Commercial Net Lease Realty, Inc. Announces Retirement of President and Chief Operating Officer.Business Editors/Real Estate Writers ORLANDO, Fla.--(BUSINESS WIRE)--May 3, 2004 Commercial Net Lease Realty, Inc. (NYSE NYSE See: New York Stock Exchange :NNN NNN Triple Net (method of computing real estate costs among commercial rental properties; lease) NNN Nippon News Network (Japan) NNN Newspaper National Network LP NNN Novy-MacNeal-Nicolle ), announced today that Gary M. Ralston, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , has retired effective May 1, 2004. Mr. Ralston has also resigned his position from the company's Board of Directors. Craig Macnab, Chief Executive Officer, has assumed the title of President. "While it is difficult to leave a company which has been such a big part of my life for almost 15 years, I am grateful for the opportunities I've been presented and proud of the achievements our team has accomplished," said Mr. Ralston. "Gary Ralston has been an integral part of the growth of our company from less than $15 million in 1992 to more than $1.25 billion today and we very much appreciate the contributions he has made to Commercial Net Lease Realty," said James M. Seneff, Jr., Chairman of the Board. "One of the things that attracted me to Commercial Net Lease Realty was the strong management team and the quality of the balance sheet," added Craig Macnab, Chief Executive Officer. "Gary has done a terrific job providing the leadership over the past decade that has brought the company to where it is today." Commercial Net Lease Realty, Inc. has increased its annual common stock dividend for 14 consecutive years and produced annual total returns to shareholders of 13.3% for the last 10 years ending March 31, 2004. The company invests in primarily 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, Office Depot Office Depot (NYSE: ODP) is one of the world's leading suppliers of office products and services. The Company's selection of brand name office supplies includes business machines, computers, computer software and office furniture, while its business services encompass copying, and the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, . The company currently owns 348 properties held for investment in 39 states with a gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. of approximately 8 million square feet. These investment properties are leased to 135 corporations in 53 industrial classifications. |
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