David Stockert, president and CEO of Post Properties, Inc. (NYSE: PPS), joined REIT.com for a CEO Spotlight video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
Post Properties is a developer and operator of multifamily communities in the United States, with more than 22,000 apartment units in 58 communities.
Stockert said he expects healthy apartment fundamentals to remain in place heading into 2016, largely because the supply of new housing is not matching demand: “Overall, housing is set up very well going into 2016.”
Stockert explained that Post Properties creates value by focusing mainly on developing assets, while periodically selling assets. The company carried out a large asset sale in 2014. It used the funds from the sale to shore up its balance sheet and create capacity for future investment, Stockert said. As a result, the company can now self-fund development activity, buy back stock and undertake a full range of investment options, according to Stockert.
Stockert also highlighted the ways in which Post Properties caters to the millennial generation. Stockert listed Internet cafes, pet washing stations and package handling among the list of amenities it offers tenants.
“You’ve got to create a decked-out, high-quality apartment community,” he said.