NEW YORK--(BUSINESS WIRE)--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 third quarter 2023 activity. The Company owns, has interests in or has under development properties that upon completion will represent a total of 538 million square feet. Link Logistics' operating portfolio is 96.4 percent leased on a same-store basis. During the quarter, the Company executed 24.4 million square feet of leasing and generated quarterly blended cash leasing spreads of 57 percent, up from 52 percent in the prior quarter.
"Link Logistics' strong third quarter performance reflects continued demand for well-located last-mile logistics real estate and sustainable facilities that support our customers' evolving needs," said Luke J. Petherbridge, chief executive officer, Link Logistics. "E-commerce and onshoring remain significant growth drivers for our business and industry. In addition, increased leasing activity by our clean energy manufacturing customers represents a long-term tailwind for the firm."
Nicholas L. Pell, president and chief investment officer, Link Logistics, added, "Our scale and local market expertise provide Link Logistics with exceptional opportunities. Against the backdrop of capital markets and interest rate volatility, our best-in-class industrial portfolio added 4 million square feet of modern infill assets totaling $754 million."
Third Quarter 2023 Notable Activity
- Signed 766 new and renewal leases comprising 24.4 million square feet
- Added $754 million of new assets comprising 4 million square feet across 21 high-quality logistics facilities in key U.S. distribution markets
- Executed three dispositions from the operating portfolio totaling $95.2 million of gross proceeds across 806,600 square feet
- Stabilized six developments across four markets: Atlanta, Dallas-Fort Worth, Inland Empire and Orange County
- 18.8 million square feet currently under construction across Link Logistics' national portfolio
Recent Sustainability and Social Impact Highlights
- Published Link Logistics' third annual Environmental, Social and Governance (ESG) Report, which can be viewed and downloaded on the Company's ESG Report webpage
- Nearly 900 Link Logistics employees participated in the third annual CoreGiving Day, joining volunteers from Blackstone and 15 other Blackstone Real Estate portfolio companies to make more than 800,000 meals accessible for neighbors in need
About Link Logistics
Link Logistics is the largest U.S.-only owner and operator of last-mile industrial real estate. As of September 30, 2023, Link Logistics serves more than 10,000 customers and owns, has interests in, or has under development logistics facilities that will represent a total of 538 million square feet across key U.S. distribution markets. Established by Blackstone in 2019, Link Logistics has the scale, footprint, and proprietary insights, 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.
Contacts
Melissa Sachs
MSachs@LinkLogistics.com
OR
FGS Global
LinkLogistics@fgsglobal.com
