Achieved record quarterly blend leasing spreads for the second consecutive quarter
Strong and sustained demand reflected in large scale rental activity
NEW YORK, November 02, 2022–(BUSINESS WIRE)–Link Logistics (“Link” or the “Company”), the operator and owner of the largest portfolio of logistics real estate in the United States, today provided an update on the activity in the third quarter of 2022. The Company owns, has interests in, or has properties under development which, upon completion, will total 550 million square feet (478 million square feet prorated). Link’s operating portfolio is 97.4% leased on a same-store basis, compared to 97.0% in the same quarter versus a year ago. The company executed 18.9 million square feet of leases during the quarter and achieved record quarterly spreads of 51.8% on cash leases, primarily due to mark-to-market valuation.
“We are seeing healthy and widespread demand for space, high levels of leasing activity and a limited number of vacancies in our portfolio despite the macroeconomic uncertainty,” said Link CEO Luke J. Petherbridge. “Link continues to be focused on partnering with our customers to solve their supply chain challenges while positively impacting the communities where we live, operate and invest.”
Nicholas L. Pell, President and Chief Investment Officer of Link, added, “During the quarter, we added best-in-class infill real estate to our portfolio, focusing on high-barrier-to-entry markets. across the United States. The real-time data and insights generated from our 500+ million square foot platform continue to give us confidence in the favorable outlook for the logistics industry. We remain highly focused on pursuing new investments, even amid broader capital market volatility, given our unique scale and access to capital.
Capital deployment and notable activity in the third quarter
As previously announced, completed the acquisition and integration of PS Business Parks, adding 27 million square feet for $7.6 billion
17.1 million square feet currently under construction in Link’s national portfolio with projected costs of $2.5 billion
Stabilized six developments, totaling 1.5 million square feet in six markets, including Atlanta, Denver, Philadelphia, Salt Lake City, Seattle and South Florida
Signature of 542 new leases and lease renewals totaling 18.9 million square feet
Generation of quarterly mixed leasing spreads of 51.8% across the portfolio, a record for the second consecutive quarter
Recent Environmental, Social and Governance (ESG) 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 towards the goal of 300 MW solar by 2025, with 65 MW of solar capacity to date and 150 MW of capacity in the pipeline
Reduced $3.5 million in Link customer energy spend through Link’s energy and utility risk management program since program inception in Q1 2022
Pursue LEED certification in 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 holding companies to provide more than 650,000 meals to help end child hunger in the United States .
About Link Logistics
Link Logistics is a leading national owner of last mile logistics real estate designed to meet the needs of the modern supply chain. The company, created in 2019 by Blackstone, operates the largest portfolio of logistics real estate assets located exclusively in the United States. As of September 30, 2022, Link serves more than 11,000 customers and owns, has interests in, or has logistics facilities under development across key U.S. distribution markets that will total 550 million square feet (478 million of square feet on a pro rata basis) when completed. Link has the scale, geographic footprint and logistics expertise, along with an increased focus on sustainability, to power the supply chain of tomorrow. For more information about the company, please visit www.linklogistics.com.
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