Link Logistics Provides Fourth Quarter and Full Year 2022 Results
Total transaction activity of $15.5 billion in 2022
Achieved 63.5 percent quarterly blended cash leasing spreads, a record for third consecutive quarter
Executed 18.5 million square feet of leasing in the fourth quarter, reflecting strong demand for infill locations
New York – January 30, 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 fourth quarter and full year 2022 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’s operating portfolio is 97.3 percent leased on a same store basis, compared to 97.7 percent from the year-ago quarter. The Company executed 18.5 million square feet of leasing during the quarter, bringing its full-year leasing total to 78.5 million square feet. Additionally, Link generated record blended cash leasing spreads of 63.5 percent in the fourth quarter, up from 33.4 percent in the same quarter the prior year.
“Despite the evolving macro environment, I am confident that the Link portfolio is well-positioned for growth given the solid logistics industry fundamentals and our infill-focused portfolio,” said Luke J. Petherbridge, Link’s chief executive officer. “We are redefining logistics real estate with a world-class team focused on executing our unique customer-centric approach, as well as our sustainability- and community-focused initiatives.”
Nicholas L. Pell, Link’s president and chief investment officer, added, “Demand for high-quality, well-located last-mile logistics real estate remains strong, with robust leasing activity and vacancies near historic lows. I am pleased with our significant success in this environment as we expand and develop the portfolio by leveraging our proprietary data and insights.”
Full-Year 2022 Capital Deployment and Notable Activity
- Signed 2,147 leases representing 78.5 million square feet at 45.9 percent blended cash leasing spreads
- Added $11.2 billion of new assets, 48.3 million square feet and 765 high-quality logistics facilities to Link’s portfolio in key U.S. distribution markets
- Executed 57 dispositions from the operating portfolio totaling $4.3 billion of gross proceeds across 31.4 million square feet
- Stabilized 23 developments totaling 5.0 million square feet across 10 markets, including New Jersey, Atlanta, South Florida, Seattle and Los Angeles
Fourth Quarter 2022 Capital Deployment and Notable Activity
- 16.0 million square feet currently under construction across Link’s national portfolio with projected costs of $2.4 billion
- Stabilized eight developments totaling 1.4 million square feet across four markets, including Sacramento, Orlando, Salt Lake City and Seattle
- Signed 661 new and renewal leases comprising 18.5 million square feet
- Generated quarterly blended cash leasing spreads of 63.5 percent across the portfolio
Full-Year 2022 Sustainability Highlights
- Honored as an Executive Member of ENERGY STAR®’s Certification Nation campaign and named 2022 ENERGY STAR® Partner of the Year
- Committed $4.75 million to the American Forest Foundation and The Nature Conservancy to support family forest owners
- Launched Link’s energy and utility risk management program, which has created nearly $4 million in value for Link
- Progressing toward goal of 300 MW of solar by 2025, with 65 MW of solar capacity to date and 189 MW of capacity in the pipeline
- Nearly 900 Link employees participated in the second annual CoreGiving Day, joining volunteers from Blackstone and 13 other real estate portfolio companies to provide more than 650,000 meals to fight childhood hunger
Contact:
Melissa Sachs
MSachs@LinkLogistics.com
OR
FGS Global
LinkLogistics@fgsglobal.com
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
