Link Logistics Provides Fourth Quarter and Full Year 2022 Results

Total transaction activity of $15.5 billion in 2022

Achieved 63.5 percent quarterly blended cash leasing spreads, a record for third consecutive quarter

Executed 18.5 million square feet of leasing in the fourth quarter, reflecting strong demand for infill locations

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 fourth quarter and full year 2022 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’s operating portfolio is 97.3 percent leased on a same store basis, compared to 97.7 percent from the year-ago quarter. The Company executed 18.5 million square feet of leasing during the quarter, bringing its full-year leasing total to 78.5 million square feet. Additionally, Link generated record blended cash leasing spreads of 63.5 percent in the fourth quarter, up from 33.4 percent in the same quarter the prior year.

“Despite the evolving macro environment, I am confident that the Link portfolio is well-positioned for growth given the solid logistics industry fundamentals and our infill-focused portfolio,” said Luke J. Petherbridge, Link’s chief executive officer. “We are redefining logistics real estate with a world-class team focused on executing our unique customer-centric approach, as well as our sustainability- and community-focused initiatives.”

Nicholas L. Pell, Link’s president and chief investment officer, added, “Demand for high-quality, well-located last-mile logistics real estate remains strong, with robust leasing activity and vacancies near historic lows. I am pleased with our significant success in this environment as we expand and develop the portfolio by leveraging our proprietary data and insights.”

Full-Year 2022 Capital Deployment and Notable Activity

• Signed 2,147 leases representing 78.5 million square feet at 45.9 percent blended cash leasing spreads
• Added $11.2 billion of new assets, 48.3 million square feet and 765 high-quality logistics facilities to Link’s portfolio in key U.S. distribution markets
• Executed 57 dispositions from the operating portfolio totaling $4.3 billion of gross proceeds across 31.4 million square feet
• Stabilized 23 developments totaling 5.0 million square feet across 10 markets, including New Jersey, Atlanta, South Florida, Seattle and Los Angeles

Fourth Quarter 2022 Capital Deployment and Notable Activity

• 16.0 million square feet currently under construction across Link’s national portfolio with projected costs of $2.4 billion
• Stabilized eight developments totaling 1.4 million square feet across four markets, including Sacramento, Orlando, Salt Lake City and Seattle
• Signed 661 new and renewal leases comprising 18.5 million square feet
• Generated quarterly blended cash leasing spreads of 63.5 percent across the portfolio

Full-Year 2022 Sustainability Highlights

• Honored as an Executive Member of ENERGY STAR®’s Certification Nation campaign and named 2022 ENERGY STAR® Partner of the Year
• Committed $4.75 million to the American Forest Foundation and The Nature Conservancy to support family forest owners
• Launched Link’s energy and utility risk management program, which has created nearly $4 million in value for Link
• Progressing toward goal of 300 MW of solar by 2025, with 65 MW of solar capacity to date and 189 MW of capacity in the pipeline
• Nearly 900 Link employees participated in the second annual CoreGiving Day, joining volunteers from Blackstone and 13 other real estate portfolio companies to provide more than 650,000 meals to fight 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 December 31, 2022, Link 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 11,000 customers. Link 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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