	44,727
Cash and escrows and reserves	$ 8,481,587	$ 13,183,603	$ 11,579,757	$ 861,875
Predecessor [Member]
Escrows and reserves:
Cash and escrows and reserves				$ 861,875

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Summary of Significant Accounting Policies (Textual)
Potentially dilutive shares outstanding	2,855,102
Secured borrowings	$ 16,800,000		$ 3,200,000
Principal balance	$ 16,800,000		$ 3,200,000
Concentration of credit risks, description	The Company’s properties were leased to a single tenant, the USPS. For the nine months ended September 30, 2020, no state had a concentration of rental income over 10% as a percentage of total rental income.	For the nine months ended September 30, 2019, our total rental income of $5.7 million was concentrated in the following states: Texas (11.5%), Massachusetts (11.1%) and Pennsylvania (10.7%).
Investment in a direct financing lease	$ 1,021,466
Investment effective interest rate	7.89%

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details)		3 Months Ended						9 Months Ended
		Sep. 30, 2020USD ($)properties	[2]	Jun. 30, 2020USD ($)properties		Mar. 31, 2020USD ($)properties	[4],[5],[6]	Sep. 30, 2020USD ($)properties
Total purchase price		$ 27,054,226	[1]	$ 10,608,114	[1],[3]	$ 30,525,974	[1]	$ 68,188,314
Number of Properties | properties		122		19	[3]	83		224
Land [Member]
Total purchase price		$ 6,074,837		$ 2,555,428	[3]	$ 4,825,507		$ 13,455,772
Building and Improvements [Member]
Total purchase price		19,426,255		7,344,021	[3]	24,572,597		51,342,873
Tenant Improvements [Member]
Total purchase price		316,541		54,894	[3]	293,726		665,161
In-place lease intangibles [Member]
Total purchase price		2,300,575		692,705	[3]	2,477,174		5,470,454
Above-market leases [Member]
Total purchase price		37,290			[3]	7,148		44,438
Below-market leases [Member]
Total purchase price		(1,067,886)		(38,934)	[3]	(1,616,080)		(2,722,900)
Other [Member]
Total purchase price	[7]	$ (33,386)				$ (34,098)		$ (67,484)
[1]	Includes acquisition costs of $0.3 million for the three months ended March 31, 2020, $0.2 million for the three months ended June 30, 2020 and $0.8 million for the three months ended September 30, 2020.
[2]	Includes the acquisition of 122 postal properties in various states in individual or portfolio transactions for approximately $27.1 million, including closing costs, which was funded with borrowings under our Credit Facility. In addition, the Company closed on one postal property which is a direct financing lease and is included in "Investment in financing lease, net" on the Company's Consolidated Balance Sheets.
[3]	Includes the acquisition of a 13-building portfolio leased to the USPS in various states for approximately $7.2 million, including closing costs. In addition, the Company purchased six postal properties in individual or smaller portfolio transactions for approximately $3.4 million, including closing costs.
[4]	Includes the acquisition of 20 postal properties in individual or smaller portfolio transactions for approximately $8.1 million, including closing costs.
[5]	Includes the acquisition of a 21-building portfolio leased to the USPS. The contract purchase price for the portfolio was $13.8 million, exclusive of closing costs, and giving effect to 483,333 OP Units issued to the sellers at a value of $17.00 per unit. The closing price of the Company's common stock on January 10, 2020 was $16.39; therefore, total consideration at closing, including closing costs, was approximately $13.6 million of which $7.9 million represented the non-cash consideration (the value of the OP Units) issued to the sellers.
[6]	Includes the acquisition of a 42-building portfolio leased to the USPS. The aggregate purchase price of such portfolio was approximately $8.8 million, including closing costs, which was funded with borrowings under our Credit Facility.
[7]	Includes an intangible liability related to unfavorable operating leases on three properties that is included in "Accounts Payable, accrued expenses and other" on the Company's Consolidated Balance Sheets.

