Acadia Realty Trust Prices Underwritten Offering Of 6.90 Mln Shares At $16.75/shr

(RTTNews) - Acadia Realty Trust (AKR) said that it priced an underwritten offering of 6.90 million common shares at $16.75 per share. The offering includes the underwriters' option to purchase 900,000 additional shares.

AKR closed Monday's regular trading at $17.21 up $0.39 or 2.32%. But in the after-hours trading, the stock dropped $0.42 or 2.44%.

The offering is expected to close on January 11, 2024.

Acadia noted that it plans use the net proceeds from the offering for general corporate purposes, which may include funding future acquisitions, the repayment of outstanding indebtedness, working capital and other general corporate purposes.