Commercial Net Lease Realty Announces Public Offering.

Business Editors/Real Estate Writers

ORLANDO, Fla.--(BUSINESS WIRE)--July 25, 2003

Commercial Net Lease Realty, Inc. (NYSE:NNN), an equity real estate investment trust, announced today that an underwritten public offering of 5,600,000 shares of the Company's common stock has been priced at $18.00 per share with net proceeds to the Company of $95.6 million. The offering is expected to close on July 30, 2003 and all the shares are being sold by the Company. Citigroup Global Markets Inc. is acting as sole book-running manager and Wachovia Securities is co-lead manager, with A.G. Edwards & Sons, Inc. and Legg Mason Wood Walker, Incorporated acting as co-managers.

Commercial Net Lease Realty invests in high-quality, single-tenant retail, office and industrial properties subject to long-term, net leases with major corporate tenants, such as Barnes & Noble, Best Buy, Eckerd, Home Depot, OfficeMax and Wal-Mart. The Company currently owns, either directly or through investment interests, 350 properties, in 39 states, leased to 127 corporations in 45 lines of trade/industrial classifications.

The shares of common stock will be issued pursuant to a Registration Statement that has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful. The shares are only offered by means of the prospectus included in the Registration Statement and the prospectus supplement related to this offering. Copies of the prospectus related to the offering may be obtained from Citigroup Global Markets, Inc., 388 Greenwich Street, New York, New York 10013.

Statements in this press release, which are not strictly historical, are "forward-looking" statements. Forward-looking statements involve known and unknown risks, which may cause the Company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, changes in interest rates, increases in operating costs, the availability of capital, and the profitability of the Company's taxable subsidiary. Additional information concerning these and other factors that could cause actual results to differ materially from those forward-looking statements is contained in the prospectus and from time to time in the Company's SEC filings, including, but not limited to, the Company's report on Form 10-K. Copies of each filing may be obtained from the Company or the SEC. Consequently, such forward-looking statements should be regarded solely as reflections of the Company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.