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. ...