Link Logistics Provides First Quarter 2024 Update
Signed 17.8 million square feet of leasing
Executed $6.5 billion of refinancings over five transactions
New York – April 30, 2024 – Link Logistics (“Link” or the “Company”), a leading operator of last-mile logistics real estate, today provided an update on the Company’s first quarter 2024 activity. The Company owns, has interests in or has under development properties that upon completion will represent a total of 533 million square feet and is currently the largest U.S.-only operator of logistics real estate. Link Logistics’ operating portfolio is 94.6 percent leased on a same-store basis. The Company executed 17.8 million square feet of leasing during the first quarter. Additionally, Link Logistics generated quarterly blended cash leasing spreads of 44.4 percent during the first quarter.
“We entered 2024 with persistent demand for our well-located, last-mile properties,” said Luke J. Petherbridge, chief executive officer, Link Logistics. “E-commerce continued to be a significant growth driver, along with the onshoring of manufacturing and the transition to clean energy. In tandem with delivering an industry-leading experience for our customers, Link was named ENERGY STAR® Partner of the Year by the U.S. Environmental Protection Agency (EPA) for the third consecutive year, and this year received the Sustained Excellence and Excellence in Data Innovation distinctions.”
Nicholas L. Pell, president and chief investment officer, Link Logistics, added, “In the first quarter, our scale, unique data insights and talented team helped us to take advantage of attractive, value-creating opportunities, including our market-leading $6.5 billion of refinancings. We are focused on tailoring our portfolio to prioritize high-barrier markets with favorable supply and demand fundamentals.”
First Quarter 2024 Notable Activity
- $6.5 billion of refinancings across five transactions
- Signed 696 new and renewal leases comprising 17.8 million square feet
- Executed 10 dispositions from the operating portfolio totaling $1.5 billion of gross proceeds across 7.1 million square feet
- Stabilized eight developments across six markets: Bay Area, Inland Empire, Las Vegas, Miami, Orlando and Seattle
- 13.1 million square feet currently under construction across Link Logistics’ national portfolio
- Converted 12.5 million square feet of space to LED or high-efficiency lighting
- Recognized as a CIO 100 Award winner for the Company’s digital customer-focused platform, Link+
- Secured a $125,000 grant for CoreGiving, the firm’s marquee nonprofit partner, through the Blackstone Charitable Foundation’s “Blackstone Gives Back Challenge”
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
