NEW YORK CITY—American Realty Capital Properties has replaced its CFO and chief accounting officer after an audit committee determined that the net lease REIT’s adjusted funds from operations had been overstated for the first and second quarters, while net losses were understated. The audit committee, ARCP said, determined that the accounting errors were “identified but intentionally not corrected” and that previously issued financial information from those quarters should no longer be relied upon.

Brian Block has resigned as CFO and has been replaced by Michael Sodo, who most recently was SVP, director of financial reporting and treasurer. Gavin Brandon has been promoted to chief accounting officer, replacing Lisa McAlister.

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