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COMMERCIAL NET LEASE REALTY, INC. REPORTS THIRD QUARTER RESULTS OF OPERATIONS

 ORLANDO, Fla., Oct. 19 /PRNewswire/ -- Commercial Net Lease Realty, Inc. (AMEX: NNN), an equity real estate investment trust, today reported that third quarter net earnings rose 114 percent to $945,418 from $442,495 for the same period last year. Earnings per share for the third quarter were 24 vs. 25 cents per share for the same period last year as average shares outstanding rose from 1,790,699 to 3,913,834. Revenues rose 63 percent to $1,417,056 from $868,126 for the third quarter of 1992. Funds from operations (net earnings adjusted for certain non-cash revenue and expense amounts) increased 97 percent to $1,088,665 from $553,805. Funds from operations on a per share basis were approximately 28 cents compared with approximately 31 cents for the same period last year due primarily to the timing of acquiring properties specified in the May 1993 stock offering and the company's reduced financial leverage during this period.
 James M. Seneff Jr., chief executive officer, stated, "Third quarter results were in line with our expectations and funds from operations were higher than second quarter 1993 results. The company has experienced significant growth this year as it continues to take advantange of favorable acquisition opportunities. On Sept. 17, 1993, the company filed a 3.25 million share registration statement with the Securities and Exchange Commission and anticipates that the offering will be completed by the end of October. The company expects that the proceeds from the offering will be fully invested by the end of January 1994."
 Commercial Net Lease Realty is an equity real estate investment trust that owns 60 freestanding, net lease retail properties in 17 states.
 COMMERCIAL NET LEASE REALTY, INC.
 Summarized Results From Operations
 For the Quarter Ended For the Nine Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Income:
 Rental and
 earned income 1,409,991 809,662 3,186,778 1,768,328
 Interest income 6,587 1,900 28,057 15,869
 Other income 478 56,564 728 56,564
 Total 1,417,056 868,126 3,215,563 1,840,761
 Expenses:
 General and
 administrative 216,015 169,333 507,324 257,146
 Interest 74,986 151,789 345,044 151,789
 Depreciation 180,637 115,941 428,792 254,518
 Total 471,638 437,063 1,281,160 663,453
 Net earnings
 before gain 945,418 431,063 1,934,403 1,177,308
 Gain on sale
 of property 0 11,432 0 11,432
 Net earnings 945,418 442,495 1,934,403 1,188,740
 Weighted average
 shares
 outstanding 3,913,834 1,790,699 2,769,924 1,584,704
 Earnings per share $0.24 $0.25 $0.70 $0.75
 -0- 10/19/93
 /CONTACT: Robert A. Bourne, president of Commercial Net Lease Realty, Inc., 407-422-1574/
 (NNN)


CO: Commercial Net Lease Realty, Inc. ST: Florida IN: SU: ERN

AW-PC -- FL018 -- 4048 10/19/93 14:06 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
Words:497
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