Real Estate Acquisitions (Det_2

Real Estate Acquisitions (Details Narrative)	3 Months Ended
	Sep. 30, 2020USD ($)properties	Jun. 30, 2020USD ($)properties	Mar. 31, 2020USD ($)properties
Real Estate Acquisitions (Textual)
Acquisition costs	$ 800,000	$ 200,000	$ 300,000
Acquisition of portfolio acquired, description		The contract purchase price for the portfolio was $13.8 million, exclusive of closing costs, and giving effect to 483,333 OP Units issued to the sellers at a value of $17.00 per unit. The closing price of the Company's common stock on January 10, 2020 was $16.39; therefore, total consideration at closing, including closing costs, was approximately $13.6 million of which $7.9 million represented the non-cash consideration (the value of  the OP Units) issued to the sellers.
Number of postal properties | properties		6
Number of acquired postal property | properties	122	13	42
Acquired, Postal Properties, including closing costs	$ 27,000,000	$ 7,200,000	$ 8,800,000
Acquired, Postal Properties in individual or smaller portfolio transactions, including closing costs			$ 8,100,000
Additional acquired, Postal Properties, including closing costs		$ 3,400,000

Intangible Assets and Liabili_3

Intangible Assets and Liabilities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
In-place lease intangibles [Member]
Gross Asset (Liability)	$ 19,261,027	$ 13,788,024
Accumulated (Amortization)/Accretion	(9,911,763)	(6,472,157)
Net Carrying Amount	9,349,264	7,315,867
Above-market leases [Member]
Gross Asset (Liability)	85,058	40,620
Accumulated (Amortization)/Accretion	(30,391)	(18,496)
Net Carrying Amount	54,667	22,124
Below-market leases [Member]
Gross Asset (Liability)	(11,395,201)	(8,672,301)
Accumulated (Amortization)/Accretion	3,015,327	2,071,182
Net Carrying Amount	$ (8,379,874)	$ (6,601,119)

Intangible Assets and Liabili_4

Intangible Assets and Liabilities (Details 1) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Total	$ 9,349,264	$ 7,315,867
In-place lease intangibles [Member]
2020 - Remaining	1,097,772
2021	3,687,350
2022	2,099,279
2023	1,273,981
2024	649,954
Thereafter	540,928
Total	9,349,264
Above-market leases [Member]
2020 - Remaining	4,549
2021	15,544
2022	13,260
2023	10,626
2024	7,889
Thereafter	2,799
Total	54,667
Below-market leases [Member]
2020 - Remaining	(326,537)
2021	(1,291,010)
2022	(1,147,910)
2023	(1,021,341)
2024	(857,151)
Thereafter	(3,735,925)
Total	$ (8,379,874)

Intangible Assets and Liabili_5

Intangible Assets and Liabilities (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Intangible Assets and Liabilities (Textual)
Amortization of in-place intangibles	$ 1,200,000	$ 600,000	$ 3,439,606	$ 1,239,760
Amortization of acquired above market leases	5,213	2,865	11,895	7,851
Amortization of acquired below market leases	$ 300,000	$ 100,000	$ 900,000	$ 300,000

Debt (Details)

