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

Nicholas Schorsch, executive chairman and CEOof ARCP, says the REIT's adjusted funds from operations of 26 centsper share were “exactly in line with our expectations.” He addsthat year-to-date acquisitions, combined with properties currentlyunder contract, put ARCP “well ahead of schedule to achieve ourtotal 2014 annual acquisition targets by midyear.”

During Q1, ARCP acquired 224 properties in 78 individualtransactions totaling $1.03 billion, at an average cap rate of8.24%. Another $700 million-plus has already closed or is undercontract for Q2, ACP said Thursday.