RYE, NY – (COMMERCIAL THREAD) – Acadia Realty Trust (NYSE: AKR) (the âCompanyâ) announced today that it has entered into an amended and restated $ 700 million credit facility, which replaces the existing credit facility of $ 600 million from the company. The Amended and Restated Credit Facility provides for an increase in the Company’s existing revolving credit facility from $ 250 million to $ 300 million and an increase in the Company’s existing term loan facility from $ 350 million to $ 400 M $. The amended and updated credit facility was oversubscribed and supported by its five existing lenders as well as the addition of four new financial institutions.
The Amended and Restated Credit Facility has an accordion feature expandable to $ 900 million, subject to customary terms, and, including extension options, expires June 29, 2026.
“The successful closure of this facility further improves our financial flexibility and provides us with additional capital to pursue investment opportunities. It also shows the strong support from our capital providers, âsaid John Gottfried, CFO of Acadia Realty Trust.The expansion of the facility and its extended life demonstrate our access to capital and the strength of our balance sheet. ”
BofA Securities, Inc. and Wells Fargo Securities, LLC acted as associate bookkeepers, BofA Securities, Inc., Wells Fargo Securities, LLC, Truist Securities, Inc. and PNC Capital Markets LLC acted as arranger principal spouses, Wells Fargo Bank, National Association, Truist Bank and PNC Bank, National Association served as syndication agents, and Bank of America, NA served as administrative agent.
About the Acadia Real Estate Trust
Acadia Realty Trust is an equity real estate investment trust focused on achieving profitable long-term growth through its two operating platforms – Core Portfolio and Funds – and its disciplined, location-driven investment strategy. Acadia Realty Trust achieves this goal by building a premier core real estate portfolio with significant concentrations of assets in the country’s most dynamic corridors; make profitable and value-added opportunistic investments through its series of discretionary institutional funds; and maintaining a strong balance sheet. For more information, please visit www.acadiarealty.com.
The Company uses and intends to use the Investors page of its website, which can be found at www.acadiarealty.com, as a means of disclosing material non-public information and to comply with its disclosure obligations. under Regulation FD, including, without limitation, through the publication of investor presentations which may include material non-public information. Accordingly, investors should keep an eye on the Investors page, in addition to following Company press releases, SEC filings, public conference calls, presentations and webcasts. Information contained on or accessed through the Website is not incorporated by reference into and does not form part of this document.