BUZZ-Acadia Realty falls after unveiling stock offering

Bank of America Corp
Acadia Realty Trust

Bank of America Corp

BAC

0.00

Acadia Realty Trust

AKR

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** Acadia Realty Trust's AKR.N shares down 2.9% in extended trading to $21.87 after equity offering news

** Retail property REIT kicks off 9 mln share offering as part of forward sale

** AKR expects to enter into 1-year forward sale agreements with bookrunners BofA, Jefferies, Truist and Wells Fargo

** Upon settlement of agreements, Acadia intends to use net proceeds to fund acquisitions, and for general corporate purposes, including debt repayment and working capital

** AKR shares ended up 1.5% at $22.53, up ~10% YTD

** Rye, New York-based firm has ~133.5 mln shares outstanding

** Avg rating of 8 analysts covering the stock is "buy"; median PT $24, per LSEG


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