Acadia Realty Trust (AKR) Prices 4.2M Share Stock Offering for Proceeds of ~$151M
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Acadia Realty Trust (NYSE: AKR) announced that the gross proceeds from the sale of 4,200,000 of its common shares of beneficial interest (“Shares”) are expected to be approximately $150.8 million (or approximately $173.4 million if the option to purchase additional Shares described below is exercised in full). The Company has also granted the underwriters an option to purchase up to 630,000 additional Shares. The offering was made pursuant to the Company's effective shelf registration statement and settlement is expected to occur on or about August 12, 2016.
The Company intends to use the net proceeds from the sale of the Shares to fund the purchase price of a retail property located in the Central Loop of Chicago, Illinois, which the Company has entered into a purchase agreement to acquire for $146.9 million, and other general corporate purposes. In the event such acquisition is not consummated, the Company intends to use the net proceeds for general corporate purposes, which may include funding future acquisitions or the repayment of outstanding indebtedness.
Citigroup and BofA Merrill Lynch acted as the underwriters of the offering. A copy of the prospectus supplement and prospectus relating to these securities may be obtained, when available, by contacting:
Citigroup, c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
BofA Merrill Lynch
200 North College Street, 3rd floor
Charlotte NC 282550001
Attn: Prospectus Department
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