WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Oct. 26, 2012--
Acadia Realty Trust (NYSE: AKR - "Acadia" or the "Company") today
announced that the public offering price for the 3,000,000 shares of
beneficial interest of the Company (“Shares”) previously sold to
Barclays, the sole underwriter of the offering, is $25.20 per share, for
total gross proceeds (before deducting the underwriter’s compensation
and other estimated offering expenses) of approximately $75.6 million.
Barclays served as sole underwriter for the offering. The Company has
also granted the underwriter an option to purchase up to 450,000
additional Shares. The offering was made pursuant to the Company's
effective shelf registration statement and settlement is expected to
occur on or about October 31, 2012.
The Company intends to use the net proceeds from the sale of the Shares
primarily for future acquisitions as well as general corporate purposes.
Barclays is acting as the sole underwriter for the offering. A copy of
the prospectus supplement and prospectus relating to these securities
may be obtained, when available, by contacting Barclays, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
telephone 1-888-603-5847 or by emailing Barclaysprospectus@broadridge.com.
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 ownership, acquisition, redevelopment
and management of high-quality retail properties and urban/infill
mixed-use properties with a strong retail component located primarily in
high-barrier-to-entry, supply constrained, 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.
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 28,
2012 (“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 our
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 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