The company reported funds from operations, a key indicator of strength for real estate investment trusts, of $38 million, or 49 cents per share. That compares with funds from operations of $32.2 million, or 45 cents per share, in the same period a year ago.

Funds from operations, or FFO, adds such items as amortization and depreciation back to profit.

On average, analysts polled by Thomson Reuters expected FFO of 47 cents per share. Analyst estimates typically exclude one-time items.

National Retail's Revenue grew 11.6 percent to $57.2 million from $51.3 million in the same quarter a year ago.

The company reported net earnings available to common shareholders of $27.2 million, or 35 cents per share, compared with net income of $32.7 million, or 46 cents per share, in the same period last year.

Craig Macnab, the company's chief executive, said in a statement that while retail tenants will feel the brunt of diminished consumer spending this year, "our balance sheet is sound and we believe our dividend is secure."

National Retail owns more than 1,000 properties in 44 states.

Shares rose 11 cents to $15.16 in midday trading.