Investing

Acadia Realty Joins REITs Raising Cash (AKR)

Acadia Realty Trust (NYSE: AKR) has joined the wave of REIT entities selling stock to raise cash.  The company priced its public secondary offering of 5 million common shares at $11.95 per share. That is before any overallotments of 750,000…

By Douglas A. McIntyre
Published April 14, 2009, 8:58am ET · 1 min read

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Acadia Realty Trust (NYSE: AKR) has joined the wave of REIT entities selling stock to raise cash.  The company priced its public secondary offering of 5 million common shares at $11.95 per share. That is before any overallotments of 750,000 shares, but the size of the offering was raised in the deal from 4.5 million shares.

Acadia will have brought in gross proceeds of $59.8 million, or a sum of roughly $68.7 million if the overallotment option is fully exercised.  The net proceeds are being earmarked to reduce debt and for general corporate purposes.

Merrill Lynch & Co., or Bank of America, is listed as the book-running manager.  Co-managers are listed as J.P.Morgan, Barclays Capital, RBC Capital Markets and UBS.

Shares closed at $12.57 yesterday, and so far we are seeing a drop of almost 2% to $12.34 on almost triple its average volume.

JON C. OGG

Contact [email protected] for any questions or corrections.

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Douglas A. McIntyre

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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