Funds from operations available to common shareholders rose to $30.9 million, or 46 cents per share, from $21.9 million, or 38 cents per share, during the same period a year ago.

Analysts polled by Thomson Financial, on average, forecast FFO of 45 cents per share for the quarter.

FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expense, as well as other non-operating items, back to net income.

National Retail Properties net income more than doubled to $47.4 million, or 68 cents per share, from $21.5 million, or 35 cents per share, during the same period last year.

Total revenue increased to $47.8 million in the third quarter from $35.1 million during the year-ago period.

National Retail Properties also completed a new joint venture with Crow Holdings.

"Late in the quarter, we successfully completed the initial investment in our convenience store joint venture with Crow Holdings," Craig Macnab, National Retail Properties chief executive, said in a statement. "We are on pace for 2007 to be another record year for national Retail Properties in FFO growth and acquisitions."

National Retail Properties investment portfolio grew to $140.2 million in the third quarter, as it acquired 30 properties during the July-to-September period.