Associated Estates fends off sale questions at REITWeek presentation

|About: Associated Estates Realt... (AEC)|By:, SA News Editor

Associated Estates Realty (AEC -0.6%) drifts a bit lower after liftoff yesterday following Land and Buildings' Jonathan Litt sending a letter to the board demanding a sale of the company. Litt believes AEC's discount to NAV well above 20%, and would be larger if not for the idea of a potential sale (KKR disclosed a 4% stake late last year).

SNL's Jake Mooney reports on tense words exchanged between AEC boss Jeffrey Friedman and Litt at the company's REITWeek presentation: "It's unfair for you to hijack the meeting, talking about your 1% interest in our company ... With regard to selling the company, it's not what we're about. We're about building a business."