National Retail Properties

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(cid:43)(cid:80)(cid:79)(cid:70)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:9)(cid:21)(cid:17)(cid:24)(cid:10)(cid:1)(cid:23)(cid:22)(cid:17)(cid:14)(cid:20)(cid:23)(cid:24)(cid:26)(cid:15)

(cid:47)(cid:58)(cid:52)(cid:38) (cid:27)(cid:1)(cid:47)(cid:47)(cid:47)

(cid:618)(cid:619)(cid:614)(cid:1)(cid:52)(cid:15)(cid:1)(cid:48)(cid:83)(cid:66)(cid:79)(cid:72)(cid:70)(cid:1)(cid:34)(cid:87)(cid:70)(cid:79)(cid:86)(cid:70)(cid:13)(cid:1)(cid:52)(cid:86)(cid:74)(cid:85)(cid:70)(cid:1)(cid:623)(cid:614)(cid:614)
(cid:48)(cid:83)(cid:77)(cid:66)(cid:79)(cid:69)(cid:80)(cid:13)(cid:1)(cid:39)(cid:45)(cid:1)(cid:617)(cid:616)(cid:622)(cid:614)(cid:615)
(cid:9)(cid:622)(cid:614)(cid:614)(cid:10)(cid:1)(cid:47)(cid:47)(cid:47)(cid:14)(cid:51)(cid:38)(cid:42)(cid:53)
(cid:88)(cid:88)(cid:88)(cid:15)(cid:79)(cid:79)(cid:79)(cid:83)(cid:70)(cid:74)(cid:85)(cid:15)(cid:68)(cid:80)(cid:78)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 10-K

(Mark One)
¥

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the Ñscal year ended December 31, 2004.

n

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
.
For the transition period from 

 to

or

Commission Ñle number 0-11290

COMMERCIAL NET LEASE REALTY, INC.

(Exact name of registrant as speciÑed in its charter)

Maryland
(State or other jurisdiction of
incorporation or organization)

56-1431377
(I.R.S. Employer IdentiÑcation No.)

450 South Orange Avenue, Suite 900
Orlando, Florida 32801
(Address of principal executive oÇces, including zip code)

Registrant's telephone number, including area code:
(407) 265-7348

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Name of exchange on which registered:

Common Stock, $0.01 par value
9% Non-Voting Series A Preferred Stock

New York Stock Exchange
New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act:
None
(Title of class)

Indicate by check mark whether the registrant (1) has Ñled all reports required to be Ñled by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the
registrant was required to Ñle such reports), and (2) has been subject to such Ñling requirements for the past
90 days: Yes ¥

No n

Indicate by check mark if disclosure of delinquent Ñlers pursuant to Item 405 of Regulation S-K is not
contained herein, and will not be contained, to the best of registrant's knowledge, in deÑnitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. n
Indicate by check mark whether the registrant is an accelerated Ñler (as deÑned in Rule 12b-2 of the

Act): Yes ¥

No n

The aggregate market value of voting common stock held by non-aÇliates of the registrant as of June 30, 2004

was $831,086,060.

The aggregate market value of voting common stock held by non-aÇliates of the registrant as of February 8,

2005 was $963,531,763.

The number of shares of common stock outstanding as of March 3, 2005 was 52,096,633.

DOCUMENTS INCORPORATED BY REFERENCE:

1. Registrant incorporates by reference portions of the Commercial Net Lease Realty, Inc. Proxy Statement

for the 2005 Annual Meeting of Shareholders (Items 10, 11, 12, 13 and 14 of Part III).

TABLE OF CONTENTS

PART I

Page
Reference

Item 1.
Item 2.
Item 3.
Item 4.

Business ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Properties ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Legal Proceedings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Submission of Matters to a Vote of StockholdersÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

PART II

Item 5.

Item 6.
Item 7.

Market for the Registrant's Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Selected Financial Information ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Management's Discussion and Analysis of Financial Condition and Results of
Operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Item 7A. Quantitative and Qualitative Disclosures About Market Risk ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Financial Statements and Supplementary DataÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Item 8.
Changes In and Disagreements with Accountants on Accounting and Financial
Item 9.
DisclosureÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Controls and ProceduresÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other Information ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Item 9A.
Item 9B.

PART III

Item 10.
Item 11.
Item 12.

Item 13.
Item 14.

Directors and Executive OÇcers of the Registrant ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Executive Compensation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Security Ownership of Certain BeneÑcial Owners and Management and Related
Stockholder Matters ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Certain Relationships and Related Transactions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Principal Accountant Fees and ServicesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Item 15.
Exhibits and Financial Statement Schedules ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Signatures ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

PART IV

2
7
10
10

11
12

14
35
36

77
77
80

80
80

80
80
80

80
85

PART I

Item 1. Business

The Company

Commercial Net Lease Realty, Inc., a Maryland corporation, is a fully integrated real estate investment

trust (""REIT'') formed in 1984. The terms ""Registrant'' or ""Company'' refer to Commercial Net Lease
Realty, Inc. and its majority owned and controlled subsidiaries. These subsidiaries include the wholly-owned
qualiÑed REIT subsidiaries of Commercial Net Lease Realty, Inc., as well as the taxable REIT subsidiary
(""TRS'') Commercial Net Lease Realty Services, Inc. and its majority owned and controlled subsidiaries
(collectively, ""Services''). The Company holds a 98.7 percent, non-controlling interest in Services and is
entitled to receive 98.7 percent of the dividends paid by Services. James M. SeneÅ, Jr., a director of the
Company, Kevin B. Habicht, an oÇcer and director of the Company, and Gary M. Ralston, a former oÇcer
and director of the Company, collectively own the remaining 1.3 percent interest, which is 100 percent of the
voting interest in Services. EÅective January 1, 2005, the Company acquired the remaining 1.3 percent
voting interest in Services increasing the Company's ownership in Services to 100 percent.

The Company's executive oÇces are located at 450 S. Orange Avenue, Suite 900, Orlando, Florida
32801, and its telephone number is (800) NNN-REIT (666-7348). The Company has an internet website at
www.nnnreit.com where the Company's Ñlings with the Securities and Exchange Commission can be
downloaded free of charge.

The  Company's  operations  are  divided  into  two  primary  business  segments:  real  estate  held  for
investment, including structured Ñnance investments, and real estate held for sale. The real estate held for
investment and structured Ñnance investments (included in mortgages and notes receivable on the balance
sheet) are operated through the Company and its wholly owned qualiÑed REIT subsidiaries. The Company,
directly and indirectly, through investment interests, acquires, owns, invests in, manages and develops
primarily single-tenant retail properties that are generally leased to established tenants under long-term
commercial net leases.

Properties

Real Estate Held for Investment

As of December 31, 2004, the Company owned 362 properties (the ""Investment Properties''), with an

aggregate gross leaseable area of 8,542,000 square feet, that are leased to established tenants, including
Academy, Barnes & Noble, Best Buy, Borders, CVS, Eckerd, OÇceMax, The Sports Authority, United
Rentals and the United States of America. Approximately 97 percent of the gross leaseable area of the
Company's portfolio of Investment Properties was leased at December 31, 2004.

The Investment Properties are generally leased under net leases pursuant to which the tenant typically
will bear responsibility for substantially all property costs and expenses associated with ongoing maintenance
and operation. Certain of the Company's Investment Properties are subject to leases under which the
Company retains responsibility for certain costs and expenses associated with the Investment Property. The
leases of each of the Company's Investment Properties require payment of base rent plus, generally, either
percentage rent based on the tenant's gross sales or contractual increases in base rent.

During 2004, one of the Company's tenants, the United States of America (the ""USA''), accounted for
more than 10 percent of the Company's total rental income. As of December 31, 2004, the USA leased three
properties. Based on the minimum rental payments required by the leases, we expect that the USA will
continue to account for more than 10 percent of the Company's total rental income in 2005. Any failure of this
lessee to make the lease payments when they are due could materially aÅect the Company's income.

2

Structured Finance Investments

Structured Ñnance agreements are typically loans secured by a pledge of ownership interests in the
borrowers  (or  their  subsidiaries)  that  own  the  underlying  real  estate.  These  agreements  are  typically
subordinated to senior loans secured by Ñrst mortgages encumbering the underlying real estate. Subordinated
positions are generally subject to a higher risk of nonpayment of principal and interest than the more senior
loans. The Company has entered $50,290,000 structure Ñnance agreements between October 2003 and
December 2004. As of December 31, 2004, the structured Ñnance agreements had an outstanding receivable
balance of $29,390,000.

Real Estate Held for Sale

The Company's real estate held for sale is operated through Services, which directly, and indirectly
through investment interests, acquires and develops, real estate primarily for the purpose of selling the real
estate to purchasers who are looking for replacement like-kind exchange property or to other purchasers with
diÅerent investment objectives. As of December 31, 2004, Services owned 21 properties that were held for
sale (""Inventory Properties''). The portfolio of Inventory Properties consists of properties that have been
acquired in the marketplace with the intent to resell and properties that have been, or are currently being,
developed by Services. As of December 31, 2004, the portfolio of Inventory Properties consisted of 10
completed inventory properties, seven properties under construction and four land parcels.

Investments in Consolidated Subsidiaries

As of December 31, 2004, the Company had 36 majority or wholly-owned subsidiaries primarily to

facilitate the acquisition, development and disposition of certain properties. Some of the subsidiaries were
formed to hold an interest in certain of the Company's unconsolidated aÇliates.

Investments in Unconsolidated AÇliates

The Company has entered into Ñve limited liability company (""LLC'') agreements between June 2001

and July 2003, with Orange Avenue Mortgage Investments, Inc. (""OAMI''), formerly known as CNL
Commercial Finance, Inc. Each of the LLCs holds an interest in mortgage loans and is 100 percent equity
Ñnanced. The Company holds a non-voting and non-controlling interest in each of the LLCs ranging from
36.7 to 44.0 percent and accounts for its interests under the equity method of accounting. In 2003, in
connection with a loan to OAMI, the Company pledged a portion of its interest in two of the LLCs as partial
collateral for the loan.

In May 2002, the Company contributed cash to purchase a combined 25 percent partnership interest in
CNL Plaza, Ltd. and CNL Plaza Venture, Ltd. (collectively, ""Plaza''), which owns a 346,000 square foot
oÇce building and an interest in an adjacent parking garage. AÇliates of James M. SeneÅ, Jr. and Robert A.
Bourne, each a member of the Company's board of directors, own the remaining partnership interests. The
Company accounts for its 25 percent interest in the Plaza under the equity method of accounting. Since
November 1999, the Company has leased its oÇce space from Plaza. The Company's lease expires in October
2014. In addition, the Company has severally guaranteed 41.67% of a $15,500,000 promissory note on behalf
of Plaza. The maximum obligation of the Company under this guarantee is $6,458,300 plus interest. Interest
accrues at a rate of LIBOR plus 200 basis points per annum on the unpaid principal amount. This guarantee
shall continue through the loan maturity, which was extended from the original maturity of November 2004 to
May 2005. Plaza intends to reÑnance the promissory note in 2005.

In 1999, a wholly-owned subsidiary of Services entered into a limited liability membership arrangement,

WXI/SMC Real Estate LLC (""WXI''), with Whitehall Street Real Estate Limited Partnership XI.
Services' subsidiary is the sole managing member and holds a 331/3 percent interest in WXI. WXI was
organized for the purpose of owning, developing, redeveloping, operating, leasing and selling a portfolio of real
estate. The Company accounts for its interest under the equity method of accounting.

3

In September 1997, Net Lease Realty III, Inc., a wholly-owned subsidiary of the Company, formed a

limited  partnership,  Net  Lease  Institutional  Realty  L.P.  (the  ""Partnership''),  with  The  Northern
Trust Company, Trustee of the Retirement Plan for the Chicago Transit Authority Employees (""CTA'') to
acquire, own and manage nine properties. Net Lease Realty III, Inc. was the sole general partner with a
20 percent interest in the Partnership and CTA was the sole limited partner with an 80 percent interest in the
Partnership. Under the terms of the limited partnership agreement of the Partnership, CTA had the right to
convert its 80 percent limited partnership interest into shares of the Company's common stock. In February
2004, CTA exercised its right to convert and the Company issued 953,551 shares of its common stock to CTA
in a private transaction in exchange for CTA's 80 percent limited partnership interest.

Merger

In December 2001, the Company acquired 100 percent of Captec Net Lease Realty, Inc. (""Captec''), a
publicly traded real estate investment trust, which owned 135 freestanding, net lease properties located in 26
states. Captec shareholders had the right to receive $11,839,000 in cash, 4,349,918 newly issued shares of the
Company's common stock and 1,999,974 newly issued shares of the Company's 9% Series A Preferred Stock.
The merger was accounted for under the purchase method of accounting. Under the purchase method of
accounting, the merger acquisition price of $124,722,000 was allocated to the assets acquired and liabilities
assumed at their fair values. As a result, the Company did not record goodwill.

In January 2002, beneÑcial owners of shares of Captec stock held of record by Cede & Co. who alleged
that they did not vote for the merger (and who alleged that they caused a written demand for appraisal of
their Captec shares to be served on Captec), Ñled in the Chancery Court of the State of Delaware in and for
New Castle County a Petition for Appraisal of Stock (""Appraisal Action''). The Appraisal Action alleged
that 1,037,946 shares of Captec dissented from the merger and sought to require the Company to pay to all
Captec stockholders who demanded appraisal of their shares the fair value of those shares, with interest from
the date of the merger. As a result of this action, the plaintiÅs were not entitled to receive the Company's
common and Series A Preferred Stock shares as oÅered in the original merger consideration. Accordingly, the
Company reduced the number of common and Series A Preferred Stock shares issued and outstanding by
474,037 and 217,950, respectively, which represents the number of shares that would have been issued to the
plaintiÅs had they accepted the original merger consideration. In 2003, the Company further reduced the
number of common and Series A Preferred Stock shares issued and outstanding by 824 and 379, respectively.
In 2004, the Company further reduced the number of common and Series A Preferred Stock shares issued
and outstanding by 51 and 56, respectively. As of December 31, 2002, the Company had recorded the value
of these shares at the original consideration share price in addition to the cash portion of the original merger
consideration as other liabilities totaling $13,278,000. In February 2003, the Company entered into a
settlement agreement with the beneÑcial owners of the 1,037,946 dissenting shares (including the petitioners
in the Appraisal Action) which required the Company to pay $15,569,000, which approximated the value of
the original merger consideration (which included cash, common stock and Series A Preferred Stock shares)
at the time of the litigation settlement plus the dividends that would have been paid if the shares had been
issued at the time of the merger. On February 13, 2003, the parties Ñled a stipulation and order of dismissal
and the Court entered the order of dismissal, dismissing the Appraisal Action with prejudice.

Anticipated Merger

In January 2005, the Company entered into an agreement with National Properties Corporation
(""NAPE''), which provided that NAPE would merge with and into a subsidiary of the Company. At the time
of the merger agreement, NAPE owned 43 properties located in 12 states which were leased to 17 tenants. If
the acquisition is consummated, the Company will issue approximately 1,637,000 shares of common stock to
holders  of  NAPE  common  stock.  Total  consideration  for  the  merger  transaction  is  estimated  to  be
approximately $61,000,000 based on the Company's closing stock price on the date of the merger agreement.
Completion of the merger is subject to customary closing conditions, including the approval of the holders of
a majority of the outstanding shares of NAPE common stock. The Company has entered into a shareholders'
agreement with the holders of approximately 53 percent of the outstanding NAPE common stock whereby
these holders have agreed to vote in favor of the merger. However, the Company may terminate the merger

4

agreement if a majority of the NAPE shareholders who are not bound by the shareholders' agreement do not
approve the merger. The merger does not require approval by the Company's shareholders. The Company
anticipates that the merger will be completed not later than the second quarter of 2005.

Competition

The Company generally competes with other REITs, commercial developers, real estate limited
partnerships and other investors, including but not limited to, insurance companies, pension funds and
Ñnancial institutions, in the acquisition, leasing, Ñnancing, development and disposition of investments in net-
leased properties. There are numerous other REITs that own, manage or develop retail properties.

Employees

As of December 31, 2004, the Company employed 74 full-time persons including executive, administra-
tive and Ñeld personnel. Reference is made to ""Item 10. Directors and Executive OÇcers of the Registrant''
for a listing of the Company's Executive OÇcers.

Business Strategies and Policies

The following is a discussion of the Company's operating strategy and certain of its investment, Ñnancing

and other policies. These strategies and policies have been determined by the Board of Directors and, in
general, may be amended or revised from time to time by the Board of Directors without a vote of the
Company's stockholders.

Operating Strategies

The Company's strategy is to invest primarily in single-tenant retail properties which typically are located

along high traÇc commercial corridors near areas of commercial and residential density. Management
believes that these types of properties when leased to high-quality tenants primarily pursuant to triple-net
leases provide attractive opportunities for a stable current return and the potential for capital appreciation.
Triple-net leases typically require the tenant to pay substantially all operating expenses of a property,
including, but not limited to, all real estate taxes, assessments and other government charges, insurance,
utilities, repairs and maintenance. In management's view, these types of properties also provide the Company
with Öexibility in use and tenant selection when the properties are re-let. As of December 31, 2004, the
Company owned Investment Properties in 38 states.

In some limited cases, the Company's investment in properties is in the form of structured Ñnance
investments, which are typically loans secured by a pledge of ownership interests in the borrowers (or their
subsidiaries) that own the underlying real estate. These agreements are typically subordinated to senior loans
secured by Ñrst mortgages encumbering the underlying real estate. Subordinated positions are generally
subject to a higher risk of nonpayment of principal and interest than the more senior loans. While not a
Company strategy, in the past, the Company also has made opportunistic investments in single-tenant oÇce
properties.

With respect to real estate held for investment, the Company holds its properties until it determines that

the sale of the properties is advantageous in view of the Company's investment objectives. In deciding
whether to sell properties, the Company will consider factors such as potential capital appreciation, net cash
Öow, potential use of sale proceeds and federal income tax considerations.

With respect to real estate held for sale, Services' strategy is to acquire and develop real estate directly
and indirectly, through investment interests, primarily for the purpose of selling the real estate to purchasers
who  are  looking  for  replacement  like-kind  exchange  property,  or  to  other  purchasers  with  diÅerent
investment objectives.

The Company's management team focuses on certain key indicators to evaluate the Ñnancial condition
and operating performance of the Company. The key indicators for the Company include items such as: the
composition of the Company's portfolio of investment properties and structured Ñnance investments (such as
tenant, geographic and industry classiÑcation diversiÑcation); the occupancy rate of the Company's portfolio
of investment properties; certain Ñnancial performance ratios and proÑtability measures; industry trends and

5

performance compared to that of the Company and returns the Company receives on its invested capital in
Services.

Investment in Real Estate or Interests in Real Estate

Management believes that attractive acquisition opportunities for single-tenant retail properties will
continue to be available and that the Company is suited to take advantage of these opportunities because of its
access to capital markets, ability to underwrite and acquire properties, either for cash or securities, and
because of management's experience in seeking out, identifying and evaluating potential acquisitions.

In evaluating a particular acquisition, management will consider a variety of factors, including (i) the
location and accessibility of the property; (ii) the geographic area and demographic characteristics of the
community, as well as the local real estate market, including potential for growth; (iii) the size of the property;
(iv) the purchase price; (v) the non-Ñnancial terms of the proposed acquisition; (vi) the availability of funds
or other consideration for the proposed acquisition and the cost thereof; (vii) the ""Ñt'' of the property with
the Company's existing portfolio; (viii) the potential for, and current extent of, any environmental problems;
(ix) the quality of construction and design and the current physical condition of the property; (x) the
Ñnancial and other characteristics of the existing tenant, (xi) the tenant's business plan, operating history and
management team, (xii) the tenant's industry, (xiii) the terms of any existing leases; and (xiv) the potential
for capital appreciation. As of December 31, 2004, the Company owned retail Investment Properties located
in 38 states and on parcels of land averaging 117,000 square feet upon which are constructed single story
buildings averaging 22,000 square feet. However, the Company may, in the future, acquire other types of real
estate in other areas of the country as opportunities present themselves. While the Company may diversify in
terms  of  property  locations,  size  and  market,  the  Company  does  not  set  any  limit  on  the  amount  or
percentage of Company assets that may be invested in any one property or any one geographic area.

The Company intends to engage in such future investment activities in a manner that is consistent with
the maintenance of its status as a REIT for federal income tax purposes and that will not make the Company
an investment company under the Investment Company Act of 1940, as amended. Equity investments in
acquired properties may be subject to existing mortgage Ñnancings and other indebtedness or to new
indebtedness which may be incurred in connection with acquiring or reÑnancing these investments.

Investments in Real Estate Mortgages and Securities of or Interests in Persons Engaged in Real Estate
Activities

While the Company's current portfolio of, and its business objectives primarily emphasize, equity
investments in single-tenant retail properties, the Company may invest in (i) a wide variety of retail properties
or other property and tenant types; (ii) mortgages, participating or convertible mortgages, deeds of trust and
other types of real estate interests or (iii) securities of other REITs, other entities engaged in real estate
activities or securities of other issuers, including for the purpose of exercising control over such entities,
consistent  with  its  qualiÑcation  as  a  REIT.  For  example,  the  Company  from  time  to  time  has  made
investments in mortgage loans or held mortgages on properties the Company sold and has made structured
Ñnance investments (as discussed above), which are typically loans secured by a pledge of ownership
interests in the borrowers (or their subsidiaries) that own the underlying real estate.

Capital Policies

The Company has authority to oÅer equity or debt securities in exchange for property and to repurchase
or otherwise acquire its common stock or other securities in the open market or otherwise, and may engage in
such activities in the future. The Company has not engaged in trading, underwriting or agency distribution or
sale of securities of other issues and does not intend to do so.

Policy Changes

Any of the Company's policies described above may be changed at any time by the Company's Board of

Directors without a vote of the Company's stockholders.

6

Item 2. Properties

Investment Properties

As of December 31, 2004, the Company owned 362 Investment Properties, with an aggregate gross
leaseable area of 8,542,000 square feet, located in 38 states, of which 97 percent of the gross leaseable area is
leased to established retail and oÇce tenants. Reference is made to the Schedule of Real Estate and
Accumulated Depreciation and Amortization Ñled with this report for a listing of the Investment Properties
and their respective carrying costs.

Description of Retail and OÇce Investment Properties

Retail Investment Properties

Land. The Company's retail Investment Property sites range from approximately 15,000 to 774,000
(average of 117,000) square feet depending upon building size and local demographic factors. Land costs
range from approximately $25,000 to $10,197,000 (average of $1,191,000).

Buildings. The buildings generally are single-story structures constructed from various combinations of

stucco, steel, wood, brick and tile. Building sizes range from approximately 1,000 to 135,000 (average of
22,000) square feet. Building costs range from $44,000 to $9,211,000 (average of $1,706,000) for each retail
Investment Property, depending upon the size of the building and the site and the area in which the
Investment Property is located. Generally, the retail Investment Properties owned by the Company are
freestanding, with paved parking areas.

Leases. Although there are variations in the speciÑc terms of the leases, the following is a summarized

description of the general structure of the Company's leases. Generally, the leases of the retail Investment
Properties owned by the Company provide for initial terms of 10 to 20 years. As of December 31, 2004, the
weighted average remaining lease term was approximately 10 years. The retail Investment Properties are
generally  leased  under  net  leases  pursuant  to  which  the  tenant  typically  will  bear  responsibility  for
substantially all property costs and expenses associated with ongoing maintenance and operation, including
utilities, property taxes and insurance. In addition, the majority of the Company's leases provide that the
tenant is responsible for roof and structural repairs. The leases of the retail Investment Properties provide for
annual base rental payments (payable in monthly installments) ranging from $12,000 to $1,635,000 (average
of $272,000). Generally, the leases provide for either percentage rent or contractual increases in annual rent.
Leases which provide for contractual increases in annual rent generally have increases which range from one
to 10 percent after every one to Ñve years of the lease term. In addition, for those leases which provide for the
payment of percentage rent, such rent is generally one to eight percent of the tenants' annual gross sales for
the respective location, less the amount of annual base rent payable in that lease year. As of December 31,
2004, 83 percent of the Company's annualized base rent was derived from retail Investment Properties. Based
on the aggregate annual base rent of the retail Investment Property leases, (i) 55 percent include contractual
increases, (ii) eight percent include percentage rent provisions and (iii) 13 percent include both contractual
and percentage rent provisions.

Generally, the leases of the retail Investment Properties provide the tenant with one or more multi-year
renewal options subject to generally the same terms and conditions as the initial lease. Some of the leases also
provide that in the event the Company wishes to sell the Investment Property subject to that lease, the
Company Ñrst must oÅer the lessee the right to purchase the Investment Property on the same terms and
conditions as any oÅer which the Company intends to accept for the sale of the Investment Property.

Certain of the Company's Investment Properties have leases that provide the tenant with a purchase

option to acquire the Investment Property from the Company. The purchase price calculations are generally
stated in the lease agreement or are based on current market value.

7

OÇce Investment Properties

As of December 31, 2004, the Company's portfolio of Investment Properties included four oÇce
properties with an aggregate gross leaseable area of 687,000 square feet. These oÇce Investment Properties
represent 17 percent of the current annual base rent of the entire portfolio of Investment Properties.

In August 2003, the Company acquired two oÇce buildings and a related parking garage in the
Washington, D.C. metropolitan area (""DC OÇce Properties''), for $142,800,000. In addition, the Company
has agreed to fund an additional $27,322,000 for building and tenant improvements, and other costs related to
the lease. As of December 31, 2004, the Company had funded $23,850,000 of these improvements. The DC
OÇce Properties include two oÇce buildings which have an aggregate of 555,000 rentable square feet and a
two-level garage with approximately 1,000 parking spaces. The DC OÇce Properties are leased substantially
to the USA to be used as the headquarters of the Transportation Security Administration. The lease was
executed in December 2002 and the USA began occupying space in the buildings in phases beginning in
January 2003. The lease will expire in 2014. The USA executed a lease (per which the landlord pays certain
property related operating costs), that commenced for a portion of the properties in December 2002. Annual
rent for the DC OÇce Properties is approximately $18,473,000. The USA is responsible for the actual
amount of real estate taxes above the base year amount and increases in operating expenses above an expected
base year amount, subject to a consumer price index cap. As landlord, the Company is responsible for
property insurance.

During 2004, the USA was the Company's only tenant that accounted for more than 10 percent of the

Company's total rental income. As of December 31, 2004, the USA leased three properties representing
12 percent of the Company's total assets.

In May 2004, the Company acquired an oÇce building in St. Louis, Missouri for $15,596,000, with
132,000 rentable square feet. The lease was executed in January 2004, with rent commencement in July 2004
and will expire in January 2015. The tenant is responsible for the actual amount of real estate taxes and
operating expenses from rent commencement date.

Structured Finance Investments

Notes Receivable. Structured Ñnance agreements are typically loans secured by a pledge of ownership
interests in the borrowers (or their subsidiaries) that own the underlying real estate. These agreements are
typically subordinated to senior loans secured by Ñrst mortgages encumbering the underlying real estate.
Subordinated positions are generally subject to a higher risk of nonpayment of principal and interest than the
more senior loans.

In 2004 and 2003, the Company made structured Ñnance investments of $6,857,000 and $43,433,000,
respectively. As of December 31, 2004, the structured Ñnance investments bear a weighted average interest
rate of 14.3% per annum, of which 12.5% is payable monthly and the remaining 1.8% accrues and is due at
maturity. The principal balance of each structured Ñnance investment is due in full at maturity, which range
between November 2006 and November 2007. The structured Ñnance investments are secured by the
borrowers' pledge of their respective membership interests in the certain subsidiaries which own real estate. In
December 2004, the Company received $20,900,000 in principal payments and a $418,000 prepayment fee.
As of December 31, 2004 and 2003, the outstanding receivable balance of the structured Ñnance investments
was $29,390,000 and $43,433,000, respectively.

In January 2005, the Company received $3,935,000 in principal payments; the outstanding receivable

balance of the remaining structured Ñnance agreements was $25,455,000 with a weighted average interest rate
of 11.8% per annum.

Inventory Properties

The portfolio of Inventory Properties may consist of properties that have been acquired with the intent to
resell and properties that have been, or are currently being, developed by Services. The Company's Inventory
Properties are typically sold to purchasers who are looking for replacement like-kind exchange property or to

8

other purchasers with diÅerent investment objectives. As of December 31, 2004, the Company owned 21
Inventory Properties which include 10 completed inventory properties, seven properties under construction
and four land parcels. Reference is made to the Schedule of Real Estate and Accumulated Depreciation and
Amortization Ñled with this report for a listing of the Inventory Properties and their respective carrying costs.

Completed Inventory Properties. The completed Inventory Properties held for sale at December 31,

2004 had sites range from approximately 35,000 to 511,000 (average of 129,000) square feet depending upon
building size and local demographic factors. Land costs range from approximately $77,000 to $5,454,000
(average of $1,645,000).

The buildings generally are single-story structures ranging in size from approximately 8,000 to 52,000

(average of 16,000) square feet. Building costs range from $309,000 to $8,779,000 (average of $2,226,000) for
each Inventory Property, depending upon the size of the building and the site and the area in which the
Inventory Property is located.

Under Construction.

In connection with the development of seven Inventory Properties by Services, the

Company has agreed to fund construction commitments of $26,409,000, of which $12,248,000 has been
funded as of December 31, 2004.

Property Environmental Considerations

The Company may acquire a property whose environmental site assessment indicates that a contamina-

tion or potential contamination exists, subject to a determination of the level of risk and potential cost of
remediation. Investments in real property create a potential for environmental liability on the part of the
owner of such property from the presence or discharge of hazardous substances on the property. It is the
Company's  policy,  as  a  part  of  its  acquisition  due  diligence  process,  generally  to  obtain  a  Phase  I
environmental site assessment for each property, and where warranted, a Phase II environmental site
assessment. In such cases, the Company generally requires the seller and/or tenant to (i) remediate the
problem prior to the Company's acquiring the property, (ii) indemnify the Company for environmental
liabilities or (iii) agree to other arrangements deemed appropriate by the Company to address environmental
conditions at the property. Phase I assessments involve site reconnaissance and review of regulatory Ñles
identifying potential areas of concern, whereas Phase II assessments involve some degree of soil and/or
groundwater testing. The Company has 12 properties currently under some level of environmental remedia-
tion. In general, the seller or the tenant is contractually responsible for the cost of the environmental
remediation for each of these properties.

9

Item 3. Legal Proceedings

In January 2002, Calapasas Investment Partnership No. 1 Limited Partnership (""Calapasas''), a Captec
stockholder, Ñled a class action complaint against Captec, certain former Captec directors, and the Company
(as successor in interest to Captec). In its complaint Calapasas alleged that Captec and certain of its
directors violated provisions of the Securities and Exchange Act of 1934 by misrepresenting the value of
certain Captec assets on certain of its Ñnancial statements in 2000 and 2001. In July 2004, the parties entered
into a Stipulation of Settlement which was Ñled with the court. Pursuant to the Stipulation of Settlement, the
total settlement amount paid to the plaintiÅs was $225,000, which included payment of attorneys' fees and
costs to plaintiÅs' counsel. In July 2004, a Ñnal judgment of dismissal was entered by the court.

In the ordinary course of its business, the Company is a party to various other legal actions which
management believes is routine in nature and incidental to the operation of the business of the Company.
Management believes that the outcome of the proceedings will not have a material adverse eÅect upon its
operations, Ñnancial condition or liquidity.

Item 4. Submission of Matters to a Vote of Security Holders

None.

10

PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of

Equity Securities

The common stock of the Company currently is traded on the New York Stock Exchange (""NYSE'')
under the symbol ""NNN.'' For each calendar quarter indicated, the following table reÖects respective high,
low and closing sales prices for the common stock as quoted by the NYSE and the dividends paid per share
in each such period.

First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Year

2004
High ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $19.750
17.530
LowÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
19.750
CloseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
0.320
Dividends paid per share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

2003
High ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $15.840
14.350
LowÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
15.100
CloseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
0.320
Dividends paid per share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$20.080
14.800
17.200
0.320

$17.440
15.100
17.240
0.320

$18.340
16.400
18.220
0.325

$18.380
16.000
17.030
0.320

$21.250
18.210
20.600
0.325

$18.000
17.040
17.800
0.320

$21.250
14.800
20.600
1.290

$18.380
14.350
17.800
1.280

The following presents the characterizations for tax purposes of such common stock dividends for the

years ended December 31:

Ordinary incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Capital gain ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
QualiÑed 5-year gain ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Unrecaptured Section 1250 gain ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Nontaxable distribution ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

2004

2003

70.99% 75.71%
3.13%
Ì
Ì
0.37%
2.88%
3.21%
22.67% 21.04%

100.00% 100.00%

In February 2005, the Company paid dividends to its stockholders of $16,925,000, or $0.325 per share of

common stock.

The Company intends to pay regular quarterly dividends to its stockholders. Future distributions will be
declared and paid at the discretion of the board of directors and will depend upon cash generated by operating
activities, the Company's Ñnancial condition, capital requirements, annual distribution requirements under
the REIT provisions of the Internal Revenue Code of 1986 as amended, and such other factors as the board of
directors deems relevant.

On February 28, 2005, there were 1,185 stockholders of record of common stock.

Reference is made to the Registrant's deÑnitive proxy statement to be Ñled with the Commission
pursuant to Regulation 14(a); certain information responsive to this Item is contained in the section thereof
captioned ""Executive Compensation Ì Equity Compensation Plan Information,'' and the information in
such section is incorporated herein by reference.

11

Item 6. Selected Financial Data

Historical Financial Highlights
(Dollars in thousands, except per share data)

Gross revenues(1) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Earnings from continuing operations before

cumulative eÅect of change in
accounting principle ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Total debt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Total equityÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cash dividends paid to:

Common stockholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Series A Preferred Stock stockholdersÏÏÏ
Series B Convertible Preferred Stock

stockholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Weighted average common shares:

2004

2003

2002

2001

2000

$

157,277

$

124,248

$

109,812

$

85,554

$

83,495

50,624
64,934
1,300,048
524,241
756,998

66,272
4,008

1,675

42,866
53,473
1,213,778
467,419
730,754

55,473
4,008

502

34,431
48,058
958,300
386,912
549,141

51,178
4,010

Ì

24,372
28,963
1,010,009
435,333
564,640

38,637
Ì

Ì

34,778
38,251
769,295
360,381
393,901

37,760
Ì

Ì

Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
DilutedÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

51,312,434
51,742,518

43,108,213
43,896,800

40,383,405
40,588,957

31,539,857
31,717,043

30,387,371
30,407,507

Per share information:

Earnings from continuing operations

before cumulative eÅect of change in
accounting principle:

Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
DilutedÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Net earnings:

Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
DilutedÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Dividends paid to:

Common stockholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Series A Preferred
Stock stockholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Series B Convertible Preferred Stock

stockholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Other data:

Cash Öows provided by (used in):

Operating activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Investing activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Financing activitiesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Funds from operations Ì diluted(2) ÏÏÏÏ

0.870
0.870

1.150
1.150

1.290

2.250

0.890
0.890

1.140
1.130

1.280

2.250

167.500

50.250

0.750
0.750

1.090
1.090

1.270

2.250

Ì

0.770
0.770

0.920
0.910

1.260

Ì

Ì

1.140
1.140

1.260
1.260

1.245

Ì

Ì

74,792
(58,955)
(19,225)
73,065

48,531
(251,186)
205,965
61,749

111,589
(15,142)
(101,654)
54,595

112,267
(2,700)
(8,878)
32,034

14,551
17,195
(28,929)
42,061

(1) Gross revenues include revenues from the Company's continuing and discontinued operations. The

Financial Accounting Standards Board (""FASB'') issued Statement of Financial Accounting Standards
(""SFAS'')  No.  144,  ""Accounting  for  the  Impairment  or  Disposal  of  Long-Lived  Assets.''  This
statement addresses Ñnancial accounting and reporting for the impairment or disposal of long-lived assets
and  broadens  the  presentation  of  discontinued  operations  in  the  income  statement  to  include  a
component of an entity. Accordingly, the results of operations related to these certain properties that have
been classiÑed as held for sale or have been disposed of subsequent to December 31, 2001, the eÅective
date of SFAS No. 144, have been reclassiÑed as earnings from discontinued operations.

