WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Dec. 12, 2014--
Acadia Realty Trust (NYSE: AKR - "Acadia" or the "Company") today
announced that it expects to receive approximately $108.0 million in
estimated gross proceeds from its sale of 3,400,000 common shares of
beneficial interest (“Shares”) to Citigroup (or approximately $124.1
million if the option to purchase additional Shares is exercised in
full). Citigroup acted as the sole bookrunner for the offering. The
Company has also granted Citigroup an option to purchase up to 510,000
additional Shares. The offering was made pursuant to the Company's
effective shelf registration statement and settlement is expected to
occur on or about December 17, 2014.
The Company expects to use the net proceeds from the sale of the Shares
primarily to fund a portion of the acquisition price of a retail
property located in the San Francisco Bay area, which the Company has
entered into a contract to acquire for $155.0 million, as well as for
general corporate purposes.
Citigroup acted as the sole bookrunner for the offering. A copy of the
prospectus supplement and prospectus relating to these securities may be
obtained, when available, by contacting Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel:
800-831-9146).
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction. The offering of these securities will be made only by
means of the prospectus supplement and the accompanying prospectus.
About Acadia Realty Trust
Acadia Realty Trust, a fully integrated equity real estate investment
trust, is focused primarily on the acquisition, ownership, management
and redevelopment of high-quality retail properties located in key
street and urban retail corridors as well as suburban locations within
high-barrier-to-entry, densely-populated metropolitan areas in the
United States along the East Coast and in Chicago. Acadia owns, or has
an ownership interest in, these properties through its core portfolio
and its opportunistic/value-add investment funds.
Safe Harbor Statement
Certain matters in this press release may constitute forward-looking
statements within the meaning of federal securities law and as such may
involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performances or achievements of Acadia to
be materially different from any future results, performances or
achievements expressed or implied by such forward-looking statements.
These forward-looking statements include statements regarding Acadia’s
future financial results and its ability to capitalize on potential
opportunities arising from continued economic uncertainty. Factors that
could cause the Company’s forward-looking statements to differ from its
future results include, but are not limited to, those discussed under
the headings “Risk Factors” and “Management's Discussion and Analysis of
Financial Condition and Results of Operations” in the Company’s most
recent annual report on Form 10-K filed with the SEC on February 26,
2014 (“Form 10-K”) and other periodic reports filed with the SEC,
including risks related to: (i) the current global financial environment
and its effect on retail tenants; (ii) the Company’s reliance on
revenues derived from major tenants; (iii) the Company’s limited control
over joint venture investments; (iv) the Company’s partnership
structure; (v) adverse changes in the Company’s real estate markets;
(vi) market interest rates; (vii) leverage; (viii) liability for
environmental matters; (ix) the Company’s growth strategy; (x) the
Company’s status as a real estate investment trust; (xi) uninsured
losses; and (xii) the loss of key executives. Copies of the Form 10-K
and the other periodic reports Acadia files with the SEC are available
on the SEC’s website at www.sec.gov.
Any forward-looking statements in this press release speak only as of
the date hereof. Acadia expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in
Acadia's expectations with regard thereto or change in events,
conditions or circumstances on which any such statement is based.
Source: Acadia Realty Trust
Acadia Realty Trust
Jon Grisham, 914-288-8100