Ernest Rady, president and CEO of American Assets Trust (NYSE: AAT), joined REIT.com for a CEO Spotlight video interview at REITWeek 2017: NAREIT’s Investor Forum at the New York Hilton Midtown.
Based in San Diego, American Assets Trust acquires, develops, refurbishes and manages a portfolio of retail, office and apartment properties.
Rady said American Assets is continuing its work to reposition the company.
“We have a number of assets that require some attention to bring them into the status that the current marketplace requires,” he said. “We’re going as quickly and as efficiently as we can.”
American Assets’ West Coast retail real estate assets are performing well, according to Rady, although opportunities for growth are limited. The company’s office and apartment assets do provide some growth prospects, though, he said.
Regarding the potential for property acquisitions, Rady characterized the marketplace as “somewhat” accessible. That’s particularly true in the office sector, he noted. On the other hand, retail assets for sale aren’t particularly appealing, according to Rady.