(2) Funds from Operations, commonly referred to as FFO, is a relative non-GAAP Ñnancial measure of

operating performance of an equity REIT in order to recognize that income-producing real estate

12

historically has not depreciated on the basis determined under GAAP. FFO is deÑned by the National
Association of Real Estate Investment Trusts and is used by the Company as follows: net earnings
(computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real
estate  industry,  excluding  gains  (or  including  losses)  on  the  disposition  of  real  estate  held  for
investment, and the Company's share of these items from the Company's unconsolidated partnerships.

FFO is generally considered by industry analysts to be the most appropriate measure of operating
performance of real estate companies. FFO does not necessarily represent cash provided by operating
activities in accordance with GAAP and should not be considered an alternative to net income as an
indication of the Company's operating performance or to cash Öow as a measure of liquidity or ability to
make distributions. Management considers FFO an appropriate measure of operating performance of
an equity REIT because it primarily excludes the assumption that the value of the real estate assets
diminishes predictably over time, and because industry analysts have accepted it as an operating
performance measure. The Company's computation of FFO may diÅer from the methodology for
calculating FFO used by other equity REITs, and therefore, may not be comparable to such other
REITs.

The Company has earnings from discontinued operations in each of its segments, real estate held for
investment and real estate held for sale. All property dispositions from the Company's held for investment
segment are classiÑed as discontinued operations. In addition, certain properties in the Company's held
for  sale  segment  that  have  generated  revenues  before  disposition  are  classiÑed  as  discontinued
operations. These held for sale properties have not historically been classiÑed as discontinued operations,
therefore, prior period comparable consolidated Ñnancial statements have been restated to include these
properties in its earnings from discontinued operations. These adjustments resulted in a decrease in the
Company's reported total revenues and total and per share earnings from continuing operations and an
increase in the Company's earnings from discontinued operations. However, the Company's total and per
share net earnings available to common stockholders are not aÅected. The following table reconciles
FFO to their most directly comparable GAAP measure, net earnings for the years ended December 31:

2004

2003

2002

2001

2000

Reconciliation of funds from operations:

Net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $64,934

$53,473

$48,058

$28,963

$38,251

Real estate, held for investment depreciation

and amortization:
Continuing operationsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Discontinued operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Partnership real estate depreciation ÏÏÏÏÏÏÏÏÏÏÏÏ
Gain on disposition of real estate held for

15,459
256
622

11,290
582
699

9,259
1,069
479

7,051
605
63

7,354
484
63

investment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(2,523)

(287)

(260)

(4,648)

(4,091)

FFO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Series A Preferred Stock dividends ÏÏÏÏÏÏÏÏÏÏÏÏ
Series B Convertible Preferred Stock dividends ÏÏ

FFO available to common stockholders Ì basicÏÏ
Series B Convertible Preferred Stock dividends ÏÏ

78,748
(4,008)
(1,675)

73,065
Ì

65,757
(4,008)
(502)

61,247
502

58,605
(4,010)

Ì

54,595
Ì

32,034
Ì
Ì

32,034
Ì

42,061
Ì
Ì

42,061
Ì

FFO available to common stockholders Ì diluted

$73,065

$61,749

$54,595

$32,034

$42,061

For a discussion of material events aÅecting the comparability of the information reÖected in the selected
Ñnancial data, refer to the Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations.

13

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

This information contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements generally
are characterized by the use of terms such as ""believe,'' ""expect'' and ""may.'' The terms ""Registrant'' or
""Company'' refer to Commercial Net Lease Realty, Inc. and its majority owned and controlled subsidiaries.
These subsidiaries include the wholly-owned qualiÑed real estate investment trust (""REIT'') subsidiaries of
Commercial Net Lease Realty, Inc., as well as the taxable REIT subsidiary (""TRS'') Commercial Net Lease
Realty Services, Inc. and its majority owned and controlled subsidiaries (collectively, ""Services'').

Although management believes that the expectations reÖected in such forward-looking statements are
based upon reasonable assumptions, the Company's actual results could diÅer materially from those set forth
in the forward-looking statements. Certain factors that might cause a diÅerence include the following:

‚ the ability of tenants to make payments under their respective leases, including the Company's reliance
on certain major tenants and the ability of the Company to re-lease properties that are currently
vacant or that become vacant;

‚ the ability of the Company to locate suitable tenants for its properties; changes in real estate market

conditions; changes in general economic conditions;

‚ the ability of the Company to repay debt Ñnancing obligations;

‚ the ability of the Company to reÑnance amounts outstanding under its credit facilities at maturity on

terms favorable to the Company;

‚ continued availability of proceeds from the Company's debt or equity capital;

‚ the ability of the Company to maintain internal controls and processes to ensure all transactions are
accounted for properly, all relevant disclosures and Ñlings are timely made in accordance with all rules
and regulations, and any potential fraud or embezzlement is thwarted or detected;

‚ the availability of other debt and equity Ñnancing alternatives; market conditions aÅecting the

Company's equity capital;

‚ ability to sell properties at an attractive return;

‚ changes in interest rates under the Company's current credit facilities and under any additional

variable rate debt arrangements that the Company may enter into in the future;

‚ the ability of the Company to be in compliance with certain debt covenants; the inherent risks

associated with owning real estate (including: local real estate market conditions, governing laws and
regulations and illiquidity of real estate investments);

‚ the ability of the Company to integrate oÇce properties into existing operations that historically have

been primarily focused on retail properties;

‚ the loss of any member of the Company's management team;

‚ the ability of the Company to successfully implement its selective acquisition strategy or fully realize

the anticipated beneÑts of renovation or development projects;

‚ the ability of the Company to integrate acquired properties and operations into existing operations;

‚ recent changes in tax legislation provide favorable treatment for dividends for regular companies, but

not generally dividends from real estate investment trusts; and

‚ the ability of the Company to qualify as a real estate investment trust for federal income tax purposes.

Given these uncertainties, readers are cautioned not to place undue reliance on such statements.
Management of the Company currently knows of no trends that will have a material adverse eÅect on its
liquidity, capital resources or results of operations.

14

Overview

Commercial Net Lease Realty, Inc., a Maryland corporation, is a fully integrated REIT formed in 1984.

All prior period comparable consolidated Ñnancial statements have been derived from the audited consoli-
dated Ñnancial statements and have been restated to include the consolidated Ñnancial information of
Services. EÅective January 1, 2004, Services is included in the consolidated Ñnancial statements due to the
Company's implementation of Financial Accounting Standards Board (""FASB'') Interpretation No. 46,
""Consolidation of Variable Interest Entities,'' as amended (""FIN 46R''). The Company holds a 98.7 percent,
non-controlling interest in Services and is entitled to receive 98.7 percent of the dividends paid by Services.
James M. SeneÅ, Jr., a director of the Company, Kevin B. Habicht, an oÇcer and director of the Company,
and  Gary  M.  Ralston,  a  former  oÇcer  and  director  of  the  Company,  collectively  own  the  remaining
1.3 percent interest, which is 100 percent of the voting interest in Services. EÅective January 1, 2005, the
Company acquired the remaining 1.3 percent voting interest in Services increasing the Company's ownership
in Services to 100 percent.

The  Company's  operations  are  divided  into  two  primary  business  segments:  real  estate  held  for
investment, including structured Ñnance investments, and real estate held for sale. The real estate held for
investment (the ""Investment Properties'') and structured Ñnance investments (included in mortgages and
notes receivable on the balance sheet), are operated through Commercial Net Lease Realty, Inc. and its
wholly owned qualiÑed REIT subsidiaries. The Company, directly and indirectly, through investment
interests, acquires, owns, invests in, manages and develops primarily single-tenant retail properties that are
generally leased to established tenants under long-term commercial net leases. As of December 31, 2004, the
Company owned 362 Investment Properties, with an aggregate gross leaseable area of 8,542,000 square feet,
located in 38 states and leased to established tenants, including Academy, Barnes & Noble, Best Buy,
Borders, CVS, Eckerd, OÇceMax, The Sports Authority, United Rentals and the United States of America.
In addition to the Investment Properties, as of December 31, 2004, the Company had $29,390,000 in
structured Ñnance investments. The real estate held for sale is operated through Services. Services, directly
and indirectly, through investment interests, acquires and develops real estate primarily for the purpose of
selling the real estate to purchasers who are looking for replacement like-kind exchange property or to other
purchasers with diÅerent investment objectives. As of December 31, 2004, Services owned 21 properties that
were held for sale (""Inventory Properties'').

The Company's management team focuses on certain key indicators to evaluate the Ñnancial condition
and operating performance of the Company. The key indicators for the Company include items such as: the
composition of the Company's portfolio of Investment Properties and structured Ñnance investments (such
as tenant, geographic and industry classiÑcation diversiÑcation); the occupancy rate of the Company's
portfolio of Investment Properties; certain Ñnancial performance ratios and proÑtability measures; and
industry trends and performance compared to that of the Company; and returns the Company receives on its
invested capital in Services.

Liquidity

General. Historically, the Company's demand for funds has been primarily for (i) payment of operating
expenses and dividends, (ii) property acquisitions, structured Ñnance investments, capital expenditures and
development, either directly or through investment interests, (iii) payment of principal and interest on its
outstanding indebtedness and (iv) other investments.

Contractual Obligations and Commercial Commitments. The information in the following table
summarizes the Company's contractual obligations and commercial commitments outstanding as of Decem-
ber 31, 2004. The table presents principal cash Öows by year-end of the expected maturity for debt obligations
and commercial commitments outstanding as of December 31, 2004. As the table incorporates only those

15

exposures that exist as of December 31, 2004, it does not consider those exposures or positions which may
arise after that date.

Long-term debt(1) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Operating lease ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$521,109
13,095

$4,070
1,165

$40,276
1,200

Total

2005

2006

2008

Expected Maturity Date
2007
(Dollars in thousands)
$ 8,776
1,236

$101,156
1,273

2009

Thereafter

$ 964
1,311

$365,867
6,910

Total contractual cash obligations(2) ÏÏÏ

$534,204

$5,235

$41,476

$10,012

$102,429

$2,275

$372,777

(1) Includes amounts outstanding under the revolving credit facility, mortgages and notes payable and

Ñnancing lease obligation and excludes unamortized note discounts and unamortized interest rate hedge
gain. Excludes $4,334,000 of accrued interest payable due in 2005.

(2) As of December 31, 2004, the Company does not have any other contractual cash obligations, such as
purchase obligations, Ñnancing lease obligations or other long-term liabilities other than those reÖected
in the table. In addition to items reÖected in the table, the Company has two series of preferred stock
with cumulative preferential cash distributions (see ""Liquidity Ì Dividends'').

Management anticipates satisfying these obligations with a combination of the Company's current capital

resources, cash on hand, its revolving credit facility and debt or equity Ñnancings.

In addition to the contractual obligations outlined in the above table, in connection with its acquisition of
two oÇce buildings and a related parking garage located in the Washington, D.C. metropolitan area (""DC
OÇce Properties'') in August 2003, the Company has agreed to fund $27,322,000 for building and tenant
improvements, of which $23,850,000 had been funded as of December 31, 2004. The Company anticipates
funding the additional costs from borrowings under the Company's revolving credit facility, which is
anticipated to be substantially complete by June 30, 2005.

In connection with the development of seven Inventory Properties by Services, the Company has agreed
to fund construction commitments of $26,409,000, of which $12,248,000 has been funded as of December 31,
2004. The Company anticipates funding the additional costs from borrowings under the Company's revolving
credit facility.

The Company has also guaranteed 41.67 percent of a $15,500,000 promissory note on behalf of an
unconsolidated aÇliate. The maximum obligation to the Company is $6,458,000 plus interest, and the
guarantee shall continue through the loan maturity, which was extended from the original maturity of
November 2004 to May 2005. In the event the Company is required to perform under this guarantee, the
Company would potentially use proceeds from its revolving credit facility.

Many of the Investment Properties are recently constructed and are generally net leased, therefore

management anticipates that capital demands to meet obligations with respect to these Properties will be
modest for the foreseeable future and can be met with funds from operations and working capital. The leases
typically provide that the tenant bears responsibility for substantially all property costs and expenses
associated with ongoing maintenance and operation, including utilities, property taxes and insurance. In
addition, the Company's leases generally provide that the tenant is responsible for roof and structural repairs.
Certain of the Company's Investment Properties, including the DC OÇce Properties, are subject to leases
under  which  the  Company  retains  responsibility  for  certain  costs  and  expenses  associated  with  the
Investment Property. Management anticipates the costs associated with the Company's vacant Investment
Properties or those Investment Properties that become vacant will also be met with funds from operations and
working capital. The Company may be required to borrow under the Company's revolving credit facility or
use other sources of capital in the event of unforeseen signiÑcant capital expenditures.

The lost revenues and increased property expenses resulting from the rejection by any bankrupt tenant of

any of their respective leases with the Company could have a material adverse eÅect on the liquidity and
results of operations of the Company if the Company is unable to re-lease the Investment Properties at

16

comparable rental rates and in a timely manner. As of January 31, 2005, the Company owns 10 vacant,
unleased Investment Properties, which account for approximately three percent of the total gross leaseable
area of the Company's portfolio of Investment Properties.

Dividends. The Company has made an election to be taxed as a REIT under Sections 856 through 860
of the Internal Revenue Code of 1986, as amended, and related regulations. The Company generally will not
be subject to federal income tax on income that it distributes to its stockholders, providing it distributes at
least 90 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT.
If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its
taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for
federal income tax purposes for four years following the year during which qualiÑcation is lost. Such an event
could materially aÅect the Company's income and its ability to pay dividends. However, the Company
believes that it was organized and operated in such a manner as to qualify for treatment as a REIT for the
years ended December 31, 2004, 2003 and 2002, and intends to continue to operate the Company so as to
remain qualiÑed as a REIT for federal income tax purposes.

One of the Company's primary objectives, consistent with its policy of retaining suÇcient cash for

reserves and working capital purposes and maintaining its status as a REIT, is to distribute a substantial
portion of its funds available from operations to its stockholders in the form of dividends. During the years
ended December 31, 2004, 2003 and 2002, the Company declared and paid dividends to its common
stockholders of $66,272,000, $55,473,000 and $51,178,000 respectively, or $1.29, $1.28 and $1.27 per share,
respectively, of common stock.

The following presents the characterizations for tax purposes of such common stock dividends for the

years ended December 31:

Ordinary income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Capital gain ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
QualiÑed 5-year Gain ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Unrecaptured Section
1250 gain ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Nontaxable distributionsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

2004

2003

2002

70.99% 75.71% 92.41%
0.47%
Ì
3.13%
Ì
0.37%
Ì

2.88%
3.21%
22.67% 21.04%

0.41%
6.71%

100.00% 100.00% 100.00%

In February 2005, the Company paid dividends to its common stockholders of $16,925,000, or $0.325 per

share of stock.

Holders of the 9% Non-Voting Series A Preferred Stock (the ""Series A Preferred Stock'') are entitled to
receive, when and as authorized by the board of directors, cumulative preferential cash distributions at the
rate of nine percent of the $25.00 liquidation preference per annum (equivalent to a Ñxed annual amount of
$2.25 per share). For the years ended December 31, 2004, 2003 and 2002, the Company declared and paid
dividends to its Series A Preferred Stock stockholders of $4,008,000, $4,008,000 and $4,010,000, respec-
tively, or $2.25 per share of stock.

In February 2005, the Company declared dividends of $1,002,000 or $0.5625 per share of Series A

Preferred Stock, payable in March 2005.

Holders of the 6.70% Non-Voting Series B Preferred Cumulative Convertible Perpetual Preferred Stock

(the ""Series B Convertible Preferred Stock''), issued during 2003, are entitled to receive, when and as
authorized by the board of directors, cumulative preferential cash distributions at the rate of 6.70 percent of
the $2,500.00 liquidation preference per annum (equivalent to a Ñxed annual amount of $167.50 per share).
For the years ended December 31, 2004 and 2003, the Company declared and paid dividends to its Series B
Convertible Preferred Stock stockholders of $1,675,000 and $502,000, respectively, or $167.50 and $50.25 per
share of stock.

17

In February 2005, the Company declared dividends of $419,000 or $41.875 per share of Series B

Convertible Preferred Stock, payable in March 2005.

Property Environmental Considerations. The Company may acquire a property whose environmental
site assessment indicates that a contamination or potential contamination exists, subject to a determination of
the level of risk and potential cost of remediation. Investments in real property create a potential for
environmental liability on the part of the owner of such property from the presence or discharge of hazardous
substances on the property. It is the Company's policy, as a part of its acquisition due diligence process,
generally to obtain a Phase I environmental site assessment for each property and, where warranted, a
Phase II environmental site assessment. In such cases that the Company intends to acquire real estate where
contamination or potential contamination exists, the Company generally requires the seller and/or tenant to
(i) remediate the problem prior to the Company's acquiring the property, (ii) indemnify the Company for
environmental liabilities or (iii) agree to other arrangements deemed appropriate by the Company to address
environmental conditions at the property. Phase I assessments involve site reconnaissance and review of
regulatory Ñles identifying potential areas of concern, whereas Phase II assessments involve some degree of
soil and/or groundwater testing. The Company has 12 Investment Properties currently under some level of
environmental remediation. In general, the seller or the tenant is contractually responsible for the cost of the
environmental remediation for each of these Investment Properties.

Capital Resources

Generally, cash needs for property acquisitions, structured Ñnance investments, capital expenditures,
development and other investments have been funded by equity and debt oÅerings, bank borrowings, the sale
of properties and, to a lesser extent, from internally generated funds. Cash needs for other items have been
met from operations. Potential future sources of capital include proceeds from the public or private oÅering
of the Company's debt or equity securities, secured or unsecured borrowings from banks or other lenders,
proceeds from the sale of properties, as well as undistributed funds from operations. For the years ended
December 31, 2004, 2003, and 2002, the company generated $74,792,000, $48,531,000 and $111,589,000
respectively, of net cash from operating activities. The change in cash provided by operations for the years
ended December 31, 2004, 2003 and 2002, is primarily the result of changes in revenues and expenses as
discussed in ""Results of Operations.'' Cash generated from operations could be expected to Öuctuate in the
future.

Indebtedness. The Company expects to use indebtedness primarily for property acquisitions and
development of single-tenant retail and oÇce properties, either directly or through investment interests and
structured Ñnance investments.

In May 2003, the Company entered into an amended and restated loan agreement for a $225,000,000
revolving credit facility (the ""Credit Facility'') which amended the Company's existing loan agreement by
(i) increasing the borrowing capacity to $225,000,000 from $200,000,000, (ii) lowering the interest rates of
the tiered rate structure from a maximum of 150 points above LIBOR to a maximum rate of 135 basis points
above LIBOR (based upon the debt rating of the Company, the current interest rate is 100 basis points
above LIBOR), (iii) requiring the Company to pay a commitment fee based on a tiered rate structure to a
maximum of 30 basis points per annum (based upon the debt rating of the Company), (iv) providing for a
competitive bid option for up to 50 percent of the facility amount, (v) extending the expiration date to
May 9, 2006 and (vi) amending certain of the Ñnancial covenants of the Company. The principal balance is
due in full upon expiration of the Credit Facility in May 2006, which the Company may request to be
extended for an additional 12-month period with the consent of the lender. As of December 31, 2004,
$17,900,000 was outstanding and approximately $207,100,000 was available for future borrowings under the
Credit Facility, excluding undrawn letters of credit.

In accordance with the terms of the Credit Facility, the Company is required to meet certain restrictive

Ñnancial covenants, which, among other things, require the Company to maintain certain (i) maximum
leverage ratios, (ii) debt service coverage and (iii) cash Öow coverage. At December 31, 2004, the Company

18

was in compliance with those covenants. In the event that the Company violates any of the certain restrictive
Ñnancial covenants, its access to the debt or equity markets may become impaired.

In November 2003, the Company entered into a long-term, Ñxed rate interest-only loan for $95,000,000.

The loan bears interest at a rate of 5.42% per annum with monthly interest payments of $435,000 and the
principal balance due in November 2013. Proceeds from the loan were used to pay down outstanding
indebtedness of the Company's Credit Facility. The loan is secured by a Ñrst mortgage lien on the DC OÇce
Properties. As of December 31, 2004, the outstanding principal balance was $95,000,000, and the aggregate
carrying value of these properties totaled $155,601,000.

In January 1996, the Company entered into a long-term, Ñxed rate loan for $39,450,000. The loan bears
interest at a rate of 7.435% per annum and provides for a ten-year term with monthly principal and interest
payments of $330,000 and the balance due in February 2006. The loan is secured by a Ñrst mortgage lien on
certain of the Company's Investment Properties. As of December 31, 2004, the outstanding principal balance
was $22,466,000, and the aggregate carrying value of these Investment Properties totaled $58,049,000.

In February 2004, the Company increased its ownership in Net Lease Institutional Realty, L.P. to
100 percent (see Capital Resources Ì Investments in Unconsolidated AÇliates). In October 1997, the
partnership entered into a long-term, Ñxed rated loan for $12,000,000. The loan bears interest at a rate of
7.37% per annum with monthly principal and interest payments of $103,000 and the principal balance due in
September 2007. The loan is secured by a Ñrst mortgage lien on certain of the partnership's properties. As of
December 31, 2004, the outstanding principal balance was $8,606,000, and the aggregate carrying value of
these Investment Properties totaled $28,893,000.

In June 2002, the Company entered into a long-term, Ñxed rate loan for $21,000,000. The loan bears
interest at a rate of 6.9% per annum and provides for a 10-year term, with monthly principal and interest
payments of $138,000 and the balance due in July 2012. Proceeds from the loan were used to pay down
outstanding indebtedness of the Company's Credit Facility. The loan is secured by a Ñrst mortgage lien on Ñve
of the Company's Investment Properties. As of December 31, 2004, the outstanding principal balance was
$20,508,000, and the aggregate carrying value of these Investment Properties totaled $27,111,000.

In February 2004, the Company acquired an Investment Property subject to a mortgage securing a loan

for $6,952,000. The loan bears interest at a rate of 6.90% per annum with monthly principal and interest
payments of $68,000 and the balance due in January 2016. As of December 31, 2004, the aggregate carrying
value of this Investment Property was $12,358,000. The outstanding principal balance as of December 31,
2004, was $6,665,000.

The Company has acquired four Investment Properties subject to mortgages securing loans in the
aggregate original principal balance of $7,214,000 (collectively the ""Mortgages'') with the maturities between
December 2007 and December 2009. In December 2004, the Company sold one of the properties and the
related mortgage was simultaneously paid, which accounted for $2,455,000 of the original principal balance.
The remaining Mortgages bear interest at a weighted average rate of 8.45% per annum and have a weighted
average remaining maturity of 2.4 years, with an aggregate monthly payment of principal and interest of
$60,000. In addition to the Mortgages, the company has letters of credit that also secure two of the loans,
which collectively total $2,426,000. As of December 31, 2004, the outstanding principal balances secured by
the Mortgages totaled $2,189,000, and the aggregate carrying value of the three Investment Properties and
letters of credit totaled $10,751,000.

In July 2002, Services entered into a long-term, Ñxed rate loan for $2,340,000. The loan bore interest at a
rate of 7.42% per annum with monthly principal and interest payments of $18,000 and the principal balance
due in July 2012. The loan was secured by a Ñrst mortgage lien on one of Services' properties. In August
2004, the Company disposed of the property, at which time the buyer assumed the loan.

Payments of principal on the mortgage debt and on advances outstanding under the Credit Facility are
expected to be met from borrowings under the Credit Facility, proceeds from public or private oÅerings of the
Company's debt or equity securities, the Company's secured or unsecured borrowings from banks or other
lenders or proceeds from the sale of one or more of its properties.

19

Debt and Equity Securities. The Company has used, and expects to use in the future, issuances of debt

and  equity  securities  primarily  to  pay  down  its  outstanding  indebtedness  and  to  Ñnance  investment
acquisitions. The Company has maintained investment grade debt ratings from Standard and Poor's, Moody's
Investor Service and Fitch IBCA on its senior, unsecured debt since 1998. In May 2003, the Company Ñled a
shelf registration statement with the Securities and Exchange Commission, which permits the issuance by the
Company of up to $600,000,000 in debt and equity securities; as of December 31, 2004, the Company had
$259,167,000 available for issuance under this shelf registration statement.

The Company Ñled a prospectus supplement to its shelf registration for each issuance of notes outlined in

the table below (dollars in thousands).

Issue Date

2008 Notes(1) ÏÏÏÏÏÏÏ March 1998
2004 Notes(1)(5) ÏÏÏÏ
2010 Notes(1) ÏÏÏÏÏÏÏ September 2000
2012 Notes(1) ÏÏÏÏÏÏÏ
2014 Notes(1)(2)(6)

June 2002
June 2004

June 1999

Purchase
Price

$100,000
100,000
20,000
50,000
150,000

Discount(3)

$271
392
126
287
440

Discounted
Purchase
Price

$ 99,729
99,608
19,874
49,713
149,560

Commencement
Day of
Semi-Annual
Interest
Payments

Stated EÅective
Rate(4)
Rate

Maturity Date

7.125% 7.163% September 1998 March 2008
8.125% 7.547% December 1999
8.500% 8.595% March 2001
7.750% 7.833% December 2002
6.250% 5.910% June 2004

June 2004
September 2010
June 2012
June 2014

(1) The proceeds from the note issuance were used to pay down outstanding indebtedness of the Company's

Credit Facility.

(2) The proceeds from the note issuance were used to repay the obligation of the 2004 Notes.

(3) The note discounts are amortized to interest expense over the respective term of each debt obligation

using the eÅective interest method.

(4) Includes the eÅects of the discount, treasury lock gain and swap gain (as applicable).

(5) The Company entered into a treasury rate lock agreement which Ñxed a treasury rate of 5.1854% on a
notional amount of $92,000,000. Upon issuance of the 2004 Notes, the Company terminated the
treasury rate lock agreement resulting in a gain of $2,679,000. The gain was deferred and amortized as
an adjustment to interest expense over the term of the 2004 Notes using the eÅective interest method.

(6) The Company entered into a forward starting interest rate swap agreement which Ñxed a swap rate of
4.61% on a notional amount of $94,000,000. Upon issuance of the 2014 Notes, the Company terminated
the forward starting interest rate swap agreement resulting in a gain of $4,148,000. The gain has been
deferred and is being amortized as an adjustment to interest expense over the term of the 2014 Notes
using the eÅective interest method.

Each issuance of notes is redeemable at the option of the Company, in whole or in part, at a redemption
price equal to the sum of (i) the principal amount of the notes being redeemed plus accrued interest thereon
through the redemption date and (ii) the make-whole amount, as deÑned in the respective supplemental
indenture notes.

In connection with the debt oÅerings, the Company incurred debt issuance costs totaling $4,193,000
consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees
and printing expenses. Debt issuance costs have been deferred and are being amortized over the term of the
respective notes using the eÅective interest method.

In accordance with the terms of the indenture, pursuant to which the Company's notes have been issued,
the Company is required to meet certain restrictive Ñnancial covenants, which, among other things, require
the Company to maintain (i) certain leverage ratios and (ii) certain interest coverage. At December 31,
2004, the Company was in compliance with those covenants. In the event that the Company violates any of
the certain restrictive Ñnancial covenants, its access to the debt or equity markets may become impaired.

In November 2001, the Company entered into an unsecured $70,000,000 term note (""Term Note''), due

November 30, 2004, to Ñnance the acquisition of Captec Net Lease Realty, Inc. (""Captec'') and for the

20

repayment of indebtedness and related expenses in connection therewith. As of December 31, 2003, the Term
Note had an outstanding principal balance of $20,000,000. The Term Note bore interest at a rate of 175 basis
points above LIBOR. In November 2004, the Company used proceeds from the Credit Facility to repay the
obligation of the Term Note.

In December 2001, the Company issued 4,349,918 shares of common stock and 1,999,974 shares of
Series A Preferred Stock in connection with the acquisition of Captec (see ""Results of Operations Ì Merger
Transactions''). Holders of the Series A Preferred Stock are entitled to receive, when and as authorized by
the board of directors, cumulative preferential cash distributions at the rate of nine percent of the $25.00
liquidation preference per annum (equivalent to a Ñxed annual amount of $2.25 per share). The Series A
Preferred Stock ranks senior to the Company's common stock with respect to distribution rights and rights
upon liquidation, dissolution or winding up of the Company. The Company may redeem the Series A
Preferred Stock on or after December 31, 2006, in whole or from time to time in part, for cash, at a
redemption price of $25.00 per share, plus all accumulated and unpaid distributions.

In  2002,  as  a  result  of  the  appraisal  action  arising  out  of  the  Captec  merger  (see  ""Results  of
Operations Ì Merger Transactions''), the Company reduced the number of common and Series A Preferred
Stock shares issued and outstanding by 474,037 and 217,950, respectively. In 2003, the Company further
reduced the number of common and Series A Preferred Stock shares issued and outstanding by 823 and 379,
respectively. In 2004, the Company further reduced the number of common and Series A Preferred Stock
shares issued and outstanding by 51 and 56, respectively. The reduction in shares represent the number of
shares that would have been issued to the plaintiÅs had they accepted the original merger consideration. As
of December 31, 2002, the Company had recorded the value of these shares at the original consideration share
price  in  addition  to  the  cash  portion  of  the  original  merger  consideration  as  other  liabilities  totaling
$13,278,000. In 2003, the Company used proceeds from its Credit Facility to fund the settlement of the
appraisal action.

In May 2003, the Company Ñled a shelf registration statement with the Securities and Exchange
Commission, which permits the issuance by the Company of up to $600,000,000 in debt and equity securities
(which includes approximately $89,637,000 of unissued debt and equity securities under the Company's
previous shelf registration statement).

In July 2003, the Company Ñled a prospectus supplement to its shelf registration statement and issued

5,600,000 shares of common stock and received gross proceeds of $100,800,000. In connection with this
oÅering, the Company incurred stock issuance costs totaling approximately $5,374,000, consisting primarily
of underwriters' commissions and fees, legal and accounting fees and printing expenses. Net proceeds from
the oÅering were used to fund a portion of the acquisition of the DC OÇce Properties (see ""Results of
Operations Ì Property Analysis Ì Real Estate Held for Investment'').

In August 2003, the Company Ñled a prospectus supplement to its shelf registration statement and issued

10,000 shares of Series B Convertible Preferred Stock and received gross proceeds of $25,000,000. In
connection with this oÅering, the Company incurred stock issuance costs totaling approximately $687,000,
consisting primarily of placement fees and legal and accounting fees. The Series B Convertible Preferred
Stock is convertible at the option of the holder into 1,293,996 shares of the Company's common stock on and
after the Ñrst anniversary from the date on which the shares were issued. Holders of the Series B Convertible
Preferred Stock are entitled to receive, when and as authorized by the board of directors, cumulative
preferential cash distributions at the rate of 6.70 percent of the $2,500.00 liquidation preference per annum
(equivalent to a Ñxed annual amount of $167.50 per share). The Series B Convertible Preferred Stock ranks
pari passu with the Series A Preferred Stock and senior to the Company's common stock with respect to
distribution rights and rights upon liquidation, dissolution or winding up of the Company. The Company may
redeem the Series B Convertible Preferred Stock on or after August 13, 2008, in whole or from time to time
in part, for cash, at a redemption price of $2,500.00 per share, plus all accumulated and unpaid distributions.
Net proceeds from the oÅering were used to pay down outstanding indebtedness of the Company's Credit
Facility.

21

In December 2003, the Company Ñled a prospectus supplement to its shelf registration statement and

issued 3,250,000 shares of common stock and received gross proceeds of $56,517,000. In addition, the
Company issued an additional 487,500 shares of common stock in connection with the underwriters' over-
allotment option and received gross proceeds of $8,478,000. In connection with these oÅerings, the Company
incurred stock issuance costs totaling approximately $671,000, consisting primarily of underwriters' commis-
sions and fees, legal and accounting fees and printing expenses. Net proceeds from these oÅerings were used
to pay down outstanding indebtedness of the Company's Credit Facility.

Financing Lease Obligation.

In July 2004, the Company sold Ñve investment properties for approxi-
mately $26,041,000 and subsequently leased back the properties under a 10-year Ñnancing lease obligation.
The Company may repurchase one or more of the properties subject to put and call options included in the
Ñnancing lease. In accordance with the provisions of Statement of Financial Accounting Standards (""SFAS'')
No. 66, ""Accounting for Sales of Real Estate,'' the Company has recognized this as a Ñnancing transaction.
The 10-year Ñnancing lease bears an interest rate of 5.00% annually with monthly interest payments of
$109,000 and expires in June 2014 unless either the put or call option is exercised. The Company used the
proceeds from two properties to reinvest in other Investment Properties and the remaining proceeds to pay
down outstanding indebtedness of the Company's Credit Facility.

Compensation Plan Equity Issuances. The Company believes that equity-based or equity-related
compensation is an important element of overall compensation for the Company. Such compensation
advances the interest of the Company by encouraging, and providing for, the acquisition of equity interests in
the Company by directors, oÇcers and other key associates, thereby aligning their interests with stockholders
and providing them with a substantial motivation to enhance stockholder value.

Pursuant to the Company's 2000 Performance Incentive Plan, the Company has granted and issued
shares of restricted stock to certain oÇcers and directors of the Company. The following information is a
summary of the restricted stock grants for the years ended December 31, 2004, 2003 and 2002:

OÇcers:

Shares

58,000
June 2002 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
40,407
March 2003 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
March 2003 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
30,000
April 2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100,000
35,000
April 2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
50,211
April 2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
15,000
September 2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Total issued ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 328,618

Directors:

Annual
Vesting Rate

15% - 30%
25%
15% - 30%
20%
20%
14.3%
14.3%

June 2002 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
June 2003 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
August 2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
December 2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

6,000
6,000
4,500
868

50%
50%
50%
50%

Total issued ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

17,368

Number of
Years for
Vesting

Shares are
100% Vested
on

5
4
5
4
5
6
6

2
2
2
2

January 1, 2007
January 1, 2007
January 1, 2008
January 1, 2008
January 1, 2009
January 1, 2010
January 1, 2011

January 1, 2004
January 1, 2005
January 1, 2006
January 1, 2006

During 2004 and 2003, the Company cancelled 29,926 and 5,950, respectively, shares of restricted stock.

Investments in Unconsolidated AÇliates.

In September 1997, the Company entered into a partnership,
Net Lease Institutional Realty, L.P. (the ""Partnership''), with the Northern Trust Company, as Trustee of
the Retirement Plan for the Chicago Transit Authority Employees (""CTA''). Under the terms of the limited
partnership agreement of the Partnership, CTA had the right to convert its 80 percent limited partnership

22

interest into shares of the Company's common stock. In October 2003, CTA exercised that right, and, based
on  the  terms  of  and  calculation  deÑned  in  the  limited  partnership  agreement,  the  Company  issued
953,551 shares of common stock to CTA in a private transaction in February 2004 in exchange for CTA's
80 percent limited partnership interest, increasing the Company's ownership in the Partnership to 100 percent.
Prior to CTA's exercise, the Company accounted for its 20 percent interest in the Partnership under the
equity method of accounting. Net income and losses of the Partnership were allocated to the partners in
accordance with their respective percentage interest in the Partnership's term.

The Company has entered into Ñve limited liability company (""LLC'') agreements (collectively,
""CCMH LLCs'') with Orange Avenue Mortgage Investments, Inc. (""OAMI''), formerly known as CNL
Commercial Finance, Inc. Each of the LLCs holds an interest in mortgage loans and is 100 percent equity
Ñnanced. The Company holds a non-voting and non-controlling interest in each of the LLCs and accounts
for its investment under the equity method of accounting. The following table summarizes each of the
investments as of December 31, 2004:

Date of Agreement

LLC Agreement

Investment
Interest

June 2001ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ CCMH I, LLC
December 2001 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ CCMH II, LLC
June 2002ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ CCMH III, LLC
December 2002 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ CCMH IV, LLC
July 2003 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ CCMH V, LLC

42.7%
44.0%
36.7%
38.3%
38.4%

In 2003, in connection with a loan to OAMI, the Company pledged a portion of its interest in two of the

LLC's as partial collateral for the loan.

