Link Logistics Provides Second Quarter 2023 Update
Link Logistics ("Link" or the "Company"), the largest U.S.-only owner and operator of last-mile industrial real estate, today provided an update on the Company's second quarter 2023 activity. The Company owns, has interests in or has under development properties that upon completion will represent a total of 535 million square feet. Link Logistics' operating portfolio is 96.4 percent leased on a same-store basis, and the Company executed 13.3 million square feet of leasing during the quarter on a same-store basis. Additionally in the second quarter, Link Logistics generated blended cash leasing spreads of 52 percent.
"We continue to see solid industrial real estate fundamentals as we achieved robust blended cash leasing spreads, which were up from 39 percent in the same quarter the prior year," said Luke J. Petherbridge, chief executive officer, Link Logistics. "Link Logistics sits at the intersection of consumption, technology and the supply chain, and it is our responsibility and critical mission to operate best-in-class space to help drive productivity and business growth across the economy."
Nicholas L. Pell, president and chief investment officer, Link Logistics, added, "We remain focused on constantly upgrading our portfolio to include exceptional infill real estate in high-growth distribution markets. We are committed to generating value for our stakeholders by leveraging our proprietary data and insights."
Second Quarter 2023 Notable Activity
- Signed a total of 418 new and renewal leases comprising 13.3 million square feet on a same-store basis
- Acquired $629.1 million of new assets comprising 5.1 million square feet across 25 high-quality logistics facilities in key U.S. distribution markets
- Executed 13 dispositions from the operating portfolio totaling $4.0 billion of gross proceeds across 20.7 million square feet, including the previously announced $3.1 billion disposition to Prologis of nearly 14 million square feet
- Stabilized six developments across five markets, including Atlanta, Dallas-Fort Worth, Inland Empire, Sacramento and South Florida
- 20.4 million square feet currently under construction across Link Logistics' national portfolio
Recent Sustainability Highlights
- Completed LEED certification for seven developments to date in 2023 with 52 developments in progress for LEED certification
- Converted 6.5 million square feet to LED or high-efficiency lighting to date in 2023, and on track to meet the Company's target of using 100 percent LED or high-efficiency lighting by 2025
- Hosted the inaugural Link Logistics Energy & Sustainability Summit, which brought together customers and partners to share decarbonization best practices and identify market opportunities
About Link Logistics
Link Logistics is the largest U.S.-only owner and operator of last-mile industrial real estate. 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, 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 535 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 for our customers and stakeholders. For more information regarding the Company, please visit www.linklogistics.com.
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