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American Realty Plunges After Disclosing Accounting Errors

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American Realty Capital Properties Inc., the biggest U.S. owner of single-tenant properties, plunged 19 percent after saying it replaced two executives following errors in its financial statements.

Brian Block left as chief financial officer and has been replaced by Michael Sodo, while Gavin Brandon was named chief accounting officer in place of Lisa McAlister, the New York-based real estate investment trust said in a statement today. The company said that some amounts related to non-controlling interests likely were incorrectly included in adjusted funds from operations, an error the audit committee believes was identified but intentionally not corrected.