In May 2002, the Company purchased a combined 25 percent partnership interest for $750,000 in CNL
Plaza, Ltd. and CNL Plaza Venture, Ltd. (collectively, ""Plaza''), which owns a 346,000 square foot oÇce
building and an interest in an adjacent parking garage. AÇliates of James M. SeneÅ, Jr. and Robert A.
Bourne, each members of the Company's board of directors, own the remaining partnership interests. Since
November 1999, the Company has leased its oÇce space from Plaza. The Company's lease expires in
October 2014. In addition, the Company has severally guaranteed 41.67 percent of a $15,500,000 promissory
note on behalf of Plaza. The maximum obligation of the Company is $6,458,000 plus interest. Interest accrues
at a rate of LIBOR plus 200 basis points per annum on the unpaid principal amount. This guarantee shall
continue through the loan maturity, which was extended from the original maturity of November 2004 to May
2005. Plaza intends to reÑnance the promissory note in 2005.

Notes Receivable. Structured Ñnance agreements are typically loans secured by a pledge of ownership
interests in the borrowers (or their subsidiaries) that own the underlying real estate. These agreements are
typically subordinated to senior loans secured by Ñrst mortgages encumbering the underlying real estate.
Subordinated positions are generally subject to a higher risk of nonpayment of principal and interest than the
more senior loans.

In 2004 and 2003, the Company made structured Ñnance investments of $6,857,000 and $43,433,000,
respectively. As of December 31, 2004, the structured Ñnance investments bear a weighted average interest
rate of 14.3% per annum, of which 12.5% is payable monthly and the remaining 1.8% accrues and is due at
maturity. The principal balance of each structured Ñnance investment is due in full at maturity, which range
between November 2006 and November 2007. The structured Ñnance investments are secured by the
borrowers' pledge of their respective membership interests in the certain subsidiaries which own real estate. In
December 2004, the Company received $20,900,000 in principal payments and a $418,000 prepayment fee.
As of December 31, 2004 and 2003, the outstanding receivable balance of the structured Ñnance investments
was $29,390,000 and $43,433,000, respectively.

In January 2005, the Company received $3,935,000 in principal payments; the outstanding receivable

balance of the remaining structured Ñnance agreements was $25,455,000 with a weighted average interest rate
of 11.8% per annum.

23

Results of Operations

Critical Accounting Policies and Estimates.

In response to the SEC's Release Numbers 33-8040, ""Cautionary Advice Regarding Disclosure About
Critical Accounting Policies,'' and 33-8056, ""Commission Statement About Analysis of Financial Condition
and Results of Operations,'' the Company's management has identiÑed the following critical accounting
policies that aÅect the more signiÑcant judgments and estimates used in the preparation of the Company's
consolidated Ñnancial statements. The preparation of the Company's consolidated Ñnancial statements in
conformity  with  accounting  principles  generally  accepted  in  the  United  States  of  America  requires
management to make estimates and judgments on assumptions that aÅect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities at the date of the Ñnancial statements and the
reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management
evaluates its estimates and judgments. A summary of the Company's accounting policies and procedures are
included in Note 1 of the Company's consolidated Ñnancial statements. Management believes the following
critical accounting policies among others aÅect its more signiÑcant judgment of estimates used in the
preparation of the Company's consolidated Ñnancial statements.

Real Estate Held for Investment and Lease Accounting. The Company records the acquisition of real

estate at cost, including acquisition and closing costs. The cost of properties developed by the Company
includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs
incurred  during  the  development  period  until  the  project  is  substantially  complete  and  available  for
occupancy.

Real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all

operating expenses relating to the property, including property taxes, insurance, maintenance and repairs.
The leases are accounted for using either the operating or the direct Ñnancing method. Such methods are
described below:

Operating method Ì Leases accounted for using the operating method are recorded at the cost of
the real estate. Revenue is recognized as rentals are earned and expenses (including depreciation) are
charged to operations as incurred. Buildings are depreciated on the straight-line method over their
estimated useful lives (generally 35 to 40 years). Leasehold interests are amortized on the straight-line
method over the terms of their respective leases. When scheduled rentals vary during the lease term,
income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the
lease. Accrued rental income is the aggregate diÅerence between the scheduled rents which vary during
the lease term and the income recognized on a straight-line basis.

Direct Ñnancing method Ì Leases accounted for using the direct Ñnancing method are recorded at
their net investment (which at the inception of the lease generally represents the cost of the property).
Unearned income is deferred and amortized into income over the lease terms so as to produce a
constant periodic rate of return on the Company's net investment in the leases.

The Company periodically assesses its real estate assets for possible impairment when certain events or
changes in circumstances indicate that the carrying value of the asset, including any accrued rental income,
may not be recoverable. Management considers current market conditions and tenant credit analysis in
determining whether the recoverability of the carrying amount of an asset should be assessed. When an
assessment is warranted, management determines whether an impairment in value has occurred by comparing
the estimated future cash Öows (undiscounted and without interest charges), including the residual value of
the real estate, with the carrying cost of the individual asset. If an impairment is indicated, a loss will be
recorded for the amount by which the carrying value of the asset exceeds its fair value.

Intangible Assets.

In connection with real estate acquisitions, value is assigned to tangible and other

intangible assets. These other intangible assets are computed by valuing the property on an as-if-vacant basis
and subtracting from the total acquisition cost the sum of the (i) as-if-vacant value, (ii) contractual to
market value rent and (iii) value assigned to in-place leases. Deferred revenue or deferred assets recorded in

24

connection with the contractual to market rent value for acquired properties are amortized into rental
revenue over the life of the leases. The value assigned to in-place leases is amortized over the life of the leases.

Real Estate Held for Sale. Services acquires, develops and currently owns properties that it intends to
sell. The properties that are classiÑed as held for sale at any given time may consist of properties that have
been acquired in the marketplace with the intent to resell the properties that have been, or are currently
being, constructed by Services. Services' records the acquisition of the real estate at cost, including the
acquisition and closing costs. The cost of the real estate developed by Services includes direct and indirect
costs of construction, interest and other miscellaneous costs incurred during the development period until the
project is substantially complete and available for occupancy. The asset is not depreciated. In accordance
with the provisions of Statement of Financial Accounting Standards (""SFAS'') No. 144, ""Accounting for the
Impairment or Disposal of Long-Lived Assets,'' Services classiÑes its real estate held for sale as discontinued
operations when rental revenues are generated.

When real estate held for sale is disposed of, the related costs are removed from the accounts and gains

and losses from the dispositions are reÖected in earnings.

Income Taxes. The Company has made an election to be taxed as a REIT under Sections 856 through
860 of the Internal Revenue Code of 1986, as amended, and related regulations. The Company generally will
not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes at least
90 percent of its real estate investment trust taxable income and meets certain other requirements for
qualifying as a REIT. For each of the years in the three-year period ended December 31, 2004, the Company
believes it has qualiÑed as a REIT. Not withstanding the Company's qualiÑcation for taxation as a real estate
investment trust, the Company is subject to certain state taxes on its income and real estate.

EÅective January 1, 2001, Commercial Net Lease Realty, Inc. elected for Services to be treated as a
TRS pursuant to the provisions of the REIT Modernization Act. As a TRS, Services is able to engage in
activities resulting in income that previously would have been disqualiÑed from being eligible REIT income
under the federal income tax regulations. As a result, certain activities of the Company which occur within
Services are therefore subject to federal and state income taxes. All provisions for federal income taxes in the
accompanying consolidated Ñnancial statements are attributable to Services.

Income taxes are accounted for under the asset and liability method as required by SFAS No. 109,

""Accounting for Income Taxes.'' Deferred tax assets and liabilities are recognized for the temporary
diÅerences based on estimated future tax consequences attributable to diÅerences between the Ñnancial
statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss
and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in eÅect
for the year in which those temporary diÅerences are expected to be recovered or settled. The eÅect on
deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes
the enactment date.

Use of Estimates. Additional critical accounting policies of the Company include management's
estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the
disclosure of contingent assets and liabilities to prepare the consolidated Ñnancial statements in conformity
with accounting principles generally accepted in the United States of America. Additional critical accounting
policies include management's estimates of the useful lives used in calculating depreciation expense relating
to  the  Company's  real  estate  assets,  the  recoverability  of  the  carrying  value  of  long-lived  assets,  the
collectibility of receivables from tenants, including accrued rental income, and capitalized overhead relating
to development projects. Actual results could diÅer from those estimates.

Property Analysis

Property Analysis Ì Real Estate Held for Investment

General. As of December 31, 2004, the Company owned 362 Investment Properties that are leased to
established tenants, including Academy, Barnes & Noble, Best Buy, Borders, CVS, Eckerd, OÇceMax, The
Sports Authority, United Rentals and the United States of America. Approximately 97 percent of the gross

25

leaseable area of the Company's portfolio of Investment Properties was leased at December 31, 2004. The
following table summarizes the Company's portfolio of Investment Properties as of December 31:

2004

2003

2002

Investment Properties Owned:

NumberÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Total gross leaseable area (square feet) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

362
8,542,000

348
7,907,000

350
6,655,000

Investment Properties Leased:

NumberÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Total gross leaseable area (square feet) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Percent of total gross leaseable area ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Weighted average remaining lease term (years) ÏÏÏÏÏÏÏÏ

351
8,322,000

337
7,669,000

330
6,293,000

97%
10

97%
11

94%
12

The Company regularly evaluates its (i) portfolio of Investment Properties, (ii) Ñnancial position,
(iii) market opportunities and (iv) strategic objectives and, based on certain factors, may decide to acquire or
dispose of a given property or portfolio of properties.

Property Acquisitions. Property acquisitions are typically funded using funds from the Company's
revolving credit facility, proceeds for debt or equity oÅerings and to a lesser extent, proceeds generated from
like-kind exchange transactions. The following table summarizes the Investment Property acquisitions for
each of the years ended December 31:

2004

2003

2002

Acquisitions:

Number of Investment Properties ÏÏÏÏÏÏÏÏÏÏÏÏ
Gross leaseable area (square feet)ÏÏÏÏÏÏÏÏÏÏÏÏ

36
825,000

23
1,439,000

Construction projects:

Properties completed ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Gross leaseable area (square feet)ÏÏÏÏÏÏÏÏÏÏÏÏ

Ì
Ì

1
14,000

9
267,000

1
14,000

Tenant improvements Number of Investment

Properties ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Total dollars investedÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

4
$139,303,000

9
$212,317,000

7
$45,541,000

In August 2003, the Company acquired the DC OÇce Properties. Pursuant to the lease agreement, the
Company has agreed to fund $27,322,000 for building and tenant improvements, of which $23,850,000 had
been funded as of December 31, 2004. The Company anticipates funding the additional costs, which are
anticipated to be substantially complete by June 30, 2005, from borrowings under the Company's Credit
Facility. The properties include two oÇce buildings containing an aggregate of 555,000 rentable square feet
and a two-level garage with approximately 1,000 parking spaces.

Property Dispositions. The Company typically uses property sales proceeds to either (i) pay down the
outstanding indebtedness of the Company's Credit Facility or (ii) reinvest in real estate. The following table
summarizes  the  properties  held  for  investment  sold  by  the  Company  for  each  of  the  years  ended
December 31:

2004

2003

2002

20
Number of properties ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
155,000
Gross leaseable areaÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net sales proceeds ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
$32,444,000
Net gain ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 2,452,000

14
345,000
$25,023,000
161,000
$

19
408,000
$29,928,000
256,000
$

During 2004 and 2003, the Company used the proceeds from the dispositions to pay down the outstanding

indebtedness of the Company's Credit Facility.

26

During 2002, the Company reinvested the proceeds from three of the investment properties sold to
reinvest in additional Investment Properties and the proceeds from the sale of the remaining 16 investment
properties to pay down the outstanding indebtedness of the Company's Credit Facility.

In accordance with Statement of Financial Accounting Standards (""SFAS'') No. 144, ""Accounting for
the Impairment or Disposal of Long-Lived Assets,'' the Company has classiÑed its investment properties sold
during the years ended December 31, 2004, 2003 and 2002, as discontinued operations. In addition, the
Company has classiÑed one leasehold interest that expired during the year ended December 31, 2004 as
discontinued operations. All investment properties sold subsequent to December 31, 2001, the eÅective date of
SFAS No. 144, have been reclassiÑed to discontinued operations.

Property Analysis Ì Real Estate Held for Sale

General. The Company's real estate held for sale is operated through Services, which directly and
indirectly, through investment interests, acquires and develops real estate primarily for the purpose of selling
the real estate to purchasers who are looking for replacement like-kind exchange property or to other
purchasers with diÅerent investment objectives. The following summarizes the Company's real estate held for
sale as of December 31:

Number of properties held for sale:

Completed Inventory Properties ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Properties under construction ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Land parcels ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

TotalÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

2004

2003

2002

10
7
4

21

6
5
4

15

15
3
1

19

Property Acquisitions.

Inventory Property acquisitions are typically funded using funds from the

Company's credit facility and proceeds from debt or equity oÅerings.

The following table summarizes the Inventory Property acquisitions for each of the years ended

December 31:

Acquisitions:

2004

2003

2002

Number of properties ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dollars invested ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

33
$48,318,000

23
$38,836,000

13
$11,672,000

Completed construction:

Number of properties ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dollars invested ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Total dollars invested in real estate held for sale ÏÏÏÏ

8
$26,366,000
$76,647,000

8
$23,169,000
$63,469,000

9
$23,178,000
$30,875,000

27

Property Dispositions. The following table summarizes the number of inventory properties sold and the

corresponding gain recognized from the disposition of real estate held for sale included in earnings from
continuing and discontinued operations for each of the years ended December 31 (dollars in thousands):

Continuing operations ÏÏÏÏÏÏÏÏ
Discontinued operations:

Gain ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Intersegment eliminations ÏÏ

Minority interest ÏÏÏÏÏÏÏÏÏÏÏÏ

Total discontinued operations

2004

2003

2002

# of
Properties

Gain

# of
Properties

Gain

# of
Properties

Gain

7

$ 4,700

3

$ 3,247

4

$1,290

17,885
817

18,702
(6,422)

12,280

$16,980

26

29

7,891
1,037

8,928
(986)

7,942

$11,189

21

25

4,489
1,966

6,455
Ì

6,455

$7,745

17

24

During the years ended December 31, 2004, 2003 and 2002, the Company used the proceeds from the
sale of the inventory properties to pay down the outstanding indebtedness of the Company's Credit Facility.

Merger Transactions

In December 2001, the Company acquired 100 percent of Captec, a publicly traded real estate
investment trust, which owned 135 freestanding, net lease properties located in 26 states. Captec shareholders
received $11,839,000 in cash, 4,349,918 newly issued shares of the Company's common stock and 1,999,974
newly issued Series A Preferred Stock (see ""Capital Resources Ì Debt and Equity Securities''). Under the
purchase method of accounting, the acquisition price of $124,722,000 was allocated to the assets acquired and
liabilities assumed at their fair values. No goodwill was recorded in connection with the acquisition. The
merger was unanimously approved by both the Company's and Captec's board of directors and Captec's
shareholders. This transaction increased funds from operations, increased diversiÑcation, produced cost
savings from opportunities for economies of scale and operating eÇciencies and enhanced the Company's
capital markets proÑle.

In January 2002, beneÑcial owners of shares of Captec stock held of record by Cede & Co. who alleged
that they did not vote for the merger (and who alleged that they caused a written demand for appraisal of
their Captec shares to be served on Captec), Ñled in the Chancery Court of the State of Delaware in and for
New Castle County a Petition for Appraisal of Stock (""Appraisal Action''). The Appraisal Action alleged
that 1,037,946 shares of Captec dissented from the merger and sought to require the Company to pay to all
Captec stockholders who demanded appraisal of their shares the fair value of those shares, with interest from
the date of the merger. As a result of this action, the plaintiÅs were not entitled to receive the Company's
common and Series A Preferred Stock as oÅered in the original merger consideration. Accordingly, the
Company reduced the number of common and Series A Preferred Stock shares issued and outstanding by
474,037 and 217,950, respectively, which represents the number of shares that would have been issued to the
plaintiÅs had they accepted the original merger consideration. In 2003, the Company further reduced the
number of common and Series A Preferred Stock shares issued and outstanding by 823 and 379, respectively.
In 2004, the Company further reduced the number of common and Series A Preferred Stock shares issued
and outstanding by 51 and 56, respectively. As of December 31, 2002, the Company had recorded the value of
these shares at the original consideration share price in addition to the cash portion of the original merger
consideration as other liabilities totaling $13,278,000. In February 2003, the Company entered into a
settlement agreement with the beneÑcial owners of the 1,037,946 dissenting shares (including the petitioners
in the Appraisal Action) which required the Company to pay $15,569,000 which approximated the value of
the original merger consideration (which included cash, common stock and Series A Preferred Stock
shares) at the time of the litigation settlement plus the dividends that would have been paid if the shares had
been issued at the time of the merger. The Company used proceeds from its Credit Facility to fund the

28

settlement of the legal action. In February 2003, the parties Ñled a stipulation and order of dismissal and the
Court entered the order of dismissal, dismissing the Appraisal Action with prejudice.

Anticipated Merger

In January 2005, the Company entered into an agreement with National Properties Corporation
(""NAPE''), which provided that NAPE would merge with and into a subsidiary of the Company. At the time
of the merger agreement, NAPE owned 43 properties located in 12 states which were leased to 17 tenants. If
the acquisition is consummated, the Company will issue approximately 1,637,000 shares of common stock to
holders  of  NAPE  common  stock.  Total  consideration  for  the  merger  transaction  is  estimated  to  be
approximately $61,000,000 based on the Company's closing stock price on the date of the merger agreement.
Completion of the merger is subject to customary closing conditions, including the approval of the holders of
a majority of the outstanding shares of NAPE common stock. The Company has entered into a shareholders'
agreement with the holders of approximately 53 percent of the outstanding NAPE common stock whereby
these holders have agreed to vote in favor of the merger. However, the Company may terminate the merger
agreement if a majority of the NAPE shareholders who are not bound by the shareholders' agreement do not
approve the merger. The merger does not require approval by the Company's shareholders. The Company
anticipates that the merger will be completed not later than the second quarter of 2005.

Revenue From Operations Analysis

General. During the year ended December 31, 2004, the Company's rental income increased primarily
due to the acquisition of DC OÇce Properties in August 2003 and other Investment Properties (See ""Results
of Operations Ì Property Analysis Ì Real Estate Held For Investment Ì Property Acquisitions'') and
maintaining an occupancy rate of 97 percent at December 31, 2004 and 2003. The Company anticipates any
signiÑcant increase in rental income will continue to come primarily from additional property acquisitions.

The following summarizes the Company's revenues (dollars in thousands):

2004

2003

2002

Percent
of Total

Percent
of Total

Percent
of Total

Rental income(1) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $111,135
Real estate expense reimbursement from

85.9% $ 92,929

89.7% $78,036

92.9%

tenants ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Gain on disposition of real estate held for
sale ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Interest and other income from real

5,756

4.5%

5,048

4.9%

2,932

3.5%

4,700

3.6%

3,247

3.1%

1,290

1.5%

estate transactions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

7,718

6.0%

2,390

2.3%

1,773

2.1%

Total revenue from continuing operations

$129,309

100.0% $103,614

100.0% $84,031

100.0%

(1) Includes rental income from operating leases, earned income from direct Ñnancing leases and contingent

rental income from continuing operations (""Rental Income'').

Revenue From Operations Analysis by Source of Income. The Company has identiÑed two primary

business segments, and thus, sources of revenue: (i) earnings from real estate held for investment and
(ii) earnings from real estate held for sale. Breaking down revenues into the Company's two primary operating
segments of revenue shows that revenues are historically consistent. Operating segments are components of
an enterprise about which separate Ñnancial information is available that is evaluated regularly by the chief

29

operating decision makers in deciding how to allocate resources and in assessing performance. The following
table summarizes the revenues from continuing operations (dollars in thousands):

Real estate, held for investment ÏÏÏÏÏÏÏÏ $124,374
4,935
Real estate, held for sale ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

96.2% $ 99,760
3,854
3.8%

96.3% $82,171
1,860
3.7%

2004

2003

2002

Percent
of Total

Percent
of Total

Percent
of Total

97.8%
2.2%

Total revenue from continuing operations

$129,309

100.0% $103,614

100.0% $84,031

100.0%

The Company evaluates its ability to pay dividends to stockholders by considering the combined eÅect of

income from continuing and discontinued operations.

Comparison of Year Ended December 31, 2004 to Year Ended December 31, 2003. Rental Income
increased 19.6 percent for the year ended December 31, 2004, as compared to the year ended December 31,
2003, primarily due to the addition of an aggregate gross leaseable area of 825,000 square feet to the
Company's portfolio resulting from the acquisition of 36 Investment Properties during the year ended
December 31, 2004 and the addition of 24 Investment Properties with an aggregate gross leaseable area of
1,453,000 during the year ended December 31, 2003. However, this increase is partially oÅset by the
investment property dispositions during the years ended December 31, 2004 and 2003.

Real estate expense reimbursements from tenants increased 14 percent for the year ended December 31,

2004, as compared to the year ended December 31, 2003, primarily due to the addition of properties that
reimburse  for  expenses,  see  ""Results  of  Operations Ì Property  Analysis Ì Real  Estate  Held  for
Investment''.

The  gain  on  disposition  of  real  estate  held  for  sale  included  in  continuing  operations,  increased

44.8 percent for the year ended December 31, 2004, as compared to the year ended December 31, 2003,
primarily due to the increase in gross margin on sales of inventory properties. During the year ended
December 31, 2004, the Company disposed of seven inventory properties and recognized a gain of $4,700,000
compared to three inventory properties for a $3,247,000 gain for the year ended December 31, 2003.

Interest and other income from real estate transactions increased 222.9 percent for the year ended
December 31, 2004 as compared to the year ended December 31, 2003, primarily due to the interest earned on
the $50,290,000 structured Ñnance investments entered into since October 2003. However, this increase was
partially oÅset by a decrease in development fees.

Comparison of Year Ended December 31, 2003 to Year Ended December 31, 2002. Rental Income

increased 19.1 percent for the year ended December 31, 2003 due to a three percent increase in the
Company's Investment Property portfolio occupancy rate (97 percent at December 31, 2003 versus 94 percent
at December 31, 2002) and the addition of 24 Investment Properties with an aggregate gross leaseable area of
1,453,000 square feet and the completed tenant improvements on nine Investment Properties. However, this
increase is partially oÅset by the investment property dispositions during the years ended December 31, 2003
and 2002.

Real estate expense reimbursements from tenants increased 72.2 percent for the year ended Decem-
ber 31, 2003, as compared to the year ended December 31, 2002, primarily due to the addition of properties
and the addition of real estate expenses reimbursed by tenants from the DC OÇce Properties, see ""Property
Analysis Ì Real Estate Held for Investment''.

The  gain  on  disposition  of  real  estate  held  for  sale  included  in  continuing  operations,  increased

151.6 percent, as compared to the year ended December 31, 2002, primarily due to the increase in gross
margin on sales of inventory properties. During the year ended December 31, 2003, the Company disposed of
three inventory properties and recognized a gain of $3,247,000 compared to four inventory properties for a
$1,290,000 gain for the year ended December 31, 2002.

30

Interest and other income from real estate transactions increased 34.8 percent for the year ended
December 31, 2003, compared to the year ended December 31, 2002. This increase was primarily attributable
to (i) the $45,200,000 structured Ñnance investment entered into in October 2003, and (ii) an increase in
development fees. However, the increase was partially oÅset by a decrease in mortgage interest income.

Expense Analysis

General. During 2004 operating expenses increased primarily as a result of the acquisition of additional
properties but remained generally proportionate to the Company's total revenue. The following summarizes
the Company's expenses (dollars in thousands):

General and administrative ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Depreciation and amortization ÏÏÏÏÏÏÏÏÏÏÏÏ
Provision for loss on impairment of real

estateÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dissenting shareholders' settlementÏÏÏÏÏÏÏÏ
Transition costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Total operating expenses from continuing
operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

2004

2003

2002

Percent
of Total

Percent
of Total

Percent
of Total

$22,996
12,161
17,138

41.0% $21,696
7,394
21.7%
13,217
30.6%

48.5% $16,324
4,365
16.5%
10,843
29.6%

Ì
Ì
3,741

Ì
Ì
6.7%

Ì
2,413
Ì

Ì
5.4%
Ì

1,613
Ì
Ì

49.2%
13.2%
32.7%

4.9%
Ì
Ì

$56,036

100.0% $44,720

100.0% $33,145

100.0%

Comparison of Year Ended December 31, 2004 to Year Ended December 31, 2003.

In general, operating
expenses increased 25.3 percent for the year ended December 31, 2004, over the year ended December 31,
2003, and increased as a percentage of total revenues by 0.1 percent to 43.3 percent.

General and administrative expenses increased 6.0 percent for the year ended December 31, 2004, but

decreased as a percentage of total revenues by 3.1 percent to 17.8 percent. General and administrative
expenses increased for the year ended December 31, 2004, primarily as a result of increases in expenses
related to personnel. In addition, expenses related to professional services provided to the Company increased
for the year ended December 31, 2004. For the year ended December 31, 2004, this increase is partially oÅset
by a decrease in state taxes paid by the Company.

Real estate expenses increased 64.5 percent for the year ended December 31, 2004, and increased as a

percentage  of  total  revenues  by  2.3  percent  to  9.4  percent.  Real  estate  expenses  for  the  year  ended
December 31, 2004, increased primarily due to the August 2003 acquisition of the DC OÇce Properties. The
DC OÇce Properties lease and the revenues related to such real estate expenses are included in real estate
expense reimbursement from tenants. Real estate expenses related to the DC OÇce Properties were 59.6 and
51.3 percent, respectively, of total real estate expenses for the years ended December 31, 2004 and 2003,
respectively. In addition, real estate expenses on vacant properties increased for the year ended December 31,
2004.

Depreciation and amortization expense increased 29.7 percent for the year ended December 31, 2004,

and increased 0.5 percent to 13.3 percent of total revenues for the year ended December 31, 2004. The
increase in depreciation and amortization expense for the year ended December 31, 2004, is primarily
attributable (i) the depreciation on the acquisition of 36 additional Investment Properties and the tenant
improvements on four Investment Properties since December 31, 2003, and (ii) the amortization of additional
lease costs. The increase is partially oÅset by a decrease in the amortization of debt costs and the decrease in
depreciation resulting from the disposition of 21 and 14 investment properties during each of the years ended
December 31, 2004 and 2003, respectively.

31

During the year ended December 31, 2003, the Company recorded a dissenting shareholders' settlement
expense of $2,413,000 related to the lawsuit that arose as a result of the merger with Captec in December
2001. (See ""Results of Operations Ì Merger Transactions'').

During the year ended December 31, 2004, the Company recorded transition costs of $3,741,000,
including severance, accelerated vesting of restricted stock and recruitment costs in connection with the
appointment of Craig Macnab as Chief Executive OÇcer in February 2004, and the resignation of Gary M.
Ralston as President and Chief Operating OÇcer in May 2004.

Comparison of Year Ended December 31, 2003 to Year Ended December 31, 2002. Operating expenses
increased 34.9 percent for the year ended December 31, 2003 over the year ended December 31, 2002, and
increased as a percentage of total revenues by 3.8 percent to 43.2 percent.

General and administrative expenses increased 32.9 percent for the year ended December 31, 2003, and

increased as a percentage of total revenues by 1.5 percent to 20.9 percent. General and administrative
expenses increased for the year ended December 31, 2003 primarily as a result of (i) increases in expenses
related  to  personnel  costs,  (ii)  increases  in  expenses  related  to  professional  services  provided  to  the
Company, and (iii) increases in state taxes.

Real estate expenses increased 69.4 percent for the year ended December 31, 2003 primarily due to the

August 2003 acquisition of the DC OÇce Properties, increasing as a percentage of total revenues by
1.9 percent to 7.1 percent. The DC OÇce Properties lease and the revenues related to such real estate
expenses are included in real estate expense reimbursements from tenants. Real estate expenses related to the
DC OÇce Properties were 51.3 percent of total real estate expenses for the year ended December 31,
2003. The increase in real estate expenses was partially oÅset by an increase in the Company's occupancy
rate to 97 percent at December 31, 2003 from 94 percent at December 31, 2002.

Depreciation and amortization expense increased 21.9 percent for the year ended December 31, 2003, but
decreased as a percentage of total revenues by 0.1 percent to 12.8 percent for the year ended December 31,
2003. The increase in depreciation and amortization expense for the year ended December 31, 2003 is
primarily attributable to (i) the depreciation on acquisition of and tenant improvements on additional
Investment Properties in 2003, (ii) the amortization of loan costs related to the amended Credit Facility and
the Term Note, and (iii) the amortization of additional lease costs.

The Company recorded no loss on impairment of real estate during 2003. The Company recorded a
provision for loss on impairment of real estate of $1,613,000 and $1,672,000 in continuing operations and
discontinued operations, respectively, in the year ended December 31, 2002. The Company reviews long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the
asset may not be recoverable. Generally, the Company makes a provision for impairment loss if estimated
future operating cash Öows plus estimated disposition proceeds are less than the current book value.
Impairment losses are measured as the amount by which the current book value of the asset exceeds the
estimated fair value of the asset.

During the year ended December 31, 2003, the Company recorded a dissenting shareholders' settlement

expense of $2,413,000 related to the Appraisal Action that arose as a result of the merger with Captec in
December 2001. (See ""Results of Operations Ì Merger Transactions'').

Analysis of Other Expenses and Revenues

General. During the year ended December 31, 2004, interest and other income and interest expense

increased with the acquisition of additional properties but remained generally proportionate to the Company's

32

total revenue and expenses. The following summarizes the Company's other expenses (revenues) from
continuing operations (dollars in thousands):

2004

2003

2002

Percent
of Total

Percent
of Total

Percent
of Total

Interest and other income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$(3,779)
32,463

(13.2)% $(3,346)
113.2% 26,754

(14.3)% $(3,890)
114.3% 25,179

(18.3)%
118.3%

Total other expenses (revenues) from

continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$28,684

100.0% $23,408

100.0% $21,289

100.0%

Comparison of Year Ended December 31, 2004 to Year Ended December 31, 2003.

In general, other

expenses (revenues) increased 22.5 percent for the year ended December 31, 2004, over the year ended
December 31, 2003, but decreased as a percentage of total revenues by 0.4 percent to 22.2 percent.

Interest expense increased 21.3 percent for the year ended December 31, 2004, but decreased as a
percentage of total revenues by 0.7 percent to 25.1 percent for the year ended December 31, 2004. The
increase in interest expense for the year ended December 31, 2004, was primarily attributable to an increase in
the long-term Ñxed rate average debt outstanding of $475,802,000 as of December 31, 2004, including the
addition of the $95,000,000 Ñxed rate mortgage loan entered into in November 2003. However, the increase in
interest expense was partially oÅset by a lower average debt outstanding of $39,869,000 as of December 31,
2004 on the Company's short-term variable interest rate debt.

Comparison of Year Ended December 31, 2003 to Year Ended December 31, 2002.

In general, other

expenses (revenues) increased 10.0 percent for the year ended December 31, 2003, over the year ended
December 31, 2002, but decreased as a percentage of total revenues by 2.7 percent to 22.6 percent.

Interest and other income decreased 14.0 percent for the year ended December 31, 2003, and decreased
as a percentage of total revenues by 1.3 percent to 3.2 percent. Interest and other income decreased for the
year ended December 31, 2003, primarily as a result of a decrease of interest earned on a note receivable and
a related party line of credit.

Interest expense increased 6.3 percent for the year ended December 31, 2003, but decreased as a
percentage of total revenues by 4.2 percent to 25.8 percent for the year ended December 31, 2003. The
increase in interest expense for the year ended December 31, 2003, was primarily as a result of reÑnancing a
portion of the Company's Credit Facility and Term Note to long-term Ñxed rate debt, including the 2012
Notes and the $21,000,000 Ñxed rate mortgage loan, both entered into in June 2002 and the addition of the
$95,000,000 Ñxed rate mortgage loan entered into in November 2003, as a means to reduce Öoating interest
rate risk. However, the increase in interest expense was partially oÅset by a decrease in the average interest
rates on the Company's variable interest rate debt.

Unconsolidated AÇliates

For details on each of the Company's unconsolidated aÇliates, see ""Capital Resources Ì Investments in

Unconsolidated AÇliates.''

During the years ended December 31, 2004, 2003 and 2002, the Company recognized equity in earnings
of unconsolidated aÇliates of $4,724,000, $4,341,000 and $1,800,000, respectively. The increase in equity in
earnings of unconsolidated aÇliates was primarily attributable to the income earned on investments in
mortgage loans.

Earnings from Discontinued Operations

The Company has recorded discontinued operations by the deÑned Company segments: (i) real estate

held for investment and (ii) real estate held for sale. As a result, in accordance with SFAS No. 144,
""Accounting for the Impairment or Disposal of Long-Lived Assets,'' the Company classiÑed the revenues

33

and expenses related to its investment properties that were sold and expired leasehold interests subsequent to
December 31, 2001, as discontinued operations. The Company also classiÑed the revenues and expenses of its
held for sale properties that were sold and generated rental revenues as discontinued operations. In addition,
the Company also classiÑed the revenues and expenses related to its 21 Inventory Properties held for sale as
of December 31, 2004, as discontinued operations.

During the years ended December 31, 2004, 2003 and 2002, the Company recognized earnings from

discontinued operations of (dollars in thousands):

Real estate, held for investment(1) ÏÏÏ
Real estate, held for sale ÏÏÏÏÏÏÏÏÏÏÏÏ

# of Sold
Properties

21
17

38

2004

$ 4,766
9,544

$14,310

# of Sold
Properties

14
26

40

2003

$ 4,330
6,277

$10,607

# of Sold
Properties

19
21

40

2002

$ 8,023
5,604

$13,627

(1) 2004 includes one expired leasehold interest.

The Company occasionally sells investment properties and may reinvest the proceeds of the sales to
purchase new properties. The Company evaluates its ability to pay dividends to stockholders by considering
the combined eÅect of income from continuing and discontinued operations.

34

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

The Company is exposed to interest changes primarily as a result of its variable rate Credit Facility and
its long-term, Ñxed rate debt used to Ñnance the Company's development and acquisition activities and for
general corporate purposes. The Company's interest rate risk management objective is to limit the impact of
interest rate changes on earnings and cash Öows and to lower its overall borrowing costs. To achieve its
objectives, the Company borrows at both Ñxed and variable rates on its long-term debt.

The Company entered into a forward starting interest rate swap in February 2004 and terminated the

swap eÅective June 2004 for a swap gain of $4,148,000. The Company had no outstanding derivatives as of
December 31, 2004 and 2003.

The information in the table below summarizes the Company's market risks associated with its debt
obligations outstanding as of December 31, 2004 and 2003. The table presents principal cash Öows and related
interest rates by year of expected maturity for debt obligations outstanding as of December 31, 2004. The
variable interest rates shown represent the weighted average rates for the Credit Facility and Term Note at
the end of the periods. As the table incorporates only those exposures that exist as of December 31, 2004, it
does not consider those exposures or positions which could arise after those dates. Moreover, because Ñrm
commitments are not presented in the table below, the information presented therein has limited predictive
value. As a result, the Company's ultimate realized gain or loss with respect to interest rate Öuctuations will
depend on the exposures that arise during the period, the Company's hedging strategies at that time and
interest rates.

