Corrected: BUZZ-Acadia Realty edges down after stock offering priced
09/01/2024 13:31
(Corrects to reflect base offering of 6 mln shares priced)
** Acadia Realty Trust's AKR.N stock down 0.2% at $17.18
premarket after overnight follow-on prices
** Retail REIT late Mon sold 6 mln shares at $16.75 for
~$100.5 mln gross raise with JP Morgan and BofA as underwriters
** Offering price represents 2.7% discount to last sale
** Acadia had ~95.34 mln shares outstanding for $1.6 bln
market cap prior to equity raise
** Co to use net offering proceeds to fund potential
acquisitions, repay debt
** Shares rose ~18% in 2023
** Avg rating among 6 analysts covering AKR is "hold" and
median PT is $17, per LSEG data
(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))