Acadia Realty Trust Announces Repurchase Option Notification for 3.75% Convertible Senior Notes
November 17 2011 - 7:30PM
Business Wire
Acadia Realty Trust (NYSE: AKR) (the “Company”) today announced
that it is notifying holders of its outstanding 3.75% Convertible
Notes due 2026 (the “Notes”) that, pursuant to the terms of the
Notes and the indenture governing the Notes, they have the option
to require the Company to purchase, on December 20, 2011 (the
“Optional Repurchase Date”), all or a portion of their Notes (the
“Repurchase Option”) at a price equal to 100% of the principal
amount of the Notes, plus any accrued and unpaid interest to, but
not including, the Optional Repurchase Date. The Company will pay
for any Notes validly surrendered and not validly withdrawn with
cash.
The opportunity to surrender the Notes for purchase pursuant to
the Repurchase Option commences today and expires at
5:00 p.m., New York City time, on December 16, 2011, which is
the second business day immediately preceding the Optional
Repurchase Date. Holders may withdraw any Notes previously
surrendered for purchase at any time prior to 5:00 p.m., New
York City time, on December 16, 2011, which is the second business
day immediately prior to the Optional Repurchase Date.
As required by the rules of the Securities and Exchange
Commission (the “SEC”), the Company will file a Tender Offer
Statement on Schedule TO with the SEC. The Tender Offer
Statement will include a notice to holders from the Company (the
“Issuer Repurchase Option Notice”) specifying the terms and
conditions of the Repurchase Option and the procedures to exercise
the Repurchase Option. Holders of Notes are strongly encouraged to
read the Issuer Repurchase Option Notice and other relevant
documents filed with the SEC before making a decision relating to
the Repurchase Option.
None of the Company, its board of trustees or its employees have
made or are making any representation or recommendation to any
holder as to whether or not to surrender Notes pursuant to the
Repurchase Option.
U.S. Bank National Association is acting as paying agent for the
Repurchase Option. Copies of the Issuer Repurchase Option Notice
and additional information relating to the Repurchase Option may be
obtained from U.S. Bank National Association by calling
1-800-934-6802.
About Acadia Realty Trust
Acadia Realty Trust, a fully-integrated equity real estate
investment trust, is focused on the ownership, management and
redevelopment of high-quality retail properties and urban/ infill
mixed-use properties with a strong retail component located
primarily in high-barrier-to-entry, densely-populated metropolitan
areas along the East Coast and in the Midwestern United States.
Acadia owns, or has an ownership interest in, 95 properties through
its core portfolio and three opportunistic/ value-add investment
funds. Additional information may be found on the Company’s website
at www.acadiarealty.com.
Certain matters in this press release may constitute
forward-looking statements within the meaning of federal securities
law and as such may involve known and unknown risk, uncertainties
and other factors that may cause the actual results, performances
or achievements of Acadia to be materially different from any
future results, performances or achievements expressed or implied
by such forward-looking statements. These forward-looking
statements include statements regarding Acadia’s future financial
results and its ability to capitalize on potential opportunities
arising from continued economic uncertainty. Factors that could
cause the Company’s forward-looking statements to differ from its
future results include, but are not limited to, those discussed
under the headings “Risk Factors” and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Company’s most recent annual report on Form 10-K filed with the SEC
on February 28, 2011 (“Form 10-K”) and other periodic reports filed
with the SEC, including risks related to: (i) the current global
financial environment and its effect on retail tenants; (ii) the
Company’s reliance on revenues derived from major tenants; (iii)
the Company’s limited control over joint venture investments; (iv)
the Company’s partnership structure; (v) real estate and the
geographic concentration of our properties; (vi) market interest
rates; (vii) leverage; (viii) liability for environmental matters;
(ix) the Company’s growth strategy; (x) the Company’s status as a
REIT; (xi) uninsured losses and (xii) the loss of key executives.
Copies of the Form 10-K and the other periodic reports Acadia files
with the SEC are available on the Company’s website at
www.acadiarealty.com. Any forward-looking statements in this press
release speak only as of the date hereof. Acadia expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Acadia's expectations with regard
thereto or change in events, conditions or circumstances on which
any such statement is based.
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