Variable Rate
Credit Facility

Fixed Rate Mortgages

Fixed Rate Notes

Financing Lease
Obligation(3)

Debt Obligations (dollars in thousands)(1)

Weighted
Average
Interest
Rate(2)

Ì
2.72%
Ì
Ì
Ì
Ì

Debt
Obligation

$ Ì
17,900
Ì
Ì
Ì
Ì

2005ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2006ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2007ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2008ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2009ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Thereafter ÏÏÏÏÏÏÏÏÏÏÏÏÏ

Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$17,900

Weighted
Average
Interest
Rate

6.20%
6.00%
5.92%
5.86%
5.83%
7.08%

Debt
Obligation(4)

$

Ì
Ì
Ì
99,892
Ì
223,240

$323,132

Weighted
Average
Interest
Rate

6.77%
6.77%
6.77%
6.64%
6.59%
6.25%

Debt
Obligation

$ Ì
Ì
Ì
Ì
Ì
26,041

$26,041

Weighted
Average
Interest
Rate

5.00%
5.00%
5.00%
5.00%
5.00%
5.00%

Debt
Obligation

$ 4,070
22,376
8,776
1,156
964
119,826

$157,168

Fair Value:
December 31, 2004 ÏÏÏÏÏ

$17,900

2.72% $157,168

6.27%

$353,647

7.04%

$26,041

5.00%

December 31, 2003 ÏÏÏÏÏ

$27,800

2.41% $149,861

6.68%

$295,139

7.54%

$ Ì

Ì

(1) The $20,000,000 variable rate term note matured in 2004. As of December 31, 2003, the term note had a

weighted average interest rate of 3.01% and a fair value of $20,000,000.

(2) Interest rate varies based upon a tiered rate structure ranging from 70 basis points above LIBOR to 135

basis points above LIBOR based upon the debt rating of the Company.

(3) In July 2004, the Company sold Ñve investment properties for $26,041,000 and subsequently leased back
the properties under a 10-year Ñnancing lease obligation. The Company may repurchase one or more of
the properties subject to put and call options included in the Ñnancing lease.

(4) Net of unamortized note discounts and unamortized interest rate hedge gain.

35

Item 8. Financial Statements and Supplementary Data

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders
Commercial Net Lease Realty, Inc. and Subsidiaries:

We have audited the accompanying consolidated balance sheets of Commercial Net Lease Realty, Inc.

and subsidiaries as of December 31, 2004 and 2003, and the related consolidated statements of earnings,
stockholders' equity, and cash Öows for each of the years in the three-year period ended December 31, 2004.
In connection with our audits of the consolidated Ñnancial statements, we also have audited Ñnancial
statement schedules III and IV. These consolidated Ñnancial statements and Ñnancial statement schedules are
the responsibility of the Company's management. Our responsibility is to express an opinion on these
consolidated Ñnancial statements and Ñnancial statement schedules based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight

Board (United States). Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the Ñnancial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the Ñnancial statements. An
audit also includes assessing the accounting principles used and signiÑcant estimates made by management,
as well as evaluating the overall Ñnancial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the consolidated Ñnancial statements referred to above present fairly, in all material

respects, the Ñnancial position of Commercial Net Lease Realty, Inc. and subsidiaries as of December 31,
2004 and 2003, and the results of their operations and their cash Öows for each of the years in the three-year
period ended December 31, 2004, in conformity with U.S. generally accepted accounting principles. Also in
our opinion, the related Ñnancial statement schedules, when considered in relation to the basic consolidated
Ñnancial statements taken as a whole, present fairly, in all material respects, the information set forth therein.

EÅective January 1, 2004, the Company implemented Financial Accounting Standards Board Interpreta-

tion No. 46, revised December 2003, ""Consolidation of Variable Interest Entities'' (FIN 46R) and has
restated all prior period consolidated Ñnancial statements to reÖect its adoption.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight

Board (United States), the eÅectiveness of Commercial Net Lease Realty, Inc.'s internal control over
Ñnancial reporting as of December 31, 2004, based on criteria established in Internal Control Ì Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO),
and our report dated March 9, 2005 expressed an unqualiÑed opinion on management's assessment of, and the
eÅective operation of, internal control over Ñnancial reporting.

Orlando, Florida
March 9, 2005

36

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders
Commercial Net Lease Realty, Inc. and Subsidiaries:

We have audited management's assessment, included in Management's Report on Internal Control Over

Financial Reporting, that Commercial Net Lease Realty, Inc. maintained eÅective internal control over
Ñnancial reporting as of December 31, 2004, based on criteria established in Internal Control Ì Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Commercial Net Lease Realty, Inc.'s management is responsible for maintaining eÅective internal control
over Ñnancial reporting and for its assessment of the eÅectiveness of internal control over Ñnancial reporting.
Our responsibility is to express an opinion on management's assessment and an opinion on the eÅectiveness
of the Company's internal control over Ñnancial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight

Board (United States). Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether eÅective internal control over Ñnancial reporting was maintained in all material
respects. Our audit included obtaining an understanding of internal control over Ñnancial reporting, evaluating
management's assessment, testing and evaluating the design and operating eÅectiveness of internal control,
and performing such other procedures as we considered necessary in the circumstances. We believe that our
audit provides a reasonable basis for our opinion.

A company's internal control over Ñnancial reporting is a process designed to provide reasonable
assurance regarding the reliability of Ñnancial reporting and the preparation of Ñnancial statements for external
purposes in accordance with generally accepted accounting principles. A company's internal control over
Ñnancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reÖect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of Ñnancial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the company's assets that could have a material eÅect on the
Ñnancial statements.

Because of its inherent limitations, internal control over Ñnancial reporting may not prevent or detect

misstatements. Also, projections of any evaluation of eÅectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

In our opinion, management's assessment that Commercial Net Lease Realty, Inc. maintained eÅective

internal control over Ñnancial reporting as of December 31, 2004, is fairly stated, in all material respects,
based on criteria established in Internal Control Ì Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO). Also, in our opinion, Commercial Net
Lease Realty, Inc. maintained, in all material respects, eÅective internal control over Ñnancial reporting as of
December 31, 2004, based on criteria established in Internal Control Ì Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO).

37

We also have audited, in accordance with the standards of the Public Company Accounting Oversight

Board  (United  States),  the  consolidated  balance  sheets  of  Commercial  Net  Lease  Realty,  Inc.  and
subsidiaries as of December 31, 2004  and  2003, and the  related consolidated statements of  earnings,
stockholders' equity and cash Öows for each of the years in the three-year period ended December 31, 2004,
and the related Ñnancial statement schedules III and IV and our report dated March 9, 2005 expressed an
unqualiÑed opinion on those consolidated Ñnancial statements and the related Ñnancial statement sched-
ules III and IV.

Orlando, Florida
March 9, 2005

38

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)

December 31,

2004

2003

Real estate, held for investment:

ASSETS

Accounted for using the operating method, net of accumulated depreciation

and amortization ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,009,397
102,311
58,049
29,307
Ì

Accounted for using the direct Ñnancing methodÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Real estate, held for sale net of accumulated depreciation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Investments in and other receivables from unconsolidated aÇliates ÏÏÏÏÏÏÏÏÏÏÏ
Line of credit, note and accrued interest receivable from related party ÏÏÏÏÏÏÏÏ
Mortgages, notes and accrued interest receivable, net of allowance of $896 and

$979, respectively ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cash and cash equivalents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Receivables, net of allowance of $924 and $1,590, respectively ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Accrued rental income, net of allowance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Debt costs, net of accumulated amortization of $8,063 and $6,714, respectively
Other assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Deferred income tax assetÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

45,564
1,947
6,636
28,619
3,926
14,292
Ì
Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,300,048

$ 887,124
102,970
45,822
39,606
16,530

68,423
5,335
4,740
25,322
3,776
11,596
2,534
$1,213,778

LIABILITIES AND STOCKHOLDERS' EQUITY

Line of credit payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $
Mortgages payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Notes payable, net of unamortized discount of $847 and $530, respectively, and
unamortized interest rate hedge gain of $3,979 and $288, respectively ÏÏÏÏÏÏÏ
Financing lease obligation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Accrued interest payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other liabilitiesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Income tax liability ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Total liabilities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Minority interestÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Stockholders' equity:

17,900
157,168

$

27,800
149,861

323,132
26,041
4,334
11,745
702
541,022
2,028

289,758
Ì
3,820
11,508
Ì
482,747
277

Preferred stock, $0.01 par value. Authorized 15,000,000 shares Series A,

1,781,589 and 1,781,645 shares issued and outstanding, at December 31,
2004 and 2003, respectively; stated liquidation value of $25 per share ÏÏÏÏÏ
Series B convertible, 10,000 shares issued and outstanding, at

December 31, 2004 and 2003; stated liquidation value of $2,500 per
share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Common stock, $0.01 par value. Authorized 190,000,000 shares; 52,077,825
and 50,001,898 shares issued and outstanding at December 31, 2004 and
2003, respectively ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Excess stock, $0.01 par value. Authorized 205,000,000 shares; none issued or
outstanding ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Capital in excess of par valueÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Accumulated dividends in excess of net earningsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Deferred compensation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Total stockholders' equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

44,540

44,541

25,000

25,000

521

500

Ì
725,337
(35,188)
(3,212)
756,998
$1,300,048

Ì
691,704
(28,167)
(2,824)

730,754
$1,213,778

See accompanying notes to consolidated Ñnancial statements.

39

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands, except per share data)

Year Ended December 31,
2003

2004

2002

Revenues:

Rental income from operating leases ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Earned income from direct Ñnancing leasesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Real estate expense reimbursement from tenants ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Contingent rental incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Gain on disposition of real estate, held for saleÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest and other income from real estate transactionsÏÏÏÏÏÏÏÏÏÏÏÏÏ

Operating expenses:

General and administrative ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Depreciation and amortizationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Provision for loss on impairment of real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dissenting shareholders' settlement ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Transition costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Earnings from operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other expenses (revenues):

Interest and other income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Earnings from continuing operations before provision for income taxes,

minority interest and equity in earnings of unconsolidated aÇliates ÏÏÏ
Provision for income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Earnings from continuing operations before minority interest and equity
in earnings of unconsolidated aÇliates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Minority interest ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Earnings from continuing operations before equity in earnings of

unconsolidated aÇliates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Equity in earnings of unconsolidated aÇliatesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Earnings from continuing operationsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Earnings from discontinued operations:

Real estate, held for investment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Real estate, held for sale, net of provision for income taxes and

minority interest ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Series A preferred stock dividends ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Series B convertible preferred stock dividends ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net earnings available to common stockholders Ì basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Series B convertible preferred stock dividends ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net earnings available to common stockholders Ì diluted ÏÏÏÏÏÏÏÏÏÏÏÏ

$ 99,863
10,861
5,756
411
4,700
7,718
129,309

$ 81,854
10,670
5,048
405
3,247
2,390
103,614

$66,765
10,864
2,932
407
1,290
1,773
84,031

16,324
4,365
10,843
1,613
Ì
Ì
33,145
50,886

21,696
7,394
13,217
Ì
2,413
Ì
44,720
58,894

(3,346)
26,754
23,408

(3,890)
25,179
21,289

35,486
2,902

38,388
137

38,525
4,341
42,866

29,597
3,042

32,639
(8)

32,631
1,800
34,431

22,996
12,161
17,138
Ì
Ì
3,741
56,036
73,273

(3,779)
32,463
28,684

44,589
2,542

47,131
(1,231)

45,900
4,724
50,624

4,766

4,330

8,023

9,544
14,310
64,934
(4,008)
(1,675)
59,251
Ì
$ 59,251

6,277
10,607
53,473
(4,008)
(502)

48,963
502
$ 49,465

5,604
13,627
48,058
(4,010)

Ì
44,048
Ì
$44,048

See accompanying notes to consolidated Ñnancial statements.

40

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS Ì CONTINUED
(Dollars in thousands, except per share data)

Net earnings per share of common stock:

Basic:

Continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $
Discontinued operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $

Diluted:

Continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $
Discontinued operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $

Weighted average number of common shares outstanding:

Year Ended December 31,
2003

2002

2004

0.87
0.28

1.15

0.87
028

1.15

$

$

$

$

0.89
0.25

1.14

0.89
0.24

1.13

$

$

$

$

0.75
0.34

1.09

0.75
0.34

1.09

Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

51,312,434

43,108,213

40,383,405

Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

51,742,518

43,896,800

40,588,957

See accompanying notes to consolidated Ñnancial statements.

41

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Years Ended December 31, 2004, 2003 and 2002
(Dollars in thousands, except per share data)

Series B

Series A Convertible
Preferred Preferred Common Excess of Par Excess of Net on Restricted Comprehensive

Capital in

Accumulated
Dividends in Compensation

Deferred

Accumulated
Other

Stock

Stock

Stock

Value

Earnings

Stock

Income

Total

Balance at December 21, 2001 ÏÏ $50,000 $ Ì $406
Ì
Net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dividends declared and paid

Ì

Ì

$531,677
Ì

$(14,527)
48,058

$(2,916)
Ì

$ Ì $564,640
48,058

Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì

Ì

Ì

Ì

(4,010)

Ì (51,178)

(5)

(6,509)

2

1
Ì

Ì

2,752

982
(14)

Ì

Ì

Ì

Ì
Ì

Ì

44,551
Ì

Ì 404
Ì
Ì

528,888
Ì

(21,657)
53,473

($2.25 per share of Series A
Preferred Stock)ÏÏÏÏÏÏÏÏÏÏÏÏ

Dividends declared and paid

($1.27 per share of common
stock)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Ì

Ì

Reversal of 217,950 shares of
preferred stock and 474,037
shares of common stock
originally oÅered to the
dissenting stockholders in
connection with the merger in
2001 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (5,449)

Issuance of 214,490 shares of

common stockÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Issuance of 64,000 shares of

restricted common stock ÏÏÏÏÏ
Stock issuance costsÏÏÏÏÏÏÏÏÏÏÏ
Amortization of deferred

compensation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Balances at December 31, 2002
Net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dividends declared and paid

($2.25 per share of Series A
Preferred Stock)ÏÏÏÏÏÏÏÏÏÏÏÏ

Dividends declared and paid

($50.25 per share of Series B
Convertible Preferred Stock)

Dividends declared and paid

($1.28 per share of common
stock)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Reversal of 379 shares of

preferred stock and 823 shares
of common stock originally
oÅered to the dissenting
stockholders in connection
with the merger in 2001 ÏÏÏÏÏ

Issuance of 9,528,653 shares of

common stockÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Issuance of 10,000 shares of

Ì

Ì
Ì

Ì

Ì

Ì

Ì

(10)

Ì

Ì

Ì

Ì

Ì

Ì

preferred stock ÏÏÏÏÏÏÏÏÏÏÏÏÏ

Ì 25,000

Issuance of 76,407 shares of

restricted common stock ÏÏÏÏÏ

Cancellation of 5,950 shares of

restricted common stock ÏÏÏÏÏ
Stock issuance costsÏÏÏÏÏÏÏÏÏÏÏ
Amortization of deferred

compensation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Ì

Ì
Ì

Ì

Ì

Ì
Ì

Ì

Ì

Ì

Ì

Ì

95

Ì

1

Ì
Ì

Ì

Ì

Ì

(4,008)

(502)

Ì (55,473)

(11)

168,512

Ì

1,140

(91)
(6,734)

Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì

Ì

Ì

Ì

Ì

(983)
Ì

854

(3,045)

Ì

Ì

Ì

Ì

Ì

Ì

Ì

(1,141)

91
Ì

1,271

Ì

(4,010)

Ì (51,178)

Ì (11,963)

Ì

Ì
Ì

Ì

2,754

Ì
(14)

854

Ì 549,141
53,473
Ì

Ì

Ì

(4,008)

(502)

Ì (55,473)

Ì

(21)

Ì 168,607

Ì

Ì

Ì
Ì

Ì

25,000

Ì

Ì

(6,734)

1,271

Balances at December 31, 2003

44,541

25,000

500

691,704

(28,167)

(2,824)

Ì 730,754

See accompanying notes to consolidated Ñnancial statements.

42

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY Ì (Continued)
Years Ended December 31, 2004, 2003 and 2002
(Dollars in thousands, except per share data)

Series B

Series A Convertible
Preferred Preferred Common Excess of Par Excess of Net on Restricted Comprehensive

Capital in

Accumulated
Dividends in Compensation

Deferred

Accumulated
Other

Stock

Stock

Stock

Value

Earnings

Stock

Income

Total

Balances at December 31, 2003
Net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dividends declared and paid

($2.25 per share of Series A
Preferred Stock)ÏÏÏÏÏÏÏÏÏÏÏÏ

Dividends declared and paid

($167.50 per share of Series B
Convertible Preferred Stock)

Dividends declared and paid

($1.29 per share of common
stock)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Deferred changes in fair value of
interest rate swap ÏÏÏÏÏÏÏÏÏÏÏ

Reversal of 56 shares of

preferred stock and 51 shares
of common stock originally
oÅered to the dissenting
stockholders in connection
with the merger in 2001 ÏÏÏÏÏ

Issuance of 886,962 shares of

common stockÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Issuance of 953,551 shares of

common stock in exchange for
a partnership interest ÏÏÏÏÏÏÏÏ

Issuance of 205,579 shares of

restricted common stock ÏÏÏÏÏ

Cancellation of 29,926 shares of

restricted common stock ÏÏÏÏÏ
Stock issuance costsÏÏÏÏÏÏÏÏÏÏÏ
Amortization of deferred

compensation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Termination and reclass of

interest rate swap ÏÏÏÏÏÏÏÏÏÏÏ

44,541
Ì

25,000
Ì

500
Ì

691,704
Ì

(28,167)
64,934

Ì

Ì

Ì

Ì

(1)

Ì

Ì

Ì

Ì
Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì

Ì

Ì

Ì

1

Ì

Ì

Ì

(4,008)

(1,675)

1,056

(66,272)

Ì

Ì

Ì

Ì

9

9

2

Ì
Ì

Ì

Ì

12,129

17,440

3,487

(473)
(6)

Ì

Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì

Ì

(2,824)

Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì

(3,489)

473
Ì

2,628

Ì 730,754
64,934
Ì

Ì

Ì

(4,008)

(1,675)

Ì (65,215)

(4,148)

(4,148)

Ì

Ì

Ì

Ì

Ì
Ì

Ì

(1)

12,138

17,449

Ì

Ì
(6)

2,628

4,148

Ì

4,148

Balances at December 31, 2004

$44,540 $25,000

$521

$725,337

$(35,188)

$(3,212)

$ Ì $756,998

See accompanying notes to consolidated Ñnancial statements.

43

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)

Year Ended December 31,
2003

2004

2002

Cash Öows from operating activities:

Net earningsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Adjustments to reconcile net earnings to net cash provided by operating

$ 64,934 $ 53,473 $ 48,058

activities:

Stock compensation expense ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Depreciation and amortizationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Provision for loss on impairment of real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Amortization of notes payable discount ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Amortization of deferred interest rate hedge gains ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Equity in earnings of unconsolidated aÇliates, net of deferred intercompany
proÑts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Minority interest ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Gain on disposition of real estate, held for investment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Transition costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Change in operating assets and liabilities, net of assets acquired and liabilities

assumed in business combinations:

Additions to real estate, held for sale ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Proceeds from disposition of real estate, held for sale ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Gain on disposition of real estate, held for saleÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Decrease in real estate leased to others using the direct Ñnancing method ÏÏ
Increase in work in process ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Increase (decrease) in mortgages, notes and accrued interest receivableÏÏÏÏ
Decrease (increase) in receivables ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Increase in accrued rental incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Increase in other assetsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Increase in accrued interest payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Increase (decrease) in other liabilities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

978
17,398
Ì
123
(457)

(5,064)
1,828
(2,523)
3,236
1,929

(74,024)
87,321
(23,402)
2,770
(2,093)
6,243
(1,642)
(3,438)
(1,456)
485
1,646

1,905
13,799
Ì
146
(596)

(4,674)
341
(287)
941
Ì

1,682
12,640
3,285
128
(555)

(1,992)

8
(260)
1,467
Ì

(58,612)
72,262
(12,175)
2,368
(2,679)
(9,798)
(2,614)
(6,548)
(1,682)
246
2,715

(27,229)
88,494
(7,745)
2,165
(3,694)
(1,070)
263
(3,172)
(493)
442
(833)

Net cash provided by operating activitiesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

74,792

48,531

111,589

Cash Öows from investing activities:

Proceeds from the disposition of real estate, held for investment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Additions to real estate, held for investment:

Accounted for using the operating method ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Accounted for using the direct Ñnancing method ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Investment in unconsolidated aÇliates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Distributions received from unconsolidated aÇliatesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Increase in mortgages and notes receivable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Mortgage and notes payments received ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Increase in mortgages and other receivables from unconsolidated aÇliates ÏÏÏÏÏÏ
Payments received on mortgages and other receivables from unconsolidated

aÇliates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Business combination, net of cash acquired ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Payment of lease costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Consideration due to the dissenting shareholders in connection with the merger

of Captec Net Lease Realty, Inc. (""Captec'') in December 2001 ÏÏÏÏÏÏÏÏÏÏÏ
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

32,639

25,024

29,329

Ì

(134,565) (215,730) (41,236)
(3,201)
(9,362) (14,500)
5,684
(48,328)
1,785

Ì
(4)
11,008
(6,857)
23,301

5,785

7,642

(25)

(115,600) (119,700) (80,900)

132,200
1,068
(1,491)

125,900
Ì

(3,127)

81,818
1,319
Ì

Ì
(654)

(13,278)
(54)

Ì
(1,173)

Net cash used in investing activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(58,955) (251,186) (15,142)

See accompanying notes to consolidated Ñnancial statements.

44

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS Ì (Continued)
(Dollars in thousands)

Year Ended December 31,
2003

2004

2002

$ 350,900 $ 352,800 $ 111,500
(360,800) (363,900) (180,000)
95,000
(2,944)

23,340
(2,547)

Cash Öows from Ñnancing activities:

Proceeds from line of credit payableÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Repayment of line of credit payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Proceeds from mortgages payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Repayment of mortgages payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Proceeds from Ñnancing lease obligation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Proceeds from notes payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Proceeds from forward starting interest rate swapÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Repayment of notes payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Payment of debt costsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Proceeds from issuance of Series B Convertible Preferred Stock ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Proceeds from issuance of common stock ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Payment of Series A Preferred Stock dividends ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Payment of Series B Convertible Preferred Stock dividends ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Payment of common stock dividends ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Stock issuance costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

406
(9,163)
26,041
149,560
4,148
(120,000)
(1,450)

Ì
13,230
(4,008)
(1,675)
(66,272)
(140)
(2)

Ì
Ì
Ì
Ì

(1,900)
25,000
168,579
(4,010)
(502)
(55,472)
(6,686)

Ì

Ì
49,713
Ì

(50,000)
(1,197)

Ì
2,725
(4,007)

Ì

(51,177)
(4)
Ì

Net cash provided by (used in) Ñnancing activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(19,225)

205,965

(101,654)

Net increase (decrease) in cash and cash equivalents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cash and cash equivalents at beginning of year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(3,388)
5,335

3,310
2,025

(5,207)
7,232

Cash and cash equivalents at end of yearÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

1,947 $

5,335 $

2,025

Supplemental disclosure of cash Öow information Ì interest paid, net of amount

capitalized ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 33,855 $ 28,948 $ 27,313

Supplemental disclosure of non-cash investing and Ñnancing activities:

Issued 205,579, 76,407 and 64,000 shares of restricted common stock in 2004,

2003 and 2002, respectively, in pursuant to the Company's 2000 Performance
Incentive Plan, including grants in connection with transition costs ÏÏÏÏÏÏÏÏÏ $

3,016 $

1,050 $

983

Common and preferred stock dividends for non-dissenting, unexchanged shares

held by the Company in connection with the merger of Captec ÏÏÏÏÏÏÏÏÏÏÏÏ $

Ì $

(1) $

Cash consideration for non-dissenting, unexchanged shares held by the

Company in connection with the merger of Captec ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $

Ì $

(2) $

4

3

Liability for the consideration due to the dissenting stockholders in connection

with the merger of Captec ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

Ì

Ì $ 13,278

Note and mortgage notes accepted in connection with real estate transactionsÏÏ $

Ì $ 17,123 $

4,344

Acquisition of real estate held for investment and assumption of related

mortgage payableÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

7,357 $

Ì $

Issued 953,551 shares of common stock in 2004 in exchange for a partnership

interest ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 17,449 $

Disposition of real estate held for sale and transfer of related mortgage payable

$

2,251 $

Note receivable issued in connection with sale of entity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $

Ì $

Ì $

Ì $

Ì $

Ì

Ì

Ì

25

See accompanying notes to consolidated Ñnancial statements.

45

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

CONSOLIDATED QUARTERLY FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except for per share data)

2004
Gross revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Depreciation and amortization expense ÏÏÏÏÏÏÏÏÏÏ
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Transition costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net earnings per share(2):

First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Year

$35,952
4,265
7,731
Ì
8,925
16,268

$34,983
4,265
7,973
3,200
8,812
12,735

$43,374
4,419
8,744
52
8,798
17,005

$42,968
4,449
8,672
489
9,112
18,926

$157,277
17,398
33,120
3,741
35,647
64,934

Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

0.29
0.29

0.22
0.22

0.30
0.30

0.34
0.34

1.15
1.15

2003
Gross revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Depreciation and amortization expense ÏÏÏÏÏÏÏÏÏÏ
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dissenting shareholders' settlement ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Net earnings per share(2):

$26,370
3,102
6,523
2,413
5,503
10,154

$28,090
3,275
6,910
Ì
5,902
12,344

$31,236
3,330
6,814
Ì
8,048
15,384

$38,551
4,092
7,658
Ì
9,905
15,591

$124,247
13,799
27,905
2,413
29,358
53,473

Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

0.23
0.23

0.28
0.28

0.32
0.32

0.30
0.30

1.14
1.13

(1) The consolidated quarterly Ñnancial data above includes revenues and expenses from the Company's
continuing and discontinued operations. The Financial Accounting Standard Board (""FASB'') issued
Statement of Financial Accounting Standards (""SFAS'') No. 144, ""Accounting for the Impairment or
Disposal of Long-Lived Assets.'' This statement addresses Ñnancial accounting and reporting for the
impairment or disposal of long-lived assets and broadens the presentation of discontinued operations in
the income statement to include a component of an entity. Accordingly, the results of operations related
to these certain properties that have been classiÑed as held for sale or have been disposed of in 2004 and
2003 have been reclassiÑed as earnings from discontinued operations for each period reported above. As
reported  in  the  current  Form  10-K,  earnings  from  discontinued  operations  for  the  years  ended
December 31, 2004 and 2003, were $14,310,000 and $10,607,000, respectively.

(2) Calculated independently for each period, and consequently, the sum of the quarters may diÅer from the

annual amount.

46

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2004, 2003 and 2002

1. Organization and Summary of SigniÑcant Accounting Policies:

Organization and Nature of Business Ì Commercial Net Lease Realty, Inc., a Maryland corporation, is

a fully integrated real estate investment trust (""REIT'') formed in 1984. The term ""Company'' refers to
Commercial Net Lease Realty, Inc. and its majority owned and controlled subsidiaries. These subsidiaries
include the wholly-owned qualiÑed REIT subsidiaries of Commercial Net Lease Realty, Inc., as well as the
taxable REIT subsidiary (""TRS''), Commercial Net Lease Realty Services, Inc. and its majority owned and
controlled subsidiaries (collectively, ""Services''). The Company holds a 98.7 percent, non-controlling interest
in Services and is entitled to receive 98.7 percent of the dividends paid by Services. James M. SeneÅ, Jr., a
director of the Company, Kevin B. Habicht, an oÇcer and director of the Company, and Gary M. Ralston, a
former oÇcer and director of the Company, collectively own the remaining 1.3 percent interest, which is
100 percent of the voting interest in Services. EÅective January 1, 2005, the Company acquired the remaining
1.3 percent voting interest in Services increasing the Company's ownership in Services to 100 percent.

The  Company's  operations  are  divided  into  two  primary  business  segments:  real  estate  held  for
investment and real estate held for sale. The real estate held for investment is operated through Commercial
Net Lease Realty, Inc. and its wholly owned qualiÑed REIT subsidiaries. The Company directly and
indirectly, through investment interests, acquires, owns, invests in, manages and develops primarily single-
tenant retail properties that are generally leased to established tenants under long-term commercial net leases
(""Investment Properties''). As of December 31, 2004, the Company owned 362 properties, located in
38 states, that are leased to established tenants, including Academy, Barnes & Noble, Best Buy, Borders,
CVS, Eckerd, OÇceMax, The Sports Authority, United Rentals and the United States of America. The real
estate held for sale is operated through Services. Services acquires and develops real estate directly and
indirectly, through investment interests, primarily for the purpose of selling the real estate to purchasers who
are looking for replacement like-kind exchange property or to other purchasers with diÅerent investment
objectives. As of December 31, 2004, Services owned 21 properties that were held for sale (""Inventory
Properties'').

Principles of Consolidation Ì In January 2003, the Financial Accounting Standards Board (""FASB'')
issued FASB Interpretation No. 46 (revised December 2003), ""Consolidation of Variable Interest Entities''
(""FIN 46R''). This Interpretation of Accounting Research Bulletin No. 51, ""Consolidated Financial
Statements'', addresses consolidation by business enterprises of variable interest entities. A variable interest
entity refers to certain entities subject to consolidation according to the provisions of this interpretation. This
interpretation required existing unconsolidated variable interest entities to be consolidated by their primary
beneÑciaries if the variable interest entities do not eÅectively disperse risks among parties involved. EÅective
January 1, 2004, the Company implemented FIN 46R and under the guidelines of this interpretation,
Services  met  the  criteria  of  a  variable  interest  entity  which  required  consolidation  by  the  Company.
Accordingly, eÅective January 1, 2004, the Company consolidated Services and all prior period comparable
condensed consolidated Ñnancial statements have been restated to include Services as a consolidated
subsidiary. The adoption of this interpretation did not have a signiÑcant impact on the Ñnancial position or
results of operations of the Company.

Therefore, the Company's consolidated Ñnancial statements include the accounts of each of the
respective majority owned and controlled aÇliates. All signiÑcant intercompany account balances and
transactions have been eliminated. The Company applies the equity method of accounting to investments in
partnerships and joint ventures that are not subject to control by the Company due to the signiÑcance of
rights held by other parties.

The Company holds a variable interest in, but is not the primary beneÑciary of, CNL Plaza Ltd., a
variable interest entity. The Company's maximum exposure to loss as a result of its involvement with CNL

47

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Plaza Ltd. as of December 31, 2004, is $6,076,000. As of December 31, 2004, CNL Plaza, Ltd. had total
assets and liabilities of $58,913,000 and $62,473,000, respectively.

A wholly-owned subsidiary of Services, CNLRS Equity Ventures, Inc. (""Equity Ventures''), develops
real estate through various joint venture development aÇliate agreements. Equity Ventures consolidates the
joint venture development entities listed in the table below, eliminating signiÑcant intercompany balances and
transactions and recording a minority interest for its other partners' ownership percentage. The following
table summarizes each of the investments as of December 31, 2004:

Date of Agreement

November 2002
February 2003
February 2003
April 2003
June 2003
January 2004
February 2004
September 2004
October 2004
November 2004
December 2004
December 2004

Entity Name

Agreement Type

Equity Ventures'
Ownership %

WG Grand Prairie TX, LLC
KK-Seminole FL, LLC
Gator Pearson, LLC
MAC Boise ID, LLC
CNLRS WG Grapevine TX, LLC
CNLRS WG Crowley TX, LLC
CNLRS Yosemite Park CO, LLC
CNLRS Bismarck ND, LLC
CNLRS WG Ennis TX, LLC
CNLRS WG Dallas TX, LLC
CNLRS WG Long Beach MS, LLC
CNLRS Arcadian Commons, LLC

Limited Liability Company
Limited Liability Company
Limited Liability Company
Limited Liability Company
Limited Liability Company
Limited LiabilityCompany
Limited Liability Company
Limited Liability Company
Limited Liability Company
Limited Liability Company
Limited Liability Company
Limited Liability Company

60%
40%
50%
60%
60%
60%
50%
50%
60%
60%
50%
50%

Real Estate Held for Investment Ì The Company records the acquisition of real estate at cost, including
acquisition and closing costs. The cost of properties developed by the Company includes direct and indirect
costs of construction, property taxes, interest and other miscellaneous costs incurred during the development
period until the project is substantially complete and available for occupancy.

Real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all

operating expenses relating to the property, including property taxes, insurance, maintenance and repairs.
The leases are accounted for using either the operating or the direct Ñnancing method. Such methods are
described below:

Operating method Ì Leases accounted for using the operating method are recorded at the cost of
the real estate. Revenue is recognized as rentals are earned and expenses (including depreciation) are
charged to operations as incurred. Buildings are depreciated on the straight-line method over their
estimated useful lives (generally 35 to 40 years). Leasehold interests are amortized on the straight-line
method over the terms of their respective leases. When scheduled rentals vary during the lease term,
income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the
lease. Accrued rental income is the aggregate diÅerence between the scheduled rents which vary during
the lease term and the income recognized on a straight-line basis.

Direct Ñnancing method Ì Leases accounted for using the direct Ñnancing method are recorded at
their net investment (which at the inception of the lease generally represents the cost of the property).
Unearned income is deferred and amortized into income over the lease terms so as to produce a
constant periodic rate of return on the Company's net investment in the leases.

When real estate is disposed of, the related cost, accumulated depreciation or amortization and any
accrued rental income for operating leases and the net investment for direct Ñnancing leases are removed from

48

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

the accounts and gains and losses from the dispositions are reÖected in income. Gains from disposition of real
estate are generally recognized using the full accrual method in accordance with the provisions of Statement
of Financial Accounting Standards (""SFAS'') No. 66 ""Accounting for Real Estate Sales,'' provided that
various criteria relating to the terms of the sale and any subsequent involvement by the Company with the real
estate sold are met. Lease termination fees are recognized when the related leases are cancelled and the
Company no longer has a continuing obligation to provide services to the former tenants.

Management reviews its real estate for impairment whenever events or changes in circumstances indicate

that the carrying value of the asset, including accrued rental income, may not be recoverable through
operations.  Management  determines  whether  an  impairment  in  value  has  occurred  by  comparing  the
estimated future cash Öows (undiscounted and without interest charges), including the residual value of the
real estate, with the carrying cost of the individual asset. If an impairment is indicated, a loss will be recorded
for the amount by which the carrying value of the asset exceeds its fair value.

Purchase Accounting for Acquisition of Real Estate Ì For purchases of real estate that were consum-
mated subsequent to June 30, 2001, the eÅective date of SFAS No. 141, ""Business Combinations,'' the fair
value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and
tenant improvements, and identiÑed intangible assets and liabilities, consisting of the value of above-market
and below-market leases, other value of in-place leases and value of tenant relationships, based in each case
on their relative fair values.

The fair value of the tangible assets of an acquired property is determined by valuing the property as if it
were vacant, and the ""as-if-vacant'' value is then allocated to land, building and tenant improvements based
on the determination of the relative fair values of these assets. Management uses the as-if-vacant fair value
of a property provided by a qualiÑed appraiser.

In allocating the fair value of the identiÑed intangible assets and liabilities of an acquired property, above-
market and below-market in-place lease values are recorded as other assets based on the present value (using
an interest rate which reÖects the risks associated with the leases acquired) of the diÅerence between (i) the
contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market
lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-
cancelable term of the lease. The capitalized above-market lease values are amortized as a reduction of rental
income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease
values are amortized as an increase to rental income over the initial term and any Ñxed rate renewal periods
in the respective leases. The Company's leases do not currently include Ñxed-rate renewal periods.

The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the
excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental
rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value
of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to
expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated
prior to its stated expiration, all unamortized amounts relating to that lease would be written oÅ.

Real Estate Held for Sale Ì Services acquires, develops and currently owns properties that it intends to
sell. The properties that are classiÑed as held for sale at any given time may consist of properties that have
been acquired in the marketplace with the intent to resell the properties that have been, or are currently
being, constructed by Services. Services' records the acquisition of the real estate at cost, including the
acquisition and closing costs. The cost of the real estate developed by Services includes direct and indirect
costs of construction, interest and other miscellaneous costs incurred during the development period until the
project is substantially complete and available for occupancy. The asset is not depreciated. In accordance
with SFAS No. 144, ""Accounting for the Impairment or Disposal of Long-Lived Assets,'' Services classiÑes

49

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

its real estate held for sale as discontinued operations for each property in which rental revenues are
generated (see Note 3). When real estate held for sale is disposed of, the related costs are removed from the
accounts and gains and losses from the dispositions are reÖected in earnings.

