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