Acadia Realty Trust Prices Offering of 6,900,000 Common Shares
09 Janeiro 2024 - 12:46AM
Business Wire
Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”)
announced today the pricing of an underwritten offering of
6,900,000 common shares (inclusive of the underwriters’ option to
purchase 900,000 additional shares) at a price to the public of
$16.75 per share. The offering is expected to close on January 11,
2024, subject to customary closing conditions.
Acadia intends to use the net proceeds from the offering for
general corporate purposes, which may include funding future
acquisitions, the repayment of outstanding indebtedness, working
capital and other general corporate purposes.
J.P. Morgan and BofA Securities are serving as the underwriters
for the offering.
The offering is being made only by means of a prospectus
supplement and the accompanying base prospectus, which was filed as
part of an effective shelf registration statement filed with the
Securities and Exchange Commission (the “SEC”) on Form S-3 (File
No. 333-275356). Copies of the base prospectus and preliminary
prospectus supplement relating to the offering, as well as the
final prospectus supplement once available, may be obtained from
the SEC’s website at www.sec.gov or from J.P. Morgan, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, by phone at (866) 803-9204 or by email at
prospectus-eq_fi@jpmchase.com or BofA Securities, NC1-022-02-25,
201 North Tryon Street, Charlotte, NC 28255-0001, Attn.: Prospectus
Department, or by email at dg.prospectus_requests@bofa.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any common shares of the Company,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Acadia
Acadia Realty Trust is an equity real estate investment trust
(“REIT”) focused on delivering long-term, profitable growth via its
dual – Core Portfolio and Fund – operating platforms and its
disciplined, location-driven investment strategy. Acadia Realty
Trust is accomplishing this goal by building a best-in-class core
real estate portfolio with meaningful concentrations of assets in
the nation’s most dynamic corridors; making profitable
opportunistic and value-add investments through its series of
discretionary, institutional funds; and maintaining a strong
balance sheet.
Safe Harbor Statement
Certain statements in this press release may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements, which are based on certain assumptions and describe the
Company's future plans, strategies and expectations are generally
identifiable by the use of words, such as “may,” “will,” “should,”
“expect,” “anticipate,” “estimate,” “believe,” “intend” or
“project,” or the negative thereof, or other variations thereon or
comparable terminology. Forward-looking statements involve known
and unknown risks, uncertainties and other factors that could cause
the Company's actual results and financial performance to be
materially different from future results and financial performance
expressed or implied by such forward-looking statements, including,
but not limited to: (i) macroeconomic conditions, including due to
geopolitical conditions and instability, which may lead to a
disruption of or lack of access to the capital markets, disruptions
and instability in the banking and financial services industries
and rising inflation; (ii) the Company’s success in implementing
its business strategy and its ability to identify, underwrite,
finance, consummate and integrate diversifying acquisitions and
investments; (iii) changes in general economic conditions or
economic conditions in the markets in which the Company may, from
time to time, compete, and their effect on the Company’s revenues,
earnings and funding sources; (iv) increases in the Company’s
borrowing costs as a result of rising inflation, changes in
interest rates and other factors, including the discontinuation of
the USD London Interbank Offered Rate, which was effected on June
30, 2023; (v) the Company’s ability to pay down, refinance,
restructure or extend its indebtedness as it becomes due; (vi) the
Company’s investments in joint ventures and unconsolidated
entities, including its lack of sole decision-making authority and
its reliance on its joint venture partners’ financial condition;
(vii) the Company’s ability to obtain the financial results
expected from its development and redevelopment projects; (viii)
the ability and willingness of the Company’s tenants to renew their
leases with the Company upon expiration, the Company’s ability to
re-lease its properties on the same or better terms in the event of
nonrenewal or in the event the Company exercises its right to
replace an existing tenant, and obligations the Company may incur
in connection with the replacement of an existing tenant; (ix) the
Company’s potential liability for environmental matters; (x) damage
to the Company’s properties from catastrophic weather and other
natural events, and the physical effects of climate change; (xi)
the economic, political and social impact of, and uncertainty
surrounding, any public health crisis, such as the COVID-19
Pandemic, which adversely affected the Company and its tenants’
business, financial condition, results of operations and liquidity;
(xii) uninsured losses; (xiii) the Company’s ability and
willingness to maintain its qualification as a REIT in light of
economic, market, legal, tax and other considerations; (xiv)
information technology security breaches, including increased
cybersecurity risks relating to the use of remote technology; (xv)
the loss of key executives; and (xvi) the accuracy of the Company’s
methodologies and estimates regarding environmental, social and
governance (“ESG”) metrics, goals and targets, tenant willingness
and ability to collaborate towards reporting ESG metrics and
meeting ESG goals and targets, and the impact of governmental
regulation on its ESG efforts.
The factors described above are not exhaustive and additional
factors could adversely affect the Company’s future results and
financial performance, including the risk factors discussed under
the section captioned “Risk Factors” in the Company’s most recent
Annual Report on Form 10-K and other periodic or current reports
the Company files with the SEC. Any forward-looking statements in
this press release speak only as of the date hereof. The Company
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any changes in the Company’s expectations with regard
thereto or changes in the events, conditions or circumstances on
which such forward-looking statements are based.
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version on businesswire.com: https://www.businesswire.com/news/home/20240108824323/en/
Jennifer Han (914) 288-8100
Acadia Realty (NYSE:AKR)
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