Acadia Realty restates 2019-2021 financials; no net income impact, but material weakness

ACADIA REALTY TRUST

Restatement due to improper consolidation of two fund investments formed in 2012 and 2013.
No impact on net income, FFO, or EPS; balance sheet: assets reduced $55.8M, liabilities $57.5M at Dec 31, 2020.
Immaterial adjustments reduced net income by $0.6M ($0.01/share) for 9 months ended Sept 30, 2021.
Material weakness in internal control over financial reporting identified; BDO's 2020 report no longer reliable.
No misconduct or override of controls per audit committee.

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