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Acadia Realty prices common stock offering

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Acadia Realty prices common stock offering

Acadia RealtyTrust priced its public offering of 3.6 million shares ofbeneficial interest on a forward basis in connection with a forward saleagreement.

The company said gross proceeds from the are estimated to be $124.9million, based on the $34.70 per share offer price, before any underwritingcompensation and offering expenses. The offering is expected to close on orabout April 8 subject to customary conditions.

The company plans to use the net proceeds to finance part ofthe aggregate purchase price of the company's current acquisitions includingstreet, urban portfolios and retail assets.

Barclays and Citigroup are acting as underwriters and havebeen granted a 30-day option to purchase up to an additional 540,000 commonshares.

Acadia has entered into a forward sale agreement with aCitigroup affiliate, under which Acadia agreed to issue and sell the affiliatethe same number of common shares sold by Citigroup to the underwriters in thepublic offering. The Citigroup affiliate, or its affiliate, is expected toborrow from third parties and sell to the underwriters up to about 3.6 millionAcadia common shares at the close of the offering. If the additional-shareoption is exercised, Acadia will enter into one or more additional forward saleagreements with the Citigroup affiliate in respect of the number of sharessubject to the exercise of the option.

The company expects to issue and sell, upon physicalsettlement of the forward sale agreement, up to an aggregate of 3.6 millioncommon shares to the forward purchaser, assuming no exercise of theadditional-share option. The company plans to physically settle the forwardsale agreement in full on one or more dates no later than about 12 months afterthe date of the prospectus supplement relating to the offering.