Link Logistics Provides Update on Second Quarter 2021 Activity
Link Logistics Real Estate ("Link" or the "Company"), a Blackstone portfolio company and leading operator of the largest portfolio of high-quality logistics real estate assets located exclusively in the U.S., today provided an update on the Company's second quarter 2021 leasing and investment activity. During the quarter, the Company grew its portfolio in high-growth distribution markets to more than 429 million square feet, which is over 95% occupied on a same store basis.
"Link's footprint, scale and expertise have positioned our portfolio to benefit from historically strong fundamentals, resulting in record leasing and capital deployment during the quarter," said Link's Chief Executive Officer, Luke Petherbridge. "We remain devoted to our culture of partnering with customers to improve their efficiencies through sustainable, cutting-edge approaches, tailored to address rapidly evolving consumption and logistics challenges."
Nicholas Pell, Link's President and Chief Investment Officer, added, "Our capital deployment strategy remains focused on the highest growth and most dynamic markets in the U.S., capitalizing on our national scale and local expertise to identify and secure the most compelling investment opportunities."
Acquisitions and Development in Second Quarter
- Acquired 6.6 million square feet across 52 high-quality facilities in key markets, for $918.0 million
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Current development pipeline of 14.1 million square feet representing $2.0 billion of investment, concentrated in Southern California, New Jersey, South Florida, Dallas and Seattle
- Pending land acquisitions will increase the development pipeline by 13 million square feet, or $2.0 billion of additional investment, increasing Link's total development pipeline to $4.0 billion
- Commenced construction on 1.2 million square feet of new development and redevelopment projects at an estimated cost of $200.0 million
Additional Portfolio Activity in Second Quarter
- Record leasing volume of 580 new and renewal leases representing approximately 23 million square feet
- Sold 10.4 million square feet of assets totaling approximately $1.2 billion
- Gained more than 100 new customers, increasing the Company's total to more than 6,500 customers
- 2021 Green Lease Leader (Gold recognition) by the Institute of Market Transformation; one of 21 landlords across all asset classes
About Link Logistics
Link Logistics is a leading national provider of last-mile logistics real estate solutions designed to meet the needs of the modern supply chain. The Company, established by Blackstone in 2019, operates the largest portfolio of high-quality logistics real estate assets located exclusively in the U.S. Link Logistics has more than 6,500 customers and 429 million square feet of logistics facilities across key distribution markets in the U.S. Link Logistics 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.
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