Debt (Details) - USD ($)		9 Months Ended
		Sep. 30, 2020	Dec. 31, 2019
Mortgage level debt		$ 16,599,366	$ 3,211,004
Revolving credit facility		49,000,000	54,000,000
Total Principal		65,838,728	57,246,062
Unamortized deferred financing costs		(239,362)	(35,058)
Total Debt		65,599,366	57,211,004
Revolving Credit Facility [Member]
Revolving credit facility		$ 49,000,000	54,000,000
Interest Rate, description	[1]	LIBOR+170bps
Maturity Date	[2]	Sep. 30, 2023
Vision Bank [Member]
Mortgage level debt	[3]	$ 1,474,909	1,522,672
Interest Rate	[3]	4.00%
Maturity Date	[3]	Sep. 30, 2036
First Oklahoma Bank [Member]
Mortgage level debt	[4]	$ 367,618	378,005
Interest Rate	[4]	4.50%
Maturity Date	[4]	Dec. 31, 2037
Vision Bank - 2018 [Member]
Mortgage level debt	[5]	$ 876,890	900,385
Interest Rate	[5]	5.00%
Maturity Date	[5]	Jan. 31, 2038
Seller Financing [Member]
Mortgage level debt	[6]	$ 445,000	445,000
Interest Rate	[6]	6.00%
Maturity Date	[6]	Jan. 31, 2025
First Oklahoma Bank - April 2020 [Member]
Mortgage level debt	[7]	$ 4,522,311
Interest Rate	[7]	4.25%
Interest Rate, description		which resets in November 2026 to the greater of Prime or 4.25%.
Maturity Date	[7]	Apr. 30, 2040
First Oklahoma Bank- June 2020 [Member]
Mortgage level debt	[8]	$ 9,152,000
Interest Rate	[8]	4.25%
Maturity Date	[8]	Jun. 30, 2040
[1]	As of September 30, 2020, the one-month LIBOR rate was 0.15%.
[2]	On September 27, 2019, the Company entered into a credit agreement (as amended, 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 revolving commitments in an aggregate principal amount of $100.0 million with an accordion feature ("the Accordion Feature") that permits the Company to borrow up to an additional $100.0 million for an aggregate total of $200.0 million, subject to customary terms and conditions, and a maturity date of September 27, 2023. On January 30, 2020, the Company amended the Credit Agreement in order to exercise a portion of the Accordion Feature to increase the maximum amount available under the Credit Facility to $150.0 million, subject to the borrowing base properties identified therein remaining unencumbered and subject to an enforceable lease. In May 2020, the Company determined that it had overdrawn its Credit Facility by approximately $5.1 million. The Company satisfied such amount with a portion of the proceeds from the First Oklahoma Bank-June 2020 secured mortgage financing. On June 25, 2020, the Company further amended the Credit Agreement to revise, among other items, certain definitions and borrowing base calculations to increase available capacity, as well as the restrictive covenant pertaining to Consolidated Tangible Net Worth (as defined in such amendment). 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 ended 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 three and six months ended June 30, 2020, the Company incurred $0.1 million and $0.2 million, respectively, of unused fees related to the Credit Facility. 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 June 30, 2020, the Company was in compliance with all of the Credit Facility's debt covenants.
[3]	Five properties are collateralized under this loan as of September 30, 2020 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, we obtained seller financing secured by the property in the amount of $0.4 million requiring five annual payments of principal and interest of $105,661 with the first installment due on January 2, 2021 based on a 6.0% interest rate per annum through January 2, 2025.
[7]	In connection with the purchase of a 13-building portfolio, the Company obtained $4.5 million of mortgage financing, at a fixed interest rate of 4.25% with interest only for the first 18 months, which resets in November 2026 to the greater of Prime or 4.25%.
[8]	The loan is collateralized by first mortgage liens on 22 properties. Interest rates resets in January 2027 to the greater of Prime or 4.25%.

Debt (Details 1)

Debt (Details 1) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020 - Remaining	$ 28,073
2021	220,497
2022	701,228
2023	49,735,838
2024	767,608
Thereafter	14,385,484
Total	$ 65,838,728	$ 57,246,062

Debt (Details Narrative)

Debt (Details Narrative) - USD ($)	Sep. 27, 2019	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019	Jan. 30, 2020
Mortgage Loans Payable (Textual)
Weighted average maturity date for secured borrowing			18 years 9 months 18 days	15 years 8 months 12 days
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 ended 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.
Percentage of interest rate			0.15%
Unused facility fee		$ 100,000	$ 300,000
Maximum increase in borrowing capacity	$ 100,000,000
Maximum amount available to borrow under the credit facility, subject to borrowing base properties					$ 150,000,000
First Oklahoma Bank [Member]
Mortgage Loans Payable (Textual)
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%.
Vision Bank [Member]
Mortgage Loans Payable (Textual)
Interest rate, description			Five properties are collateralized under this loan as of September 30, 2020 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%.
Vision Bank - 2018 [Member]
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%.
Seller Financing [Member]
Mortgage Loans Payable (Textual)
Payment frequency, description			We obtained seller financing secured by the property in the amount of $0.4 million requiring five annual payments of principal and interest of $105,661 with the first installment due on January 2, 2021 based on a 6.0% interest rate per annum through January 2, 2025.
First Oklahoma Bank - April 2020 [Member]
Mortgage Loans Payable (Textual)
Maximum borrowing facility		$ 4,500,000	$ 4,500,000
Interest rate, description			which resets in November 2026 to the greater of Prime or 4.25%.
Percentage of interest rate			4.25%
First Oklahoma Bank- June 2020 [Member]
Mortgage Loans Payable (Textual)
Percentage of interest rate			4.25%

