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Rubicon Associates is headed by a Chartered Financial Analyst with over 20 years of experience in the investment management industry focused on the analysis, investment and management of fixed income and preferred stock portfolios. Over the years, he has analyzed and invested in both public and... More
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  • Acadia Files To Sell $75MM Common Shares 2 comments
    Jan 28, 2012 1:03 AM | about stocks: AKR
    Acadia Realty Trust filed a form 424B3 (prospectus) for an equity offering. From the prospectus:
    On January 27, 2012, we entered into an ATM Equity Offering sales agreement with Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., Deutsche Bank Securities Inc., and Wells Fargo Securities, LLC, or the Agents, relating to the offering of up to $75,000,000 of common shares of beneficial interest, par value $0.001 per share, offered by this prospectus supplement and the accompanying prospectus. In accordance with the terms of the sales agreement, we may offer and sell up to $75,000,000 of common shares of beneficial interest from time to time through the Agents. Sales of the shares, if any, will be made by means of ordinary brokers' transactions on the New York Stock Exchange, or the NYSE, or otherwise at market prices prevailing at the time of sale or negotiated transactions, or as otherwise agreed with the applicable Agent.
    The prospectus states that the use of proceeds is:
    We intend to use the net proceeds of this offering for general corporate purposes, which may include, among other things, repayment of our debt, future acquisitions, directly and through our opportunity funds, and redevelopments of and capital improvements to our properties.
    Get while the getting's good.

    Full prospectus here:

    This follows Acadia's (through Acadia Strategic Opportunity Fund III LLC),December acquisition of two properties, one located in Baltimore, Maryland and the other in metropolitan New York, for an aggregate purchase price of $34.7 million, December's Fund III, acquisition of a shopping center located in the metropolitan New York area for $11.3 million and January's purchase of a property located in Chicago, Illinois for $3.9 million. In December the company repurchased $24.0 million of its outstanding 3.75% Convertible Notes due 2026

    Acadia is a REIT focused on the ownership, management and redevelopment of retail properties and urban/infill mixed-use properties with a retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas in Chicago, Illinois, New England and the greater New York and Mid-Atlantic Regions of the United States.

    As of September 30, 2011, AKR had ownership interests in 48 properties within their core portfolio and 47 properties within three opportunity funds, Acadia Strategic Opportunity Fund L.P., Acadia Strategic Opportunity Fund II, LLC and Acadia Strategic Opportunity Fund III, LLC. The 95 properties consist of commercial properties, primarily neighborhood and community shopping centers, mixed-use properties with a retail component and self-storage properties.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: REIT Stocks: AKR
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  • poclerk
    , contributor
    Comments (433) | Send Message
    Enjoy your articles, Michael, but I will take a pass on AKR, primarily because the well paid ''insiders'' have no appetite for their own stock, except when they award themselves stock options I am an amateur but spending two minutes on Morningstar and AOL Finance convinced me that I owning AKR would disturb my sleep.
    29 Jan 2012, 10:13 AM Reply Like
  • Rubicon Associates
    , contributor
    Comments (1936) | Send Message
    Author’s reply » poclerk, I agree. While I am not a buyer of the company at this point, it is on my "watch list" to see how they develop going forward (especially as they outperformed their sector over the last year). As well, they own as many properties in funds as they do in the portfolio, which often makes me leery.
    29 Jan 2012, 05:17 PM Reply Like
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