Acadia Realty Trust Announces At-The-Market Equity Program
January 27 2012 - 5:27PM
Business Wire
Acadia Realty Trust (NYSE: AKR) (the “Company”), today announced
it has established an at-the-market equity program under which it
may sell common shares of beneficial interest of the Company
(“Common Shares”) with an aggregate offering price up to $75.0
million from time to time through BofA Merrill Lynch, Barclays
Capital Inc., Deutsche Bank Securities Inc., and Wells Fargo
Securities, LLC, as sales agents.
Sales of Common Shares under the at-the-market equity program,
if any, would generally be made by means of ordinary brokers’
transactions, including on the New York Stock Exchange, at market
prices or as otherwise agreed with the agents. Sales of Common
Shares may also be made to the agents acting as principal under the
program pursuant to a separate terms agreement. The Company intends
to use the net proceeds of this offering for general corporate
purposes, which may include, among other things, repayment of our
debt, future acquisitions, directly and through our Opportunity
Funds, and redevelopments of and capital improvements to our
properties.
The Company has filed a registration statement (including a
prospectus) and a prospectus supplement with the Securities and
Exchange Commission (the “SEC”) for the offering of the Common
Shares described in this communication. Before you invest, you
should read the prospectus in that registration statement, the
prospectus supplement relating to the at-the market equity program
and other documents the Company has filed with the SEC for more
complete information about it and the at-the-market equity program.
You may obtain these documents at no cost by visiting EDGAR on the
SEC web site at www.sec.gov. Additionally, copies of the prospectus
supplement and accompanying prospectus relating to these securities
may be obtained by contacting BofA Merrill Lynch, 4 World Financial
Center, New York, New York 10080, Attn: Prospectus Department or by
emailing dg.prospectus_requests@baml.com; Barclays Capital Inc. C/O
Broadridge Financial Solutions 1155 Long Island Ave. Edgewood, New
York 11717, or by calling (888) 603-5847, or by emailing Barclays
prospectus@broadridge.com; Deutsche Bank Securities Inc., Attn:
Prospectus Department, Harborside Financial Center, 100 Plaza One,
Jersey City, New Jersey 07311-3988, or by calling (800) 503-4611,
or by e-mailing prospectus.cpdg@db.com; Wells Fargo Securities,
LLC, 375 Park Avenue, New York, New York 10152, Attention: Equity
Syndicate Department, or by calling (800) 326-5897, or by emailing
cmclientsupport@wellsfargo.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor will there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or other jurisdiction. The at-the-market offering may be made
only by means of a prospectus supplement and the related
prospectus.
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.
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 risks, 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. 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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