Acadia Realty dips after pricing upsized stock offering

Acadia Realty Trust

01/10/2024 12:33

** Acadia Realty Trust's  AKR.N  shares down 0.6% premarket
to $23.35 after overnight follow-on priced
    ** Rye, New York-based retail REIT announces 5 mln shares at
$23.25 as part of forward sale for deal size of ~$116.3 mln
    ** Offering size increased from 4.5 mln shares, prices at 1%
discount to stock's last close
    ** Acadia enters into 1-yr forward sales agreement with jt
bookrunners Wells Fargo, Goldman and Jefferies
    ** Upon settlement of agreements, Acadia to use net proceeds
to fund potential investments, working capital and debt
repayment
    ** Co has ~105.33 mln shares outstanding for ~$2.5 bln
market cap, per LSEG
    ** AKR shares traded x-dividend on Mon. Co to pay qtrly
dividend of 19 cents/sh on Oct 15 to holders as of Sept 30
    ** Through Mon, shares up 38% YTD and were trading around
$14 a yr ago

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))