American Assets Trust Focused on Boosting NAV

American Assets Trust CEO Ernest Rady

Ernest Rady, president and CEO of American Assets Trust, Inc. (NYSE: AAT), joined REIT.com for a CEO Spotlight video interview at REITWorld 2016: NAREIT’s Annual Convention for All Things REIT at the JW Marriott Phoenix Desert Ridge.

American Assets Trust owns retail, office and residential properties in high-barrier-to-entry markets, primarily in Southern California, Northern California, Oregon, Washington and Hawaii.

Rady said the company is continuing its work on boosting net asset value (NAV). He noted that NAV stood at just above $20 per share when the company went public five years ago. Today, NAV is estimated at $50 per share.

“There’s more work to be done,” Rady said.

 Rady also noted that acquisition prices have been “prohibitive” for the last couple of years, forcing the company to focus on internal development and asset improvement.

Looking ahead, Rady said he expects the acquisition market to become more accessible as a result of uncertainty triggered by higher interest rates and political change. With that in mind, American Assets Trust is examining potential acquisition opportunities, he said.