Item 8.01 Other Events.
On January 8, 2024, Acadia Realty Trust (the "Company") and its operating partnership, Acadia Realty Limited Partnership (the "Operating Partnership"), entered into an underwriting agreement (the "Underwriting Agreement") with J.P. Morgan Securities LLC and BofA Securities, Inc. (the "Underwriters"), pursuant to which the Company agreed to issue and sell to the Underwriters 6,000,000 common shares of beneficial interest, par value $0.001 per share ("Common Shares"). The Company also granted the Underwriters a 30-day option to purchase up to 900,000 additional Common Shares, which was exercised in full.
The offering closed on January 11, 2024, resulting in net proceeds to the Company of approximately $112.7 million (reflecting the exercise of the Underwriters' option to purchase an additional 900,000 shares), after deducting estimated offering expenses. The Company intends to use the net proceeds from the Offering for general corporate purposes, which may include, without limitation, the repayment of outstanding indebtedness, funding future acquisitions, working capital and other general corporate purpose activities.
The offer and sale of the Common Shares were made pursuant to a preliminary prospectus supplement and a final prospectus supplement related to the Company's effective shelf registration statement on Form S-3 (File No. 333-275356), each of which has been filed with the Securities and Exchange Commission.
The Underwriting Agreement contains customary representations, warranties and covenants by the Company and the Operating Partnership. It also provides for customary indemnification by the Company and the Operating Partnership for losses or damages arising out of or in connection with the sale of the Common Shares.
The foregoing is a summary description of certain terms of the Underwriting Agreement and is qualified in its entirety by the text of the Underwriting Agreement, which is attached as Exhibit 1.1 to this Current Report on Form 8-K and incorporated herein by reference.
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Acadia Realty Trust published this content on 12 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2024 21:19:46 UTC.