Acadia Realty Trust Prices Offering Of 6.9M Shares Of Common Stock At A Price Of $16.75/Share
Portfolio Pulse from Benzinga Newsdesk
Acadia Realty Trust (NYSE:AKR) has priced an underwritten offering of 6.9 million shares at $16.75 each, including an option for underwriters to purchase an additional 900,000 shares. The offering is set to close on January 11, 2024. The proceeds will be used for general corporate purposes such as funding acquisitions, repaying debt, and working capital. J.P. Morgan and BofA Securities are the underwriters for the offering.
January 09, 2024 | 4:02 am
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Acadia Realty Trust is offering 6.9 million shares at $16.75 each, potentially diluting current shareholders but raising capital for growth and debt repayment.
The offering of additional shares typically leads to dilution of existing shareholders' equity, which can result in a short-term negative impact on the stock price. However, the capital raised may be used for growth initiatives and debt repayment, which could be beneficial in the long term.
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