Investment in Unconsolidated AÇliates Ì The Company accounts for each of its investments in
unconsolidated aÇliates under the equity method of accounting (see Note 4). The Company exercises
inÖuence over these unconsolidated aÇliates, but does not control them.

Cash and Cash Equivalents Ì The Company considers all highly liquid investments with a maturity of
three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and
money market accounts. Cash equivalents are stated at cost plus accrued interest, which approximates fair
value.

Cash accounts maintained on behalf of the Company in demand deposits at commercial banks and

money market funds may exceed federally insured levels; however, the Company has not experienced any
losses  in  such  accounts.  The  Company  limits  investment  of  temporary  cash  investments  to  Ñnancial
institutions with high credit standing; therefore, management believes it is not exposed to any signiÑcant credit
risk on cash and cash equivalents.

Debt Costs Ì Debt costs incurred in connection with the Company's $225,000,000 line of credit and

mortgages payable have been deferred and are being amortized over the term of the respective loan
commitment using the straight-line method which approximates the eÅective interest method. Debt costs
incurred in connection with the term note payable, which matured in November 2004, were amortized over
the term using the straight-line method which approximated the eÅective interest rate. Debt costs incurred in
connection with the issuance of the Company's notes payable have been deferred and are being amortized
over the term of the respective debt obligation using the eÅective interest method.

Earnings Per Share Ì Basic net earnings per share is computed by dividing net earnings available to
common stockholders by the weighted average number of common shares outstanding during each period.
Diluted  net  earnings  per  common  share  is  computed  by  dividing  net  earnings  available  to  common
stockholders for the period by the number of common shares that would have been outstanding assuming the
issuance of common shares for all potentially dilutive common shares outstanding during the periods.

50

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following is a reconciliation of the denominator of the basic net earnings per common share
computation to the denominator of the diluted net earnings per common share computation for each of the
years ended December 31:

2004

2003

2002

Weighted average number of common shares

outstanding ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 51,546,814
(234,380)
Restricted stock ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

43,167,433
(59,220)

40,419,876
(36,471)

Weighted average number of common shares

outstanding used in basic earnings per share ÏÏÏÏÏÏÏÏ

51,312,434

43,108,213

40,383,405

Weighted average number of common shares

outstanding ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 51,546,814

43,167,433

40,419,876

EÅect of dilutive securities:

Common stock options ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Assumed conversion of Series B Convertible Preferred
Stock to common stockÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Directors' deferred fee planÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

192,370

229,495

169,081

Ì
3,334

499,872
Ì

Ì
Ì

Weighted average number of common shares

outstanding used in diluted earnings per share ÏÏÏÏÏÏÏ

51,742,518

43,896,800

40,588,957

The following represents the number of shares of potentially issuable common stock which were not

included in computing diluted earnings per common share because their eÅects were antidilutive:

2004

2003

2002

Common stock options ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 398,500

454,500

Stock-Based Compensation Ì At December 31, 2004, the Company had one stock-based compensation
plan, which is described more fully in Note 19. Prior to 2003, the Company accounted for the plan under the
recognition  and  measurement  provisions  of  APB  Opinion  No.  25,  ""Accounting  for  Stock  Issued  to
Employees,'' and related Interpretations. No stock-based compensation costs are reÖected in 2002 net
earnings, as all options granted under the plan had an exercise price equal to the market value of the
underlying common stock at the date of grant. EÅective January 1, 2003, the Company adopted the fair value
recognition provisions of SFAS No. 123, ""Accounting for Stock-Based Compensation,'' prospectively to all
employee and director awards granted, modiÑed, or settled after January 1, 2003. Therefore, the cost related
to stock-based employee compensation included in the determination of net earnings for 2004 and 2003 is less
than that which would have been recognized if the fair value based method had been applied to all awards
since the original eÅective date of SFAS No. 123.

51

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table illustrates the eÅect on net earnings available to common stockholders and earnings

per share if the fair value based method had been applied to all outstanding and unvested awards in each
period (dollars in thousands, except per share data):

2004

2003

2002

Net earnings available to common stockholders Ì basic, as

reported: ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $59,251

$48,963

$44,048

Add: stock-based employee compensation expense included in

reported net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

20

3

Ì

Deduct: total stock-based employee compensation expense

determined under the fair value based method for all awards ÏÏ

(65)

(74)

(27)

Pro forma net earnings available to common stockholders Ì

basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $59,206

$48,892

$44,021

Net earnings available to common stockholders Ì diluted, as

reported: ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $59,251

$49,465

$44,048

Add: stock-based employee compensation expense included in

reported net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

20

3

Ì

Deduct: total stock-based employee compensation expense

determined under the fair value based method for all awards ÏÏ

(65)

(74)

(27)

Pro forma net earnings available to common stockholders Ì

diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $59,206

$49,394

$44,021

Earnings available to common stockholders per common share as

reported:
Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $

1.15

$ 1.14

Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $

1.15

$ 1.13

Pro forma earnings available to common stockholders per

common share:
Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $

1.15

$ 1.13

Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $

1.14

$ 1.13

$

$

$

$

1.09

1.09

1.09

1.08

There were no options granted in 2004. The fair value of each option grant in 2003 and 2002 is estimated
on the date of grant using the Black-Scholes option-pricing model with the following assumptions: (i) risk
free rate of 5.5% for the 2003 grant and 5.4% and 5.5% for the 2002 grants, (ii) expected volatility of 18.0%
and 18.0%, respectively, (iii) dividend yields of 9.3% and 9.3%, respectively, and (iv) expected lives of
10 years for each of the 2003 and 2002 grants.

Income Taxes Ì The Company has made an election to be taxed as a REIT under Sections 856 through
860 of the Internal Revenue Code of 1986, as amended, and related regulations. The Company generally will
not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes at least
90 percent of its real estate investment trust taxable income and meets certain other requirements for
qualifying as a REIT. For each of the years in the three-year period ended December 31, 2004, the Company
believes it has qualiÑed as a REIT. Not withstanding the Company's qualiÑcation for taxation as a real estate
investment trust, the Company is subject to certain state taxes on its income and real estate.

EÅective January 1, 2001, Commercial Net Lease Realty, Inc. elected for Services to be treated as a
TRS pursuant to the provisions of the REIT Modernization Act. As a TRS, Services is able to engage in

52

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

activities resulting in income that previously would have been disqualiÑed from being eligible REIT income
under the federal income tax regulations. As a result, certain activities of the Company which occur within
Services are subject to federal and state income taxes (See ""Real Estate Held for Sale''). All provisions for
federal income taxes in the accompanying consolidated Ñnancial statements are attributable to Services.

Income taxes are accounted for under the asset and liability method as required by SFAS No. 109,

""Accounting for Income Taxes.'' Deferred tax assets and liabilities are recognized for the temporary
diÅerences based on estimated future tax consequences attributable to diÅerences between the Ñnancial
statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss
and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in eÅect
for the year in which those temporary diÅerences are expected to be recovered or settled. The eÅect on
deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes
the enactment date.

New Accounting Standards Ì In December 2004, FASB issued SFAS No. 153, ""Exchanges of

Nonmonetary Assets.'' This statement is eÅective for the Ñscal years beginning after June 15, 2005. This
statement addresses Ñnancial accounting and reporting obligations associated with the exchange of nonmone-
tary assets. The statement eliminates the exception to fair value for exchanges of similar productive assets
issued in APB Opinion No. 29, ""Accounting for Nonmonetary Transactions,'' and replaces it with a general
exception for exchange transactions that do not have commercial substance, that is, transactions that are not
expected to result in signiÑcant changes in the cash Öows of the reporting entity. The adoption of this
interpretation is not expected to have a signiÑcant impact on the Ñnancial position or results of operations of
the Company.

In December 2004, FASB revised SFAS No. 123, ""Accounting for Stock-Based Compensation.'' This
revision, SFAS No. 123R, is eÅective for the Ñrst interim or annual reporting period beginning after June 15,
2005. This revision to the statement eliminates the alternative to use APB Opinion No. 25, ""Accounting for
Stock Issued to Employees,'' intrinsic value method of accounting that was provided in Statement 123 as
originally issued. An enterprise will initially measure the cost of employee services received in exchange for
an award of liability instruments based on its current fair value; the fair value of that award will be remeasured
subsequently at each reporting date through the settlement date. Changes in fair value during the requisite
service period will be recognized as compensation cost over that period. The adoption of this interpretation is
not expected to have a signiÑcant impact on the Ñnancial position or results of operations of the Company.

Use of Estimates Ì Management of the Company has made a number of estimates and assumptions

relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets
and liabilities to prepare these consolidated Ñnancial statements in conformity with accounting principles
generally accepted in the United States of America. SigniÑcant estimates include provision for impairment
and allowances for certain assets, accruals, useful lives of assets and capitalization of costs. Actual results
could diÅer from those estimates.

ReclassiÑcation Ì Certain items in the prior year's consolidated Ñnancial statements and notes to
consolidated Ñnancial statements have been reclassiÑed to conform with the 2004 presentation. These
reclassiÑcations had no eÅect on stockholders' equity or net earnings.

2. Real Estate Held for Investment:

Leases Ì The  Company  generally  leases  its  Investment  Properties  to  established  tenants.  As  of
December 31, 2004, 302 of the Investment Property leases have been classiÑed as operating leases and 69
leases have been classiÑed as direct Ñnancing leases. For the Investment Property leases classiÑed as direct
Ñnancing leases, the building portions of the property leases are accounted for as direct Ñnancing leases

53

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

while the land portions of 46 of these leases are accounted for as operating leases. Substantially all leases have
initial terms of 10 to 20 years (expiring between 2005 and 2025) and provide for minimum rentals. In
addition, the majority of the leases provide for contingent rentals and/or scheduled rent increases over the
terms of the leases. Generally, the tenant is also required to pay all property taxes and assessments,
substantially maintain the interior and exterior of the building and carry property and liability insurance
coverage. Certain of the Company's Investment Properties are subject to leases under which the Company
retains responsibility for certain costs and expenses of the property. As of December 31, 2004, the weighted
average remaining lease term was approximately 10 years. Generally, the leases of the Investment Properties
provide the tenant with one or more multi-year renewal options subject to generally the same terms and
conditions as the initial lease.

Accounted for Using the Operating Method Ì Real estate subject to operating leases consisted of the

following as of December 31 (dollars in thousands):

2004

2003

Land and improvementsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 431,867
631,306
Buildings and improvements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2,532
Leasehold interests ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$384,134
544,246
3,381

Less accumulated depreciation and amortization ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Construction in progressÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Less provision for loss on impairment of real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

1,065,705
(61,720)

931,761
(48,863)

1,003,985
7,025

882,898
6,482

1,011,010
(1,613)

889,380
(2,256)

$1,009,397

$887,124

In August 2003, the Company acquired two oÇce buildings and a related parking garage located in the
Washington, D.C. metropolitan area (""DC OÇce Properties'') for $142,800,000. In addition, pursuant to the
lease agreement, the Company has agreed to fund an additional $27,322,000 for building and tenant
improvements, of which $23,850,000 had been funded as of December 31, 2004. The Company anticipates
the remaining building and improvements to be substantially completed and funded by June 30, 2005.

Some  leases  provide  for  scheduled  rent  increases  throughout  the  lease  term.  Such  amounts  are
recognized on a straight-line basis over the terms of the leases. For the years ended December 31, 2004, 2003
and 2002, the Company recognized collectively in continuing and discontinued operations, $3,452,000,
$6,756,000 and $3,223,000, respectively, of such income. At December 31, 2004 and 2003, the balance of
accrued rental income, net of allowances of $1,620,000 and $1,320,000, respectively, was $28,619,000 and
$25,322,000, respectively.

54

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following is a schedule of future minimum lease payments to be received on noncancellable operating

leases at December 31, 2004 (dollars in thousands):

2005ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2006ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2007ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2008ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2009ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Thereafter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 105,235
105,333
104,579
102,673
98,336
612,181

$1,128,337

Since lease renewal periods are exercisable at the option of the tenant, the above table only presents
future minimum lease payments due during the initial lease terms. In addition, this table does not include
amounts for potential variable rent increases that are based on the Consumer Price Index (""CPI'') or future
contingent rents which may be received on the leases based on a percentage of the tenant's gross sales.

Accounted for Using the Direct Financing Method Ì The following lists the components of net

investment in direct Ñnancing leases at December 31 (dollars in thousands):

2004

2003

Minimum lease payments to be received ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Estimated unguaranteed residual values ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Less unearned income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$166,849
32,623
(97,161)

$ 175,236
32,354
(104,620)

Net investment in direct Ñnancing leases ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $102,311

$ 102,970

The following is a schedule of future minimum lease payments to be received on direct Ñnancing

leases at December 31, 2004 (dollars in thousands):

2005 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2006 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2007 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2008 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2009 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Thereafter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 13,559
13,580
13,631
13,635
13,738
98,706

$166,849

The above table does not include future minimum lease payments for renewal periods, potential variable

CPI rent increases or for contingent rental payments that may become due in future periods (See Real
Estate Ì Accounted for Using the Operating Method).

3. Real Estate Held for Sale:

As of December 31, 2004, the portfolio of Inventory Properties consisted of 10 completed inventory

properties, seven properties under construction and four land parcels.

55

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Real estate held for sale consisted of the following at December 31 (dollars in thousands):

2004

2003

Inventory:

Land ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $16,449
17,660
Buildings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
(81)
Accumulated depreciationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$13,644
17,129
(246)

Under construction:

Land ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Work in process ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

34,028

30,527

13,826
10,195

24,021

7,226
8,069

15,295

$58,049

$45,822

In connection with the development of seven Inventory Properties by Services, the Company has agreed
to fund construction commitments of $26,409,000, of which $12,248,000 has been funded as of December 31,
2004.

The following table summarizes the number of inventory properties sold and the corresponding gain
recognized on the disposition of real estate held for sale included in earnings from continuing and discontinued
operations for the years ended December 31 (dollars in thousands):

Continuing operations ÏÏÏÏÏÏÏÏ
Discontinued operations:

Gain ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Intersegment eliminations ÏÏ

Minority interest ÏÏÏÏÏÏÏÏÏÏ

Total discontinued operations

2004

2003

2002

# of
Properties

Gain

# of
Properties

Gain

# of
Properties

Gain

7

$ 4,700

3

$ 3,247

4

$1,290

17,885
817

18,702
(6,422)

12,280

$16,980

26

29

7,891
1,037

8,928
(986)

7,942

$11,189

21

25

4,489
1,966

6,455
Ì

6,455

$7,745

17

24

4.

Investments in Unconsolidated AÇliates:

In September 1997, the Company entered into a partnership, Net Lease Institutional Realty, L.P. (the
""Partnership''), with the Northern Trust Company, as Trustee of the Retirement Plan for Chicago Transit
Authority Employees (""CTA''). Under the terms of the limited partnership agreement of the Partnership,
CTA had the option to convert its 80 percent limited partnership interest into shares of the Company's
common stock. In October 2003, CTA exercised that right, and based on the terms of and calculation deÑned
in the limited partnership agreement, the Company issued 953,551 shares of common stock to CTA in a
private transaction in February 2004 in exchange for CTA's 80 percent limited partnership interest, increasing
the  Company's  ownership  in  the  Partnership  to  100  percent.  Prior  to  CTA's  exercise,  the  Company
accounted for its 20 percent interest in the Partnership under the equity method of accounting. Net income

56

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

and losses of the Partnership were allocated to the partners in accordance with their respective percentage
interest during the Partnership's term.

The Company received $116,000 in distributions from the Partnership for the year ended December 31,
2003. For the years ended December 31, 2004, 2003 and 2002, the Company recognized earnings of $26,000,
$280,000 and $270,000, respectively, from the Partnership. The Company managed the Partnership and
pursuant to a management agreement, the Partnership paid the Company $17,000, $193,000 and $193,000 in
asset management fees during the years ended December 31, 2004, 2003 and 2002, respectively. The
Company did not recognize earnings or receive asset management fees from the Partnership subsequent to
increasing its ownership in the Partnership to 100 percent in February 2004.

The Company has entered into Ñve limited liability company (""LLC'') agreements (collectively,
""CCMH LLCs'') with Orange Avenue Mortgage Investments, Inc. (""OAMI''), formerly known as CNL
Commercial Finance, Inc. Each of the LLCs holds an interest in mortgage loans and is 100 percent equity
Ñnanced. The Company holds a non-voting and non-controlling interest in each of the LLCs and accounts
for its investment under the equity method of accounting. The following table summarizes each of the
investments as of December 31, 2004:

Date of Agreement

LLC Agreement

Investment Interest

June 2001 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ CCMH I, LLC
December 2001 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ CCMH II, LLC
June 2002 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ CCMH III, LLC
December 2002 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ CCMH IV, LLC
July 2003 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ CCMH V, LLC

42.7%
44.0%
36.7%
38.3%
38.4%

During  the  years  ended  December  31,  2004  and  2003,  the  Company  received  $10,562,000  and
$4,211,000, respectively, in distributions from the CCMH LLC's. In 2003, in connection with a loan to
OAMI, the Company pledged a portion of its interest in two of the LLC's as partial collateral for the loan.

The following presents the combined condensed Ñnancial information of the CCMH LLCs (dollars in

thousands):

December 31,

2004

2003

Mortgage assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $59,840
Ì
Other assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$70,472
1

Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $59,840

$70,473

Total liabilities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ Ì $ Ì
70,473
Members' equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

59,840

Total liabilities and members' equityÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $59,840

$70,473

Year Ended December 31,
2003

2002

2004

Revenues/net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $9,898

$9,110

$5,035

For the years ended December 31, 2004, 2003 and 2002, the Company recognized earnings of $5,042,000,

$4,583,000 and $2,445,000, respectively, from the CCMH LLCs.

In May 2002, the Company purchased a combined 25 percent partnership interest in CNL Plaza, Ltd.

and CNL Plaza Venture, Ltd. (collectively, ""Plaza'') for $750,000. The remaining partnership interests in

57

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Plaza are owned by aÇliates of James M. SeneÅ, Jr. and Robert A. Bourne, both members of the Company's
board of directors. Plaza owns a 346,000 square foot oÇce building and an interest in an adjacent parking
garage. The Company has severally guaranteed 41.67 percent of a $15,500,000 unsecured promissory note on
behalf of Plaza. The maximum obligation of the Company under this guarantee is $6,458,000, plus interest.
Interest accrues at a rate of LIBOR plus 200 basis points per annum on the unpaid principal amount. This
guarantee shall continue through the loan maturity, which was extended from the original maturity of
November 2004 to May 2005. The fair value of the Company's guarantee is $73,000. During the years ended
December 31, 2004, 2003 and 2002 the Company received $446,000, $372,000 and $411,000, respectively, in
distributions from Plaza. For the years ended December 31, 2004, 2003 and 2002, the Company recognized a
loss from Plaza of $276,000, $306,000 and $159,000, respectively.

Since November 1999, the Company has leased its oÇce space from Plaza. The Company's lease expires
in October 2014. In addition, other aÇliates of James M. SeneÅ, Jr. also lease oÇce space from Plaza. The
Company and other aÇliates lease an aggregate of 66 percent of the 346,000 square foot oÇce building.
During the years ended December 31, 2004, 2003 and 2002, the Company incurred rental expenses in
connection with the lease of $1,018,000, $1,001,000 and $1,222,000, respectively. In May 2000, the Company
subleased  a  portion  of  its  oÇce  space  to  aÇliates  of  James  M.  SeneÅ,  Jr.  During  the  years  ended
December 31, 2004, 2003 and 2002, the Company earned $345,000, $338,000 and $270,000, respectively, in
rental and accrued rental income from these aÇliates.

The following is a schedule of the Company's future minimum lease payments and the future minimum

sublease income from the aÇliates related to the oÇce space leased from Plaza at December 31, 2004
(dollars in thousands):

Lease
Payments

Sublease
Income

2005ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2006ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2007ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2008ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2009ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Thereafter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 1,165
1,200
1,236
1,273
1,311
6,910

$ 522
538
554
571
588
3,099

Net

$ 643
662
682
702
723
3,811

$13,095

$5,872

$7,223

Since lease renewal periods are exercisable at the option of the tenant, the above table only presents

future minimum lease payments due during the initial lease terms. The Company has the option to renew its
lease with Plaza for three successive Ñve-year periods subject to similar terms and conditions as the initial
lease.

In 1999, a wholly-owned subsidiary of the Company entered into a membership arrangement, WXI/

SMC Real Estate LLC (""WXI''), with Whitehall Street Real Estate Limited Partnership XI. The Company
is the sole managing member and holds a 331/3 percent interest in WXI. WXI was organized for the purpose
of owning, developing, redeveloping, operating, leasing and selling a portfolio of real estate. The Company
accounts for its interest under the equity method of accounting. During the years ended December 31, 2004,
2003, and 2002, the Company recognized a loss of $68,000, 570,000, and $1,438,000, respectively. The
Company provides certain management services for WXI on behalf of Services pursuant to WXI's Limited
Liability Company Agreement and Property Management and Development Agreement. WXI paid the
Company $14,000, $52,000 and $86,000 in fees during the years ended December 31, 2004, 2003 and 2002,
respectively.

58

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following presents a reconciliation of investments in and receivables from unconsolidated aÇliates at

December 31 (dollars in thousands):

2004

2003

CCMH LLCs investments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $29,672
Other:

$35,193

InvestmentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Receivables ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(365)
Ì

4,396
17

$29,307

$39,606

The following presents a reconciliation of equity in earnings of unconsolidated aÇliates for the years

ended December 31 (dollars in thousands):

2004

2003

2002

CCMH LLCs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $5,042
(318)
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$4,583
(242)

$2,445
(645)

$4,724

$4,341

$1,800

5. Note Receivable:

Structured Ñnance agreements are typically loans secured by a pledge of ownership interests in the
borrowers  (or  their  subsidiaries)  that  own  the  underlying  real  estate.  These  agreements  are  typically
subordinated to senior loans secured by Ñrst mortgages encumbering the underlying real estate. Subordinated
positions are generally subject to a higher risk of nonpayment of principal and interest than the more senior
loans.

In 2004 and 2003, the Company made structured Ñnance investments of $6,857,000 and $43,433,000,
respectively. As of December 31, 2004, the structured Ñnance investments bear a weighted average interest
rate of 14.3% per annum, of which 12.5% is payable monthly and the remaining 1.8% accrues and is due at
maturity. The principal balance of each structured Ñnance investment is due in full at maturity, which range
between November 2006 and November 2007. The structured Ñnance investments are secured by the
borrowers' pledge of their respective membership interests in the certain subsidiaries which own real estate. In
December 2004, the Company received $20,900,000 in principal payments and a $418,000 prepayment fee.
As of December 31, 2004 and 2003, the outstanding receivable balance of the structured Ñnance investments
was $29,390,000 and $43,433,000, respectively.

6. Line of Credit Payable:

In May 2003, the Company entered into an amended and restated loan agreement for a $225,000,000
revolving credit facility (the ""Credit Facility'') which amended the Company's existing loan agreement by
(i) increasing the borrowing capacity to $225,000,000 from $200,000,000, (ii) lowering the interest rates of
the tiered rate structure to a maximum rate of 135 basis points above LIBOR (based upon the debt rating of
the Company, the current interest rate is 100 basis points above LIBOR), (iii) requiring the Company to
pay a commitment fee based on a tiered rate structure to a maximum of 30 basis points per annum (based
upon the debt rating of the Company), (iv) providing for a competitive bid option for up to 50 percent of the
facility amount, (v) extending the expiration date to May 9, 2006 and (vi) amending certain of the Ñnancial
covenants of the Company. The principal balance is due in full upon expiration of the Credit Facility in May
2006, which the Company may request to be extended for an additional 12-month period with the consent of
the lender. As of December 31, 2004 and 2003, $17,900,000 and $27,800,000, respectively, was outstanding

59

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

under the Credit Facility. The Credit Facility had a weighted average interest rate of 2.72% and 2.41% for the
years ended December 31, 2004 and 2003, respectively. In accordance with the terms of the Credit Facility,
the Company is required to meet certain restrictive Ñnancial covenants, which, among other things, require
the Company to maintain certain (i) maximum leverage ratios, (ii) debt service coverage and (iii) cash Öow
coverage. At December 31, 2004, the Company was in compliance with those covenants.

For the years ended December 31, 2004, 2003 and 2002, interest cost incurred was $1,084,000,
$2,103,000 and $2,562,000, respectively, of which $369,000, $177,000 and $1,000, respectively, was capitalized
by the Company as a cost of buildings constructed for its own use, and $813,000, $2,001,000 and $3,162,000,
respectively, was charged to operations.

7. Mortgages Payable:

In January 1996, the Company entered into a long-term, Ñxed rate loan for $39,450,000. The loan bears
interest at a rate of 7.435% per annum and provides for a ten-year term with monthly principal and interest
payments of $330,000 and the balance due in February 2006. The loan is secured by a Ñrst mortgage lien on
certain of the Company's properties. As of December 31, 2004, the aggregate carrying value of these
properties totaled $58,049,000. The outstanding principal balance as of December 31, 2004 and 2003 was
$22,466,000 and $26,118,000, respectively.

In February 2004, the Company increased its ownership in the Partnership to 100 percent (see Note 4).

In October 1997, the Partnership entered into a long-term, Ñxed rate loan for $12,000,000. The loan bears
interest at a rate of 7.37% per annum with monthly principal and interest payments of $103,000 and the
principal balance due in September 2007. The loan is secured by a Ñrst mortgage lien on certain of the
Partnership's properties. As of December 31, 2004, the aggregate carrying value of the properties totaled
$28,893,000 and the outstanding principal balance was $8,606,000.

The Company has acquired four properties subject to mortgages securing loans in the aggregate original
principal balance of $7,214,000 (collectively the ""Mortgages'') with maturities between December 2007 and
December 2009. In December 2004, the Company sold one of the properties and the related mortgage was
simultaneously paid, which accounted for $2,455,000 of the original principal balance. The remaining
Mortgages bear interest at a weighted average rate of 8.45% per annum and have a weighted average maturity
of 2.4 years, with an aggregate monthly payment of principal and interest of $60,000. In addition to the
Mortgages, the Company has letters of credit that also secure two of the loans, which collectively total
$2,426,000. As of December 31, 2004, the aggregate carrying value of these three properties and letters of
credit totaled $10,751,000. As of December 31, 2004 and 2003, the outstanding principal balances secured by
the Mortgages totaled $2,189,000 and $4,244,000, respectively.

In connection with the acquisition of Captec Net Lease Realty, Inc. (""Captec'') in December 2001, the
Company acquired three properties subject to mortgages securing loans with an aggregate principal balance of
$1,806,000 (collectively, the ""Captec Mortgages'') with maturities between March 2014 and March 2019.
The Captec Mortgages bear interest at a weighted average rate of 9.0% per annum and have a weighted
maturity of 7.4 years, with an aggregate monthly payment of principal and interest of $25,000. As of
December  31,  2004,  the  aggregate  carrying  value  of  these  three  properties  totaled  $4,003,000.  As  of
December  31,  2004  and  2003,  the  outstanding  principal  balances  of  the  loans  secured  by  the  Captec
Mortgages totaled $1,328,000 and $1,497,000, respectively.

In June 2002, the Company entered into a long-term, Ñxed rate loan for $21,000,000. The loan bears
interest at a rate of 6.9% per annum and provides for a 10-year term, with monthly principal and interest
payments of $138,000 and the balance due in July 2012. The loan is secured by a Ñrst mortgage lien on Ñve of
the Company's properties. As of December 31, 2004, the aggregate carrying value of these properties totaled

60

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

$27,111,000. As of December 31, 2004 and 2003, the outstanding principal balance was $20,508,000 and
$20,721,000, respectively.

In July 2002, Services entered into a long-term, Ñxed rate loan for $2,340,000. The loan bore interest at a
rate of 7.42% per annum with monthly principal and interest payments of $18,000 and the principal balance
due in July 2012. The loan was secured by a Ñrst mortgage lien on one of Services' properties. As of
December 31, 2003, the outstanding principal balance was $2,281,000. In August 2004, the Company
disposed of the property, at which time the buyer assumed the loan.

In November 2003, the Company entered into a long-term, Ñxed rate interest-only loan for $95,000,000.

The loan bears interest at a rate of 5.42% per annum with monthly interest payments of $435,000 and the
principal balance due in November 2013. The loan is secured by a Ñrst mortgage lien on the DC OÇce
Properties. As of December 31, 2004, the aggregate carrying value of these properties totaled $155,601,000.
As of December 31, 2004 and 2003, the outstanding principal balance was $95,000,000.

In February 2004, the Company acquired a property subject to a mortgage securing a loan for $6,952,000.
The loan bears interest at a rate of 6.90% per annum with monthly principal and interest payments of $68,000
and the balance due in January 2017. As of December 31, 2004, the aggregate carrying value of the property
was $12,358,000. The outstanding principal balance as of December 31, 2004, was $6,665,000.

In December 2004, the Company acquired a property subject to a mortgage securing loan for $408,000.
The loan bears interest at a rate of 9.375% per annum with monthly principal and interest payments of $5,000
and the balance due in September 2014. As of December 31, 2004, the aggregate carrying value of this
property was $697,000. The outstanding principal balance as of December 31, 2004, was $406,000.

The following is a schedule of the annual maturities of the Company's mortgages payable (dollars in

thousands):

2005 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2006 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2007 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2008 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
2009 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Thereafter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

4,070
22,376
8,776
1,156
964
119,826

$157,168

61

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

8. Notes Payable:

The Company Ñled a prospectus supplement to its shelf registration for each issuance of notes outlined in

the table below (dollars in thousands).

Issue Date

Purchase
Price

Discount(3)

Discounted
Purchase Stated EÅective
Rate(4)
Rate

Price

Commencement
Day of Semi-
Annual Interest
Payments

Maturity Date

2008 Notes(1) ÏÏÏÏÏÏÏÏ March 1998

$100,000

$271

$ 99,729 7.125% 7.163% September 1998 March 2008

2004 Notes(1)(5) ÏÏÏÏÏ June 1999

2010 Notes(1) ÏÏÏÏÏÏÏÏ September 2000

2012 Notes(1) ÏÏÏÏÏÏÏÏ June 2002

2014 Notes(1)(2)(6) ÏÏ June 2004

100,000

20,000

50,000

150,000

392

126

287

440

99,608 8.125% 7.547% December 1999 June 2004

19,874 8.500% 8.595% March 2001

September 2010

49,713 7.750% 7.833% December 2002 June 2012

149,560 6.250% 5.910% June 2004

June 2014

(1) The proceeds from the note issuance were used to pay down outstanding indebtedness of the Company's

Credit Facility.

(2) The proceeds from the note issuance were used to repay the obligation of the 2004 Notes.

(3) The note discounts are amortized to interest expense over the respective term of each debt obligation

using the eÅective interest method.

(4) Includes the eÅects of the discount, treasury lock gain and swap gain (as applicable).

(5) The Company entered into a treasury rate lock agreement which Ñxed a treasury rate of 5.1854% on a
notional amount of $92,000,000. Upon issuance of the 2004 Notes, the Company terminated the
treasury rate lock agreement resulting in a gain of $2,679,000. The gain was deferred and amortized as
an adjustment to interest expense over the term of the 2004 Notes using the eÅective interest method.

(6) The Company entered into a forward starting interest rate swap agreement which Ñxed a swap rate of
4.61% on a notional amount of $94,000,000. Upon issuance of the 2014 Notes, the Company terminated
the forward starting interest rate swap agreement resulting in a gain of $4,148,000. The gain has been
deferred and is being amortized as an adjustment to interest expense over the term of the 2014 Notes
using the eÅective interest method.

Each issuance of notes is redeemable at the option of the Company, in whole or in part, at a redemption
price equal to the sum of (i) the principal amount of the notes being redeemed plus accrued interest thereon
through the redemption date and (ii) the make-whole amount, as deÑned in the respective supplemental
indenture notes.

In connection with the debt oÅerings, the Company incurred debt issuance costs totaling $4,193,000
consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees
and printing expenses. Debt issuance costs have been deferred and are being amortized over the term of the
respective notes using the eÅective interest method.

In accordance with the terms of the indenture, pursuant to which the Company's notes have been issued,
the Company is required to meet certain restrictive Ñnancial covenants, which, among other things, require
the Company to maintain (i) certain leverage ratios and (ii) certain interest coverage. At December 31,
2004, the Company was in compliance with those covenants.

In November 2001, the Company entered into an unsecured $70,000,000 term note (""Term Note''), due
November 30, 2004, to Ñnance the acquisition of Captec and for the repayment of indebtedness and related
expenses in connection therewith. As of December 31, 2003, the Term Note had an outstanding principal
balance of $20,000,000. The Term Note bore interest at a rate of 175 basis points above LIBOR. In
November 2004, the Company used proceeds from the Credit Facility to repay the obligation of the Term

62

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Note. In connection with the Term Note, the Company incurred debt costs of $376,000 consisting primarily of
bank commitment fees. The Term Note costs were deferred and amortized over the term of the loan
commitment using the straight-line method which approximated the eÅective interest method.

9. Financing Lease Obligation:

In July 2004, the Company sold Ñve investment properties for approximately $26,041,000 and subse-

quently leased back the properties under a 10-year Ñnancing lease obligation. The Company may repurchase
one or more of the properties subject to put and call options included in the Ñnancing lease. In accordance
with the provisions of SFAS No. 66, ""Accounting for Sales of Real Estate,'' the Company has recorded this
transaction as a Ñnancing transaction. The 10-year Ñnancing lease bears an interest rate of 5% annually with
monthly interest payments of $109,000 and expires in June 2014 unless either the put or call option is
exercised.

10. Preferred Stock:

In December 2001, the Company issued 1,999,974 shares of 9% Non-Voting Series A Preferred Stock

(the ""Series A Preferred Stock'') in connection with the acquisition of Captec. Holders of the Series A
Preferred Stock are entitled to receive, when and as authorized by the board of directors, cumulative
preferential cash distributions at a rate of nine percent of the $25.00 liquidation preference per annum
(equivalent to a Ñxed annual amount of $2.25 per share). The Series A Preferred Stock ranks senior to the
Company's common stock with respect to distribution rights and rights upon liquidation, dissolution or
winding  up  of  the  Company.  The  Company  may  redeem  the  Series  A  Preferred  Stock  on  or  after
December 31, 2006, in whole or from time to time in part, for cash, at a redemption price of $25.00 per share,
plus all accumulated and unpaid distributions.

In 2004, 2003 and 2002, as a result of a legal action in connection with the merger of Captec, the

Company reduced the number of Series A Preferred Stock shares issued and outstanding by 56, 379 and
217,950, respectively.

In August 2003, the Company Ñled a prospectus supplement to its shelf registration statement and issued

10,000 shares of 6.70% Non-Voting Series B Cumulative Convertible Perpetual Preferred Stock (the
""Series B Convertible Preferred Stock'') and received gross proceeds of $25,000,000. In connection with this
oÅering, the Company incurred stock issuance costs totaling approximately $687,000, consisting primarily of
placement fees and legal and accounting fees. The Series B Convertible Preferred Stock is convertible at the
option of the holder, into 1,293,996 shares of the Company's common stock on and after the Ñrst anniversary
from the date on which the shares were issued. Holders of the Series B Convertible Preferred Stock are
entitled  to  receive,  when  and  as  authorized  by  the  board  of  directors,  cumulative  preferential  cash
distributions at the rate of 6.70 percent of the $2,500.00 liquidation preference per annum (equivalent to a
Ñxed annual amount of $167.50 per share). The Series B Convertible Preferred Stock ranks pari passu with
the Series A Preferred Stock and ranks senior to the Company's common stock with respect to distribution
rights and rights upon liquidation, dissolution or winding up of the Company. The Company may redeem the
Series B Convertible Preferred Stock on or after August 13, 2008, in whole or from time to time in part, for
cash, at a redemption price of $2,500.00 per share, plus all accumulated and unpaid distributions.

