This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Acadia Realty Trust To Sell 4.5 Million Shares

NEW YORK (AP) ¿ Acadia Realty Trust said Monday it plans to sell 4.5 million common shares in a public offering, and use the proceeds to reduce debt and for general corporate purposes.

The real estate investment trust, which specializes in retail properties, said it will grant underwriters the option to purchase up to an additional 675,000 common shares to handle overallotments.

White Plains, N.Y.-based Acadia said the offering will dilute its previously forecast profit by 3 cents or 4 cents per share, and cut 7 or 8 cents per share from its projected funds from operations.

In February, Acadia said it expects 2009 earnings between 51 cents and 65 cents per share, and FFO between $1.05 to $1.19 per share. Analysts polled by Thomson Reuters, on average, were expecting FFO of $1.13 per share for the year before the offering announcement.

FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other non-operating items, back to net income.

The book-running manager for the offering is Merrill Lynch & Co. The co-managers are JPMorgan, Barclays Capital, UBS Investment Bank and RBC Capital Markets.

Acadia shares closed Monday trading up 38 cents, or 3.1 percent, at $12.57, then gave up those gains and more after the announcement. In aftermarket electronic trading, shares fell 57 cents, or 4.5 percent, to $12.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AKR $31.66 -0.28%
AAPL $111.02 1.40%
FB $93.02 0.59%
GOOG $641.63 0.39%
TSLA $222.22 -2.00%


Chart of I:DJI
DOW 17,061.92 +11.17 0.07%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,815.5790 +4.7910 0.10%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs