Acadia Realty drops after stock offering announced

Acadia Realty Trust

30/09/2024 22:11

** Acadia Realty Trust's  AKR.N  shares down 1.9% at $23.03
post-market after co announces follow-on
    ** Retail REIT commences 4.5 mln share offering
    ** It enters into 1-yr forward sales agreement with
bookrunners Wells Fargo, Goldman and Jefferies
    ** Upon settlement of such agreements, Acadia to use net
proceeds to fund potential investments, working capital and debt
repayment
    ** AKR, which traded x-dividend on Mon, gained 2.2% to close
at $23.48
    ** Acadia set to pay qtrly dividend of 19 cents/sh on Oct 15
    ** Co has ~105.33 mln shares outstanding, per LSEG
    ** Stock up 38% YTD and up ~64% over the past 12 months

 (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))