SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 6, 2005
ACADIA REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland 1-12002 23-2715194
(State or other (Commission (I.R.S. Employer
jurisdiction of incorporation) File Number) Identification No.)
1311 Mamaroneck Avenue, Suite 260
White Plains, New York 10605
(Address of principal executive offices) (Zip Code)
(914) 288-8100
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Item 4.01 Changes In Registrant's Certifying Accountant
On October 6, 2005, the Audit Committee of the Registrant's Board of Directors
agreed, by resolution, to terminate the services of the Registrant's independent
registered public accounting firm, Ernst and Young, LLP ("Ernst and Young"). The
Audit Committee further resolved to hire the accounting firm BDO Seidman, LLP as
Ernst and Young's replacement.
Ernst and Young's reports on the Registrant's financial statements for the past
two fiscal years did not contain an adverse opinion or disclaimer of opinion,
nor were the statements qualified or modified as to uncertainty, audit scope, or
accounting principles.
In connection with the audits of the Registrant's financial statements for each
of the fiscal years ended December 31, 2004 and 2003, and in the subsequent
interim period, there were no disagreements with Ernst and Young on any matters
of accounting principles or practices, financial statement disclosure, or
auditing scope and procedures which, if not resolved to the satisfaction of
Ernst and Young would have caused Ernst and Young to make reference to the
matter in their report. In addition, there have been no reportable events as
defined in Item 304(a)(1)(v) of Regulation S-K.
The Company has requested Ernst and Young to furnish it a letter addressed to
the Commission stating whether it agrees with the above statements. A copy of
that letter, dated October 6, 2005 is filed as Exhibit 16.1 to this Form 8-K.
The Registrant has given Ernst and Young authorization to fully respond to the
inquiries of the Registrant's new accountants, BDO Seidman, LLP, concerning the
previous financial statements audited by Ernst and Young. The Registrant placed
no limitations upon Ernst and Young, whatsoever.
Neither the Registrant nor anyone acting on its behalf has consulted with BDO
Seidman, LLP regarding the application of accounting principles to any specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Registrant's financial statements, or any other matters
of reportable events listed in Items 304(a)(2)(i) and (ii) of Regulation S-K.
Item 9.01 Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
16.1 Letter from Ernst and Young to the Securities and Exchange Commission
dated October 6, 2005
99.1 Press release announcing change in Registrant's certifying accountant
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACADIA REALTY TRUST
(Registrant)
Date: October 6, 2005 By: /s/ Michael Nelsen
------------------
Name: Michael Nelsen
Title: Sr. Vice President and Chief
Financial Officer
Exhibit 16.1 October 6, 2005 Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 Gentlemen: We have read Item 4.01 of Form 8-K dated October 6, 2005 of Acadia Realty Trust and are in agreement with the statements contained in the second, third, fourth and fifth paragraphs on page 2 therein. We have no basis to agree or disagree with other statements of the registrant contained therein. Very truly yours, /s/ ERNST AND YOUNG, LLP
Exhibit 99.1
Acadia Realty Trust Announces Change in Auditors
NEW YORK--(BUSINESS WIRE)--Oct. 12, 2005--Acadia Realty Trust
(NYSE: AKR) announced today that it has engaged BDO Seidman, LLP as
its independent registered public accounting firm.
The Audit Committee of Acadia's Board of Directors agreed, by
resolution, not to continue the engagement of the Company's
independent registered public accounting firm, Ernst and Young, LLP
("Ernst and Young"). The Audit committee further resolved to engage
the accounting firm, BDO Seidman, LLP effective immediately. The
decision was based primarily on the Audit Committee's efforts to
reduce Acadia's costs for accounting services. The Company has not had
any disagreements with Ernst and Young during the interim period from
January 1, 2005 through the date of disengagement, nor any
disagreements related to any prior years' audits.
Acadia Realty Trust, headquartered in White Plains, NY, is a fully
integrated and self-managed real estate investment trust which
specializes in the acquisition, redevelopment and operation of
shopping centers which are anchored by grocery and value-oriented
retail.
Certain matters in this press release may constitute
forward-looking statements within the meaning of federal securities
law and as such may involve known and unknown risk, uncertainties and
other factors which may cause the actual results, performances or
achievements of Acadia to be materially different from any future
results, performances or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements speak only
as of the date of this press release. Acadia expressly disclaims any
obligation or undertaking to release publicly any updates or revisions
to any forward-looking statements contained herein to reflect any
change in Acadia's expectations with regard thereto or change in
events, conditions or circumstances on which any such statement is
based. The Company also refers you to the documents filed by the
Company, from time to time, with the Securities and Exchange
Commission, including without limitation the Company's Annual Report
on Form 10-K, for a discussion of such risks and uncertainties.
For more information, visit Acadia's Web site at
www.acadiarealty.com.
CONTACT: Acadia Realty Trust
Investor Relations:
Jon Grisham, 914-288-8142