Link Logistics Provides Third Quarter 2021 Update
Development Pipeline Increased to $5.6 Billion
Transaction Volume of $14.0 Billion Year to Date
New York – November 23, 2021 – Link Logistics Real Estate (“Link” or the “Company”), the leading operator of the largest portfolio of logistics real estate located exclusively in the U.S., today provided an update on the Company’s third quarter 2021 leasing and investment activity. During the quarter, the Company grew its portfolio to more than 440 million square feet in high-growth distribution markets, which is more than 97 percent leased on a same store basis. As of October 31, Link has closed on $8.2 billion of acquisitions and $5.8 billion of dispositions totaling $14.0 billion of transaction activity year to date.
“Our third quarter activity reflects Link’s strongest performance since its inception,” said Luke J. Petherbridge, Link’s Chief Executive Officer. “As fundamentals continue to accelerate, the Link team remains focused on expanding our footprint in key logistics markets, including infill, last-mile locations, as well as on partnering closely with our customers to solve their toughest distribution challenges. During the quarter, we achieved unprecedented leasing and capital deployment while striking a strategic balance between acquisitions and dispositions to build a portfolio that continues to meet the needs of the modern supply chain.”
In addition, Link reported a development pipeline of 30 million square feet representing $5.6 billion of investment, an increase from $4.0 billion of investment reported in the previous quarter. The Company will leverage this pipeline to further expand its scale in strategic and infill markets.
Matthew L. Ostrower, Link’s Chief Financial Officer, added, “This quarter, Link experienced record leasing spreads, NOI growth and development volumes. We continue to capitalize on strong fundamental tailwinds by focusing our expansion in dynamic, high-growth U.S. markets.”
Capital Deployment and Notable Activity in the Third Quarter
- Acquired 9.9 million square feet across 42 high-quality facilities in key markets for $1.7 billion
- Sold 31.7 million square feet of assets totaling approximately $3.7 billion
- Increased development pipeline to $5.6 billion to build approximately 30 million square feet
- Commenced construction on 1.0 million square feet of new development and redevelopment projects at an estimated cost of $180 million
- Signed more than 550 new and renewal leases for a record 23 million square feet
- Achieved record leasing spreads of 21 percent across the portfolio
- Launched inaugural Environmental, Social and Governance (ESG) Report and received strong initial GRESB score that exceeded average first-year rankings by 16 percent
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
