Link Logistics Provides Third Quarter 2022 Update
Achieved Record Quarterly Blended Cash Leasing Spreads for the Second Consecutive Quarter
Significant and Sustained Demand Reflected in Broad-Based Leasing Activity
New York – November 2, 2022 – Link Logistics (“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 third quarter 2022 activity. The Company owns, has interests in or has under development properties that upon completion will represent a total of 550 million square feet (478 million square feet at pro rata share). Link’s operating portfolio is 97.4 percent leased on a same store basis, up from 97.0 percent in the same quarter from the prior year. The Company executed 18.9 million square feet of leasing during the quarter and achieved record quarterly blended cash leasing spreads of 51.8 percent, driven largely by mark-to-market.
“We are seeing healthy, broad-based demand for space, high levels of leasing activity and limited vacancy across our portfolio despite macroeconomic uncertainty,” said Luke J. Petherbridge, Link’s chief executive officer. “Link continues to focus on partnering with our customers to solve their supply chain challenges while making a positive impact on the communities where we live, operate and invest.”
Nicholas L. Pell, Link’s president and chief investment officer, added, “During the quarter, we added best-in-class infill real estate to our portfolio, focusing on high barrier-to-entry markets across the U.S. The real-time data and insights generated by our 500+ million square-foot platform continue to give us conviction in the favorable outlook for the logistics sector. We remain highly focused on pursuing new investments even amidst broader capital market volatility given our unique scale and access to capital.”
Capital Deployment and Notable Activity in the Third Quarter
- As previously disclosed, completed acquisition and integration of PS Business Parks, adding 27 million square feet for $7.6 billion
- 17.1 million square feet currently under construction across Link’s national portfolio with projected costs of $2.5 billion
- Stabilized six developments, totaling 1.5 million square feet across six markets including Atlanta, Denver, Philadelphia, Salt Lake City, Seattle and South Florida
- Signed 542 new and renewal leases comprising 18.9 million square feet
- Generated quarterly blended cash leasing spreads of 51.8 percent across the portfolio, a record for the second consecutive quarter
Environmental, Social & Governance (ESG) Recent Highlights
- Committed $4.75 million to the American Forest Foundation and The Nature Conservancy to support family forest owners, a critical step toward Link achieving carbon neutral operations by 2025
- Progressing toward 300 MW solar goal by 2025, with 65 MW of solar capacity to date and 150 MW of capacity in the pipeline
- Lowered energy expenses for Link customers by $3.5 million through Link’s energy and utility risk management program since the program’s inception in the first quarter of 2022
- Pursuing LEED certification across Link’s active development pipeline, comprising 23 million square feet
- Nearly 900 Link employees participated in the second annual CoreGiving Day, joining volunteers from Blackstone and 13 other real estate portfolio companies to provide over 650,000 meals to fight childhood hunger across the U.S.
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.
Contact:
Melissa Sachs
FGS Global
