WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Nov. 4, 2014--
Acadia Realty Trust (NYSE:AKR) (the “Company”) announced today the
completion of its previously announced public offering of 3,400,000
common shares of beneficial interest (“Shares”), as well as the
underwriters’ full exercise of their option to purchase an additional
510,000 Shares, bringing the total issuance to 3,910,000 Shares. The
Company received gross proceeds of approximately $116.3 million before
accounting for underwriting discounts and estimated offering expenses.
The Company intends to use the net proceeds from the sale of the Shares
primarily for future acquisitions, as well as general corporate purposes.
BofA Merrill Lynch and Barclays acted as the joint bookrunners for the
offering.
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.
About Acadia Realty Trust
Acadia Realty Trust, a fully-integrated equity real estate investment
trust, is focused 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 along the
east coast and in Chicago. Acadia owns, or has an ownership interest in,
these properties through its core portfolio and through a series of
opportunistic/value-add investment funds. Additional information may be
found on the Company’s website at www.acadiarealty.com.
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) real estate and the geographic concentration of the
Company’s properties; (vi) market interest rates; (vii) leverage; (viii)
liability for environmental matters; (ix) the Company’s growth strategy;
(x) the Company’s status as a REIT; (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 Company’s website
at www.acadiarealty.com.
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