Letter From Our CEO Luke J. Petherbridge
Dear Fellow Stakeholders,
Our 2025 Sustainability Report highlights the practical decisions we have made, the measurable progress we have achieved and the lasting value those efforts create over time. This approach reflects a belief that has guided Link Logistics from the start: Sustainability and strong business performance go hand in hand.
The Industries of the Future Are in Our Buildings
Link Logistics serves businesses at the center of how the modern economy moves. The industries defining the next decade and beyond are already operating out of our spaces—advanced manufacturing, data center supplier networks, defense and autonomous vehicles, last-mile e-commerce fulfillment. That is not a coincidence. It reflects the deliberate choices we have made about where to build, how to build and what kind of partner to be. And it shapes how we think about sustainability: not as a reporting obligation, but as a way to make our buildings more useful, efficient and valuable to the businesses inside them.
Driving Results Across the Portfolio
Our energy programs continued to generate measurable value in 2025. Customers enrolled in our power hedging program benefited from our ability to support energy rate stability and insulation from increasingly unpredictable electricity markets. We deployed LED or high-efficiency lighting across 36 million square feet, bringing our cumulative total to 318 million square feet. We executed solar options on more than 51 megawatts of projects across 31 sites which, if fully developed, would increase our operating solar portfolio by nearly 74%. And our Energy Solutions program, which simplifies utility management and unlocks real cost savings for customers, continues to grow, with 1,474 customers enrolled as of year’s end.
In sustainable development, we delivered 14 million square feet of high-efficiency warehouse space across our portfolio in 2025, continuing our commitment to ensuring every new Link Logistics development meets LEED standards.
Technology and the Human Element
When Link Logistics was founded in 2019, we built the firm around two things working in concert: hiring curious, innovative and driven people, and fostering a data-centric culture capable of turning a broad base of information into real insight. Our proprietary AI-driven model analyzes billions of data points to surface insights that turn market signals into early advantages, and we continue to embrace emerging AI tools because they enhance the thinking and work our people do every day.
I am equally focused on what technology can never replicate. The relationship between a property manager and a customer. The judgment that comes from years in a market. The trust built through showing up, solving problems and following through. Those things matter as much today as they ever have—perhaps more, as the pace of change accelerates. Our people are the foundation of everything we do, and that will not change.
Investing in People and Communities
In 2025, 92% of our firm engaged in optional social impact programming, a number that reflects genuine participation, not obligation. Our Community Grants Program directed $2 million to 21 nonprofit projects across 20 communities, including a $125,000 grant to Boulder Crest Foundation to support mental health and resilience programming for veterans and first responders. Through CoreGiving, our marquee nonprofit partner, we helped enable more than 7.5 million meals for people in need. And in partnership with Project Destined, we reached more than 500 students through programs designed to open doors to careers in commercial real estate.
Across all this work, the same thing is true: Our people show up for the communities where we live and work.
Building for What’s Ahead
I have never been more optimistic about what Link Logistics can accomplish. The scale of our portfolio, the depth of our team and our position at the intersection of supply chain, energy and real estate give us an unusual vantage point—and an unusual responsibility. The businesses in our buildings are not just our customers. In many cases, they are building the future everyone will inhabit. Our job is to make sure our spaces are ready for them.
Thank you for your continued support.
Luke J. Petherbridge
Chief Executive Officer
In This Report
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Creating value for people and the planet
Sustainability at Link Logistics is about helping our customers thrive. We invest in creating energy-efficient spaces and innovative programs that enable businesses to lower operating costs and meet evolving power demands.
Our Impact in 2025
Link Logistics' Research & Analytics department capitalizes on exclusive data insights to analyze markets, forecast industry trends and track supply and demand.
Data Governance and Risk Management
Link Logistics’ significant investment in technology continuously enhances the power of our platform to meet the demands of evolving logistics while driving success for our customers.
Appendix
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2025 Key Highlights
Sustainability
Social Impact
Awards
Better Buildings Better Practice Award
— U.S. Department of Energy
Sustainability Product of the Year
— Business Intelligence Group
2026 FreightTech 100
— FreightWaves
2025 CPE Influence Awards - Development Company of the Year (Silver)
— Commercial Property Executive
Community Service Project of the Year
— CRE Cares
About Link Logistics
Link Logistics, founded by Blackstone Real Estate in 2019, is one of the largest owners and operators of last-mile industrial real estate in the U.S. With approximately 3,000 warehouses and distribution facilities across 40+ markets, we lease space to more than 7,500 businesses, from global e-commerce retailers and third-party logistics providers to manufacturers, distributors and retailers.
Our infill-focused managed portfolio is concentrated in the highest-demand logistics and distribution markets in the country. Our largest markets by square footage include Atlanta, Chicago, Dallas-Fort Worth, Northern California and Southern California, among others. This positioning puts customers close to the consumers they serve, enabling faster delivery, more efficient supply chains and stronger long-term business performance.
