Brian Block, the former chief financial officer of American Realty Capital Properties Inc. who resigned after the company found errors in its financial statements, is leaving behind a pay package worth $35 million.

Block, who resigned after the real estate investment trust said some of the errors were intentionally not corrected, isn’t getting a $10 million stock retention award or about $22 million in long-term pay, the company said in an e-mailed statement. American Realty had set his potential annual cash and stock bonuses at $1.25 million and $1.75 million, respectively, according to the company’s proxy statement filed in April.

He agreed to forfeit that compensation, according to the New York-based company.

American Realty plunged 24 percent through yesterday since announcing the accounting errors. Block’s retention award, which was set to vest over seven years, would’ve been worth $7.58 million, and his long-term incentive pay would’ve been valued at $16.5 million as of yesterday’s closing price.

The long-term incentive is granted in units, the value of which are earned as American Realty achieves total shareholder return goals over a three-year performance period that started in January, the filing shows. Block’s annual bonus, which was granted in stock and cash, depended on achieving operational and financial goals.

Accounting Probe

Block, 42, had been CFO of American Realty since its inception in December 2010, according to company regulatory filings. He didn’t respond to two phone messages left at his home and e-mails seeking comment. Andy Merrill, a spokesman for American Realty with New York-based Teneo Strategy, said he didn’t know how to get in touch with Block.

The errors resulted in an overstatement of adjusted funds from operations and understated the company’s net loss for the first quarter and first half of the year, the REIT said in an Oct. 29 statement. American Realty will reduce its adjusted FFO, measure of cash flow used by REITs, by $12 million for the first quarter and $10.9 million for the three months ended in June.

A probe began in September when an employee contacted the audit committee, Chief Executive Officer David Kay said on an Oct. 29 conference call. Chief Accounting Officer Lisa McAlister is also stepping down.