Leases (Details)

Leases (Details)	Sep. 30, 2020USD ($)	[2]
Leases, Operating [Abstract]
2020 - Remaining	$ 4,394,175	[1]
2021	16,938,459	[3]
2022	13,371,159
2023	10,679,959
2024	7,734,855
Thereafter	10,165,377
Total	$ 63,283,984
[1]	As of September 30, 2020, the leases at 58 of our properties were expired, and the USPS was occupying such properties as a holdover tenant. In addition, the lease at one of our properties is a month to month lease. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease.
[2]	The above minimum lease payments to be received do not include reimbursements from the USPS for real estate taxes.
[3]	The Company has received notice on one property which the USPS intends to vacate in August 2021.

Leases (Details 1)

Leases (Details 1) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Leases, Operating [Abstract]
Total minimum lease payment receivable	$ 1,021,466
Less: unearned income	(505,302)
Investment in financing lease, net	$ 516,164

Leases (Details 2)

Leases (Details 2)	Sep. 30, 2020USD ($)
Direct Financing Lease [Abstract]
2020 - Remaining	$ 11,375
2021	45,500
2022	45,500
2023	45,500
2024	45,500
Thereafter	828,091
Total	$ 1,021,466

Leases (Details 3)

Leases (Details 3)	Sep. 30, 2020USD ($)
Leases, Operating [Abstract]
2020 - Remaining	$ 5,904
2021	23,600
2022	23,600
2023	23,600
2024	24,160
Thereafter	1,175,290
Total	$ 1,276,154

Leases (Details Narrative)

Leases (Details Narrative)	9 Months Ended
	Sep. 30, 2020properties
Leases, Operating [Textual]
Lease expiration, description	Certain leases have expired and the balance expire at various dates through November 30, 2029.
Number of holdover properties	58

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Unrecognized tax benefits	$ 400,000		$ 400,000
Unrecognized tax benefits reversed	100,000
Income tax (expense) benefit	29,754	$ (6,259)	44,876	$ 39,749
State taxes	10,000		10,000
Benefit due to finalizing tax filing related to UPH	0		10,000
Postal Realty Management [Member]
Income tax (expense) benefit	$ 20,000		$ 50,000
Predecessor [Member]
Effective tax rate				13.40%
Income tax (expense) benefit		$ 0		$ 39,749
Statutory rate				21.00%

Related Party Transactions (Det

Related Party Transactions (Details)	Sep. 30, 2020USD ($)
Related Party Transactions [Abstract]
2020 - Remaining	$ 46,350
2021	188,869
2022	194,535
2023	200,371
2024	76,244
Total	$ 706,369

Related Party Transactions (D_2

Related Party Transactions (Details Narrative) - USD ($)	Oct. 01, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transactions (Line Items)
Guarantees, description				Mr. Spodek, our chief executive officer, has personally guaranteed our loans with First Oklahoma Bank that were obtained prior to 2020 and Vision Bank, totaling $2.7 million. As a guarantor, Mr. Spodek's interests with respect to the debt he is guaranteeing (and the terms of any repayment or default) may not align with our interests and could result in a conflict of interest.
Postal Realty Management [Member]
Related Party Transactions (Line Items)
Management fee income		$ 300,000	$ 200,000	$ 800,000	$ 400,000
Accrued management fees receivable		300,000		300,000		$ 80,000
Office Lease 2 [Member]
Related Party Transactions (Line Items)
Rental expenses		$ 50,000		$ 100,000
Lease terms, description				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.
Predecessor [Member] | Office Lease 1 [Member]
Related Party Transactions (Line Items)
Monthly rent amount	$ 15,000
Lease term	5 years
Lease expire date	Sep. 30, 2023

