ARCP plans to pay a dividend

American Realty Capital Properties Inc., which last year disclosed that accounting errors were intentionally concealed, plans to start paying a dividend later this year. Adjusted funds from operations for the fourth quarter amounted to $205.5 million, or 22 cents a share, compared with $70.5 million, or 26 cents a year earlier, according to a statement from the Phoenix-based company on Monday. FFO was a loss of $58.8 million, or 6 cents a share, compared with a loss of $116.7 million, or 43 cents a year earlier. Earlier this month, the company named Glenn Rufrano as its chief executive officer and said two directors will leave. Mr. Rufrano, the former CEO of brokerage Cushman & Wakefield Inc., will assume the role on April 1, American Realty Capital Properties, also known as ARCP, said in a statement. He succeeds William Stanley, who had been interim CEO since December and will remain as interim chairman. ARCP executives including Chairman Nicholas Schorsch and CEO David Kay resigned last year after disclosures of accounting errors that were intentionally concealed. The REIT, an owner of more than 4,000 properties across the U.S., has been facing pressure from shareholders including Corvex Management to overhaul its board.