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--(BUSINESS WIRE)--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 strongly positioned to provide our customers 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 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 a leading national owner of last-mile logistics real estate designed to meet the needs of the modern supply chain. The Company, established in 2019 by Blackstone, operates the largest portfolio of logistics real estate assets located exclusively in the U.S. As of June 30, 2022, Link serves more than 7,000 customers and owns, has interests in, or has under development logistics facilities across key distribution markets in the U.S. that will represent a total of 554 million square feet (480 million square feet at pro rata share) when completed. Link has the scale, geographic footprint and logistics expertise, as well as a heightened focus on sustainability, to power the supply chain of tomorrow. For more information regarding the Company, please visit www.linklogistics.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220725005765/en/