I am not sure which quarterly earnings you are referring to. Q4-13 was a blowout quarter. Given their leverage, I would expect very strong results in this low interest rate environment.
From ARCP's website:
For the quarter ended December 31, 2013 (as compared to the same quarterly period in 2012):
Increased revenues 213% to $94.1 million as compared to $30.1 million.
Improved AFFO available to common stockholders by 153% to $55.8 million.
Increased AFFO per diluted share by 108% to $0.25.
Generated proceeds of $690.0 million in convertible note offerings at an average cost of 3.4%.
Grew the monthly dividend in December to $0.94 per share coincident with the closing of CapLease, Inc. ("CapLease") and increased again to $1.00 per share upon the closing Cole.
Expanded credit facility borrowing capacity to $2.4 billion and further extending to $2.97 billion in the first quarter of 2014.
For the year ended December 31, 2013 (as compared to 2012):
Increased revenues over 260% to $240.5 million as compared to $66.8 million.
Improved AFFO available to common stockholders by 240% to $163.9 million.
Increased AFFO per diluted share by over 80% to $0.86.
Invested $3.4 billion in 676 acquired real estate properties.
Closed on (i) $2.3 billion acquisition of American Realty Capital Trust III, Inc. ("ARCT III"), (ii) $2.2 billion acquisition of CapLease and (iii) the $774.0 million acquisition of the GE/Trustreet portfolio, successfully integrating all acquisitions into the Company's property portfolio.