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)		3 Months Ended				9 Months Ended
		Sep. 30, 2020		Sep. 30, 2019		Sep. 30, 2020	Sep. 30, 2019
Numerator for earnings per share - basic and diluted:
Net loss attributable to common stockholders	[1]	$ (15,184)		$ (307,969)		$ (843,489)	$ (699,765)
Less: Income attributable to participating securities	[1]	(105,829)				(266,680)	(16,715)
Numerator for earnings per share - basic and diluted	[1]	$ (121,013)		$ (307,969)		$ (1,110,169)	$ (716,480)
Denominator for earnings per share - basic and diluted		8,425,708	[1]	5,164,264	[1]	6,276,145	5,164,264	[1]
Basic and diluted earnings per share	[1]	$ (0.01)		$ (0.06)		$ (0.18)	$ (0.14)
[1]	The combined statements of operations prior to May 17, 2019 represents the activity of the Predecessor and EPS was not applicable.

Stockholder's Equity (Details)

Stockholder's Equity (Details) - $ / shares	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2020
Amount Per Share	$ 0.205	$ 0.20	$ 0.17
January 30, 2020 [Member]
Declaration Date				Jan. 30, 2020
Record Date				Feb. 14, 2020
Date Paid				Feb. 28, 2020
Amount Per Share				$ 0.17
April 30, 2020 [Member]
Declaration Date				Apr. 30, 2020
Record Date				May 11, 2020
Date Paid				May 29, 2020
Amount Per Share				$ 0.20
July 30, 2020 [Member]
Declaration Date				Jul. 30, 2020
Record Date				Aug. 14, 2020
Date Paid				Aug. 31, 2020
Amount Per Share				$ 0.205

Stockholder's Equity (Details 1

Stockholder's Equity (Details 1)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Outstanding, at beginning of period	268,850
Granted	302,747
Vesting of restricted shares	(61,181)	[1]
Forfeited	(588)
Outstanding, at end of period	509,828
Weighted Average Grant Date Fair Value
Outstanding, at beginning of period | $ / shares	$ 16.96
Granted | $ / shares	14.20
Vesting of restricted shares | $ / shares	17
Forfeited | $ / shares	17
Outstanding, at end of period | $ / shares	$ 15.35
Restricted Shares [Member]
Outstanding, at beginning of period	148,847	[2],[3]
Granted	146,348	[2],[3]
Vesting of restricted shares	(61,181)	[1],[2],[3]
Forfeited	(588)	[2],[3]
Outstanding, at end of period	233,426	[2],[3]
LTIP Units [Member]
Outstanding, at beginning of period	120,003	[4]
Granted	94,303	[4]
Vesting of restricted shares		[1],[4]
Forfeited		[4]
Outstanding, at end of period	214,306	[4]
Restricted Stock Units (RSUs) [Member]
Outstanding, at beginning of period		[5]
Granted	62,096	[5]
Vesting of restricted shares		[1],[5]
Forfeited		[5]
Outstanding, at end of period	62,096	[5]
[1]	Includes 49,839 of restricted shares that vested and 11,342 shares of restricted shares that were withheld to satisfy minimum statutory withholding requirements.
[2]	Represents restricted shares awards included in common stock.
[3]	The time-based restricted share awards granted to our officers and employees typically vest in three annual installments or cliff vest at the end of eight years. The time-based restricted share awards granted to our directors' vest over one to three years.
[4]	LTIP units to our officers and employees typically vest over three to eight years. During the six months ended June 30, 2020, 2,843 LTIPs issued to an employee vested as a result of a modification of the award and 13,708 LTIPs to the Company's CEO. In May 2020, pursuant to the Plan, the Company issued 27,365 LTIP Units to the Company's CEO in lieu of his salary payable for the period from the one-year anniversary of the IPO to December 31, 2020. LTIP Units issued to the Company's CEO in lieu of cash compensation cliff vest on the eighth anniversary of the date of grant.
[5]	Includes 38,672 RSUs granted to certain officers of the Company during the six months ended June 30, 2020 subject to the achievement of a service condition and a market condition. Such RSUs are market-based awards and are subject to the achievement of 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. The number of market-based RSUs is based on the number of shares issuable upon achievement of the market-based metric at target. Also, includes 13,253 time-based RSUs issued for 2019 incentive bonuses to certain employees that vested fully on February 14, 2020, the date of grant and 10,171 time-based RSUs granted to certain employees for their election to defer 2020 salary that vest on December 31, 2020. RSUs reflect the right to receive shares of Class A common stock, subject to the applicable vesting criteria.

