$150 Million of Unsecured Notes Due 2014 Issued by Commercial Net Lease Realty, Inc. - Effective Interest Rate of 5.91% -.

ORLANDO, Fla. -- Commercial Net Lease Realty, Inc. (NYSE:NNN), an equity real estate investment trust, announced today the completion of the sale of $150 million of senior unsecured notes. The $150 million of 6.25 percent notes due June 15, 2014 were priced at 99.707 percent to yield 6.29 percent. As a result of an interest rate hedge executed by the Company in February 2004, the effective interest rate of the notes is 5.91 percent.

Proceeds will be used to pay down borrowings under the Company's existing bank credit facility, including amounts that were incurred to repay the outstanding principal amount of $100 million on the Company's 8.125% Notes due June 15, 2004. Joint book-running managers for the offering were Credit Suisse First Boston and Wachovia Securities. The offering was co-managed by Citigroup, JP Morgan, SunTrust Robinson Humphrey, Wells Fargo Brokerage Services, LLC, BB&T Capital Markets, Comerica Securities and PNC Capital Markets, Inc.

Copies of the prospectus supplement and the accompanying prospectus for the notes offering may be obtained by contacting Credit Suisse First Boston, Prospectus Department, One Madison Avenue, New York, NY 10010 (telephone: [phone]) or faxing requests to 212-325-8057 or by contacting Wachovia Securities, 8739 Research Drive, Charlotte, NC 28262, Attn: Prospectus Department (telephone: [phone]). This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful.

Commercial Net Lease Realty invests in high quality, single-tenant retail, office and industrial properties subject generally to long-term, net leases with established tenants, such as Barnes & Noble, Best Buy, Eckerd, OfficeMax, Wal-Mart and the United States of America. The Company currently owns 347 properties in 38 states with a gross leasable area of approximately 8.0 million square feet. These properties are leased to 136 corporations in 52 industrial classifications.