11. Common Stock:

In 2004, 2003 and 2002, as a result of a legal action in connection with the merger of Captec, the
Company reduced the number of common stock issued and outstanding by 51, 823 and 474,037, respectively.

63

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

In July 2003, the Company Ñled a prospectus supplement to its shelf registration statement and issued

5,600,000 shares of common stock and received gross proceeds of $100,800,000. In connection with this
oÅering, the Company incurred stock issuance costs totaling approximately $5,374,000, consisting primarily
of underwriters' commissions and fees, legal and accounting fees and printing expenses.

In December 2003, the Company Ñled a prospectus supplement to its shelf registration statement and

issued 3,250,000 shares of common stock and received gross proceeds of $56,517,000. Subsequently, the
Company issued an additional 487,500 shares in connection with the underwriters' over-allotment option and
received gross proceeds of $8,478,000. In connection with these oÅerings, the Company incurred stock
issuance costs totaling approximately $671,000, consisting primarily of underwriters' commissions and fees,
legal and accounting fees and printing expenses.

Under the terms of the limited partnership agreement of the Partnership, CTA had the right to convert its

80 percent limited partnership interest into shares of the Company's common stock (see Note 4). In
February 2004, CTA exercised its right to convert and the Company issued 953,551 shares of common stock
to CTA in a private transaction in exchange for CTA's 80 percent limited partnership interest.

12. Employee BeneÑt Plan:

EÅective January 1, 1998, the Company adopted a deÑned contribution retirement plan (the ""Retirement
Plan'') covering substantially all of the employees of the Company. The Retirement Plan permits participants
to defer up to a maximum of 15 percent of their compensation, as deÑned in the Retirement Plan, subject to
limits established by the Internal Revenue Code. The Company matches 50 percent of the participants'
contributions up to a maximum of six percent of a participant's annual compensation. The Company's
contributions to the Retirement Plan for the years ended December 31, 2004, 2003 and 2002 totaled $140,000,
$150,000 and $113,000, respectively.

13. Dividends:

The following presents the characterization for tax purposes of common stock dividends paid to

stockholders for the years ended December 31:

2004

2003

2002

Ordinary income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $0.916
Capital gain ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
0.040
QualiÑed 5-year Gain ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Unrecaptured Section 1250 Gain ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Nontaxable distributionsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$0.969
Ì
Ì 0.005
0.037
0.269

0.041
0.293

$1.174
0.006
Ì
0.005
0.085

$1.290

$1.280

$1.270

The Series A Preferred Stock dividends of $2.25 per share paid in each of the years ended December 31,

2004, 2003 and 2002, were characterized as ordinary income for tax purposes. The Series B Convertible
Preferred Stock dividends of $167.50 and $50.25 per share paid during the years ended December 31, 2004
and 2003, respectively, were characterized as ordinary income for tax purposes.

14. Dissenting Shareholders' Settlement:

During the year ended December 31, 2003, the Company recorded a dissenting shareholders' settlement
expense of $2,413,000 related to the appraisal rights litigation disclosed in Item 3 of the Company's Annual
Report on Form 10-K for the Ñscal year ended December 31, 2002, that arose as a result of the merger with

64

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Captec in December 2001 (the ""Appraisal Action''). In February 2003, the Company entered into a
settlement agreement with the beneÑcial owners of the alleged 1,037,946 dissenting shares (including the
petitioners in the Appraisal Action) which required the Company to pay $15,569,000, which approximated the
value of the original merger consideration (which included cash, common stock and Series A Preferred Stock
shares) at the time of the litigation settlement plus the dividends that would have been paid if the shares had
been issued at the time of the merger. In February 2003, the parties Ñled a stipulation and order of dismissal
and the Court entered the order of dismissal, dismissing the Appraisal Action with prejudice.

15. Transition Costs:

During the year ended December 31, 2004, the Company recorded a transition cost of $3,741,000

including severance, accelerated vesting of restricted stock, and recruitment costs in connection with the
appointment of Craig Macnab as Chief Executive OÇcer in February 2004, and the resignation of Gary M.
Ralston as President and Chief Operating OÇcer in May 2004.

16.

Income Taxes:

For income tax purposes, the Company has one TRS, Services, in which certain real estate activities are
conducted. Services treats depreciation expense and certain other items diÅerently for tax than for Ñnancial
reporting purposes. The principal diÅerences between Services' eÅective tax rates for the years ended
December 31, 2004, 2003 and 2002, and the statutory rates relate to state taxes and nondeductible expenses
such as meals and entertainment expenses.

The components of the net income tax asset (liability) consist of the following at December 31 (dollars

in thousands):

Temporary diÅerences:

2004

2003

$ (249)
DepreciationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $(211)
13
Stock based compensation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
59
(40)
(97)
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Ì 2,867
Net operating loss carryforwardÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Net deferred income tax asset (liability)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $(192)
(510)

Current income taxes payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$2,534
Ì

Income tax asset (liability) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $(702)

$2,534

In assessing the ability to realize a deferred tax asset, management considers whether it is more likely
than not that some portion or all of the deferred tax asset will not be realized. The ultimate realization of
deferred tax assets is dependent upon the generation of future taxable income during the periods in which
those temporary diÅerences become deductible. Management considers the scheduled reversal of deferred
tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based
upon the level of historical taxable income and projections for future taxable income over the periods in which
the deferred tax assets are deductible, management believes it is more likely than not that the Company will
realize all of the beneÑts of these deductible diÅerences that existed as of December 31, 2004.

65

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The income tax (expense) beneÑt has been allocated to earnings (loss) from continuing operations and to

earnings (loss) from discontinued operations for the years ended December 31, 2004, 2003 and 2002. The
income tax (expense) beneÑt consists of the following components for the years ended December 31, 2004,
2003 and 2002 (dollars in thousands):

Net loss from continuing operations of Services before income taxes
Provision for income taxes:

Current:

Federal ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
State and localÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Deferred:

Federal ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
State and localÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Total provision for income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

2004

2003

2002

$(8,092)

$(7,644)

$(8,025)

Ì
Ì

2,141
401

2,542

Ì
Ì

2,443
459

2,902

Ì
Ì

2,561
481

3,042

Services' net loss from continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$(5,550)

$(4,742)

$(4,983)

Net earnings from discontinued operations of Services before

income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $15,383

$10,118

$ 9,033

Provision for income taxes:

Current:

Federal ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
State and localÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(420)
(90)

Ì
Ì

Ì
Ì

Deferred:

Federal ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
State and localÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(4,497)
(832)

(3,234)
(607)

(2,887)
(542)

Total provision for income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(5,839)

(3,841)

(3,429)

Services' net earnings from discontinued operations ÏÏÏÏÏÏÏÏÏÏÏÏ

$ 9,544

$ 6,277

$ 5,604

Total Services' net earnings (loss) from operations ÏÏÏÏÏÏÏÏÏÏÏÏ $ 3,994

$ 1,535

$

621

66

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

17. Earnings from Discontinued Operations:

Real Estate, Held for Investment Ì In accordance with SFAS No. 144, ""Accounting for the Impairment

or Disposal of Long-Lived Assets,'' the Company has classiÑed the revenues and expenses related all
investment properties that were sold and leasehold interests that expired as discontinued operations. The
following is a summary of the earnings from discontinued operations from real estate held for investment for
each of the years ended December 31 (dollars in thousands):

2004

2003

2002

Revenues:

Rental income from operating leases ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Earned income from direct Ñnancing leasesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Real estate expense reimbursement from tenants ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Contingent rental incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest and other income from real estate transactionsÏÏÏÏÏÏÏÏÏ

$2,198
246
3
Ì
236

$4,226
455
10
12
85

$10,302
578
119
72
3

Operating expenses:

General and administrative ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Depreciation and amortizationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Provision for loss on impairment of real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Other expenses (revenues):

Interest and other income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

2,683

4,788

11,074

(5)
119
256
Ì

370

(56)
126

70

24
95
582
Ì

701

28
403
1,069
1,672

3,172

(100)
144

44

(19)
158

139

Earnings before gain on disposition of real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Gain on disposition of real estate, net of losses on disposition of

2,243

4,043

7,763

$544,000, $969,000 and $1,806,000, respectivelyÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

2,523

287

260

Earnings from discontinued operations from real estate held for

investment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $4,766

$4,330

$ 8,023

67

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Real Estate, Held for Sale Ì During the years ended December 31, 2004, 2003 and 2002, the Company

has classiÑed the revenues and expenses related to its held for sale properties, which generated rental
revenues, as discontinued operations. In addition, the Company also classiÑed revenues and expenses related
to the Inventory Properties that were held for sale as of December 31, 2004, as discontinued operations. The
following is a summary of the earnings from discontinued operations from real estate held for sale for each of
the years ended December 31 (dollars in thousands):

2004

2003

2002

Revenues:

Rental income from operating leases ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Real estate expense reimbursement from tenants ÏÏÏÏÏÏÏÏÏÏÏÏ
Gain on disposition of real estate held for sale ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest and other from real estate transactions ÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 2,313
183
18,702
224

$ 3,294
123
8,928
54

$ 4,868
102
6,455
(100)

Operating expenses:

General and administrative ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Depreciation and amortizationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Other expenses (revenues):

Interest and other income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

21,422

12,399

11,325

33
343
4

380

(28)
531

503

3
146
Ì

149

Ì
1,007

1,007

Ì
89
728

817

Ì
1,475

1,475

Earnings before provision for income taxes and minority interest
Provision for income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Minority interest ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

20,539
(5,839)
(5,156)

11,243
(3,841)
(1,125)

9,033
(3,429)

Ì

Earnings from discontinued operations from real estate held

for sale ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 9,544

$ 6,277

$ 5,604

18. Derivatives:

SFAS No. 133, ""Accounting for Derivative Instruments and Hedging Activities'', as amended and
interpreted, establishes accounting and reporting standards for derivative instruments, including certain
derivative instruments embedded in other contracts, and for hedging activities. As required by SFAS No. 133,
the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair
value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives
used to hedge the exposure to changes in the fair value of an asset, liability, or Ñrm commitment attributable
to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the
exposure to variability in expected future cash Öows, or other types of forecasted transactions, are considered
cash Öow hedges.

The Company's objective in using derivatives is to add stability to interest expense and to manage its
exposure to interest rate movements or other identiÑed risks. To accomplish this objective, the Company
primarily uses interest rate swaps as part of its cash Öow hedging strategy. Interest rate swaps designated as

68

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

cash Öow hedges involve the receipt of variable rate amounts in exchange for Ñxed-rate payments over the life
of the agreements without exchange of the underlying principal amount. To date, such derivatives have been
used to hedge the variable cash Öows associated with Öoating rate debt and forecasted interest payments of a
forecasted issuance of debt.

For derivatives designated as cash Öow hedges, the eÅective portion of changes in the fair value of the

derivative is initially reported in other comprehensive income (outside of earnings) and subsequently
reclassiÑed to earnings when the hedged transaction aÅects earnings, and the ineÅective portion of changes in
the fair value of the derivative is recognized directly in earnings. The Company had no outstanding derivatives
as of December 31, 2004. Additionally, the Company does not use derivatives for trading or speculative
purposes or currently have any derivatives that are not designated as hedges.

The Company discontinues hedge accounting prospectively when it is determined that the derivative is no
longer eÅective in oÅsetting changes in the cash Öows of the hedged item, the derivative expires or is sold,
terminated, or exercised, the derivative is re-designated as a hedging instrument or management determines
that designation of the derivative as a hedging instrument is no longer appropriate.

When hedge accounting is discontinued, the Company continues to carry the derivative at its fair value on
the balance sheet, and recognizes any changes in its fair value in earnings or may choose to cash settle the
derivative at that time.

In June 2004, the Company terminated its forward-starting interest rate swaps with a notional amount of
$94,000,000 that were hedging the risk of changes in forecasted interest payments on a forecasted issuance of
long-term debt. The fair value of the interest rate swaps when terminated was an asset of $4,148,000, which
had been deferred in other comprehensive income. The hedged forecasted interest payments that were
designated in the hedging relationships are still probable of occurring and therefore, the Company reclassiÑed
the $4,148,000 gain that was deferred in other comprehensive income as the hedged forecasted interest
payments aÅect earnings. During the year ended December 31, 2004, the Company amortized $169,000 to
interest expense from unamortized interest rate hedge gain. During the year ended December 31, 2005, the
Company expects to reclassify $326,000 to interest expense. The Company has no derivative Ñnancial
instruments outstanding at December 31, 2004.

19. Performance Incentive Plan:

The Company's 2000 Performance Incentive Plan (""2000 Plan'') allows the Company to award or grant

to key employees, directors and persons performing consulting or advisory services for the Company or its
aÇliates stock options, stock awards, stock appreciation rights, Phantom Stock Awards, Performance Awards

69

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

and Leveraged Stock Purchase Awards, each as deÑned in the 2000 Plan. The following summarizes the
stock-based compensation activity for the years December 31:

Number of Shares
2003

2004

2002

Outstanding, January 1ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,608,144
Ì
Options granted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
(886,962)
Options exercised ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
(81,417)
Options surrendered ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
205,579
Restricted stock grantedÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
(205,579)
Restricted stock issued ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
(29,926)
Restricted stock surrendered ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
29,926
Restricted stock cancelled ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

1,747,851
15,000

1,692,158
359,300
(132,357) (180,640)
(122,967)
(22,350)
64,000
76,407
(64,000)
(76,407)
Ì
(5,950)
Ì
5,950

Outstanding, December 31 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

639,765

1,608,144

1,747,851

Exercisable, December 31 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

537,244

1,372,184

1,293,284

Available for grant, December 31 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

1,460,636

1,561,192

1,628,809

The 205,579, 76,407 and 64,000 shares of restricted stock granted during the years ended December 31,

2004, 2003 and 2002, respectively, had a weighted average grant price of $16.97, $14.94 and $15.35,
respectively, per share. The following represents the weighted average option exercise price information for
the years ended December 31:

2004

2003

2002

Outstanding, January 1ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $14.51
Ì
Granted during the year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
13.69
Exercised during the yearÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
15.33
Outstanding, December 31 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
15.36
Exercisable, December 31 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$14.44
14.57
13.51
14.51
14.40

$

15.79
15.25
12.17
14.44
14.58

The following summarizes the outstanding options and the exercisable options at December 31, 2004:

$10.1875
to
$13.6875

Option Price Range
$14.5700
to
$17.8750

Total

Outstanding options:

Number of shares ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Weighted-average exercise price ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Weighted-average remaining contractual life in years ÏÏÏÏÏ

144,435
12.13
$
3.3

495,330
16.27
$
5.1

639,765
$ 15.33
4.7

Exercisable options:

Number of shares ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Weighted-average exercise price ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

141,096
12.10
$

396,148
16.52
$

537,244
$ 15.36

One-third of the grant to each individual becomes exercisable at the end of each of the Ñrst three years of
service following the date of the grant and the options' maximum term is 10 years. Pursuant to the 2000 Plan,
the Company has granted and issued shares of restricted stock to certain oÇcers and directors of the

70

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Company. The following is a summary of the restricted stock grants during the years ended December 31,
2004, 2003 and 2002:

Shares

Annual Vesting Rate

Number of Years
For Vesting

Shares are 100%
Vested on

OÇcers:

June 2002 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
March 2003 ÏÏÏÏÏÏÏÏÏÏÏÏ
March 2003 ÏÏÏÏÏÏÏÏÏÏÏÏ
April 2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏ
April 2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏ
April 2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏ
September 2004 ÏÏÏÏÏÏÏÏÏ

58,000
40,407
30,000
100,000
35,000
50,211
15,000

Total issued ÏÏÏÏÏÏÏÏÏÏ

328,618

Directors:

June 2002 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
June 2003 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
August 2004 ÏÏÏÏÏÏÏÏÏÏÏÏ
December 2004 ÏÏÏÏÏÏÏÏÏ

6,000
6,000
4,500
868

Total issued ÏÏÏÏÏÏÏÏÏÏ

17,368

15% Ó 30%
25%
15% Ó 30%
20%
20%
14.3%
14.3%

50%
50%
50%
50%

5
4
5
4
5
6
6

2
2
2
2

January 1, 2007
January 1, 2007
January 1, 2008
January 1, 2008
January 1, 2009
January 1, 2010
January 1, 2011

January 1, 2004
January 1, 2005
January 1, 2006
January 1, 2006

During 2004 and 2003, the Company cancelled 29,926 and 5,950, respectively, shares of restricted stock.
Compensation expense for the restricted stock is determined based upon the fair value at the date of grant
and is recognized as the greater of the amount amortized over a straight lined basis or the amount vested
over the vesting periods. For the years ended December 31, 2004, 2003 and 2002, the Company recognized
$1,113,000, $1,151,000 and $853,000, respectively, of such expense. In addition, in 2004, the Company
recognized $1,397,000 of transition cost related to the vesting of restricted stock.

20. Fair Value of Financial Instruments:

The Company believes the carrying value of its Credit Facility approximates fair value based upon its

nature, terms and variable interest rate. The Company believes the carrying value of its Ñnancing lease
obligation approximates fair value based upon its nature, terms and interest rate. The Company believes that
the carrying value of its cash and cash equivalents, line of credit, note and accrued interest receivable from
related party, mortgages, notes and accrued interest receivable, receivables, mortgages payable, accrued
interest payable and other liabilities at December 31, 2004 and 2003 approximate fair value, based upon
current market prices of similar issues. At December 31, 2004 and 2003, the fair value of the Company's notes
payable was $353,647,000 and $295,139,000, respectively, based upon the quoted market price.

21. Related Party Transactions:

For additional related party disclosures see Note 4.

The Company has revolving lines of credit with Services that allow for an aggregate borrowing capacity of
$105,000,000. The lines of credit each bear interest at prime rate plus 0.25% per annum and expire on May 9,
2006 and are secured by a pledge of the real estate and/or the other assets owned by the respective borrower.
The outstanding aggregate principal balance of the lines of credit at December 31, 2004 and 2003 was

71

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

$42,473,000 and $55,234,000, respectively, and bore interest at a rate of 5.50% and 4.25%, respectively, per
annum. In connection with the lines of credit from Services, the Company earned $3,819,000, $3,327,000,
and $6,018,000 in interest and fees during the years ended December 31, 2004, 2003 and 2002, respectively,
each of which was eliminated in consolidation.

In 2004, the Company provided disposition and development services to an aÇliate of James M. SeneÅ
Jr. and Robert A. Bourne, each a member of the Company's board of directors. In connection therewith, the
Company received an aggregate of $175,000 in fees.

In September 2000, a wholly-owned subsidiary of Services entered into a $6,000,000 promissory note

with an aÇliate in which James M. SeneÅ, Jr., a director of the Company, and Kevin B. Habicht, a director
and oÇcer of the Company, own a majority equity interest. The note was secured by the aÇliate's common
stock in OAMI, formerly know as CNL Commercial Finance, Inc. In July 2003, the promissory note was
paid in full. In addition, the wholly-owned subsidiary of Services has an option with the aÇliate to purchase
up to approximately 79 percent of all the common shares of OAMI equal to the purchase price paid by the
aÇliate for such common stock. The option expires on December 31, 2010.

In September 2000, a wholly-owned subsidiary of the Services entered into a $15,000,000 line of credit

agreement  with  OAMI.  Interest  is  payable  monthly  and  the  principal  balance  was  due  in  full  upon
termination of the line of credit. In March 2004, the maturity date of the line of credit agreement was
extended to March 31, 2005. In December 2003, the line of credit was amended to have a borrowing capacity
of $35,000,000. In May 2004, the line of credit agreement was amended to temporarily increase the available
credit to $45,000,000 until September 2004, at which time the available credit decreased to $35,000,000. In
December 2004, the credit agreement was terminated. During the years ended December 31, 2004, 2003 and
2002, the Company recognized $1,732,000, $927,000 and $1,898,000, respectively of interest and fee income
related to the line of credit.

An aÇliate of James M. SeneÅ, Jr., a director of the Company, provides certain administrative, tax and
technology services to the Company. In connection therewith, the Company paid $999,000, $1,363,000 and
$1,258,000 in fees relating to these services during the years ended December 31, 2004, 2003 and 2002,
respectively.

In 2002, the Company extended the maturity dates to dates between June and December 2007 on four
mortgages securing an original aggregate principal indebtedness totaling $8,514,000 from aÇliates of James
M. SeneÅ, Jr. and Robert A. Bourne, each members of the Company's board of directors. The mortgage
loans bear interest at a weighted average of 8.9%, per annum with interest payable monthly or quarterly. As of
December 31, 2004 and 2003, the aggregate principal balance of the four mortgages, included in mortgages,
notes and accrued interest receivable on the balance sheet, was $2,482,000 and $2,935,000, respectively. In
connection therewith, the Company recorded $243,000, $281,000 and $663,000 as interest from unconsoli-
dated aÇliates and other mortgage receivables during the years ended December 31, 2004, 2003 and 2002,
respectively.

22. Segment Information:

The Company has identiÑed two primary Ñnancial segments: (i) real estate held for investment and
(ii) real estate held for sale. The following tables represent the segment data and a reconciliation to the

72

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Company's condensed consolidated totals for the years ended December 31, 2004, 2003 and 2002 (dollars in
thousands):

Real Estate
Held for
Investment

Real Estate
Held for Sale

Eliminations
(Intercompany)

2004
External revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 116,895
3,819
Intersegment revenues ÏÏÏÏÏÏÏÏÏ
8,056
Interest revenueÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
1,027
Other revenue ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
33,001
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
16,974
Depreciation and amortizationÏÏÏ
28,387
Operating expenses ÏÏÏÏÏÏÏÏÏÏÏÏ
Equity in earnings of

unconsolidated aÇliates ÏÏÏÏÏÏ
Provision for income taxes ÏÏÏÏÏÏ
Minority interest ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Earnings (loss) from continuing

8,733
Ì
Ì

$ 4,695
Ì
2,096
319
2,295
164
10,679

(68)
2,542
(1,179)

$

Ì

(3,819)
Ì
Ì
(2,833)
Ì
(168)

(3,941)
Ì
(52)

operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

60,168

(4,733)

(4,811)

Condensed
Consolidated
Totals

$ 121,590
Ì
10,152
1,346
32,463
17,138
38,898

4,724
2,542
(1,231)

50,624

14,310

Earnings from discontinued

operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

4,766

Net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $

64,934

Assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$1,294,755

9,544

$ 4,811

$70,980

Additions to long-lived assets:

Ì

$ (4,811)

$

64,934

$(65,687)

$1,300,048

Real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 134,565

$74,024

$

Ì

$ 208,589

73

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Real Estate
Held for
Investment

Real Estate
Held for Sale

Eliminations
(Intercompany)

2003
External revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏ $
Intersegment revenues ÏÏÏÏÏÏÏÏÏ
Interest revenueÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other revenue ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Depreciation and amortizationÏÏÏ
Operating expenses ÏÏÏÏÏÏÏÏÏÏÏÏ
Equity in earnings of

unconsolidated aÇliates ÏÏÏÏÏÏ
Provision for income taxes ÏÏÏÏÏÏ
Minority interest ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Earnings (loss) from continuing

97,978
3,327
2,820
702
27,587
12,987
21,264

6,154
Ì
Ì

$ 3,247
471
1,922
291
1,263
230
10,986

(216)
2,902
157

$

Ì

(3,798)
Ì
Ì
(2,096)
Ì
(747)

(1,597)
Ì
(20)

operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

49,143

(3,705)

(2,572)

Condensed
Consolidated
Totals

$ 101,225
Ì
4,742
993
26,754
13,217
31,503

4,341
2,902
137

42,866

10,607

Earnings from discontinued

operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

4,330

Net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $

53,473

Assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$1,208,310

6,277

$ 2,572

$80,945

Additions to long-lived assets:

Ì

$ (2,572)

$

53,473

$(75,477)

$1,213,778

Real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 215,730

$58,612

$

Ì

$ 274,342

74

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

2002
External revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Intersegment revenues ÏÏÏÏÏÏÏÏÏ
Interest revenueÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Other revenue ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Depreciation and amortizationÏÏÏ
Operating expenses ÏÏÏÏÏÏÏÏÏÏÏÏ
Equity in earnings of

unconsolidated aÇliates ÏÏÏÏÏÏ
Provision for income taxes ÏÏÏÏÏÏ
Minority interest ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Earnings (loss) from continuing

Real Estate
Held for
Investment

$ 80,968
6,018
1,852
629
26,562
10,673
15,412

3,215
Ì
Ì

Real Estate
Held for Sale

Eliminations
(Intercompany)

$ 1,290
Ì
3,182
Ì
2,518
170
7,087

(756)
3,042
Ì

$

Ì
(6,018)
Ì
Ì
(3,901)
Ì
(197)

(659)
Ì
(8)

operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

40,035

(3,017)

(2,587)

Condensed
Consolidated
Totals

$ 82,258
Ì
5,034
629
25,179
10,843
22,302

1,800
3,042
(8)

34,431

13,627

Earnings from discontinued

operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

8,023

Net earnings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 48,058

Assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$954,108

5,604

$ 2,587

$77,320

Additions to long-lived assets:

Ì

$ (2,587)

$ 48,058

$(73,128)

$958,300

Real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 44,437

$27,229

$

Ì

$ 71,666

23. Major Tenants:

For the years ended December 31, 2004, the Company recorded rental and earned income from one of
the Company's tenants, the United States of America, of $18,181,000. During the years ended December 31,
2003 and 2002, the Company recorded rental and earned income from Eckerd Corporation, of $11,278,000
and $12,467,000, respectively. The rental and earned income from Eckerd Corporation and the United
States of America represents more than 10 percent of the Company's rental and earned income for each of the
respective years.

24. Commitments and Contingencies:

In January 2002, Calapasas Investment Partnership No. 1 Limited Partnership (""Calapasas''), a Captec
stockholder, Ñled a class action complaint against Captec, certain former Captec directors, and the Company
(as successor in interest to Captec). In its complaint Calapasas alleged that Captec and certain of its
directors violated provisions of the Securities and Exchange Act of 1934 by misrepresenting the value of
certain Captec assets on certain of its Ñnancial statements in 2000 and 2001. In July 2004, the parties entered
into a Stipulation of Settlement which was Ñled with the court. Pursuant to the Stipulation of Settlement, the
total settlement amount paid to the plaintiÅs was $225,000, which included payment of attorneys' fees and
costs to plaintiÅs' counsel. In July 2004, a Ñnal judgment of dismissal was entered by the court.

In the ordinary course of its business, the Company is a party to various other legal actions which
management believes is routine in nature and incidental to the operation of the business of the Company.

75

COMMERCIAL NET LEASE REALTY, INC.
and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Management believes that the outcome of the proceedings will not have a material adverse eÅect upon its
operations, Ñnancial condition or liquidity.

25. Subsequent Events:

In January 2005, the Company entered into a purchase agreement with James M. SeneÅ, Jr., a director
of the Company, Kevin B. Habicht, an oÇcer and director of the Company, and Gary M. Ralston, a former
oÇcer and director of the Company, which provided that the Company would acquire their collective
1.3 percent voting interest in Services. EÅective, January 1, 2005, the Company acquired the remaining
interest in Services increasing the Company's ownership in Services to 100 percent.

In January 2005, the Company entered into an agreement with National Properties Corporation
(""NAPE''), which provided that NAPE would merge with and into a subsidiary of the Company. At the time
of the merger agreement, NAPE owned 43 properties located in 12 states which were leased to 17 tenants. If
the acquisition is consummated, the Company will issue approximately 1,637,000 shares of common stock to
holders  of  NAPE  common  stock.  Total  consideration  for  the  merger  transaction  is  estimated  to  be
approximately $61,000,000 based on the Company's closing stock price on the date of the merger agreement.
Completion of the merger is subject to customary closing conditions, including the approval of the holders of
a majority of the outstanding shares of NAPE common stock. The Company has entered into a shareholders'
agreement with the holders of approximately 53 percent of the outstanding NAPE common stock whereby
these holders have agreed to vote in favor of the merger. However, the Company may terminate the merger
agreement if a majority of the NAPE shareholders who are not bound by the shareholders' agreement do not
approve the merger. The merger does not require approval by the Company's shareholders. The Company
anticipates that the merger will be completed not later than the second quarter of 2005.

76

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Process for Assessment and Evaluation of Disclosure Controls and Procedures and Internal Control over
Financing Reporting.

The Company carried out an assessment as of December 31, 2004 of the eÅectiveness of the design and

operation of its disclosure controls and procedures and its internal control over Ñnancial reporting. This
assessment  was  done  under  the  supervision  and  with  the  participation  of  management,  including  the
Company's Chief Executive OÇcer and Chief Financial OÇcer. Rules adopted by the Commission require
the Company to present the conclusions of the Chief Executive OÇcer and Chief Financial OÇcer about the
eÅectiveness of the Company's disclosure controls and procedures and the conclusions of the Company's
management about the eÅectiveness of the Company's internal control over Ñnancial reporting as of the end of
the period covered by this annual report.

CEO and CFO CertiÑcations.

Included as Exhibits 31.1 and 31.2 to this Annual Report on Form 10-K

are forms of ""CertiÑcation'' of the Company's Chief Executive OÇcer and Chief Financial OÇcer. The
forms of CertiÑcation are required in accordance with Section 302 of the Sarbanes-Oxley Act of 2002. This
section of the Annual Report on Form 10-K that you are currently reading is the information concerning the
assessment referred to in the Section 302 certiÑcations and this information should be read in conjunction
with the Section 302 certiÑcations for a more complete understanding of the topics presented.

Disclosure Controls and Procedures and Internal Control over Financial Reporting. Disclosure controls
and procedures are designed with the objective of ensuring that information required to be disclosed in the
Company's reports Ñled or submitted under the Exchange Act, such as this Annual Report on Form  10-K, is
recorded, processed, summarized and reported within the time periods speciÑed in the Commission's rules and
forms. Disclosure controls and procedures are also designed with the objective of ensuring that such
information  is  accumulated  and  communicated  to  the  Company's  management,  including  the  Chief
Executive OÇcer and Chief Financial OÇcer, as appropriate, to allow timely decisions regarding required
disclosure.

Internal control over Ñnancial reporting is a process designed by, or under the supervision of, the

Company's Chief Executive OÇcer and Chief Financial OÇcer, and aÅected by the Company's board of
directors, management and other personnel, to provide reasonable assurance regarding the reliability of
Ñnancial reporting and the preparation of Ñnancial statements for external purposes in accordance with
generally accepted accounting principles (""GAAP'') and includes those policies and procedures that:

‚ pertain to the maintenance of records that in reasonable detail accurately and fairly reÖect the

transactions and dispositions of the Company's assets;

‚ provide reasonable assurance that transactions are recorded as necessary to permit preparation of
Ñnancial statements in accordance with generally accepted accounting principles, and that the
Company's receipts and expenditures are being made in accordance with authorizations of manage-
ment or the board of directors; and

‚ provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use
or disposition of the Company's assets that could have a material adverse eÅect on the Company's
Ñnancial statements.

Scope of the Assessments. The assessment by the Company's Chief Executive OÇcer and Chief
Financial OÇcer of the Company's disclosure controls and procedures and the assessment by the Company's
management,  including  the  Company's  Chief  Executive  OÇcer  and  Chief  Financial  OÇcer,  of  the
Company's internal control over Ñnancial reporting included a review of procedures and discussions with the
Company's management and others at the Company. In the course of the assessments, the Company sought

77

to identify data errors, control problems or acts of fraud and to conÑrm that appropriate corrective action,
including process improvements, were being undertaken.

The Company's internal control over Ñnancial reporting is also assessed on an ongoing basis by personnel
in the Company's Accounting department and by the Company's internal auditors in connection with their
internal  audit  activities.  The  overall  goals  of  these  various  assessment  activities  are  to  monitor  the
Company's disclosure controls and procedures and the Company's internal control over Ñnancial reporting and
to make modiÑcations as necessary. The Company's intent in this regard is that the disclosure controls and
procedures and the internal control over Ñnancial reporting will be maintained and updated (including with
improvements and corrections) as conditions warrant. Among other matters, management sought in its
assessment to determine whether there were any ""signiÑcant deÑciencies'' or ""material weaknesses'' in the
Company's internal control over Ñnancial reporting, or whether management had identiÑed any acts of fraud
involving personnel who have a signiÑcant role in the Company's internal control over Ñnancial reporting. In
the Public Company Accounting Oversight Board's Auditing Standard No. 2, a ""signiÑcant deÑciency'' is a
""control deÑciency,'' or a combination of control deÑciencies, that adversely aÅects the ability to initiate,
authorize, record, process or report external Ñnancial data reliably in accordance with GAAP such that there is
more than a remote likelihood that a misstatement of the annual or interim Ñnancial statements that is more
than inconsequential will not be prevented or detected. A ""control deÑciency'' exists when the design or
operation of a control does not allow management or employees, in the normal course of performing their
assigned functions, to prevent or detect misstatements on a timely basis. A ""material weakness'' is deÑned in
Auditing Standard No. 2 as a signiÑcant deÑciency, or a combination of signiÑcant deÑciencies, that results in
more than a remote likelihood that a material misstatement of the annual or interim Ñnancial statements will
not be prevented or detected. Management also sought to deal with other control matters in the assessment,
and in each case if a problem was identiÑed, management considered what revision, improvement and/or
correction was necessary to be made in accordance with the Company's on-going procedures. The assessments
of the Company's disclosure controls and procedures and the Company's internal control over Ñnancial
reporting is done on a quarterly basis so that the conclusions concerning eÅectiveness of those controls can be
reported in the Company's Quarterly Reports on Form 10-Q and Annual Report on Form 10-K.

Assessment of EÅectiveness of Disclosure Controls and Procedures.

Based upon the assessments, the Company's Chief Executive OÇcer and Chief Financial OÇcer have
concluded that, as of December 31, 2004, the Company's disclosure controls and procedures were eÅective.

Management's Report on Internal Control Over Financial Reporting.

Management, including the Company's Chief Executive OÇcer and Chief Financial OÇcer, are
responsible  for  establishing  and  maintaining  adequate  internal  control  over  Ñnancial  reporting  for  the
Company. Management used the criteria issued by the Committee of Sponsoring Organizations of the
Treadway  Commission  in  Internal  Control Ì Integrated  Framework  to  assess  the  eÅectiveness  of  the
Company's internal control over Ñnancial reporting. Based upon the assessments, the Company's Chief
Executive OÇcer and Chief Financial OÇcer have concluded that, as of December 31, 2004, the Company's
internal  control  over  Ñnancial  reporting  was  eÅective.  The  Company's  independent  registered  public
accounting Ñrm has audited the consolidated Ñnancial statements in this Annual Report on Form 10-K and
have issued an attestation report on management's assessment of the Company's internal control over
Ñnancial reporting and its opinion on the eÅectiveness of internal control over Ñnancial reporting, which
appears on page 37 of this Annual Report on Form 10-K.

Changes in Internal Control Over Financial Reporting.

During the three months ended December 31, 2004, there were no changes in the Company's internal
control over Ñnancial reporting that has materially aÅected, or are reasonably likely to materially aÅect, the
Company's internal control for Ñnancial reporting.

78

Limitations on the EÅectiveness of Controls.

Management, including the Company's Chief Executive OÇcer and Chief Financial OÇcer, do not
expect that the Company's disclosure controls and procedures or the Company's internal control over Ñnancial
reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the objectives of the control system are met.
Further, the design of a control system must reÖect the fact that there are resource constraints, and the
beneÑts of controls must be considered relative to their costs. Because of the inherent limitations in all control
systems, no evaluation of controls can provide absolute assurance that all control issues and instances of
fraud, if any, within the company have been detected. These inherent limitations include the realities that
judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or
mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two
or more people, or by management's override of the control. The design of any system of controls also is based
in part upon certain assumptions about the likelihood of future events, and there can be no assurance that
any design will succeed in achieving its stated goals under all potential future conditions; over time, controls
may become inadequate because of changes in conditions, or the degree of compliance with the policies or
procedures may deteriorate. Because of the inherent limitations in a cost-eÅective control system, misstate-
ments due to error or fraud may occur and not be detected.

79

Item 9B. Other Information.

None.

