Acadia Realty Trust (NYSE: AKR) announced it priced an underwritten offering of 9 million common shares at $21.95 per share. The real estate investment trust granted underwriters a 30-day option to purchase up to an additional 1.35 million shares.

The offering is expected to close on June 11, 2026, subject to customary closing conditions. BofA Securities, Jefferies, Truist Securities and Wells Fargo Securities are serving as joint book-running managers.

The company entered into forward sale agreements with Bank of America, N.A., Jefferies, Truist Bank and Wells Fargo Bank or their affiliates regarding the 9 million shares. Under these agreements, the forward purchasers or their affiliates will borrow and sell the shares to underwriters for delivery in the offering.

Acadia plans to physically settle the forward sale agreements by June 9, 2027, delivering the shares to forward purchasers in exchange for cash proceeds equal to the applicable forward sale price, subject to certain adjustments. The company will not initially receive proceeds from the share sale by forward purchasers.

The company stated it intends to use net proceeds from future settlement of the forward sale agreements to fund acquisition opportunities in its existing street portfolio markets and for general corporate purposes, which may include debt repayment and working capital. Pending such use, Acadia expects to invest the net proceeds in short-term instruments.

The offering is being conducted through a prospectus supplement and accompanying base prospectus filed under an effective shelf registration statement with the Securities and Exchange Commission.

Acadia Realty Trust operates a portfolio of street and open-air retail properties and maintains an investment management platform focused on opportunistic and value-add investments through institutional co-investment vehicles.