Link Logistics Provides First Quarter 2024 Update
30 Abril 2024 - 3:43PM
Business Wire
Signed 17.8 million square feet of leasing
Executed $6.5 billion of refinancings over five
transactions
Link Logistics (“Link” or the “Company”), a leading operator of
last-mile logistics real estate, today provided an update on the
Company’s first quarter 2024 activity. The Company owns, has
interests in or has under development properties that upon
completion will represent a total of 533 million square feet and is
currently the largest U.S.-only operator of logistics real estate.
Link Logistics’ operating portfolio is 94.6 percent leased on a
same-store basis. The Company executed 17.8 million square feet of
leasing during the first quarter. Additionally, Link Logistics
generated quarterly blended cash leasing spreads of 44.4 percent
during the first quarter.
“We entered 2024 with persistent demand for our well-located,
last-mile properties,” said Luke J. Petherbridge, chief executive
officer, Link Logistics. “E-commerce continued to be a significant
growth driver, along with the onshoring of manufacturing and the
transition to clean energy. In tandem with delivering an
industry-leading experience for our customers, Link was named
ENERGY STAR® Partner of the Year by the U.S. Environmental
Protection Agency (EPA) for the third consecutive year, and this
year received the Sustained Excellence and Excellence in Data
Innovation distinctions.”
Nicholas L. Pell, president and chief investment officer, Link
Logistics, added, “In the first quarter, our scale, unique data
insights and talented team helped us to take advantage of
attractive, value-creating opportunities, including our
market-leading $6.5 billion of refinancings. We are focused on
tailoring our portfolio to prioritize high-barrier markets with
favorable supply and demand fundamentals.”
First Quarter 2024 Notable Activity
- $6.5 billion of refinancings across five transactions
- Signed 696 new and renewal leases comprising 17.8 million
square feet
- Executed 10 dispositions from the operating portfolio totaling
$1.5 billion of gross proceeds across 7.1 million square feet
- Stabilized eight developments across six markets: Bay Area,
Inland Empire, Las Vegas, Miami, Orlando and Seattle
- 13.1 million square feet currently under construction across
Link Logistics’ national portfolio
- Converted 12.5 million square feet of space to LED or
high-efficiency lighting
- Recognized as a CIO 100 Award winner for the Company’s digital
customer-focused platform, Link+
- Secured a $125,000 grant for CoreGiving, the firm’s marquee
nonprofit partner, through the Blackstone Charitable Foundation’s
“Blackstone Gives Back Challenge”
About Link Logistics Link Logistics is a leading operator
of last-mile logistics real estate. As of March 31, 2024, Link
Logistics serves approximately 10,000 customers and owns, has
interests in, manages or has under development logistics facilities
that will represent a total of 533 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 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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version on businesswire.com: https://www.businesswire.com/news/home/20240429810563/en/
Melissa Sachs MSachs@LinkLogistics.com
OR
FGS Global LinkLogisticsComms@fgsglobal.com