AFR Outlines Challenges to Shareholders

JENKINTOWN, PA-At the first shareholder meeting of American Financial Realty Trust since he took over the reigns 10 months ago , Harold Pote, president and CEO, says, “There’s still some work left to do,” following “an eventful year.” He declared the five-point repositioning plan that was put into place at the beginning of his tenure “a success,” and outlined the challenges ahead.

As confirmation of one of the five points –a promise of more transparency and straightforwardness in reporting –Pote spoke contemporaneously and candidly. He listed three routes to driving shareholder value.

Regarding the 900 buildings left in the AFR portfolio, he said management was working to lease up two million sf and drive down property-level operating expenses. Among the leasing challenges is Harbourside, a New Jersey property that currently provides a revenue stream of $12 million a year, which will drop off by year-end.