ORLANDO, Fla. (AP) _ National Retail Properties (NNN) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.

The real estate investment trust, based in Orlando, Florida, said it had funds from operations of $102.9 million, or 67 cents per share, in the period.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 65 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $94.7 million, or 62 cents per share.

The retail real estate investment trust, based in Orlando, Florida, posted revenue of $152.8 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $151.1 million.

National Retail Properties expects full-year funds from operations in the range of $2.66 to $2.70 per share.

The company's shares have dropped 12 percent since the beginning of the year. The stock has fallen almost 10 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on NNN at https://www.zacks.com/ap/NNN