Stockholder's Equity (Details N

Stockholder's Equity (Details Narrative) - USD ($)	Jul. 15, 2020	May 15, 2019	Apr. 27, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Class of Stock [Line Items]
Non-controlling interests OP Units				2,640,795		2,640,795		2,157,462
Non-controlling interests LTIP Units				214,307		214,307		120,004
Outstanding partnership percentage				23.10%		23.10%		30.00%
Remaining shares available for future issuance				751,697		751,697
Maximum number of restricted shares				541,584		541,584
Equity Incentive Plan, description			The Board of Directors amended the Equity Incentive Plan to increase the total number of shares of Class A common stock that may be issued under the Plan from 541,584 shares to 1,291,584 shares.
Dividends paid				$ 2,500,000		$ 5,600,000
Total unrecognized compensation cost related to unvested awards				6,100,000		6,100,000
Total recognized compensation expense				$ 600,000	$ 400,000	$ 1,800,000	$ 600,000
Expected to be recognized over a weighted average period						4 years
Stock based compensation plans vesting period						5 years
Fair vale of restricted shares						$ 1,000,000
Follow on public offering, description	The Company priced a public offering of 3.5 million shares of its Class A Common Stock (the “Follow-on Offering”) at $13.00 per share. On July 17, 2020, the underwriters purchased an additional 521,840 shares pursuant to a 30-day option to purchase up to an additional 525,000 shares at $13.00 per share (the “Additional Shares”). The Follow-on Offering, including the Additional Shares, closed on July 20, 2020 resulting in $52.2 million in gross proceeds, and approximately $49.4 million in net proceeds after deducting approximately $2.9 million in underwriting discounts and before giving effect to $0.9 million in other estimated expenses relating to the Follow-on Offering.
Class A [Member]
Class of Stock [Line Items]
Stockholder's Equity shares issued						27,206
Minimum [Member]
Class of Stock [Line Items]
Maximum number of restricted shares			541,584
Maximum [Member]
Class of Stock [Line Items]
Maximum number of restricted shares			1,291,584
LTIP Units [Member]
Class of Stock [Line Items]
Amount Per Share				$ 0.575		$ 0.575
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
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
Non-controlling Interest [Member]
Class of Stock [Line Items]
OPU and LTIP, description						The Company issued 483,333 OP Units in January 2020 in connection with a portfolio that the Company acquired, 53,230 LTIP Units in February 2020 to the Company’s CEO for his 2019 incentive bonus, 13,708 LTIP Units in March 2020 to the Company’s CEO and 27,365 LTIP Units in May 2020 to the Company’s CEO for his salary for the period of May 18, 2020 to December 31, 2020.
Restricted Stock and Other Awards [Member]
Class of Stock [Line Items]
Granted to issue restricted shares						38,672
Restricted shares and LTIP Issued						Includes 13,253 time-based RSUs issued for 2019 incentive bonuses to certain employees that vested fully on February 14, 2020, the date of grant and 10,171 time-based RSUs granted to certain employees for their election to defer 2020 salary that vest on December 31, 2020. RSUs reflect the right to receive shares of Class A common stock.
Restricted Stock and Other Awards [Member] | Other Employees [Member]
Class of Stock [Line Items]
LTIP Units, description						LTIP units to our officers and employees typically vest over three to eight years. During the nine months ended September 30, 2020, 2,843 LTIPs issued to an employee vested as a result of a modification of the award and 13,708 LTIPs to the Company’s CEO. In May 2020, pursuant to the Plan, the Company issued 27,365 LTIP Units to the Company’s CEO in lieu of his salary payable for the period from the one-year anniversary of the IPO to December 31, 2020. LTIP Units issued to the Company’s CEO in lieu of cash compensation cliff vest on the eighth anniversary of the date of grant.
Vesting of Restricted Shares [Member]
Class of Stock [Line Items]
Granted to issue restricted shares						49,839
Restricted shares withheld						11,342
Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Equity Incentive Plan, description						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 close of the offering period.
Total recognized compensation expense				$ 11,795		$ 21,897
Total shares of common stock will be reserved for sale and authorized for issuance				100,000		100,000
Granted to issue restricted shares						7,189

