|By Marketwired .||
|March 5, 2014 02:19 PM EST||
CHICAGO, IL--(Marketwired - March 05, 2014) - Becknell Industrial announced today financial results for the year ending December 31, 2013.
"Our strategic initiatives implemented in 2012 continued to provide us with many growth opportunities this past year. We successfully enhanced the quality of our portfolio through the purchase of several key assets and top-tier developments for our national clients. We were very pleased to improve the occupancy of our overall portfolio and we look forward to continuing this momentum in 2014," said Dan Harrington, Chief Executive Officer and President.
In-Service Property Results and Leasing Activity
As of December 31, 2013, Becknell owned and controlled 100 in-service properties, totaling 9.4 million square feet. The portfolio was 98.4 percent occupied on a square foot basis, a 177 basis point increase from December 31, 2012.
During 2013, the Company signed new leases totaling 135,400 square feet with a weighted average lease term of 6.2 years. The Company's tenant retention rate was 95.0 percent for the year ending December 31, 2013, renewing nearly 700,000 square feet of leases with leasing spreads of 6.7 percent on average rents and (0.1) percent on cash rents.
During 2013, Becknell completed $51.0 million of acquisitions at a weighted average cap rate of 8.6 percent. These five properties totaled 1.1 million square feet and were 100 percent leased. These included:
- In Jacksonville, Florida, a 240,000 square foot distribution facility leased to PenserSC, a division of Suddath Global Logistics and one of the oldest logistics companies in the southeast;
- Also in Jacksonville, a 240,000 square foot facility leased to Samsonite;
- Located in the Indianapolis, Indiana market, a 250,000 square foot distribution facility leased to Spectra Premium Industries which manufactures fuel delivery and heat exchange automotive systems;
- In Maple Grove, Minnesota, a 195,200 square foot distribution facility leased to Gannett Company, a media and marketing solutions company with a diverse portfolio of broadcast, digital, mobile and publishing companies; and
- Located in St. Louis, Missouri, an 185,400 square foot distribution facility leased to Unisource which specializes is commercial and business printing, packaging and facility systems and supplies.
During 2013, Becknell Industrial placed in-service six developments totaling $35.7 million. Combined, these developments include more than 368,300 square feet and have a weighted average lease term of nearly 13 years. As of December 31, 2013, the Company had four additional projects under active development with a total projected investment of $62.2 million. These developments total 895,300 square feet and are 100 percent leased to key repeat customers.
Development highlights include the following new starts:
- In Alsip, Illinois, a 45,000 square foot distribution depot;
- A 20,000 square foot distribution depot in Richland, Mississippi;
- In Tatamy, Pennsylvania, a 100,300 distribution facility;
- A 730,000 square foot distribution facility in Champaign, Illinois; and
- In September 2013, Becknell purchased 52 acres of undeveloped land on the northwest side of Indianapolis which can support up to 600,000 square feet of build-to-suit development.
"For 2014, we will continue to strengthen our operating platform to enhance our ability to meet our customers' distribution needs nationwide. Additionally, we continue to pursue strategic acquisitions that create significant value and further improve the quality and cash-flow growth potential of our portfolio," said Mark Shapland, Executive Vice President - Chief Operating Officer.
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 104 properties totaling 10.3 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 Industrial can be found at becknellindustrial.com.
Shona L. Bedwell
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
Sep. 27, 2016 07:30 PM EDT Reads: 2,134
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Sep. 27, 2016 07:15 PM EDT Reads: 423
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Sep. 27, 2016 07:00 PM EDT Reads: 2,847
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Sep. 27, 2016 06:45 PM EDT Reads: 1,810
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Sep. 27, 2016 06:30 PM EDT Reads: 3,561
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Sep. 27, 2016 06:30 PM EDT Reads: 2,190
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Sep. 27, 2016 06:15 PM EDT Reads: 379
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
Sep. 27, 2016 06:00 PM EDT Reads: 1,696
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Sep. 27, 2016 05:45 PM EDT Reads: 1,658
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
Sep. 27, 2016 05:30 PM EDT Reads: 2,011
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Sep. 27, 2016 05:15 PM EDT Reads: 2,765
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
Sep. 27, 2016 05:15 PM EDT Reads: 299
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Sep. 27, 2016 05:00 PM EDT Reads: 1,596
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Sep. 27, 2016 04:00 PM EDT Reads: 2,659
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Sep. 27, 2016 03:15 PM EDT Reads: 2,870