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American Realty Capital Executives Including Schorsch Resign

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Three top executives resigned from American Realty Capital Properties Inc., the U.S. real estate investment trust that has lost more than a quarter of its value since disclosing accounting errors.

Nicholas Schorsch, whose dealmaking made American Realty Capital Properties one of the biggest REITs in a matter of a few years, stepped down as executive chairman and a director of the New York-based company, according to a statement today. Chief Executive Officer David Kay also resigned, as did Lisa Beeson, president and chief operating officer. William Stanley will act as CEO and chairman until permanent replacements are named. The changes are effective immediately.