Company Release - 4/20/12
SAN DIEGO - Seattle-based Nordstrom, Inc. (NYSE: JWN) announced today plans to open a new Nordstrom Rack in San Antonio, TX. The approximately 32,000-square-foot store is scheduled to open during fall 2012 at Alamo Quarry Market, a lifestyle and power shopping center owned and operated by American Assets Trust, Inc. (NYSE: AAT).
Nordstrom Rack is the off-price retail division of Nordstrom, Inc., carrying on-trend merchandise from Nordstrom stores and Nordstrom.com at 50 to 60 percent off original Nordstrom prices. Nordstrom Rack also offers a wide selection of apparel, accessories and shoes from many of the brands carried in Nordstrom stores. These items are purchased specially for Nordstrom Rack, with most at savings of 30 to 70 percent off.
Alamo Quarry Market is located in central San Antonio. The new Nordstrom Rack will join anchor tenants Bed Bath and Beyond, Michael's, Office Max, Old Navy and Whole Foods along with a movie theatre. The center also features Banana Republic, Gap, Pottery Barn, Restoration Hardware and several restaurants.
This will be the second Nordstrom Rack in San Antonio as the retailer operates a Nordstrom Rack at The Rim, and additionally a full-line store at The Shops at La Cantera. "San Antonio has been a great home for us since we first opened our full-line store at The Shops at La Cantera in 2005," said Geevy Thomas, president of Nordstrom Rack. "We're thrilled to be joining Alamo Quarry Market and hope our new store will help us to better serve our customers in the community."
"We are delighted to bring Nordstrom Rack to Alamo Quarry Market, and this will certainly be welcome news to the community and our other tenants," said John W. Chamberlain, President and CEO of American Assets Trust, Inc. "This will be the second Nordstrom Rack to open at a property in our portfolio, the first being the Nordstrom Rack that is expected to open at Carmel Mountain Plaza in San Diego in the Fall of 2012."
About American Assets Trust, Inc.
American Assets Trust, Inc. ("AAT") is a full service, vertically integrated and self-administered real estate investment trust, or REIT, that owns, operates, acquires and develops high quality retail and office properties in attractive, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon and Hawaii. AAT 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. AAT's retail portfolio comprises approximately 3.0 million rentable square feet, and its office portfolio comprises approximately 2.3 million square feet. In addition AAT 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. AAT has elected to be taxed and intends to operate in a manner that will allow it to qualify as a REIT for federal income tax purposes. For additional information, visit www.americanassetstrust.com.
Nordstrom, Inc. is one of the nation's leading fashion specialty retailers. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 228 stores in 31 states, including 117 full-line stores, 107 Nordstrom Racks, two Jeffrey boutiques, one treasure&bond store and one clearance store. Nordstrom also serves customers through Nordstrom.com and through its catalogs. Additionally, AAT operates in the online private sale marketplace through its subsidiary HauteLook. Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN.
Forward Looking Statements
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 AAT'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 AAT's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in AAT's annual report on Form 10-K filed on March 9, 2012 and other risks described in documents subsequently filed by AAT from time to time with the Securities and Exchange Commission. AAT 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.
Source: American Assets Trust, Inc.
Investor and Media Contact:
American Assets Trust
Robert F. Barton
Executive Vice President and Chief Financial Officer