Acadia Realty Trust priced an underwritten public offering of 9,000,000 common shares of beneficial interest at a price to the public of $21.95 per share. The real estate investment trust intends to use the net proceeds from the future settlement of these agreements to fund acquisition opportunities in its existing street portfolio markets and for other general corporate purposes. These purposes may include the repayment of outstanding indebtedness, working capital, and other corporate activities, pending market conditions and strategic considerations. The offering is expected to close on June 11, 2026, subject to customary closing conditions.

The Company has entered into forward sale agreements with Bank of America, N.A., Jefferies, Truist Bank, and Wells Fargo Bank, National Association or their affiliates. In connection with these agreements, the forward purchasers or their affiliates are expected to borrow and sell an aggregate of 9,000,000 common shares to the underwriters for delivery in the offering. The Company will not initially receive any proceeds from the sale of common shares by the forward purchasers or their affiliates. Upon the future settlement of the forward sale agreements, the Company expects to receive cash proceeds per share equal to the applicable forward sale price, subject to certain adjustments.

BofA Securities, Jefferies, Truist Securities, and Wells Fargo Securities are acting as joint book-running managers for the offering. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,350,000 common shares. If this option is exercised in full, Acadia Realty Trust will enter into additional forward sale agreements with the forward purchasers for the corresponding number of shares. The Company intends to deliver the shares upon physical settlement on one or more dates specified by the Company, occurring no later than June 9, 2027.

Pending the deployment of funds for acquisitions or corporate purposes, the Company expects to invest the net proceeds in short-term instruments. The offering is being made only by means of a prospectus supplement and the accompanying base prospectus, which was filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3 (File No. 333-275356).

Key Offering Details

Truist Securities analyst Ki Bin Kim has maintained a Buy rating on Acadia Realty Trust and raised the price target to $24 from $23. The revised target indicates an increased valuation expectation for the real estate investment trust's stock.

The rating affirmation and target increase highlight the analyst's confidence in Acadia Realty Trust's potential. The new price target of $24 represents an upward adjustment from the previous $24 mark.