ORLANDO, Fla. (AP) _ National Retail Properties (NNN) on Monday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.

The Orlando, Florida-based real estate investment trust said it had funds from operations of $106.4 million, or 62 cents per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 66 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 $51.6 million, or 30 cents per share.

The retail real estate investment trust, based in Orlando, Florida, posted revenue of $158.6 million in the period. Its adjusted revenue was $157.9 million, which also missed Street forecasts. Five analysts surveyed by Zacks expected $167 million.

The company's shares have dropped 40% since the beginning of the year. The stock has dropped 46% in the last 12 months.

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

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News