Acadia Realty Trust (NYSE: AKR – "Acadia” or the "Company”), a real
estate investment trust ("REIT”) announced today that the underwriters
have exercised, in full, their option to purchase an additional 750,000
common shares of beneficial interest ("Common Shares”) in connection
with the Company’s previously announced public offering of 5.0 million
Common Shares. The public offering was priced at $11.95 per Common Share.
The Company estimates that the proceeds from this offering, including
the exercise of the underwriters’ option to purchase additional Common
Shares, will be approximately $68.7 million, before offering expenses.
The Company plans to use a portion of the net proceeds from the offering
to reduce its indebtedness and the remaining net proceeds for general
corporate purposes, which may include, among other things, further
repayment of the Company’s debt, future acquisitions and redevelopments
of, and capital improvements to, the Company’s properties.
The book-running manager for this offering is Merrill Lynch & Co. The
Co-Managers are J.P.Morgan, Barclays Capital, RBC Capital Markets and
UBS Investment Bank. The offering is expected to close on April 17,
2009, subject to customary closing conditions.
Copies of the final prospectus supplement and the accompanying
prospectus relating to these securities may be obtained from Merrill
Lynch & Co., Attention: Prospectus Department, 4 World Financial Center,
New York, New York 10080.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
jurisdiction.
Acadia Realty Trust, headquartered in White Plains, NY, is a fully
integrated, self-managed and self-administered equity REIT focused
primarily on the ownership, acquisition, redevelopment and management of
retail and mixed-use properties including neighborhood and community
shopping centers located in urban and suburban markets in major
metropolitan areas.
Factors that could cause its 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 27, 2009 ("Form 10-K") and other periodic reports filed with
the SEC and the final prospectus supplement dated April 14, 2009,
including risks related to: (i) dilution resulting from the Offering;
(ii) the current global financial crisis and its effect on retail
tenants, including several recent bankruptcies of major retailers; (iii)
the Company’s reliance on revenues derived from major tenants; (iv) the
Company’s limited control over joint venture investments; (v) the
Company’s partnership structure; (vi) real estate and the geographic
concentration of its properties; (vii) market interest rates; (viii)
leverage; (ix) liability for environmental matters;(x) the Company’s
growth strategy; (xi) the Company’s status as a REIT (xii) uninsured
losses and (xiii) the loss of key executives. Copies of the Form 10-K
and the other periodic reports the Company 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. The Company 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 its
expectations with regard thereto or change in events, conditions or
circumstances on which any such statement is based.
