Bill Crooker, President and CEO STAG Industrial, Inc(NYSE:STAG), sat down for a video interview at Nareit’s REITweek: 2024 investor conference, held June 3-6 in New York.
Crooker discussed key highlights from the company’s latest earnings report and strategic initiatives. Highlighting first quarter performance, Crooker pointed to strong mid single-digit market rent growth, driving significant leasing spreads of 25% to 30% and increased same-store cash flow.
Regarding market dynamics, Crooker noted fluctuating transaction volumes. The first quarter saw a recovery to 60% to 70% of normal levels, compared to a minimum of 10% in the previous quarter, while the second quarter saw a slight decline due to economic uncertainties.
Crooker expressed enthusiasm about STAG’s growth initiatives, emphasizing their shift toward internal growth through property development. With three projects underway, he believes these initiatives will play a key role in driving future growth and enhancing shareholder value.
“Our focus on market rent increases and strategic growth initiatives positions us well for continued growth and value creation,” Crooker said.
