Acadia Realty falls after unveiling stock offering
BUZZ-Acadia Realty falls after unveiling stock offering ** Acadia Realty Trust's AKR.N shares down 2.9% in extended trading to $21.87 after equity offering news
** Retail property REIT kicks off 9 mln share offering as part of forward sale
** AKR expects to enter into 1-year forward sale agreements with bookrunners BofA, Jefferies, Truist and Wells Fargo
** Upon settlement of agreements, Acadia intends to use net proceeds to fund acquisitions, and for general corporate purposes, including debt repayment and working capital
** AKR shares ended up 1.5% at $22.53, up ~10% YTD
** Rye, New York-based firm has ~133.5 mln shares outstanding
** Avg rating of 8 analysts covering the stock is "buy"; median PT $24, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))