PART III

Item 10. Directors and Executive OÇcers of the Registrant

Reference is made to the Registrant's deÑnitive proxy statement to be Ñled with the Commission
pursuant to Regulation 14(a); information responsive to this Item is contained in the sections thereof
captioned ""Proposal I: Election of Directors Ì Nominees,'' ""Proposal I: Election of Directors Ì Executive
OÇcers,'' ""Proposal I: Election of Directors  Ì  Code of Business Conduct'' and ""Security Ownership,'' and
the information in such sections is incorporated herein by reference.

Item 11. Executive Compensation

Reference is made to the Registrant's deÑnitive proxy statement to be Ñled with the Commission
pursuant to Regulation 14(a); information responsive to this Item is contained in the section thereof captioned
""Proposal I: Election of Directors Ì Compensation of Directors,'' ""Executive Compensation,'' ""Compensa-
tion Committee Report'' and ""Performance Graph,'' and the information in such sections is incorporated
herein by reference.

Item 12. Security Ownership of Certain BeneÑcial Owners and Management and Related Stockholder

Matters

Reference is made to the Registrant's deÑnitive proxy statement to be Ñled with the Commission
pursuant to Regulation 14(a); information responsive to this Item is contained in the section thereof captioned
""Executive Compensation  Ì Equity Compensation Plan Information,'' ""Security Ownership,'' and the
information in such section is incorporated herein by reference.

Item 13. Certain Relationships and Related Transactions

Reference is made to the Registrant's deÑnitive proxy statement to be Ñled with the Commission
pursuant to Regulation 14(a); information responsive to this Item is contained in the section thereof captioned
""Certain Transactions,'' and the information in such section is incorporated herein by reference.

Item 14. Principal Accounting Fees and Services

Reference is made to the Registrant's deÑnitive proxy statement to be Ñled with the Commission
pursuant to Regulation 14(a); information responsive to this Item is contained in the section thereof captioned
""Audit Committee Report,'' and the information in such section is incorporated herein by reference.

PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) The following documents are Ñled as part of this report.

(1) Financial Statements

Reports of Independent Registered Public Accounting Firm

Consolidated Balance Sheets as of December 31, 2004 and 2003

Consolidated Statements of Earnings for the years ended December 31, 2004, 2003 and 2002

Consolidated Statements of Stockholders' Equity for the years ended December 31, 2004, 2003
and 2002

80

Consolidated Statements of Cash Flows for the years ended December 31, 2004, 2003 and 2002

Notes to Consolidated Financial Statements

(2) Financial Statement Schedules

Schedule III Ì Real Estate and Accumulated Depreciation and Amortization and Notes as of
December 31, 2004

Schedule IV Ì Mortgage Loans on Real Estate and Notes as of December 31, 2004

All other schedules are omitted because they are not applicable or because the required
information is shown in the Ñnancial statements or the notes thereto.

(3) Exhibits

(a) The following exhibits are Ñled as a part of this report.

2

Plan of Acquisition, Reorganization, Arrangement, Liquidation or
Succession.

2.1 Agreement and Plan of Merger, dated January 14, 2005, among

Commercial Net Lease Realty, Inc., NAPE Acquisition, Inc., National
Properties Corporation and Raymond Di Paglia (Ñled as Exhibit 99.1
to the Registrant's Current Report on Form 8-K dated January 19,
2005, and incorporated herein by reference).
Articles of Incorporation and By-laws
First Amended and Restated Articles of Incorporation of the
Registrant, as amended (Ñled herewith).

3
3.1

3.2 Articles Supplementary Establishing and Fixing the Rights and

Preferences of a Series of Preferred Stock (9% Series A Non-Voting
Preferred Stock, par value $0.01 per share (the ""Series A Preferred
Stock'') (Ñled as Exhibit 3 to the Registrant's Form 8-A dated
November 26, 2001 and Ñled with the Securities and Exchange
Commission on November 27, 2001, and incorporated herein by
reference).

4

3.4

3.3 Articles Supplementary Classifying and Designating 10,000 Preferred
Shares as the Series B Preferred Stock (Ñled as Exhibit 3 to the
Registrant's Form 8-A dated August 12, 2003 and Ñled with the
Securities and Exchange Commission on August 13, 2003, and
incorporated herein by reference).
Second Amended and Restated Bylaws of the Registrant (Ñled as
Exhibit 3.5 to the Registrant's Quarterly Report on Form 10-Q for the
quarter ended September 30, 2004, and incorporated herein by
reference).
Instruments DeÑning the Rights of Security Holders, Including
Indentures
Specimen CertiÑcate of Common Stock, par value $0.01 per share, of
the Registrant (Ñled as Exhibit 3.4 to the Registrant's Registration
Statement No. 1-11290 on Form 8-B and incorporated herein by
reference).
Form of Indenture dated March 25, 1998, by and among Registrant
and First Union National Bank, Trustee, relating to $100,000,000 of
7.125% Notes due 2008 (Ñled as Exhibit 4.1 to the Registrant's
Current Report on Form 8-K dated March 20, 1998, and incorporated
herein by reference).

4.2

4.1

81

4.3

4.4

4.5

4.6

4.7

4.8

4.9

Form of Supplemental Indenture No. 1 dated March 25, 1998, by and
among Registrant and First Union National Bank, Trustee, relating to
$100,000,000 of 7.125% Notes due 2008 (Ñled as Exhibit 4.2 to the
Registrant's Current Report on Form 8-K dated March 20, 1998, and
incorporated herein by reference).
Form of 7.125% Note due 2008 (Ñled as Exhibit 4.3 to the
Registrant's Current Report on Form 8-K dated March 20, 1998, and
incorporated herein by reference).
Form of Supplemental Indenture No. 3 dated September 20, 2000, by
and among Registrant and First Union National Bank, Trustee,
relating to $20,000,000 of 8.5% Notes due 2010 (Ñled as Exhibit 4.2 to
the Registrant's Current Report on Form 8-K dated September 20,
2000, and incorporated herein by reference).
Form of 8.5% Notes due 2010 (Ñled as Exhibit 4.3 to the Registrant's
Current Report on Form 8-K dated September 20, 2000, and
incorporated herein by reference).
Form of Supplemental Indenture No. 4 dated as of May 30, 2002, by
and among Registrant and Wachovia Bank, National Association,
Trustee, relating to $50,000,000 of 7.75% Notes due 2012 (Ñled as
Exhibit 4.2 to the Registrant's Current Report on Form 8-K dated
June 4, 2002, and incorporated herein by reference).
Form of 7.75% Notes due 2012 (Ñled as Exhibit 4.3 to the Registrant's
Current Report on Form 8-K dated June 4, 2002, and incorporated
herein by reference).
Form of Supplemental Indenture No. 5 dated as of June 18, 2004, by
and among Registrant and Wachovia Bank, National Association,
Trustee, relating to $150,000,000 of 6.25% Notes due 2014 (Ñled as
Exhibit 4.1 to the Registrant's Current Report on Form 8-K dated
June 15, 2004, and incorporated herein by reference).

4.10 Form of 6.25% Notes due 2014 (Ñled as Exhibit 4.2 to the Registrant's

Current Report on Form 8-K dated June 15, 2004, and incorporated
herein by reference).

4.11 Articles Supplementary Establishing and Fixing the Rights and

Preferences of a Series of Preferred Stock (the Series A Preferred
Stock) (Ñled as Exhibit 3 to the Registrant's Form 8-A dated
November 26, 2001 and Ñled with the Securities and Exchange
Commission on November 27, 2001, and incorporated herein by
reference).

4.12 Specimen Stock CertiÑcate relating to the Series A Preferred Stock

(Ñled as Exhibit 4 to the Registrant's Form 8-A dated November 26,
2001 and Ñled with the Securities and Exchange Commission on
November 27, 2001, and incorporated herein by reference).

4.13 Articles Supplementary Classifying and Designating 10,000 Preferred
Shares as the Series B Preferred Stock (Ñled as Exhibit 3 to the
Registrant's Form 8-A dated August 12, 2003 and Ñled with the
Securities and Exchange Commission on August 13, 2003, and
incorporated herein by reference).

4.14 Specimen Stock CertiÑcate relating to the Series B Preferred Stock

(Ñled as Exhibit 4 to the Registrant's Form 8-A dated August 12,
2003 and Ñled with the Securities and Exchange Commission on
August 13, 2003, and incorporated herein by reference).
Material Contracts

10

82

10.1

10.2

10.3

10.4

10.5

10.6

10.7

10.8

10.9

2000 Performance Incentive Plan (Ñled as Exhibit 99 to the
Registrant's Registration Statement No. 333-64794 on Form S-8 and
incorporated herein by reference).
Form of Restricted Stock Agreement between the Company and the
Participant of the Company (Ñled herewith).
Employment Agreement dated February 16, 2004, between the
Registrant and Craig Macnab (Ñled herewith).
Employment Agreement dated February 1, 2003, between the
Registrant and Julian E. Whitehurst (Ñled herewith).
Employment Agreement dated January 1, 2003, as amended, between
the Registrant and Kevin B. Habicht (Ñled herewith).
Employment Agreement dated January 1, 2003, between the
Registrant and Dennis E. Tracy (Ñled herewith).
Third Renewal Promissory Note dated as of April 1, 2001, by
Commercial Net Lease Realty Services, Inc. in favor of Registrant
relating to an $85,000,000 line of credit (Ñled as Exhibit 10.13 to the
Registrant's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2001, and incorporated herein by reference).
Separation Agreement and General Release, dated as of April 23,
2004, by and between Gary M. Ralston and the Registrant, as
amended (Ñled herewith).
Third ModiÑcation of Amended and Restated Secured Revolving Line
of Credit and Security Agreement and Other Loan Documents
eÅective as of April 1, 2001, by and between Registrant as lender and
Commercial Net Lease Realty Services, Inc., as borrower, relating to
an $85,000,000 line of credit (Ñled as Exhibit 10.14 to the Registrant's
Quarterly Report on Form 10-Q for the quarter ended September 30,
2001, and incorporated herein by reference).

10.10 Fourth ModiÑcation of Amended and Restated Secured Revolving

Line of Credit and Security Agreement and Other Loan Documents
eÅective as of July 1, 2001, by and between Registrant as lender and
Commercial Net Lease Realty Services, Inc., as borrower, relating to
an $85,000,000 line of credit (Ñled as Exhibit 10.15 to the Registrant's
Quarterly Report on Form 10-Q for the quarter ended September 30,
2001, and incorporated herein by reference).

10.11 Seventh Amended and Restated Line of Credit and Security

Agreement, dated May 9, 2003, by and among Registrant, certain
lenders and Wachovia Bank, N.A., as the Agent, relating to a
$225,000,000 loan (Ñled as Exhibit 10.11 to the Registrant's Current
Report on Form 8-K dated July 11, 2003, and incorporated herein by
reference).

10.12 Real Estate Purchase Contract, dated as of July 23, 2003, by an

between MCI WorldCom Network Services, Inc. and the Company
(Ñled as Exhibit 10.1 to the Registrant's Current Report on Form 8-K
dated July 25, 2003, and incorporated herein by reference).
10.13 U.S. Government Lease for Real Property, dated as of December 17,

2002, between MCI WorldCom Network Services, Inc. and the United
States of America (Ñled as Exhibit 10.2 to the Registrant's Current
Report on Form 8-K dated July 25, 2003, and incorporated herein by
reference).
Statement of Computation of Ratios of Earnings to Fixed Charges
(Ñled herewith).
Subsidiaries of the Registrant (Ñled herewith).

12

21

83

23

24
31
31.1

31.2

32
32.1

32.2

99
99.1

Consent of Independent Accountants dated March 9, 2005 (Ñled
herewith).
Power of Attorney (included on signature page).
Section 302 CertiÑcations
CertiÑcation of Chief Executive OÇcer pursuant to Rule 13a-14(a) of
the Securities Exchange Act of 1934, as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002 (Ñled herewith).
CertiÑcation of Chief Financial OÇcer pursuant to Rule 13a-14(a) of
the Securities Exchange Act of 1934, as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002 (Ñled herewith).
Section 906 CertiÑcations
CertiÑcation of Chief Executive OÇcer pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-
Oxley Act of 2002 (Ñled herewith).
CertiÑcation of Chief Financial OÇcer pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-
Oxley Act of 2002 (Ñled herewith).
Additional Exhibits
CertiÑcation of Chief Executive OÇcer pursuant to
Section 303A.12(a) of the New York Stock Exchange Listed
Company Manual (Ñled herewith).

84

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized,
on the 14th day of March, 2005.

SIGNATURES

COMMERCIAL NET LEASE REALTY, INC.

By:

/s/ Craig Macnab

Craig Macnab
Director, President, and Chief Executive OÇcer

85

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below
by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. Each
person whose signature appears below hereby constitutes and appoints each of Craig Macnab and Kevin B.
Habicht as his attorney-in-fact and agent, with full power of substitution and resubstitution for him in any and
all capacities, to sign any or all amendments to this report and to Ñle same, with exhibits thereto and other
documents in connection therewith, granting unto such attorney-in-fact and agent full power and authority
to do and perform each and every act and thing requisite and necessary in connection with such matters and
hereby ratifying and conÑrming all that such attorney-in-fact and agent or his substitutes may do or cause to
be done by virtue hereof.

Signature

Title

Date

/s/ James M. SeneÅ, Jr.
James M. SeneÅ, Jr.

/s/ Robert A. Bourne
Robert A. Bourne

/s/ CliÅord R. Hinkle
CliÅord R. Hinkle

/s/ Richard B. Jennings
Richard B. Jennings

/s/ Ted B. Lanier
Ted B. Lanier

/s/ Robert C. Legler
Robert C. Legler

/s/ Robert Martinez
Robert Martinez

/s/ Craig Macnab
Craig Macnab

/s/ Kevin B. Habicht
Kevin B. Habicht

Chairman of the Board of Directors

March 14, 2005

Vice Chairman of the Board of Directors March 14, 2005

Director

March 14, 2005

Director

March 14, 2005

Director

March 14, 2005

Director

March 14, 2005

Director

March 14, 2005

Director, President and
Chief Executive OÇcer

Director, Chief Financial OÇcer
(Principal Financial and Accounting
OÇcer), Executive Vice President,
Assistant Secretary and Treasurer

March 14, 2005

March 14, 2005

86

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION
December 31, 2004

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

Accumulated
Depreciation Date of
Con-

and
Amortization

Date

struction Acquired

Real Estate Held for

Investment the Company has
Invested in Under Operating
Leases:
Academy:
Houston, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $
Houston, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
N. Richland Hills, TX ÏÏÏÏÏÏÏÏ
Houston, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Houston, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Baton Rouge, LA ÏÏÏÏÏÏÏÏÏÏÏÏ
Houston, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Pasadena, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Beaumont, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
San Antonio, TX ÏÏÏÏÏÏÏÏÏÏÏÏ
Ace Hardware and Lighting:
Bourbonnais, IL ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Advanced Auto Parts:
Miami, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Albertsons:
Sonora, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
American Signature Home:
White Marsh, MD ÏÏÏÏÏÏÏÏÏÏÏ
Amoco:
Miami, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Sunrise, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Applebee's:
Ballwin, MO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Arby's:
Colorado Springs, CO ÏÏÏÏÏÏÏÏ
Thomson, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Whitmore Lake, MI ÏÏÏÏÏÏÏÏÏÏ
Albuquerque, NMÏÏÏÏÏÏÏÏÏÏÏÏ
Albuquerque, NMÏÏÏÏÏÏÏÏÏÏÏÏ
Santa Fe, NMÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Washington Courthouse, OH ÏÏ
Ashley Furniture:
Altamonte Springs, FLÏÏÏÏÏÏÏÏ
Babies ""R'' Us:
Arlington, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Independence, MO ÏÏÏÏÏÏÏÏÏÏÏ

Ì $
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
831,369(t)

1,074,232
699,165
1,307,655
2,098,895
795,005
1,547,501
2,310,845
899,768
1,423,700
973,123

$

Ì $
Ì
Ì
Ì
Ì
Ì
1,627,872
2,180,574
2,449,261
Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

3,006,391

Ì
Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

$Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì
Ì

$

$

1,074,232
699,165
1,307,655
2,098,895
795,005
1,547,501
2,310,845
899,768
1,423,700
973,123

$

(c)
(c)
(c)
(c)
(c)
(c)
1,627,872
2,180,574
2,449,261
(c)

1,074,232
699,165
1,307,655
2,098,895
795,005
1,547,501
3,938,717
3,080,342
3,872,961
973,123

(c)
(c)
(c)
(c)
(c)
(c)
235,702
315,729
354,633
(c)

1994
1995
1996
1996
1996
1997
1976
1994
1992
1996

05/95
06/95
08/95(f)
02/96(f)
06/96(f)
08/96(f)
03/99
03/99
03/99
09/97

(c)
(c)
(c)
(c)
(c)
(c)
40 years
40 years
40 years
(c)

298,192

1,329,492

1,627,684

121,672

1997

11/98

37.4 years

866,927

Ì

866,927

Ì

(e)

12/04

(e)

587,782

1,620,311

2,208,093

48,947

1984

03/99

40 years

3,762,030

3,006,391

6,768,421

510,460

1998

03/98(g)

40 years

969,156
949,185

Ì
Ì

969,156
949,185

Ì
Ì

(e)
(e)

05/03
05/03

(e)
(e)

1,496,173

1,403,581

2,899,754

106,731

1995

12/01

40 years

205,957
267,842
170,515
442,991
250,881
450,358
156,875

533,540
503,550
468,916
507,790
513,970
341,960
545,841

739,497
771,392
639,431
950,781
764,851
792,318
702,716

40,571
38,291
35,657
38,613
39,083
26,003
41,507

1998
1997
1993
1993
1988
1998
1998

12/01
12/01
12/01
12/01
12/01
12/01
12/01

40 years
40 years
40 years
40 years
40 years
40 years
40 years

2,906,409

5,192,225

8,098,634

909,246

1997

09/97

40 years

830,689
1,678,794

2,611,867
2,301,909

3,442,556
3,980,703

555,566
175,041

1996
1996

06/96
12/01

40 years
40 years

298,192

1,329,492

866,927

Ì

587,782

1,620,311

3,762,030

969,156
949,185

Ì

Ì
Ì

1,496,173

1,403,581

205,957
267,842
170,515
442,991
250,881
450,358
156,875

533,540
503,550
468,916
507,790
513,970
341,960
545,841

Ì

Ì

Ì

Ì

Ì
Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì
Ì

2,906,409

4,877,225

315,000

830,689
1,678,794

2,611,867
2,301,909

Ì
Ì

See accompanying report of independent registered public accounting Ñrm.

F-1

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

Accumulated
Depreciation Date of
Con-

and
Amortization

Date

struction Acquired

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì
Ì

Barnes & Noble:
Brandon, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1,048,316(j)$
Denver, CO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Houston, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Plantation, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Freehold, NJ(r) ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dayton, OHÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Redding, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Marlton, NJÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Memphis, TN ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Beall's:
Sarasota, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

5,002,757(p)

1,615,585(t)

1,206,303(t)

Ì
Ì
Ì
Ì

$

1,476,407
3,244,785
3,307,562
3,616,357
2,917,219
1,412,614
497,179
2,831,370
1,573,875

$

1,527,150
2,722,087
2,396,024
Ì
2,260,663
3,223,467
1,625,702
4,318,554
2,241,639

1,077,802

1,795,173

Beautiful America Dry Cleaners:
Orlando, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Bed, Bath & Beyond:
Richmond, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Los Angeles, CAÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Glendale, AZÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Bedford Furniture:
Everett, PA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Bennigan's:
Milford, CT(r) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Altamonte Springs, FLÏÏÏÏÏÏÏÏÏ
Schaumburg, IL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Wichita Falls, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Best Buy:
Brandon, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Evanston, IL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cuyahoga Falls, OHÏÏÏÏÏÏÏÏÏÏÏ
Rockville, MDÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Fairfax, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
St. Petersburg, FL ÏÏÏÏÏÏÏÏÏÏÏÏ
North Fayette, PA ÏÏÏÏÏÏÏÏÏÏÏÏ
Denver, CO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Big D's:
Eden Prairie, MNÏÏÏÏÏÏÏÏÏÏÏÏÏ
BJ's Wholesale:
Orlando, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Blockbuster:
Conyers, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Mobile, AL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Mobile, AL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Gainesville, GAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Glasgow, KY ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Alice, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Kingsville, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
BMW:
Duluth, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Bodyworks Unlimited:
Rincon, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

79,983(u)

40,200

110,531

2,867,434(p)

Ì
Ì

Ì

Ì
Ì
Ì
Ì

Ì
Ì
Ì
Ì
Ì

4,575,692(p)

Ì
Ì

Ì

1,184,144
6,318,023
1,082,092

2,842,759
3,089,396
Ì

Ì
Ì
2,758,452

226,366

1,159,833

7,830

921,200
1,088,282
2,064,964
818,611

2,985,156
1,850,996
3,708,980
6,233,342
3,052,477
4,031,744
2,330,847
8,881,890

697,298
924,425
1,311,190
1,107,418

2,772,137
Ì
2,359,377
3,418,783
3,218,018
2,610,980
2,292,932
4,372,684

Ì
Ì
Ì
Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

64,916

180,538

80,809

6,192,000(u)

3,137,500

8,626,657

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

320,029
491,453
843,121
294,882
302,859
318,285
498,849

556,282
498,488
562,498
611,570
560,904
578,268
457,695

4,433,613

4,080,186

244,607

1,166,045

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

$Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

$

$

1,476,407
3,244,785
3,307,562
3,616,457
2,917,219
1,412,614
497,179
2,831,370
1,573,875

$

1,527,150
2,722,087
2,396,024
(c)
2,260,663
3,223,467
1,625,702
4,318,554
2,241,639

3,003,557
5,966,872
5,703,586
3,616,457
5,177,882
4,636,081
2,122,881
7,149,924
3,815,514

380,950
697,647
554,089
(c)
504,253
614,473
306,513
661,279
51,363

1995
1994
1995
1996
1995
1996
1997
1998
1997

08/94(f)
09/94
10/94(f)
05/95(f)
01/96
05/97
06/97
11/98
09/97

40 years
40 years
40 years
(c)
40 years
40 years
40 years
40 years
40 years

Ì

Ì

Ì
Ì
Ì

Ì

Ì
Ì
Ì
Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

1,077,802

1,795,173

2,872,975

43,054

1996

09/97

40 years

40,200

110,531

150,731

2,418

2001

02/04

40 years

1,184,144
6,318,023
1,082,092

2,842,759(o)
3,089,396
2,758,452

4,026,903
9,407,419
3,840,544

183,595
473,064
376,414

1997
1975
1999

06/98
11/98
12/98(g)

33 years
40 years
40 years

226,366

817,667

1,044,033

83,888

1998

11/98

40 years

921,200
1,088,282
2,064,964
818,611

2,985,156
1,850,996
3,708,980
6,233,342
3,052,477
4,031,744
2,330,847
8,881,890

697,298
924,425
1,311,190
1,107,418

2,772,137
(c)
2,359,377
3,418,783
3,218,018
2,610,980(o)
2,292,932
4,372,684

1,618,498
2,012,707
3,376,154
1,926,029

5,757,293
1,850,996
6,068,357
9,652,125
6,270,495
6,642,724
4,623,779
13,254,574

53,024
70,295
99,705
84,210

545,764
(c)
444,841
637,460
593,322
387,165
374,990
192,715

1988
1988
1988
1993

1996
1994
1970
1995
1995
1997
1997
1991

12/01
12/01
12/01
12/01

02/97
02/97
06/97
07/97
08/97
09/97
06/98
06/01

40 years
40 years
40 years
40 years

40 years
(c)
40 years
40 years
40 years
33 years
40 years
40 years

64,916

261,347

326,263

16,627

1997

12/01

40 years

3,137,500

8,626,657

11,764,157

189,066

2001

02/04

40 years

320,029
491,453
843,121
294,882
302,859
318,285
498,849

556,282
498,488
562,498
611,570
560,904
578,268
457,695

876,311
989,941
1,405,619
906,452
863,763
896,553
956,544

104,882
37,906
42,773
46,505
42,652
43,973
34,804

1997
1997
1997
1997
1997
1995
1995

06/97
12/01
12/01
12/01
12/01
12/01
12/01

40 years
40 years
40 years
40 years
40 years
40 years
40 years

4,433,613

4,080,186

8,513,799

310,264

1984

12/01

40 years

244,607

791,808

1,036,415

82,570

1997

11/98

37.4 years

See accompanying report of independent registered public accounting Ñrm.

F-2

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Ì

Ì

Ì
Ì

Ì
Ì
Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Borders Books & Music:
Wilmington, DE ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 3,173,813(j)$
1,667,451(j)
Richmond, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Ft. Lauderdale, FL ÏÏÏÏÏÏÏÏÏÏÏÏ
4,819,730(p)
Bangor, MEÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Altamonte Springs, FLÏÏÏÏÏÏÏÏÏ
Boston Market:
Geneva, IL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Orland Park, IL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Wheaton, IL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Burton, MI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Novi, MI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
North Olmsted, OH ÏÏÏÏÏÏÏÏÏÏÏ
Warren, OH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
BuÅalo Wild Wings:
Michigan City, IN ÏÏÏÏÏÏÏÏÏÏÏÏ
Burger King:
Colonial Heights, VA ÏÏÏÏÏÏÏÏÏÏ
Carino's:
Beaumont, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Lewisville, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Lubbock, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
CarMax:
Albuquerque, NMÏÏÏÏÏÏÏÏÏÏÏÏÏ
CertiÑed Auto Sales:
Albuquerque, NMÏÏÏÏÏÏÏÏÏÏÏÏÏ
Champps:
Alpharetta, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Irving, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Charhut:
Sunrise, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Checkers:
Orlando, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
China Star:
Montgomery, AL ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Circuit City:
Gastonia, NC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Claim Jumper:
Tempe, AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Roseville, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
CompUSA:
Baton Rouge, LA(r) ÏÏÏÏÏÏÏÏÏÏ
Miami, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cora Rehabilitation Clinics:
Orlando, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Corpus Christi Flea Market:
Corpus Christi, TXÏÏÏÏÏÏÏÏÏÏÏÏ

1,598,675(j)

159,966(u)

Ì
Ì

Ì
Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì

3,030,769
2,177,310
3,164,984
1,546,915
1,947,198

1,125,347
562,384
1,115,457
619,778
835,669
601,800
562,446

$

6,061,538
2,599,587
3,319,234
2,486,761
Ì

1,036,952
556,201
1,014,184
707,242
651,108
460,521
467,592

162,538

492,007

662,345

609,787

439,076
1,369,836
1,007,432

10,197,135

1,112,876

1,363,447
1,018,659
1,205,512

Ì

Ì

3,032,965
1,760,020

1,641,820
1,724,220

286,834

423,837

256,568

Ì

1,418,158

1,140,080

2,548,040

3,879,911

2,530,892
1,556,732

2,920,575
2,013,650

609,069
2,713,192

913,603
1,866,676

80,400

221,063

223,998

2,158,955

$

Ì
Ì
Ì
Ì
Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì

8,128,062

Ì

Ì
Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì
Ì

Ì

Ì

$

$Ì
Ì
Ì
Ì
Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì

Ì

Ì

Ì
Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì
Ì

Ì

Ì

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Accumulated
Depreciation Date of
Con-

and
Amortization

Date

struction Acquired

2,994,400
2,177,310
3,164,984
1,546,915
1,947,198

1,125,347
562,384
1,115,457
619,778
835,669
601,800
562,446

$

$

6,061,538
2,599,587
3,319,234(o)
2,486,761
(c)

893,485
377,244
872,736
707,242
297,567
389,065
467,592

9,055,938
4,776,897
6,484,218
4,033,676
1,947,198

2,018,832
939,628
1,988,193
1,327,020
1,133,236
990,865
1,030,038

1,519,458
621,374
259,839
530,164
(c)

70,323
31,655
68,711
53,780
28,494
30,771
35,556

1994
1995
1995
1996
1997

1996
1995
1995
1997
1995
1996
1997

12/94
06/95
02/96
06/96
09/97

12/01
12/01
12/01
12/01
12/01
12/01
12/01

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

40 years
40 years
33 years
40 years
(c)

40 years
40 years
40 years
40 years
40 years
40 years
40 years

162,538

492,007

654,545

37,413

1996

12/01

40 years

662,345

609,787

1,272,132

46,369

1997

12/01

40 years

439,076
1,369,836
1,007,432

1,363,447
1,018,659
1,205,512

1,802,523
2,388,495
2,212,944

103,679
77,460
91,669

2000
1994
1995

12/01
12/01
12/01

40 years
40 years
40 years

10,197,135

8,128,062

18,325,197

25,400

2004

04/04(f)

40 years

1,112,876

Ì

1,112,876

Ì

(e)

04/04

(e)

3,032,965
1,760,020

1,641,820
1,724,220

4,674,785
3,484,240

124,847
131,112

1999
2000

12/01
12/01

40 years
40 years

286,834

423,837

710,671

6,477

1979

05/04

40 years

256,568

(c)

256,568

(c)

1988

07/92

(c)

1,418,158

1,140,080

2,558,238

86,693

1999

12/01

40 years

2,547,163

3,874,009

6,421,172

4,042

2004

12/04

40 years

2,530,892
1,556,732

2,920,575
2,013,650

609,069
2,713,192

913,603
1,866,676

5,451,467
3,570,382

1,522,672
4,579,868

222,085
153,121

205,622
499,464

2000
2001

1995
1994

12/01
12/01

12/95
04/94

40 years
40 years

40 years
40 years

80,400

221,063

301,463

4,836

2001

02/04

40 years

223,998

2,158,955

2,382,953

312,599

1983

03/99

40 years

See accompanying report of independent registered public accounting Ñrm.

F-3

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

Accumulated
Depreciation Date of
Con-

and
Amortization

Date

struction Acquired

CVS:
San Antonio, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏ $
Dallas, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Arlington, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Amarillo, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Amarillo, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Kissimmee, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Tampa, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Lafayette, LA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Moore, OK ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Midwest City, OK ÏÏÏÏÏÏÏÏÏÏÏÏ
Irving, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Jasper, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Williston, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Pantego, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Norman, OK ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Arlington, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Leavenworth, KS ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Lewisville, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Forest Hill, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Del City, OKÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Arlington, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Garland, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Garland, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Oklahoma City, OK ÏÏÏÏÏÏÏÏÏÏÏ
Dallas, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Gladstone, MO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Ellenwood, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Flower Mound, TXÏÏÏÏÏÏÏÏÏÏÏÏ
Ft. Worth, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dave & Buster's:
Utica, MIÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
DD's Discount:
Moreno Valley, CA ÏÏÏÏÏÏÏÏÏÏÏ
Denny's:
Columbus, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dick's Clothing:
Taylor, MI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
White Marsh, MD ÏÏÏÏÏÏÏÏÏÏÏÏ
Dollar Tree:
Garland, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Copperas Cove, TX ÏÏÏÏÏÏÏÏÏÏÏ
Donato's:
Medina, OH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

427,591(j)$
411,959(j)
350,823(j)
402,520(j)
523,141(j)
578,142(j)
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
210,025
464,968(t)
469,783(t)
570,753(t)

440,985
541,493
368,964
329,231
650,864
715,480
604,683
967,528
414,738
673,369
1,000,222
291,147
622,403
1,016,062
1,065,562
2,078,542
726,438
789,237
692,165
1,387,362
414,568
522,461
1,476,838
1,581,480
2,617,656
1,851,374
616,289
932,233
558,657

$

Ì $
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
1,103,351
Ì
Ì
Ì
1,448,911
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
921,173
881,448
Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
1,396,508
1,330,830
1,335,426
1,174,549
Ì
Ì
1,418,531
1,400,278
1,471,105
2,570,569
1,739,568
Ì
Ì
Ì

Ì

Ì

Ì

Ì
Ì

Ì
Ì

Ì

3,776,169

Ì

Ì

516,154

1,123,471

147,214

428,429

816,644

1,920,032
2,680,532

3,526,868
3,916,889

Ì

Ì
Ì

239,014
241,650

626,170
511,624

Ì
194,167

405,113

463,582

Ì

$Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì
Ì

Ì
Ì

Ì

$

440,985
541,493
368,964
329,231
650,864
715,480
604,683
967,528
414,738
673,369
1,000,222
291,147
622,403
1,016,062
1,065,562
2,078,542
726,438
789,237
692,165
1,387,362
414,568
522,461
1,476,838
1,581,480
2,617,656
1,851,374
616,289
932,233
558,657

$

(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
1,103,351
(c)
(c)
(c)
1,448,911
(c)
1,396,508
1,330,830
1,335,426
1,174,549
(c)
(c)
1,418,531
1,400,278
1,471,105
2,570,569
1,739,568
921,173
881,448
Ì

440,985
541,493
368,964
329,231
650,864
715,480
604,683
967,528
414,738
1,776,720
1,000,222
291,147
622,403
2,464,973
1,065,562
3,475,050
2,057,268
2,124,663
1,866,714
1,387,362
414,568
1,940,992
2,877,116
3,052,585
5,188,225
3,590,942
1,537,462
1,813,681
558,657

(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
243,434
(c)
(c)
(c)
273,180
(c)
222,568
217,646
210,051
187,194
(c)
(c)
214,257
214,418
219,133
77,653
190,265
21,104
20,194
(c)

1993
1994
1994
1994
1994
1995
1995
1995
1995
1996
1996
1994
1995
1997
1997
1998
1998
1998
1998
1998
1998
1998
1998
1999
2003
2000
1996
1996
1996

12/93
01/94
02/94
12/94
12/94
04/95
12/95
01/96
01/96
03/96
12/96
01/97
01/97
06/97
06/97
11/97(g)
11/97(g)
04/98(g)
04/98(g)
05/98
05/98
06/98(g)
06/98(g)
08/98(g)
06/99
12/99(g)
09/97
09/97
09/97

(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
40 years
(c)
(c)
(c)
40 years
(c)
40 years
40 years
40 years
40 years
(c)
(c)
40 years
40 years
40 years
40 years
40 years
40 years
40 years
(c)

3,776,169

(c)

3,776,169

(c)

1998

06/98

(c)

516,154

1,270,685

1,786,839

163,027

1983

03/99

40 years

428,429

816,644

1,245,073

62,099

1997

12/01

40 years

1,920,032
2,680,532

3,526,868
3,916,889

5,446,900
6,597,421

731,446
812,333

239,014
241,650

626,170
705,791

865,184
947,441

54,790
90,645

1996
1996

1994
1972

08/96
08/96

02/94
11/98

40 years
40 years

40 years
40 years

405,113

463,582

868,695

35,252

1996

12/01

40 years

See accompanying report of independent registered public accounting Ñrm.

