RYE, N.Y. - Acadia Realty Trust (NYSE:AKR), a real estate investment trust (REIT), has initiated a public offering of 6 million common shares, with an additional option for underwriters to purchase up to 900,000 more shares within 30 days. The company's plan is to allocate the net proceeds from this offering for a variety of general corporate purposes.
These purposes include potential future acquisitions, repayment of outstanding debt, working capital, and other general corporate needs. J.P. Morgan and BofA Securities are the underwriters managing the offering, which will be conducted via a prospectus supplement and accompanying base prospectus as part of an effective shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC).
This offering is strictly made through a prospectus, and copies of the relevant documents will be available from the SEC's website or directly from the underwriters.
Acadia Realty Trust specializes in building a core real estate portfolio with a strategic focus on the nation's most dynamic corridors. It also invests in opportunistic and value-add properties through its series of discretionary, institutional funds while maintaining a strong balance sheet.
This news is based on a press release statement from Acadia Realty Trust.
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