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…
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
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