Link Logistics Provides First Quarter 2022 Update
Development Pipeline Expanded to $9.0 billion
Executed 18.3 Million Square Feet of Leasing
New York – April 21, 2022 – Link Logistics Real Estate (“Link” or the “Company”), the operator and owner of the largest U.S.-only portfolio of logistics real estate, today provided an update on the Company’s first quarter 2022 activity. The Company owns, has interests in, or has under development properties that upon completion will represent a total of 559 million square feet (488 million square feet at pro rata share), which is 98.0 percent leased on a same store basis. The Company executed 18.3 million square feet of leasing during the quarter and expanded its development pipeline to $9.0 billion, up from $7.1 billion as of year-end 2021.
By year-end 2023, Link plans to deliver approximately 9 million square feet of environmentally conscious, infill logistics real estate located in key submarkets in Los Angeles, the Inland Empire, South Florida and New Jersey. These properties will meet heightened demand for prime logistics facilities, creating additional supply and providing Link’s customers space to grow their businesses.
“With over $1 trillion of U.S. GDP flowing through Link buildings, we are able to see our customers’ supply chain needs in real time and meet their changing business requirements,” said Luke J. Petherbridge, Link’s Chief Executive Officer. “We are experiencing significant demand across all segments of our business and continue to benefit from strong underlying fundamentals, including the acceleration of e-commerce, the need for increased inventory and emerging long-term trends such as nearshoring and onshoring.”
Nicholas L. Pell, Link’s President and Chief Investment Officer, added, “During the quarter, we continued to acquire and develop high-quality facilities in infill, last-mile locations. We remain focused on building a sustainable portfolio with state-of-the-art, LEED-certified facilities and leveraging data-driven solutions to identify locations to help our customers grow their businesses.”
Capital Deployment and Notable Activity in the First Quarter
- Acquired 5.6 million square feet across 18 buildings in key markets for $598.8 million
- Sold 7.6 million square feet of assets totaling approximately $1.1 billion of gross proceeds
- Increased development pipeline to $9.0 billion representing 47.1 million buildable square feet
- Signed 465 new and renewal leases comprising 18.3 million square feet
- Achieved robust cash leasing spreads of 27 percent across the portfolio
Environmental, Social & Governance (ESG) First Quarter Highlights
- Received ENERGY STAR® certifications for 29 Link properties – the most in the industrial sector
- Launched Link’s energy and utility risk management program, which saved Link customers over $1.3 million in energy expenses during the quarter
- Donated $500,000 to CoreGiving™ to aid in childhood hunger, and $100,000 to World Central Kitchen in response to the humanitarian crisis in Ukraine
- Founded Link’s community grant pilot, which will deploy $2 million in 2022 through tangible infrastructure grants to nonprofits where Link operates and invests
- Established Link’s Scholarship & Mentorship Program, which partners with diverse undergraduate real estate programs and will provide scholarships in 2022-2023
About Link Logistics
Link Logistics is the largest U.S.-only operator of last-mile industrial real estate. As of December 31, 2023, Link Logistics serves approximately 10,000 customers and owns, has interests in, or has under development logistics facilities that will represent a total of 539 million square feet across key U.S. distribution markets. Established by Blackstone in 2019, Link Logistics has the scale, footprint and proprietary insights, as well as a focus on sustainability, to drive value for our customers and stakeholders. For more information regarding the Company, please visit www.linklogistics.com.
Contact:
Melissa Sachs
FGS Global
