ORLANDO, Fla. (AP) — ORLANDO, Fla. (AP) — NNN REIT, Inc (NNN) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.

The real estate investment trust, based in Orlando, Florida, said it had funds from operations of $153.3 million, or 84 cents per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 83 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 $94.4 million, or 52 cents per share.

The retail real estate investment trust, based in Orlando, Florida, posted revenue of $215.4 million in the period. Its adjusted revenue was $214.8 million, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $213.2 million.

NNN REIT expects full-year funds from operations in the range of $3.29 to $3.35 per share.

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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