Link Logistics Provides Fourth Quarter and Full Year 2023 Results
Completed 86 million square feet of leasing in 2023, including more than 23 million square feet in the fourth quarter alone, highlighting steady demand for last-mile locations
New York – January 30, 2024 – Link Logistics (“Link” or the “Company”), a leading operator of the largest portfolio of logistics real estate assets located exclusively in the U.S., today provided an update on the Company’s fourth quarter and full year 2023 activity. The Company owns, has interests in or has under development properties that upon completion will represent a total of 539 million square feet. Link Logistics’ operating portfolio is 96.2 percent leased on a same-store basis. The Company executed 23.4 million square feet of leasing during the fourth quarter, up from 18.5 million square feet of leasing in the same quarter the prior year, bringing its full year leasing total to 86.0 million square feet. Additionally, Link Logistics generated quarterly blended cash leasing spreads of 55.6 percent during the fourth quarter.
“Our infill-focused portfolio strategy continued to yield strong results, powered by sustained e-commerce strength and onshoring tailwinds,” said Luke J. Petherbridge, chief executive officer, Link Logistics. “We are committed to investing in exceptional logistics real estate and remain focused on maximizing value for our customers. As we mark five years since our founding, I could not be prouder of our talented team and the scalable platform we have built, which position us well for future growth.”
Nicholas L. Pell, president and chief investment officer, Link Logistics, added, “During the fourth quarter and throughout 2023, we continued to enhance our portfolio to meet the long-term needs of our customers. Leveraging our proprietary data insights continues to allow us to see around the corner and capitalize on compelling opportunities that align with our strategic goals.”
Fourth Quarter 2023 Notable Activity
- Signed 805 new and renewal leases comprising 23.4 million square feet
- $461.1 million of new assets comprising 2.9 million square feet across 12 high-quality logistics facilities in key U.S. distribution markets added to the portfolio
- Executed nine dispositions from the operating portfolio totaling $558.6 million of gross proceeds across 3.1 million square feet
- Stabilized eight developments across six markets: Philadelphia, South Florida, Central Florida, Sacramento, Charlotte and Austin
- 14.6 million square feet currently under construction across Link Logistics’ national portfolio
- Launched Energy Solutions, Link Logistics’ comprehensive energy and utility management program
Full Year 2023 Notable Activity
- Signed over 3,100 leases representing 86.0 million square feet at 53.3 percent blended cash leasing spreads
- Added $2.0 billion of new assets, 12.5 million square feet and 59 high-quality logistics facilities in key U.S. distribution markets
- Executed 33 dispositions from the operating portfolio totaling $5.3 billion of gross proceeds across 27.8 million square feet
- Stabilized 28 developments totaling 7.7 million square feet across 13 markets
- Launched Link+, a digital customer platform for customers to manage their partnerships with Link Logistics
- 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
- Distributed $2 million to 18 projects in 11 states through the Link Logistics Community Grants Program
- Nearly 900 Link Logistics employees participated in the third annual CoreGiving Day, joining volunteers from Blackstone and 15 other real estate portfolio companies to provide more than 650,000 meals to fight childhood hunger
- Collaborated with Project Destined to create the nonprofit’s first-ever Industrial Real Estate Bridge Program, providing 170 diverse students with professional development, networking and mentorship opportunities
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
