Acadia Realty Trust Prices Upsized Public Offering Of 5 Mln Shares At $23.25/shr

(RTTNews) - Acadia Realty Trust (AKR) Tuesday announced pricing of a public offering of 5 million shares of beneficial interest at a price of $23.25 per share, upsized from the previously announced 4.5 million share offering.

The company has entered into forward sale agreements with Wells Fargo Bank, National Association, Goldman Sachs & Co. LLC and Jefferies or their affiliates with respect to 5 million of its shares. The forward purchasers or their affiliates are expected to borrow and sell to the underwriters an aggregate of 5 million shares that will be delivered in the offering.

Subject to conditions, the company intends to deliver a total 5 million shares to the forward purchasers by no later than September 30, 2025.

The company will not initially receive any proceeds from the sale of shares by the forward purchasers or their affiliates in the offering.

Upon getting any net proceeds in future, Acadia intends to use the same to settle the forward sale agreements, for general corporate purposes, including funding potential investment transactions, working capital and the repayment of debts.

Wells Fargo Securities, Goldman Sachs & Co. LLC and Jefferies are acting as joint book-running managers for the offering which is expected to close on October 2.