American Assets Trust, Inc. disclosed its plan to go public through an initial public offering of up to $500 million of its common stock.
American Assets Trust was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967. Ernest Rady, its Executive Chairman, when combined with his affiliates, is its largest stockholder.
Upon consummation of this offering, the company expects that its portfolio will be comprised of ten retail shopping centers; six office properties; a mixed-use property consisting of a 369-room all-suite hotel and a retail shopping center; and four multifamily properties.
The San Diego, California-based company said it intends to apply to have its common stock listed on the New York Stock Exchange under the symbol "AAT"
American Assets Trust seeks to qualify as a real estate investment trust for federal income tax purposes commencing with its taxable year ending December 31, 2010.
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