NEW YORK CITY—Now the largest REIT in the net lease sector after a series of acquisitions, American Realty Capital Properties posted a whopping 647.4% year-over-year increase in its first-quarter earnings. The $320.6-million figure for the three months ended March 31 set a new record for ARCP.

Nicholas Schorsch, executive chairman and CEO of ARCP, says the REIT’s adjusted funds from operations of 26 cents per share were “exactly in line with our expectations.” He adds that year-to-date acquisitions, combined with properties currently under contract, put ARCP “well ahead of schedule to achieve our total 2014 annual acquisition targets by midyear.”

During Q1, ARCP acquired 224 properties in 78 individual transactions totaling $1.03 billion, at an average cap rate of 8.24%. Another $700 million-plus has already closed or is under contract for Q2, ACP said Thursday.

A business that ARCP acquired in the course of one of its numerous mergers over the past 12 months, Cole Capital, raised $897 million of capital on behalf of the managed funds in Q1. It’s on track to raise more than $3.12 billion during 2014; ARCP president David Kay says the company is in the process of ramping up its capital-raising activities this month. Cole Capital Acquisitions acquired just under $420 million of real estate during Q1.