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INDIANAPOLIS, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Becknell Industrial announced today financial results for the year ending December 31, 2018.
Dan Harrington, Chief Executive Officer and President, said, "2018 was another record breaking year for Becknell resulting in a record $317.2 million new development pipeline as of December 31, 2018. Our in-service occupancy remained strong at 96.4 percent and we achieved 3.7 percent growth in same property net operating income on a cash basis. Our customers continue to experience expansion in business activity and we are thankful for the opportunity to provide top rate solutions to support their growth. We anticipate 2019 to be a banner year for Becknell.”
In-Service Property Results and Leasing Activity
As of December 31, 2018, Becknell owned and controlled 148 in-service properties, totaling 19.2 million square feet with an occupancy of 96.4 percent occupied on a square foot basis.
During 2018, the Company signed a historical record number of new leases totaling 3.9 million square feet with a weighted average lease term of 8.6 years. The Company’s tenant retention rate was 82.9 percent for the year ending December 31, 2018, renewing nearly 2.0 million square feet of leases with leasing spreads of 16.6 percent on average rents and 7.7 percent cash on cash from last rent.
During 2018, Becknell Industrial placed in-service 11 developments totaling $157.6 million. Combined, these developments include more than 2.3 million square feet and have a weighted average lease term of 10.8 years.
|Downers Grove, IL||Rexnord||250,859||100%|
|Plainfield, IN||Fortune 500 Consumer Products Co.||357,000||100%|
|Merrillville, IN||Schilli Distribution||182,000||100%|
|Whitestown, IN||NTN / Get Fresh||281,400||86%|
|Grove City, OH||FST Logistics||324,000||100%|
|Grove City, OH||Veritiv||322,000||100%|
|Henrico, VA||Bunzyl / Anord||153,473||100%|
As of December 31, 2018, the Company had 19 additional projects under active development totaling more than 4.6 million square feet that are 43.8% pre-leased with a total projected investment of $317.2 million.
|Commerce City, CO||Haier||540,800||65.0%|
|Mt Comfort, IN||Spectra||539,943||100%|
Mark Shapland, Chief Operating Officer and Executive Vice President, said, "Operationally, our Company also continues to perform exceptionally well. Leasing for the year hit an all-time company high, with 3.9 million square feet signed in 2018. Customer satisfaction and tenant demand is excellent as evidenced by our 82.9 percent tenant retention rate, up from 75.8 percent last year. We are proud of our team and look forward to additional expansion in 2019.”
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 165 properties totaling more than 23 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