Acadia Realty falls on pricing $198 mln stock offering
BUZZ-Acadia Realty falls on pricing $198 mln stock offering ** Acadia Realty Trust's AKR.N shares 3.4% before the bell on Weds to $21.77 after follow-on priced
** Retail property REIT announces 9 mln shares at $21.95 as part of forward sale for deal size of ~$197.55 mln
** Offering price is 2.6% discount to stock's last sale on Tues
** AKR enters 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
** Rye, New York-based firm has ~133.5 mln shares outstanding
** At Tues close, AKR stock up ~10% YTD
** 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))