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	Nov. 11, 2020propertiesLeases	Jul. 15, 2020	Oct. 30, 2020USD ($)$ / shares	Nov. 12, 2020USD ($)
Subsequent Event [Line Items]
Follow on public offering, description		The Company priced a public offering of 3.5 million shares of its Class A Common Stock (the “Follow-on Offering”) at $13.00 per share. On July 17, 2020, the underwriters purchased an additional 521,840 shares pursuant to a 30-day option to purchase up to an additional 525,000 shares at $13.00 per share (the “Additional Shares”). The Follow-on Offering, including the Additional Shares, closed on July 20, 2020 resulting in $52.2 million in gross proceeds, and approximately $49.4 million in net proceeds after deducting approximately $2.9 million in underwriting discounts and before giving effect to $0.9 million in other estimated expenses relating to the Follow-on Offering.
Subsequent Event [Member]
Subsequent Event [Line Items]
Current lease renewal and revised USPS lease form, description	The USPS is occupying such properties as a holdover tenant, aggregating approximately $2.5 million in annualized rental income. As of November 11, 2020, the USPS has not vacated any of these 52 properties. The Company has received all holdover rent on a month-to-month basis, with the USPS typically paying the greater of estimated market rent or the rent amount under the expired lease.The USPS has adopted a revised form of our modified double-net lease, which transfers the responsibility for additional maintenance expenses and obligations to the landlord, including some components of plumbing and electrical systems. As of November 11, 2020, we have entered into 29 leases reflecting this revised form, including an addendum, as applicable, to its revised form of lease for leases acquiring annual rent in excess of $25,000, pursuant to which documentation requirements are streamlined and some of the new responsibilities placed on the landlord by the USPS’ revised form of our modified double-net lease would be mitigated for leases that expired in 2019 or 2020, or will expire in 2020.
Acquisition of properties, description	The Company closed on the acquisitions of 14 postal properties for approximately $8.0 million during the period subsequent to September 30, 2020.
Acquisition agreement, description	The Company had entered into agreements to acquire 12 postal properties for approximately $10.1 million. The majority of these transactions are anticipated to close during the fourth quarter of 2020, subject to the satisfaction of customary closing conditions. Furthermore, the Company has signed a material agreement for an industrial building in Warrendale, Pennsylvania for $47.0 million. The USPS occupies 73% of this property as a distribution facility.
Line of credit additional borrowings | $			$ 3,000,000
Common stock dividend per share | $ / shares			$ 0.215
Common stock dividend paid			Nov. 30, 2020
Common stock dividend record			Nov. 16, 2020
Number of leases executed | Leases	29
Number of lease properties in holdover that expired in 2018	1
Number of lease properties in holdover that expired in 2019	15
Number of lease properties in holdover that expired in 2020	36
Total properties in holdover	52
Amount drawn on credit facility | $				$ 52,000,000