American Assets Trust, Inc. (NYSE:AAT) is looking for acquisitions. Robert F. Barton, Chief Financial Officer and Executive Vice President said, "The anticipated proceeds from the private placement will be used to repay approximately $130 million of our CMBS debt secured by Waikiki Beach Walk - Retail at 5.39% and approximately $35 million secured by Solana Beach Corporate Centre 3 and 4 at 6.39%. The balance of the proceeds will be used for general corporate purposes including possible acquisitions that we continue to look closely at as opportunities present themselves."
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust (REIT). The Company owns, operates, acquires, and develops office, retail, multifamily and mixed-use properties in attractive, high-barrier-to-entry markets in Southern California, Northern California, Washington, Oregon, Texas, and Hawaii. It operates in four segments: office, retail, multifamily and mixed-use. The Company's office portfolio comprises approximately 4.1 million rentable square feet, and its retail portfolio comprises approximately 3.1 million rentable square feet. In addition, the Company owns one mixed-use property (including approximately 94,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,110 multifamily units. Its portfolio consists of twelve office properties; twelve retail shopping centers; a mixed-use property consisting of a 369-room all-suite hotel and a retail shopping center; and six multifamily properties.