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
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