- New development for Lloyd District will transform the neighborhood, adding over 600 new residences and dozens of local businesses -
San Diego, California (9/13/2013) - American Assets Trust, Inc. (AAT) (the "Company") announced today that the Mayor of Portland, Charlie Hales, will join executives from the Company and Wieden + Kennedy to unveil plans to transform Portland`s Lloyd District at a ceremony on Tuesday, September 17, 2013 across the street from where the "superblock" project is under construction. Company officials will describe their vision and plans for the project and how it will enliven the Lloyd District, which has approximately 25,000 office workers but currently very few residents. When completed, the Company anticipates that the development will be one of the largest residential housing projects ever built in Portland. The Company will also unveil the Wieden + Kennedy-designed logo and name of the new project.
The project, designed by Portland`s GBD Architects, will be LEED Platinum certified, and includes a number of innovative green technologies, including recycling and re-using all of the building`s water, which is extremely rare in residential developments.
WHAT: Naming and logo and architectural renderings unveiling for American Assets Trust residential and commercial development in the Lloyd District, one of the largest ever built in Portland.
Tuesday, September 17
9:30 AM - Logo/name unveiling
10:15 AM - Ceremonial groundbreaking with Mayor Hales
825 NE Multnomah, Portland, Oregon, across from the
WHO: Mayor Charlie Hales, American Assets Trust leadership, GBD Architects representatives, community leaders - and the VooDoo Doughnut Truck (in case you get hungry)
About American Assets Trust
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. For over 40 years, the Company has been acquiring, improving, developing and managing premier retail, office and residential properties throughout the United States in some of the nation`s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington and Hawaii. The Company`s retail portfolio comprises approximately 3.1 million rentable square feet, and its office portfolio comprises approximately 2.6 million square feet. In addition, the Company owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and over 900 multifamily units. In 2011, the Company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes. For additional information, please visit www.americanassetstrust.com.
Forward Looking Statements and Disclaimer
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company`s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company`s future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company`s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. The redevelopment and development opportunities discussed above are subject to, among other things, market conditions and may not ultimately be completed or come to fruition.
Source: American Assets Trust, Inc.
Investor and Media Contact:
American Assets Trust
Robert F. Barton
Executive Vice President and Chief Financial Officer
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Source: American Assets Trust, Inc. via Thomson Reuters ONE