INDIANAPOLIS, Feb. 24, 2022 (GLOBE NEWSWIRE) — Becknell Industrial announced today financial results for the year ending December 31, 2021.
Mark Shapland, Chief Executive Officer and President, said, “First and foremost, I want to thank Dan Harrington for his years of dedication to Becknell and for his continued strategic guidance as Executive Chairman. 2021 was an outstanding year for Becknell on all fronts. We had another year of record development starts and we continue to invest in our infrastructure as our development pipeline continues to expand.”
Peter Shaplin, Chief Operating Officer and Executive Vice President, said, “2021 marked another year of accelerating market fundamentals as demand for industrial real estate remains robust. Becknell’s real estate portfolio continues to experience strong leasing volumes and high levels of occupancy, a testament to both the quality of our assets and the talented professionals that serve our clients.”
During 2021, Becknell Industrial started 25 new development projects, including 11 build-to-suit projects, totaling 3.4 million square feet and 14 speculative projects totaling 4.9 million square feet. Combined, these developments include 8.3 million square feet and have a weighted average lease term for new leases of approximately 12.4 years.
As of December 31, 2021, the Company had 30 projects under active development totaling more than 11.5 million square feet that are 30.1 percent pre-leased with a total projected investment of $876.2 million.
In-Service Property Results and Leasing Activity
As of December 31, 2021, Becknell owned and controlled 167 in-service properties, totaling 24.1 million square feet with an occupancy of 97.4 percent.
During 2021, the Company signed new leases totaling 4.2 million square feet with a weighted average lease term of 9.4 years. The Company’s tenant retention rate was 77.7 percent for the year ending December 31, 2021, renewing nearly 2.1 million square feet of leases with leasing spreads of 25.8 percent on average rents and 11.7 percent cash on cash from last rent.
Capital and Balance Sheet Management
Ben Paolone, Executive Vice President – Investments and Capital Markets, said, “Our balance sheet has never been stronger as 2021 was the culmination of multi-year strategic initiatives, key to the long-term growth of Becknell. In 2021, Becknell executed over $1.5 billion in total transaction volume, including a $433 million portfolio recapitalization, $876 million in new development starts and $260 million in dispositions. We also added three new institutional capital partners and six additional construction lenders who were critical in the execution of our robust pipeline. We look forward to expanding with our new and existing partnerships on development projects in 2022 and beyond.”
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 193 properties totaling more than 34 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.
Shona L. Bedwell