About William Crooker
In a December 2024 interview, Crooker stated that STAG Industrial’s same-store net operating income (NOI) reached record levels in 2023, driven by cash re-leasing spreads of approximately 30%. He said the company had been “very prudent with our capital allocation” and that its balance sheet was “in great shape.” Looking to 2024, Crooker said he expected leasing spreads to remain at record highs and that a normalization of capital markets could create “great opportunities,” including a new development in the Tampa market expected to complete in the fourth quarter.
Earlier, in a 2019 presentation, Crooker described industrial real estate as “currently the best asset class” due to e-commerce growth, limited supply, and strong rent growth. He noted that STAG’s investment thesis involves buying single-tenant buildings at higher cap rates, focusing on cash flow, and that the company avoids the top six markets to find higher yields. He also stated that since its 2011 IPO, STAG had grown its dividend every year and returned approximately 300% total shareholder return.
Source: AI-verified profile updated from William Crooker's recent appearances.
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Transcript (10 segments)
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Matt Bashar Whitney0:08
I'm Matt Bashar Whitney right here at the New York Hilton for REIT Week 2017. NAREIT Investor Forum. Joining me today is Ben Butcher, the Chairman, President, and CEO of STAG Industrial. Thanks so much for joining us.
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William Crooker0:20
My pleasure. Nice to be here.
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Matt Bashar Whitney0:21
Now in the first quarter this year, STAG acquired 11 properties. Is that the type of pace we should expect the company to keep up?
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William Crooker0:29
Well, it's interesting. With the cost of capital improving and with the opportunities pretty plentiful out there, I think we actually may accelerate. We targeted in the second quarter buying between 200 and 250 million, something in the order of 25 properties in the second quarter. So I think you'll see the pace accelerate.
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Matt Bashar Whitney0:44
And what about on the other side? Should we look for some portfolio pruning in the near future?
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William Crooker0:49
We're always looking to sell assets where someone else thinks the assets worth more than we do in our portfolio. Having said that, we're not a very active seller.
M
Matt Bashar Whitney0:57
And STAG's FFO was up 5% in the quarter. What was driving that?
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William Crooker1:03
Well, it's partially cost of capital and the accretive nature of our acquisitions. That's due in some part to our operating leverage. We have quite an advantage in terms of deploying the assets, the people, and processes that we have in place to effectively acquire assets. So I'd say it's some internal efficiency and just good relative value buying.
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Matt Bashar Whitney1:25
Great, Ben. Thanks so much for joining us.
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William Crooker1:26
Thank you.