Strategic Sustainability for Industrial Real Estate
Sustainability at Link Logistics is about generating value for our firm, stakeholders and customers. We focus on creating energy-efficient spaces and programs that help businesses reduce operating costs and adapt to evolving power needs. With a practical, results-driven approach, we develop real estate solutions that advance decarbonization, enhance productivity and drive long-term growth.
Investing in People and Communities
Beyond real estate, we invest in our people and the communities where we operate because strong communities and engaged teams drive long-term stability. Our team of more than 1,100 professionals brings deep expertise, a commitment to ethics and a culture of collaboration. Through mentorship, grantmaking and volunteerism, we support local communities, foster economic opportunity and contribute to lasting positive impact.
Photo: 8700 Mercury Lane, Pico Rivera, California
Staying Ahead of our Customer’s Needs
In addition to offering businesses the space they need, we provide partnership, insights and intelligence to help Link Logistics customers succeed. By staying close to the businesses we serve through data, research and direct engagement, we help customers make informed decisions to stay ahead in a rapidly evolving industrial real estate landscape.
Technology-Powered Partnership
In 2025, our proprietary, internally developed AI model continued to evolve, leveraging billions of data points to analyze industry trends at both macro and micro levels and generating actionable intelligence we share directly with our customers. This analytic strength is complemented by our technology‑enhanced property management function and the award‑winning Link+ digital platform, which provides instant access to property management teams, lease documents, billing, service requests—and our comprehensive Energy Solutions program. Energy Solutions enables customers to optimize energy usage and lower costs, reinforcing our commitment to operational efficiency and sustainability.
Preparing for the Future of Power
As demand for new power infrastructure grows, so does demand for modern industrial real estate. In 2025, we created our Power & Infrastructure department to better understand and prepare for the growing power demands shaping this sector, laying the groundwork to help customers harness reliable, scalable power as those needs evolve. Alongside this effort, our research team deepened its analysis of power demand across our markets—quantifying not only total load growth but the specific industries driving it, including advanced manufacturing, EV and battery production, AI-driven data users, and other power-intensive businesses. By mapping the geographic relationships between these businesses and their end-use customers, we can identify where emerging power-driven demand is taking shape and position our managed portfolio to meet it.
Hands-On Customer Engagement
Technology is just one part of the equation. We also prioritize direct engagement as our local on-the-ground teams meet with businesses of all sizes to understand their challenges and remove obstacles so they can stay focused on running their operations. Our Customer Advisory Council, for example, brings a select group of customers together with senior Link Logistics leaders to discuss the topics that matter most to them, helping us ensure our offerings continue to evolve with customer needs. Through programs like our Small Business Challenge, we create additional
opportunities to engage the businesses in our industrial properties and invest in their success.
Photo: Link Logistics team members, Grand Prairie, Texas
Our Sustainability Goals
Our sustainability work is grounded in specific, measurable commitments. We recently refreshed our sustainability goals to reflect the current state of our programs and where we see the greatest opportunity to drive lasting impact across our managed industrial real estate portfolio.
Carbon Neutral Scope 1 Operations
We are working toward 100% carbon neutrality across our Scope 1 operations through a partnership with the American Forest Foundation's Family Forest Carbon Program. The program supports American family forest owners in implementing improved forest management practices, ensuring that only verified, additional carbon sequestration attributable to those practices is credited while also providing participating landowners with a new source of income for their conservation work.
Renewable-Powered Scope 2 Operations
We aim to achieve 100% renewable electricity across our Scope 2 operations through the purchase and retirement of renewable energy certificates (RECs) sourced from generation projects in our largest load centers, aligning our consumption with renewable supply on the same regional grids where we operate.
LED or High-Efficiency Lighting Across All Eligible Spaces
We are committed to ensuring all eligible spaces meet LED or high-efficiency lighting standards at the earliest vacancy period during our ownership. LED retrofits and modern lighting controls are a standard part of our Vacant Space Preparation process, capturing efficiency gains at natural transition points with minimal customer disruption.
100% Energy Benchmarking Compliance, Annually
We maintain building profiles for all Link Logistics-operated properties in ENERGY STAR® Portfolio Manager® and execute a highly automated utility data collection process that supports timely benchmarking and compliance submissions for more than 600 properties each year.
LEED Certification for All New Link Logistics Developments
Every new Link Logistics industrial development is enrolled in the LEED® Volume Program for BD+C Core & Shell projects, embedding consistent high-performance building standards across our pipeline. Since 2022, we have delivered 69 LEED certified buildings.
Solar on Qualified and Viable Properties
We are working to deploy solar across all qualified and viable properties in our managed portfolio, partnering with Reactivate, our national solar development partner, to identify and execute projects at scale. In markets where distributed solar is economically viable, we align solar deployment with planned roof replacements to preserve optionality and lower execution costs.
Photo: 283 Proscpect Plains Road, Cranbury, New Jersey
