Acadia Realty Trust announced an underwritten public offering of 4,500,000 common shares of beneficial interest. The company intends to grant the underwriters a 30-day option to purchase up to an additional 675,000 common shares.
The offering is structured in connection with forward sale agreements, where the forward purchasers or their affiliates are expected to borrow and sell the common shares to the underwriters. Acadia will not initially receive any proceeds from the sale of common shares by the forward purchasers or their affiliates in the offering.
The net proceeds, if any, received upon the future settlement of the forward sale agreements are intended for general corporate purposes. These purposes include funding potential investment transactions, providing working capital, and repaying outstanding indebtedness.
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