September 15, 2015
John Chamberlain has resigned as chief executive officer and president of San Diego-based REIT American Assets Trust “to pursue other business and personal opportunities.” He is being replaced by Ernest Rady, who was formerly executive chairman of the firm’s board of directors, a position he has held since 2011.
Rady was also formerly chairman and CEO of Westcorp.
The move comes as American Assets Trust is coming off strong financial results. During its second quarter, FFO rose 13 percent, hitting $27.5 million. Year-over-year net income was $8.7 million compared to $3.7 million over the second quarter of 2014.
American Assets Trust operates 3.1 million square feet of retail, 2.7 million square feet of office, 900 multifamily units, as well as other holdings. It is a 40-year-old firm.