American Realty Capital Properties Inc., which last year disclosed accounting errors that were intentionally concealed, filed restated results showing the company understated losses for 2013 and the first quarter of 2014.

The real estate investment trust also said equity awards to former Chairman Nicholas Schorsch and Brian Block, a former chief financial officer, were larger than a board committee had authorized. Adjusted funds from operations were also overstated for 2011, 2012, 2013 and the first two quarters of 2014, according to a statement by the Phoenix-based company, known as ARCP.

ARCP shares had lost a fifth of their value through last week after the Oct. 29 disclosure of accounting errors, which ultimately led to the departure of senior leadership, including Schorsch and Chief Executive Officer David Kay. The REIT, an owner of more than 4,000 properties across the U.S., also faces government investigations and shareholder lawsuits.

“The company still needs to hire a CEO and intends to put in place a new chairman –- it expects to do both of these things in the near-term,” JPMorgan Chase & Co. analysts led by Anthony Paolone, wrote in a note Monday. “Insofar as some bigger issue emerging from the restatements, that does not seem to be the case as of this morning’s filing.”

ARCP climbed 4 percent to $10.20 at 10:16 a.m. in New York.

Net Loss

According to the restatements, the net loss for 2013 was increased by $16.8 million, while adjusted FFO fell by about $44 million, or 20 cents a share, compared with previously reported amounts.

ARCP said agreements relating to some equity awards made to Schorsch and Block were more favorable to them than the compensation committee had authorized. The company has recovered consideration valued at about $8.5 million related to the payments that the company concluded were inappropriate.

The Securities and Exchange Commission told the company it has started a formal investigation, and the U.S. attorney’s office for the Southern District of New York has contacted lawyers for the company and board, ARCP said in a regulatory filing. ARCP and the audit committee are cooperating with the investigations.

Unwinding Relationships

William Stanley, ARCP’s interim chairman and CEO, said on a conference call Monday morning that “all direct relationships with former executive chairman were ended and significant steps were taken and remain in process to unwind relationships with the entities where he is either an executive, director or a significant stockholder.”