Acadia Realty Trust Announces Offering of 9,000,000 Common Shares

Acadia Realty Trust (NYSE: AKR) ("Acadia" or the "Company") announced today that it is commencing an underwritten public offering of 9,000,000 of its common shares of beneficial interest in connection with the forward sale agreements described below. BofA Securities, Jefferies, Truist Securities and Wells Fargo Securities are acting as joint book-running managers for the offering. The shares may be offered by the underwriters from time to time to purchasers directly or through agents, or through brokers in brokerage transactions on the NYSE, or to dealers in negotiated transactions or in a combination of such methods of sale, at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase up to an additional 1,350,000 common shares.

The Company expects to enter into forward sale agreements with Bank of America, N.A., Jefferies, Truist Bank and Wells Fargo Bank, National Association or their affiliates (the "forward purchasers") with respect to 9,000,000 of its common shares. In connection with the forward sale agreements, the forward purchasers or their affiliates are expected to borrow and sell to the underwriters an aggregate of 9,000,000 common shares that will be delivered in the offering. Subject to its right to elect cash or net share settlement, which right is subject to certain conditions, the Company intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by the Company occurring no later than June 9, 2027, an aggregate of 9,000,000 common shares (or an aggregate of 10,350,000 common shares if the underwriters exercise their option to purchase additional shares in full) to the forward purchasers in exchange for cash proceeds per share equal to the applicable forward sale price, subject to certain adjustments as provided in the forward sale agreements. If the underwriters exercise their option to purchase additional shares, the Company will enter into one or more additional forward sale agreements with each of the forward purchasers in respect of the number of common shares that are subject to exercise of the option to purchase additional shares.

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