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AFR Loss Narrows Under Restructuring Plan

JENKINTOWN, PA-As its repositioning strategy nears completion, the specialty financial REIT turns its attention to forming JVs and selective buying.

By Marita Thomas | Updated on May 03, 2007

JENKINTOWN, PA-American Financial Realty Trust reports a first-quarter loss of $17.9 million compared with a loss of $23.4 million the same quarter a year ago. During a conference call, Harold Pote, president and CEO, told analysts, “This is the last time I will talk about our five-point repositioning plan. We’re ready to build value for the future.”

Pote instituted the plan when he took the company’s helm in August 2006. At its heart was the disposition of up to $2 billion in non-core assets. Currently just $237 million in non-core assets remain to be sold, he said, “and more than half of those were sold in April or are under contract.”

He is including the agreement to sell the 700,000-sf Fireman’s Fund Insurance Co. headquarters in Novato, CA for $310 million, as previously reported by GlobeSt.com. That sale is expected to close by this June, and Pote said a remaining $100-million in assets would be sold by year-end.

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