Acadia Realty Trust announced the pricing of an upsized underwritten offering of 5,000,000 common shares of beneficial interest at a price to the public of $23.25 per share. This represents an increase from the previously announced offering of 4,500,000 common shares.
The underwriters have been granted a 30-day option to purchase up to an additional 750,000 common shares. The offering is expected to close on October 2, 2024, subject to customary closing conditions.
The company has entered into forward sale agreements with Wells Fargo Bank, National Association, Goldman Sachs & Co. LLC, and Jefferies. The net proceeds from the future settlement of these agreements will be used for general corporate purposes, including funding potential investment transactions, working capital, and the repayment of outstanding indebtedness.
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