Link Logistics Provides Second Quarter 2022 Update, Adds PS Business Parks’ Assets to Portfolio
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
- Acquired 14.5 million square feet across 64 buildings in key markets for $2.8 billion
- Sold 13.5 million square feet of assets totaling approximately $1.9 billion of gross proceeds
- Maintained robust development pipeline of $8.8 billion representing 44.6 million buildable square feet
- Signed 465 new and renewal leases comprising 22.9 million square feet
- Achieved record quarterly blended cash leasing spreads of 39.1 percent across the portfolio
Environmental, Social & Governance (ESG) Recent Highlights
- Recently published second annual Environmental, Social and Governance (ESG) Report which can be viewed and downloaded on Link’s ESG webpage
- Named 2022 ENERGY STAR® Partner of the Year – the first company in the industrial real estate sector to receive this recognition
- 62 MW of solar capacity to date, equivalent to powering nearly 12,000 US homes per year
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.
- Includes 27 million square foot portfolio of industrial, business park, traditional office and multifamily properties
- Expands Link’s presence in seven top-tier U.S. markets including Los Angeles, the San Francisco Bay Area, South Florida, Austin, Dallas, Seattle and Washington, D.C.
- Adds 4,800 customers
“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 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
