1315_Nareit Testimonials_REITworld_Crooker_2023-12-06_v2

Bill Crooker, president and CEO of STAG Industrial, Inc. (NYSE:STAG), participated in a video interview during Nareit’s REITworld: 2023 Annual Conference held Nov. 14-16 in Los Angeles.

Crooker said STAG’s same-store NOI hit record levels in 2023, driven by cash re-leasing spreads of around 30%. STAG has also been prudent with its capital allocations, “so our balance sheet is in great shape,” he added.

Looking to 2024, STAG expects leasing spreads to still be at record highs, while a normalization of the capital markets could lead to some “great opportunities,” Crooker said.

As for the greatest potential for growth at STAG in 2024, Crooker pointed to internal growth. He also noted that STAG is starting a new development in the Tampa, Florida market, which should be completed in the fourth quarter of 2024.