Link Logistics Provides First Quarter 2023 Update
Completed 17.4 Million Square Feet of Leasing Underpinned by Strong Industrial Fundamentals
Generated 47.7 Percent Quarterly Blended Cash Leasing Spreads
New York – April 25, 2023 – Link Logistics (“Link” or the “Company”), a leading national last-mile logistics real estate company designed to meet the needs of the modern supply chain, today provided an update on the Company’s first quarter 2023 activity. The Company owns, has interests in or has under development properties that upon completion will represent a total of 545 million square feet. Link Logistics’ operating portfolio is 97.0 percent leased on a same-store basis. The Company executed 17.4 million square feet of leasing during the quarter on a same-store basis, compared to 15.3 million square feet of leasing in the prior quarter and 15.6 million square feet of leasing in the same quarter the prior year. Additionally, Link Logistics generated blended cash leasing spreads of 47.7 percent in the first quarter, up from 26.7 percent in the same quarter the prior year.
“We are seeing strong demand for space within our infill-focused portfolio coupled with positive fundamentals across our industry, resulting from a number of tailwinds that include an increase in nearshoring and onshoring in manufacturing,” said Luke J. Petherbridge, chief executive officer, Link Logistics. “As we look ahead, we remain committed to driving the success of our customers’ businesses and delivering value for our stakeholders.”
Nicholas L. Pell, president and chief investment officer, Link Logistics, added, “I am pleased with our solid momentum in the first quarter, marked by strong leasing activity and low vacancy rates. We continue to benefit from our proprietary data and local insights as we develop our portfolio in the highest-growth U.S. markets to meet the needs of our customers.”
First Quarter 2023 Notable Activity
- 18.5 million square feet currently under construction across Link Logistics’ national portfolio with projected costs of $3.4 billion
- Signed a total of 692 new and renewal leases comprising 21.6 million square feet
- Signed 362 new and renewal leases comprising 17.4 million square feet on a same-store basis
- Stabilized eight developments totaling 2.8 million square feet across five markets, including Dallas-Fort Worth, Minneapolis-St. Paul, Pennsylvania I-78/I-81 Corridor, Philadelphia and Phoenix
Recent Sustainability Highlights
- Named ENERGY STAR Partner of the Year by the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE) for the second consecutive year
- Announced collaboration with Carrier Global Corporation to drive value through energy efficiency
- Installed 66 megawatts (MW) of solar capacity to date, with 220 MW in the pipeline and progressing toward a target of 300 MW by 2025
- Donated $500,000 to CoreGiving™ as part of CoreGiving’s annual March Madness fundraiser to aid in childhood hunger
About Link Logistics
Link Logistics is a leading operator of last-mile industrial real estate and warehouse properties. Established by Blackstone in 2019, Link Logistics supports the delivery of essential goods through a half-billion-square-foot portfolio of modern warehouses across the U.S. By connecting consumption, technology and e-commerce, we play a vital role in how businesses reach their customers. We leverage our scale, proprietary data, and focus on sustainability and power to help customers run smarter operations and deliver value for stakeholders. At the same time, we prioritize our people and communities, making a positive difference where we live and work. For more information, please visit www.linklogistics.com.
Contact:
Melissa Sachs
Link Logistics
FGS Global
