Acadia Realty restates 2019-2021 financials; improper consolidation of fund investments

ACADIA REALTY TRUST

Non-reliance on prior FS due to consolidation error for two Fund Investments formed 2012/2013; reclassed to unconsolidated affiliates.
Restatement reduces total assets by $55.8M (Dec 2020) and $57.4M (Dec 2019); liabilities reduced by $58.0M and $59.3M.
No impact on net income, FFO, or distributions; immaterial EPS adjustments of +/- $0.01 for certain periods.
Company expects to disclose a material weakness in internal controls over financial reporting in the 2021 10-K.
No override of controls or misconduct identified; restated FS to be filed in the 2021 10-K.

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