Postal Realty Trust, Inc. Form 8-K Summary
Business Context and Reporting Period
Postal Realty Trust, Inc. filed a Current Report on Form 8-K under Item 4.01 on July 5, 2023, reporting an auditor change approved on June 29, 2023. The Company is a real estate investment trust whose Class A common stock trades on the NYSE under the symbol PSTL.
Material Change: Independent Registered Public Accounting Firm
- The Audit Committee completed a competitive review of audit firms.
- Effective June 29, 2023, the Audit Committee engaged Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2023.
- BDO USA, P.A., which had served as auditor since 2017, was dismissed.
- BDO’s audit reports for the fiscal years ended December 31, 2021 and 2022 contained no adverse opinion or disclaimer and were not qualified or modified for uncertainty, audit scope, or accounting principles.
- The Company reported no disagreements with BDO regarding accounting principles, financial statement disclosure, or audit scope or procedures during 2021, 2022, or the interim period through June 29, 2023.
- The Company also reported no reportable events during those periods.
- BDO provided a letter dated July 5, 2023, confirming its response to the Company’s disclosures; the letter was filed as Exhibit 16.1.
Financial Metrics, Liquidity, and Outlook
This filing does not provide revenue, profit, cash flow, margins, debt, liquidity, operating results, financial guidance, or an updated business outlook. The filing concerns only the change in certifying accountant.
Management Commentary, Risks, and Unusual Items
The filing states that neither the Company nor anyone acting on its behalf consulted Deloitte during the relevant periods regarding accounting principles for a specified transaction, audit opinions, disagreements, reportable events, or other accounting, auditing, or financial reporting matters that influenced the auditor-selection decision.
The filing does not identify accounting disputes, reportable events, restatements, material weaknesses, contingencies, or unusual financial items.
Investor Verification Items
- Review Exhibit 16.1, BDO’s July 5, 2023 letter to the SEC.
- Confirm Deloitte’s audit engagement in the Company’s subsequent annual and quarterly filings.
- Review future filings for any disclosures regarding changes in audit scope, internal controls, accounting policies, or audit opinions.
- Obtain financial performance, leverage, liquidity, and guidance information from the Company’s applicable periodic reports, as this 8-K does not provide those details.