Acadia Realty Trust (NYSE: AKR) announced an underwritten public offering of 9 million common shares through forward sale agreements, according to a company statement.

The real estate investment trust will enter into forward sale agreements with Bank of America, Jefferies, Truist Bank and Wells Fargo Bank or their affiliates. Under these agreements, the forward purchasers will borrow and sell 9 million shares to underwriters for delivery in the offering.

Acadia will not receive proceeds from the initial share sale. The company expects to deliver the shares to forward purchasers by June 9, 2027, in exchange for cash proceeds equal to the forward sale price, subject to adjustments outlined in the agreements.

The underwriters have a 30-day option to purchase up to 1.35 million additional shares. If exercised, Acadia would enter additional forward sale agreements covering those shares, potentially bringing the total to 10.35 million shares.

BofA Securities, Jefferies, Truist Securities and Wells Fargo Securities serve as joint book-running managers for the offering. The shares may be sold at fixed prices, market prices or negotiated prices through various methods including direct sales, brokerage transactions on the NYSE, or dealer transactions.

Acadia plans to use net proceeds from future settlement of the forward agreements to fund acquisition opportunities in its existing street portfolio markets and for general corporate purposes, including potential debt repayment and working capital needs.

The offering operates under an effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3. Acadia owns and operates retail properties in urban retail corridors and manages an investment platform focused on opportunistic and value-add investments.