Achieved Record Quarterly Blended Cash Leasing Spreads and Maintained Robust Development Pipeline
Expanded Presence in Top-Tier Markets through Addition of PSB’s 27 Million Square Foot Portfolio
New York – July 25, 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 second quarter 2022 activity. The Company owns, has interests in, or has under development properties that upon completion will represent a total of 554 million square feet (480 million square feet at pro rata share), which are 98.0 percent leased on a same store basis. The Company executed 22.9 million square feet of leasing during the quarter and achieved record quarterly blended cash leasing spreads of 39.1 percent.
“Our strong second quarter performance reflects the power of Link’s platform as well as solid industry fundamentals,” said Luke J. Petherbridge, Link’s chief executive officer. “With our well-located portfolio of environmentally conscious, infill logistics real estate close to the end consumer, we are better positioned than ever to provide our customers with space to grow their operations.”
Nicholas L. Pell, Link’s president and chief investment officer, added, “We continued to strengthen our portfolio in key logistics markets across the U.S. and leverage our scale, expertise and proprietary data analysis to deliver high-quality, sustainable facilities. As our customers experience ongoing supply chain challenges, we work tirelessly to provide them with the right locations and innovative solutions to enhance their productivity.”
Capital Deployment and Notable Activity in the Second Quarter
Environmental, Social & Governance (ESG) Recent Highlights
Following the completion of the transaction on July 20, 2022, between affiliates of Blackstone Real Estate and PS Business Parks, Inc. (“PSB”), Link added PSB’s 27 million square feet of assets to its operating portfolio.
“PS Business Parks’ assets tie directly to Link’s strategy of owning best-in-class infill real estate in high barrier-to-entry markets,” said Sonya A. Huffman, Link’s chief administrative officer. “This transaction allows us to expand our presence in top-tier markets, while supporting our customers’ lifecycles, offering them the space they need as their businesses mature.”
About Link Logistics
Link Logistics is the largest U.S.-only owner and operator of last-mile industrial real estate. As of September 30, 2023, Link Logistics serves more than 10,000 customers and owns, has interests in, or has under development logistics facilities that will represent a total of 538 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 heightened focus on sustainability, to drive value for our customers and stakeholders. For more information regarding the Company, please visit www.linklogistics.com.