INDIANAPOLIS, March 07, 2023 (GLOBE NEWSWIRE) -- Becknell Industrial announced today financial results for the year ending December 31, 2022.
Mark Shapland, Chief Executive Officer and President, said, “This past year presented a myriad of challenges to navigate - from continued inflationary pressure to uncertainty in capital markets. I am pleased with how well the Becknell team managed through these issues and our 2022 results reflect another successful year. Despite headwinds, the industrial market remains strong and Becknell is well positioned as we look at 2023 and beyond.”
“Tenant demand for industrial product remains robust despite the uncertain economic environment,” said Peter Shaplin, Chief Operating Officer and Executive Vice President. “Our industrial real estate portfolio continued to achieve strong results in 2022. Occupancy, tenant retention rates and re-leasing spreads all exceeded 2021 metrics, a testament to our talented professionals.”
Investment Activity
- During 2022, Becknell Industrial started development on 16 new projects totaling 5.5 million square feet with a total projected investment of $570.6M.
- As of December 31, 2022, the Company had 24 projects under active development totaling nearly 8.6 million square feet that are 7.6 percent pre-leased with a total projected investment of $812.7 million.
- In 2022, the Company acquired one asset for $20.1M.
- In 2022, the Becknell Industrial executed the disposition of 11 assets totaling $217.3M.
In-Service Property Results and Leasing Activity
- As of December 31, 2022, Becknell’s in-service portfolio totaled 171 properties and 28.7 million square feet with an occupancy of 98.3 percent.
- During 2022, the Company signed new leases totaling nearly 4.8 million square feet with a weighted average lease term of 7.6 years.
- The Company’s tenant retention rate was 81.4 percent for the year ending December 31, 2022, renewing nearly 2.1 million square feet of leases with leasing spreads of 34.4 percent on average rents and 20.6 percent cash on cash from last rent.
Capital and Balance Sheet Management
Clay Thelen, Executive Vice President and Chief Financial Officer, said, “Our balance sheet continues to be a core tenet of our strategy for long-term value creation. Throughout 2022 we further increased our corporate liquidity and borrowing capacity which provides us a meaningful competitive advantage as we expand our portfolio. We are grateful to our partners for their continued support as we invest in our acquisitions, development, and property management platforms.”
About Becknell Industrial
Becknell Industrial specializes in the development, investment and management of industrial properties across the United States. The company currently owns interests in 189 properties totaling more than 35 million square feet. Vertically integrated, Becknell is responsible for every aspect of the project providing the decision-making authority and expertise to meet client expectations for a high-performance facility delivered on time and on budget. More information about Becknell is available at www.becknellindustrial.com.
Contact Information:
Shona L. Bedwell
317.669.6005
sbedwell@becknellindustrial.com
