Link Logistics Provides First Quarter 2023 Update
Link Logistics ("Link" or the "Company"), a leading national last-mile logistics real estate company designed to meet the needs of the modern supply chain, today provided an update on the Company's first quarter 2023 activity. The Company owns, has interests in or has under development properties that upon completion will represent a total of 545 million square feet. Link Logistics' operating portfolio is 97.0 percent leased on a same-store basis. The Company executed 17.4 million square feet of leasing during the quarter on a same-store basis, compared to 15.3 million square feet of leasing in the prior quarter and 15.6 million square feet of leasing in the same quarter the prior year. Additionally, Link Logistics generated blended cash leasing spreads of 47.7 percent in the first quarter, up from 26.7 percent in the same quarter the prior year.
"We are seeing strong demand for space within our infill-focused portfolio coupled with positive fundamentals across our industry, resulting from a number of tailwinds that include an increase in nearshoring and onshoring in manufacturing," said Luke J. Petherbridge, chief executive officer, Link Logistics. "As we look ahead, we remain committed to driving the success of our customers' businesses and delivering value for our stakeholders."
Nicholas L. Pell, president and chief investment officer, Link Logistics, added, "I am pleased with our solid momentum in the first quarter, marked by strong leasing activity and low vacancy rates. We continue to benefit from our proprietary data and local insights as we develop our portfolio in the highest-growth U.S. markets to meet the needs of our customers."
First Quarter 2023 Notable Activity
- 18.5 million square feet currently under construction across Link Logistics' national portfolio with projected costs of $3.4 billion
- Signed 362 new and renewal leases comprising 17.4 million square feet
- Stabilized eight developments totaling 2.8 million square feet across five markets, including Dallas-Fort Worth, Minneapolis-St. Paul, Pennsylvania I-78/I-81 Corridor, Philadelphia and Phoenix
Recent Sustainability Highlights
- Named ENERGY STAR Partner of the Year by the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE) for the second consecutive year
- Announced collaboration with Carrier Global Corporation to drive value through energy efficiency
- Installed 66 megawatts (MW) of solar capacity to date, with 220 MW in the pipeline and progressing toward a target of 300 MW by 2025
- Donated $500,000 to CoreGivingtm as part of CoreGiving's annual March Madness fundraiser to aid in childhood hunger
About Link Logistics
Link Logistics is a leading national last-mile logistics real estate company 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 March 31, 2023, Link Logistics owns, has interests in, or has under development logistics facilities across key distribution markets in the U.S. that will represent a total of 545 million square feet when completed and serves more than 10,000 customers. Link Logistics has the scale, geographic footprint and logistics expertise, as well as a heightened focus on sustainability to drive value and deliver the properties customers want to be in while powering the supply chain of tomorrow. For more information regarding the Company, please visit www.linklogistics.com.
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