F-4

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

Accumulated
Depreciation Date of
Con-

and
Amortization

Date

struction Acquired

Eckerd:
Millville, NJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $
Atlanta, GAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Mantua, NJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Glassboro, NJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Douglasville, GAÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Conyers, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Chattanooga, TN ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Augusta, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Riverdale, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Warner Robins, GA ÏÏÏÏÏÏÏÏÏÏÏ
Vineland, NJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Falls Church, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏ
West MiÉin, PA ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Norfolk, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Thorndale, PAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Enterprise Rent-A-Car:
Wilmington, NC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Family Dollar:
Cohoes, NYÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Hudson Falls, NYÏÏÏÏÏÏÏÏÏÏÏÏÏ
Fantastic Sams:
Eden Prairie, MNÏÏÏÏÏÏÏÏÏÏÏÏÏ
Fazoli's Restaurant:
Bay City, MIÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Food 4 Less:
Lemon Grove, CA ÏÏÏÏÏÏÏÏÏÏÏÏ
Chula Vista, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Gander Mountain:
Amarillo, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
GCS Wireless:
Orlando, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Gen-X Clothing:
Federal Way, WAÏÏÏÏÏÏÏÏÏÏÏÏÏ
Golden Corral:
LeitchÑeld, KY ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Atlanta, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Abbeville, LA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Lake Placid, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Tampa, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Brandon, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dallas, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Good Guys, The:
Foothill Ranch, CA ÏÏÏÏÏÏÏÏÏÏÏ
East Palo Alto, CAÏÏÏÏÏÏÏÏÏÏÏÏ
GymKix:
Copperas Cove, TX ÏÏÏÏÏÏÏÏÏÏÏ
H&R Block:
Swansea, ILÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

435,126(j)$
388,853(j)
452,361(j)
496,281(j)
Ì
Ì
Ì
Ì
Ì
Ì
471,020(j)
Ì
Ì
Ì
Ì

417,603
445,593
344,022
534,243
413,438
574,666
474,267
568,606
1,088,896
707,488
2,068,089
3,127,139
1,401,632
2,742,194
2,260,618

$

Ì $
Ì
Ì
Ì
995,209
998,900
Ì
1,326,748
1,707,448
Ì
Ì
Ì
2,043,862
1,796,508
2,472,039

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
1,227,330
Ì
2,424,664
Ì
Ì
Ì

Ì

Ì
Ì

Ì

Ì

Ì
Ì

Ì

218,126

327,329

95,644
51,055

515,502
379,789

Ì

Ì
Ì

64,916

180,538

80,809

647,055

633,899

3,695,816
3,568,862

Ì
Ì

1,513,714

5,781,294

73,318(u)

36,850

101,320

Ì

Ì
Ì

Ì

Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì
Ì

Ì

Ì

2,037,392

1,661,577

257,414

73,660
88,457
98,577
115,113
1,187,614
1,329,793
1,138,129

306,642
368,317
362,416
305,074
1,339,000
1,390,502
1,024,747

1,456,113
2,271,634

2,505,022
3,404,843

Ì
Ì
Ì
43,797
Ì
Ì
Ì

Ì
Ì

203,908

431,715

171,477

45,842

132,440

69,029

$Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì
Ì

Ì

Ì

Ì
Ì

Ì

Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì
Ì

Ì

Ì

$

417,603
445,593
344,022
534,243
413,438
574,666
457,659
568,606
1,088,896
707,488
2,068,089
3,127,139
1,401,632
2,742,194
2,260,618

$

(c)
(c)
(c)
(c)
995,209
998,900
(c)
1,326,748
1,707,448
1,227,330
(c)
2,412,036(q)
2,043,862
1,796,508
2,472,039

417,603
445,593
344,022
534,243
1,408,647
1,573,566
457,659
1,895,354
2,796,344
1,934,818
2,068,089
5,539,175
3,445,494
4,538,702
4,732,657

(c)
(c)
(c)
(c)
221,987
188,334
(c)
233,563
300,582
182,821
(c)
165,827
146,903
129,124
177,678

1994
1994
1994
1994
1996
1997
1997
1997
1997
1999
1999
2002
2002
2002
2002

03/94
03/94
06/94
12/94
01/96
06/97
09/97
12/97
12/97
03/98(g)
09/98
10/01
02/02
02/02
02/02

(c)
(c)
(c)
(c)
40 years
40 years
(c)
40 years
40 years
40 years
(c)
40 years
40 years
40 years
40 years

218,126

327,329

545,455

24,891

1995

12/01

40 years

95,644
51,055

515,502
379,789

611,146
430,844

3,759
2,769

1994
1993

09/04
09/04

40 years
40 years

64,916

261,347

326,263

16,627

1997

12/01

40 years

647,055

633,899

1,280,954

48,203

1997

12/01

40 years

3,695,816
3,568,862

(c)
(c)

3,695,816
3,568,862

(c)
(c)

1996
1995

07/95(f)
11/98

(c)
(c)

1,513,714

5,781,294

7,295,008

18,067

2004

11/04

40 years

36,850

101,320

138,170

2,216

2001

02/04

40 years

2,037,392

1,918,991

3,956,383

279,513

1995

12/95

40 years

73,660
88,457
98,577
115,113
1,187,614
1,329,793
1,138,129

306,642
368,317
362,416
348,871
1,339,000
1,390,502
1,024,747

1,456,113
2,271,634

2,505,022
3,404,843

380,302
456,774
460,993
463,984
2,526,614
2,720,295
2,162,876

3,961,135
5,676,477

180,789
216,781
209,684
176,744
101,820
105,736
77,923

501,341
492,993

1984
1985
1985
1985
1997
1998
1994

1995
1999

12/84
01/85
04/85
05/85
12/01
12/01
12/01

35 years
35 years
35 years
35 years
40 years
40 years
40 years

12/96
12/98(f)

40 years
40 years

203,908

603,192

807,100

76,998

1972

11/98

40 years

45,842

201,469

247,311

14,099

1997

12/01

40 years

See accompanying report of independent registered public accounting Ñrm.

F-5

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

Accumulated
Depreciation Date of
Con-

and
Amortization

Date

struction Acquired

Halloween Adventure:
Plymouth Meeting, PA ÏÏÏÏÏÏÏÏ $
Hancock Fabrics:
Arlington, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Hastings:
Nacogdoches, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Haverty's:
Clearwater, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Orlando, FL(r) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Pensacola, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Bowie, MD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Heilig-Meyers:
Baltimore, MD ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Glen Burnie, MD ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Hollywood Video:
Cincinnati, OH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Clifton, CO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Home Depot:
Sunrise, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
HomeGoods:
Fairfax, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Hooters:
Tampa, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Humana:
Sunrise, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Hy-Vee:
St. Joseph, MOÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
International House of
Pancakes:
StaÅord, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Sunset Hills, MO ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Las Vegas, NV ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Ft. Worth, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Arlington, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Matthews, NCÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Phoenix, AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Midwest City, OK ÏÏÏÏÏÏÏÏÏÏÏÏ
Jared Jewelers:
Richmond, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Brandon, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Lithonia, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Houston, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Jo-Ann etc:
Corpus Christi, TXÏÏÏÏÏÏÏÏÏÏÏÏ
Kane Realty:
Raleigh, NC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Kash N' Karry:
Palm Harbor, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Brandon, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Sarasota, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Ì $

2,911,111

$

Ì $ 2,250,620

$Ì

$

2,911,111

$

2,250,620

$

5,161,731

321,182

1999

10/98(g)

40 years

Ì

Ì

Ì

1,048,984(j)
934,546
Ì

Ì
Ì

Ì
Ì

Ì

Ì

Ì

Ì

Ì

317,838

1,680,428

242,483

397,074

1,257,402

Ì

1,184,438
820,397
633,125
1,965,508

469,781
631,712

282,200
245,462

2,526,207
2,184,721
1,595,405
4,221,074

813,073
931,931

520,623
732,477

44,005
Ì
Ì
Ì

Ì
Ì

261,238
Ì

5,148,657

Ì

Ì

977,839

1,414,261

937,301

783,923

504,768

800,271

252,717

1,579,583

2,849,246

332,979(j)
351,927(j)
395,676(j)
368,103(j)
353,479(j)
361,531(j)
363,964(j)
Ì

382,084
271,853
519,947
430,896
404,512
380,043
483,374
407,268

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

955,134
1,196,900
1,270,517
1,675,739

1,336,152
1,182,150
1,215,818
1,439,597

Ì
Ì
Ì
Ì

Ì

Ì

Ì

3,242,641(p)

Ì

818,448

896,395

12,222

793,017

876,727

335,851
322,476
470,600

1,925,276
1,221,661
1,343,746

Ì

Ì
Ì
Ì

Ì

Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì
Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì
Ì

Ì
Ì

Ì
Ì

Ì

Ì

Ì

Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì
Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì

317,838

1,922,911

2,240,749

314,616

1996

06/96

40 years

397,074

1,257,402

1,654,476

192,540

1997

11/98

40 years

1,184,438
820,397
603,111
1,965,508

469,781
631,712

543,438
245,462

2,570,212
2,184,721
1,595,405
4,221,074

813,073
931,931

520,623
732,477

3,754,651
3,005,118
2,198,516
6,186,582

1,282,854
1,563,643

1,064,061
977,939

737,322
633,345
339,467
598,442

124,502
142,655

39,589
55,699

1992
1992
1994
1997

1968
1968

1998
1998

05/93
05/93
06/96
12/97

11/98
11/98

12/01
12/01

40 years
40 years
40 years
38.5 years

40 years
40 years

40 years
40 years

5,148,657

Ì

5,148,657

Ì

(e)

05/03

40 years

977,839

2,351,562

3,329,401

108,326

1995

12/95

40 years

783,923

504,768

1,288,691

38,383

1993

12/01

40 years

800,271

252,717

1,052,988

3,890

1984

05/04

40 years

1,579,583

2,849,246

4,428,829

163,244

2002

09/02

40 years

331,756
271,853
519,947
430,896
404,512
380,043
483,374
407,268

955,134
1,196,900
1,270,517
1,675,739

(c)
(c)
(c)
(c)
(c)
(c)
(c)

Ì

1,336,152
1,182,150
1,215,818
1,439,597

331,756
271,853
519,947
430,896
404,512
380,043
483,374
407,268

2,291,286
2,379,050
2,486,335
3,115,336

(c)
(c)
(c)
(c)
(c)
(c)
(c)

Ì

101,603
77,656
79,867
73,479

1992
1993
1993
1993
1993
1993
1993
(i)

1998
2002
2002
2002

10/93
10/93
12/93
12/93
12/93
12/93
12/93
03/96

12/01
05/02
05/02
12/02

(c)
(c)
(c)
(c)
(c)
(c)
(c)
(i)

40 years
40 years
40 years
40 years

818,448

908,617

1,727,065

252,117

1967

11/93

40 years

793,017

876,727

1,669,744

66,668

1993

12/01

40 years

335,851
322,476
470,600

1,925,276
1,221,661
1,343,746

2,261,127
1,544,137
1,814,346

58,159
36,904
40,592

1983
1983
1983

03/99
03/99
03/99

40 years
40 years
40 years

See accompanying report of independent registered public accounting Ñrm.

F-6

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

Accumulated
Depreciation Date of
Con-

and
Amortization

Date

struction Acquired

Keg Steakhouse:
Bellingham, WA(r) ÏÏÏÏÏÏÏÏÏÏÏ $
Lynnwood, WAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Tacoma, WAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
KFC:
Marysville, WAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Erie, PAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Lee County:
Ft. Myers, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Lowe's:
Memphis, TN ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Magic China Cafπe:
Orlando, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Magic Dollar:
Memphis, TN ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
MCI:
Arlington, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Merryland Chinese BuÅet:
Red Oak, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Mi Pueblo Foods:
Watsonville, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Michaels:
Fairfax, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Grapevine, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Mortgage Marketing:
Swansea, ILÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Mountain Jack's:
Centerville, OHÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
New Covenant Church:
Augusta, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
OÇce Depot:
Arlington, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Richmond, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Hartsdale, NYÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

Ì $
Ì
Ì

397,443
1,255,513
526,792

646,779
516,508

$

455,605
649,236
794,722

545,592
496,092

1,956,579

4,045,196

3,214,835

9,169,885

79,983(u)

40,200

110,531

Ì

549,309

539,643

364,460

1,425,276(s)

222,721

1,088,680

73,290

520,950

805,056

1,648,934

986,131
1,017,934

1,426,254
2,066,715

706,501
Ì

91,709

264,956

850,625

1,059,430

176,656

674,253

Ì
Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì

Ì

Ì

Ì
Ì
Ì

Ì
Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì
Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì

Ì

Ì

Ì
Ì

700,734(j)
Ì

2,038,174(t)

596,024
888,772
4,508,753

1,411,432
1,948,036
2,327,448

$Ì
Ì
Ì

$

$

397,443
1,255,513
526,792

646,779
516,508

$

455,605
649,236
794,722

545,592
496,092

853,048
1,904,749
1,321,514

1,192,371
1,012,600

34,645
49,369
60,432

41,488
37,724

1981
1992
1981

1996
1996

12/01
12/01
12/01

12/01
12/01

40 years
40 years
40 years

40 years
40 years

1,956,579

4,045,196

6,001,775

712,123

1997

12/97

40 years

3,214,835

9,169,885

12,384,720

583,249

2002

06/02

40 years

40,200

110,531

150,731

2,418

2001

02/04

40 years

549,309

904,103

1,453,412

105,743

1998

11/98

40 years

222,721

1,088,680

1,311,401

38,557

1982

08/03

40 years

73,290

520,950

594,240

39,614

1986

12/01

40 years

805,056

1,648,934

2,453,990

49,812

1984

03/99

40 years

986,131
1,017,934

2,132,755
2,066,715

3,118,886
3,084,649

246,669
337,994

1995
1998

12/95
06/98

40 years
40 years

91,709

264,956

356,665

20,162

1997

12/01

40 years

850,625

1,059,430

1,910,055

80,561

1986

12/01

40 years

176,656

674,253

850,909

51,271

1998

12/01

40 years

596,024
888,772
4,508,753

1,411,432
1,948,036
2,327,448

2,007,456
2,836,808
6,836,201

385,123
418,278
53,329

1991
1996
1996

01/94
05/96
09/97

40 years
40 years
40 years

See accompanying report of independent registered public accounting Ñrm.

F-7

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

Accumulated
Depreciation Date of
Con-

and
Amortization

Date

struction Acquired

OÇceMax:
Corpus Christi, TXÏÏÏÏÏÏÏÏÏÏÏÏ $
Dallas, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cincinnati, OH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Evanston, IL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Altamonte
Springs, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cutler Ridge, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Sacramento, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Salinas, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Redding, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Kelso, WAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Lynchburg, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Leesburg, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Tigard, OR ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dover, NJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
GriÇn, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Pal Joey's Sports Pub:
Gresham, OR ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Party City:
Memphis, TN ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Perfect Teeth:
Rio Rancho, NM ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Petco:
Grand Forks, ND ÏÏÏÏÏÏÏÏÏÏÏÏÏ
PETsMART:
Chicago, IL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Picture Factory:
Sarasota, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Pier 1 Imports:
Anchorage, AK ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Memphis, TN ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Sanford, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Knoxville, TN ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Mason, OH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Harlingen, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Valdosta, GAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Pizza Hut:
Monroeville, AL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Pizza Place, The:
Cohoes, NYÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Popeye's:
Snellville, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Print & Pack Plus:
Eden Prairie, MNÏÏÏÏÏÏÏÏÏÏÏÏÏ
Quizno's:
Rio Rancho, NM ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Rally's:
Toledo, OH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Ì $
987,295(j)
739,335(j)
1,265,520(j)

893,270
1,118,500
543,489
1,867,831

$

978,344
1,709,891
1,574,551
1,757,618

$

76,664
Ì
Ì
Ì

$Ì
Ì
Ì
Ì

$

$

893,270
1,118,500
543,489
1,867,831

$

1,055,008
1,709,891
1,574,551
1,757,618

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

Ì

Ì

1,689,793
989,370
1,144,167
1,353,217
667,174
868,003
561,509
640,019
1,539,873
1,138,296
685,470

3,050,160
1,479,119
2,961,206
1,829,325
2,181,563
Ì
Ì
Ì
2,247,321
3,238,083
Ì

Ì
Ì
Ì
Ì
Ì
1,805,539
1,851,326
1,929,028
Ì
Ì
1,801,905

817,311

108,294

Ì

266,383

Ì

1,136,334

61,517

122,142

306,629

909,671

2,724,138

3,565,721

1,167,618

1,903,810

928,321
713,319
738,051
467,169
593,571
316,640
390,838

1,662,584
821,770
803,082
734,833
885,047
756,406
805,912

547,300

44,237

16,396

88,372

642,169

436,512

Ì

Ì

Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

75,736

210,628

94,277

48,566

96,428

13,398

125,882

319,770

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

Ì

Ì

1,948,278
2,828,391
2,118,040
3,625,449

4,739,953
2,468,489
4,105,373
3,182,542
2,848,737
2,673,542
2,412,835
2,569,047
3,787,194
4,376,379
2,487,375

292,987
470,337
412,645
420,119

677,014
314,621
592,438
360,148
411,315
314,089
291,198
291,364
344,121
495,831
257,147

1967
1993
1994
1995

1995
1995
1996
1995
1997
1998
1998
1998
1995
1995
1999

11/93
12/93
07/94
06/95

01/96
06/96
12/96
02/97
06/97
09/97(g)
02/98
08/98
11/98
11/98
11/98(g)

40 years
40 years
40 years
40 years

40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years

1,689,793
989,370
1,144,167
1,353,217
667,174
868,003
561,509
640,019
1,539,873
1,138,296
685,470

3,050,160
1,479,119
2,961,206
1,829,325
2,181,563
1,805,539
1,851,326
1,929,028
2,247,321
3,238,083
1,801,905

817,311

108,294

925,605

8,235

1993

12/01

40 years

266,383

1,136,334

1,402,717

157,430

1999

12/98

40 years

61,517

122,142

183,659

9,295

1997

12/01

40 years

306,629

909,671

1,216,300

160,164

1996

12/97

40 years

2,724,138

3,565,721

6,289,859

560,850

1998

09/98

40 years

1,167,618

1,903,810

3,071,428

45,549

1996

09/97

40 years

928,321
713,319
738,051
467,169
593,571
316,640
390,838

1,662,584
821,770
803,082
734,833
885,047
756,406
805,912

2,590,905
1,535,089
1,541,133
1,202,002
1,478,618
1,073,046
1,196,750

367,393
154,938
136,357
109,459
122,616
98,490
103,257

1995
1997
1998
1999
1999
1999
1999

02/96
09/96(f)
06/97(f)
01/98(f)
06/98(f)
11/98(f)
01/99(f)

40 years
40 years
40 years
40 years
40 years
40 years
40 years

547,300

44,237

591,537

3,364

1996

12/01

40 years

16,396

88,372

104,768

644

1994

09/04

40 years

642,169

436,512

1,078,681

33,193

1995

12/01

40 years

75,736

304,905

380,641

19,287

1997

12/01

40 years

48,566

109,826

158,392

7,921

1997

12/01

40 years

125,882

319,770

445,652

103,112

1989

07/92

38.8 years

See accompanying report of independent registered public accounting Ñrm.

F-8

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

Accumulated
Depreciation Date of
Con-

and
Amortization

Date

struction Acquired

Red Lion Chinese Restaurant:
Cohoes, NYÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $
Reliable:
St. Louis, MO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Rent-A-Center:
Rio Rancho, NM ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Rite Aid:
Mobile, AL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Orange Beach, AL ÏÏÏÏÏÏÏÏÏÏÏÏ
Albany, NY ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Albany, NY ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cohoes, NYÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Hudson Falls, NYÏÏÏÏÏÏÏÏÏÏÏÏÏ
Saratoga Springs, NYÏÏÏÏÏÏÏÏÏÏ
Ticonderoga, NY ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Rite Rug:
Columbus, OH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Roadhouse Grill:
Cheektowaga, NYÏÏÏÏÏÏÏÏÏÏÏÏÏ
Robb & Stucky:
Ft. Myers, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Roger & Marv's:
Kenosha, WI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Rooms To Go:
Pembroke Pines, FL ÏÏÏÏÏÏÏÏÏÏÏ
Ross Dress For Less:
Coral Gables, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Lodi, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Schlotzsky's Deli:
Phoenix, AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Scottsdale, AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
7-Eleven:
Land 'O Lakes, FLÏÏÏÏÏÏÏÏÏÏÏÏ
Tampa Palms, FLÏÏÏÏÏÏÏÏÏÏÏÏÏ
Shoes on a Shoestring:
Albuquerque, NMÏÏÏÏÏÏÏÏÏÏÏÏÏ
Shop & Save:
Homestead, PAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Skinney's BBQ:
Hammond, LA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Skipper's Fish & Chips:
Salem, ORÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Spokane, WA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Sofa Express:
Buford, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Spa and Nails Club:
Orlando, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Spencer's A/C & Appliances:
Glendale, AZÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì
Ì

Ì
Ì

Ì

Ì

Ì

Ì
Ì

Ì

Ì $

27,327

$

147,286

$

2,078,777

13,877,631

Ì

Ì

145,698

289,284

40,193

1,136,618
1,409,980
24,707
33,794
107,451
56,737
762,303
88,867

1,694,187
1,996,043
867,257
823,923
579,237
780,091
590,978
688,622

1,596,197

934,236

689,040

386,251

2,188,440

6,225,401

1,917,606

3,431,364

1,550,202

Ì

1,782,346
613,710

1,661,174
1,414,592

706,306
717,138

315,469
310,610

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì
Ì

1,076,572
1,080,670

Ì
Ì

816,944
917,432

1,441,777

2,335,475

1,139,419

Ì

247,600

813,514

555,951
470,840

735,651
530,289

1,925,129

5,034,846

79,983(u)

40,200

110,531

Ì

341,713

982,429

Ì

Ì

Ì

Ì
Ì

Ì

Ì

Ì

$Ì

$

27,327

$

147,286

$

174,613

1,074

1994

09/04

40 years

Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì
Ì

Ì
Ì

Ì

Ì

Ì

Ì
Ì

Ì

Ì

Ì

2,078,777

13,877,631

15,956,408

153,995

1975

05/04

40 years

145,698

329,477

475,175

24,082

1997

12/01

40 years

1,136,618
1,409,980
24,707
33,794
107,451
56,737
762,303
88,867

1,694,187
1,996,043
867,257
823,923
579,237
780,091
590,978
688,622

2,830,805
3,406,023
891,964
857,717
686,688
836,828
1,353,281
777,489

128,829
151,782
6,324
6,008
4,224
5,688
4,309
5,021

2000
2000
1994
1992
1994
1990
1980
1993

12/01
12/01
09/04
09/04
09/04
09/04
09/04
09/04

40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years

1,596,197

934,236

2,530,433

2,919

1970

11/04

40 years

689,040

386,251

1,075,291

29,371

1994

12/01

40 years

2,188,440

6,225,401

8,413,841

1,108,398

1997

12/97

40 years

1,917,606

3,431,363

5,348,969

670,861

1992

02/97

40 years

1,550,202

Ì

1,550,202

Ì

(e)

10/04

(e)

1,782,346
613,710

1,661,174
1,414,592

3,443,520
2,028,302

297,282
42,732

706,306
717,138

1,076,572
1,080,670

315,469
310,610

816,944
917,432

1,021,775
1,027,748

23,989
23,619

1,893,516
1,998,102

121,691
132,837

1994
1984

1995
1995

1999
1999

06/96
03/99

12/01
12/01

40 years
40 years

40 years
40 years

10/98(g)
12/98(g)

40 years
40 years

1,441,777

2,335,475

3,777,252

440,334

1997

06/97

40 years

1,139,419

(c)

1,139,419

(c)

1994

02/97

(c)

247,600

813,514

1,061,114

61,861

1997

12/01

40 years

555,951
470,840

735,651
530,289

1,291,602
1,001,129

55,940
40,324

1996
1996

12/01
12/01

40 years
40 years

1,925,129

5,034,846

6,959,975

57,691

2004

07/04

40 years

40,200

110,531

150,731

2,418

2001

02/04

40 years

341,713

982,429

1,324,142

133,619

1999

12/98(g)

40 years

See accompanying report of independent registered public accounting Ñrm.

F-9

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

Accumulated
Depreciation Date of
Con-

and
Amortization

Date

struction Acquired

Sports Authority:
Dallas, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $
Tampa, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Sarasota, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Bradenton, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Memphis, TN ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Little Rock, AR ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Woodbridge, NJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Steak & Ale:
Jacksonville, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Stillwater Medical:
Stillwater, OK ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Stone Mountain Chevrolet:
Lilburn, GAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Stop & Go:
Grand Prairie, TXÏÏÏÏÏÏÏÏÏÏÏÏÏ
Kennedale, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Subway:
Eden Prairie, MNÏÏÏÏÏÏÏÏÏÏÏÏÏ
Cohoes, NYÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
SuperValu:
Huntington, WV ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Warwick, RI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Maple Heights, OH ÏÏÏÏÏÏÏÏÏÏÏ
Swansea Quick Cash:
Swansea, ILÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Taco Bell:
Ocala, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Ormond Beach, FLÏÏÏÏÏÏÏÏÏÏÏÏ
Phoenix, AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Taco Bron Restaurant:
Tucson, AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Target:
Chico, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Victorville, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
San Diego, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Texas Roadhouse:
Grand Junction, CO ÏÏÏÏÏÏÏÏÏÏÏ
Thornton, CO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
TGI Friday's:
Corpus Christi, TXÏÏÏÏÏÏÏÏÏÏÏÏ
Thomasville:
Buford, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Top's:
Lacey, WA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Ì $
Ì
854,466(t)
Ì
Ì
Ì
Ì

1,311,440
2,127,503
1,427,840
1,526,340
820,340
3,113,375
3,749,990

$

Ì $

1,521,730
1,702,852
4,139,363
Ì
2,660,206
5,982,660

Ì
Ì
Ì
Ì
2,573,264
Ì
Ì

$Ì
Ì
Ì
Ì
Ì
Ì
Ì

$

$

1,311,440
2,127,503
1,427,840
1,526,340
820,340
3,113,375
3,749,990

$

(c)
1,521,730
1,702,852
4,139,363
2,573,264
2,660,206
5,982,660

1,311,440
3,649,233
3,130,692
5,665,703
3,393,604
5,773,581
9,732,650

(c)
323,685
39,012
99,172
399,392
418,428
292,901

1994
1994
1996
1997
1998
1998
1994

03/94
06/96
09/97
01/04
12/97(g)
09/98
01/03

(c)
40 years
40 years
40 years
40 years
40 years
40 years

Ì

Ì

Ì

Ì
Ì

Ì
Ì

Ì
Ì
Ì

Ì

Ì
Ì
Ì

Ì

Ì
Ì
Ì

Ì
Ì

Ì

Ì

Ì

986,565

855,523

253,603

1,086,792

3,027,056

4,685,189

421,254
399,988

54,097
21,862

684,568
692,190

150,449
117,829

1,254,238
1,699,330
1,034,758

760,602
Ì
2,874,414

45,815

132,365

275,023
632,337
593,718

754,990
525,616
282,777

Ì

Ì

Ì

Ì
Ì

67,341
Ì

Ì
Ì
Ì

Ì

Ì
Ì
Ì

827,002

305,209

17,814

1,269,272
1,908,815
2,672,390

4,213,165
4,029,669
4,270,693

584,237
598,556

920,143
1,019,164

1,209,702

1,532,125

1,266,527

2,405,629

2,777,449

7,082,150

Ì
Ì
Ì

Ì
Ì

Ì

Ì

Ì

Ì

Ì

Ì

Ì
Ì

Ì
Ì

Ì
Ì
Ì

Ì

Ì
Ì
Ì

Ì

Ì
Ì
Ì

Ì
Ì

Ì

Ì

Ì

986,565

855,523

1,842,088

65,055

1996

12/01

40 years

253,603

1,086,792

1,340,395

101,434

1998

11/98

37.5 years

3,027,056

4,685,189

7,712,245

43,924

2004

08/04

40 years

421,254
399,988

54,097
21,862

684,568
692,190

217,790
117,829

1,254,238
1,699,330
1,034,758

760,602
(c)
2,874,414

1,105,822
1,092,178

271,887
139,691

2,014,840
1,699,330
3,909,172

52,056
52,635

13,967
860

149,744
(c)
565,900

1986
1985

1997
1994

1971
1992
1985

12/01
12/01

12/01
09/04

02/97
02/97
02/97

40 years
40 years

40 years
40 years

40 years
(c)
40 years

45,815

132,365

178,180

10,067

1997

12/01

40 years

275,023
632,337
593,718

754,990
525,616
282,777

1,030,013
1,157,953
876,495

57,411
39,969
21,503

2001
2001
1995

12/01
12/01
12/01

40 years
40 years
40 years

844,816

305,209

1,150,025

25,792

1974

12/01

40 years

1,269,272
1,908,815
2,672,390

4,213,165
4,029,669
4,270,693

584,237
598,556

920,143
1,019,164

5,482,437
5,938,484
6,943,083

1,504,380
1,617,720

127,273
121,730
129,011

69,969
77,499

1983
1983
1984

1997
1998

03/99
03/99
03/99

12/01
12/01

40 years
40 years
40 years

40 years
40 years

1,209,702

1,532,125

2,741,827

116,505

1995

12/01

40 years

1,266,527

2,405,629

3,672,156

27,565

2004

07/04

40 years

2,777,449

7,082,150

9,859,599

1,394,298

1992

02/97

40 years

See accompanying report of independent registered public accounting Ñrm.

F-10

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Accumulated
Depreciation Date of
Con-

and
Amortization

Date

struction Acquired

United Rentals:
Carrollton, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $
Cedar Park, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Clearwater, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Fort Collins, CO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Irving, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
La Porte, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Littleton, COÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Oklahoma City, OK ÏÏÏÏÏÏÏÏÏÏÏ
Perrysberg, OH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Plano, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Temple, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
United States of America:
Arlington, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
United Trust Bank:
Bridgeview, ILÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Vacant Property:
Vernon, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Arlington, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Tampa, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Gainesville, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Moreno Valley, CA ÏÏÏÏÏÏÏÏÏÏÏ
Mesa, AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Indianapolis, IN ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Chandler, AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Columbus, OH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
SouthÑeld, MIÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Jackson, MS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Bonham, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Albany, NY ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Value City:
Florissant, MO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Walgreens:
Sunrise, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Wal-Mart:
Sealy, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Aransas Pass, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏ
WinÑeld, AL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Beeville, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Corpus Christi, TXÏÏÏÏÏÏÏÏÏÏÏÏ
Waremart:
Eureka, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Washington Bike Center:
Fairfax, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Wendy's Old Fashioned

Hamburger:
Fenton, MOÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Sacramento, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
New Kensington, PA ÏÏÏÏÏÏÏÏÏÏ

$

Ì $
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

477,893
535,091
1,173,292
2,057,322
708,389
1,114,553
1,743,092
744,145
641,867
1,030,426
1,159,775

$

534,807
829,241
1,810,665
977,971
910,786
2,125,426
1,943,650
1,264,885
1,119,085
1,148,065
1,360,379

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

93,574,724(s) 24,077,279

117,691,770

16,825,046

Ì

673,238

744,154

Ì

Ì
Ì
1,044,505
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

105,798
435,002
1,454,908
317,386
242,896
195,652
639,584
654,765
1,032,008
366,448
132,821
54,999
2,734

328,943
2,299,881
2,045,833
1,248,404
528,692
512,566
1,015,173
765,164
1,107,250
643,759
672,413
202,085
66,667

Ì

Ì

Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì

2,490,210

2,937,449

1,957,974

1,400,970

1,344,244
190,505
419,811
507,231
630,043

1,483,362
2,640,175
1,684,505
2,315,424
3,131,407

3,135,036

5,470,606

192,830

278,892

83,773

307,068
585,872
501,136

496,410
Ì
333,445

Ì
Ì
Ì

Ì
334,059
Ì
Ì
69,277
Ì
Ì
7,500
Ì
38,660
Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì
Ì
Ì

Ì

$Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì
Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì

$

$

477,893
535,091
1,173,292
2,057,322
708,389
1,114,553
1,743,092
744,145
641,867
1,030,426
1,159,775

$

534,807
829,241
1,810,665
977,971
910,786
2,125,426
1,943,650
1,264,885
1,119,085
1,148,065
1,360,379

1,012,700
1,364,332
2,983,957
3,035,293
1,619,175
3,239,979
3,686,742
2,009,030
1,760,952
2,178,491
2,520,154

557
864
1,886
1,019
949
2,214
2,024
1,317
1,166
1,196
1,417

1981
1990
2001
1975
1984
2000
2002
1997
1979
1996
1998

12/04
12/04
12/04
12/04
12/04
12/04
12/04
12/04
12/04
12/04
12/04

24,077,279

134,516,816

158,594,095

4,265,631

1982

08/03

40 years

673,238

744,154

1,417,392

56,587

1997

12/01

40 years

105,798
435,002
1,454,908
317,386
242,896
195,652
639,584
654,765
1,032,008
405,108
132,821
54,999
2,734

328,943
2,633,940
2,045,833
1,248,404
597,969
512,566
1,015,173
772,664
1,107,250
643,759
672,413
202,085
66,667

434,741
3,068,942
3,500,741
1,565,790
840,865
708,218
1,654,757
1,427,429
2,139,258
1,048,867
805,233
257,084
69,401

190,317
422,713
435,308
37,712
76,719
38,976
77,195
62,084
84,197
54,558
12,059
2,316
486

1985
1996
1992
1982
1983
1997
1996
1997
1998
1976
1979
1984
1992

03/85
06/96
06/96
03/99
03/99
12/01
12/01
12/01
12/01
12/01
04/04
07/04
09/04

35 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years
40 years

2,490,210

2,937,449

5,427,659

125,454

1996

04/03

40 years

1,957,974

1,400,970

3,358,944

56,914

1994

05/03

40 years

1,344,244
190,505
419,811
507,231
630,043

1,483,362
2,640,175
1,684,505
2,315,424
3,131,407

2,827,606
2,830,680
2,104,316
2,822,655
3,761,450

214,778
382,275
243,902
335,254
453,402

1982
1983
1983
1983
1983

03/99
03/99
03/99
03/99
03/99

40 years
40 years
40 years
40 years
40 years

3,135,036

5,470,606

8,605,642

1,077,026

1965

02/97

40 years

192,830

362,665

555,495

15,942

1995

12/95

40 years

307,068
585,872
501,136

496,410
Ì
333,445

803,478
585,872
834,581

188,424
Ì
25,356

1985
(i)
1980

07/92
02/98
12/01

33 years
(i)
40 years

See accompanying report of independent registered public accounting Ñrm.

F-11

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

Accumulated
Depreciation Date of
Con-

and
Amortization

Date

struction Acquired

Whataburger:
Albuquerque, NMÏÏÏÏÏÏÏÏÏÏÏÏÏ $
Wherehouse Music:
Homewood, ALÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Winn-Dixie:
Dallas, GAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Woodstock, GAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Columbus, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Leasehold Interests: ÏÏÏÏÏÏÏÏÏÏÏÏ

Ì $

624,318

$

418,975

$

Ì

Ì
Ì
Ì
Ì

1,031,974

696,950

1,287,630
1,937,017
1,023,371
2,532,133

1,952,791
1,284,901
1,874,875
Ì

Ì

Ì

Ì
Ì
Ì
Ì

$Ì

$

624,318

$

418,975

$

1,043,293

31,860

1995

12/01

40 years

Ì

Ì
Ì
Ì
Ì

1,031,974

696,950

1,728,924

52,997

1997

12/01

40 years

1,287,630
1,937,017
1,023,371
2,532,133

1,952,791
1,284,901
1,874,875
Ì

3,240,421
3,221,918
2,898,246
2,532,133

79,332
52,199
68,355
912,232

1997
1997
1984
Ì

05/03
05/03
07/03
(n)

40 years
40 years
40 years
(m)

$152,109,562

$434,215,343

$563,573,672

$68,068,415

$Ì

$434,398,959

$629,692,740

$1,064,091,700

61,720,322

Real Estate Held for investment
the Company has Invested in
Under Direct Financing Leases:
Academy:
Houston, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Houston, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
N. Richland Hills, TX ÏÏÏÏÏÏÏÏ
Houston, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Houston, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Baton Rouge, LA ÏÏÏÏÏÏÏÏÏÏÏÏ
San Antonio, TX ÏÏÏÏÏÏÏÏÏÏÏÏ
Barnes and Noble:
Plantation, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Best Buy:
Evanston, IL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Borders Books & Music:
Altamonte Springs, FLÏÏÏÏÏÏÏÏ
Checkers:
Orlando, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

1,924,740
1,867,519
2,253,408
2,112,335
1,910,697
2,405,466
1,961,017

3,498,559

3,400,057

3,267,579

286,910

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

(c)
(c)
(c)
(c)
(c)
(c)
(c)

(c)

(c)

(c)

(c)

(c)
(c)
(c)
(c)
(c)
(c)
(c)

(c)

(c)

(c)

(c)

(c)
(c)
(c)
(c)
(c)
(c)
(c)

(c)

(c)

(c)

(c)

1994
1995
1996
1996
1996
1997
1996

05/95
06/95
08/95(f)
02/96(f)
06/96(f)
08/96(f)
09/97(f)

1996

05/95

1994

02/97

1997

09/97

1988

07/92

(c)
(c)
(c)
(c)
(c)
(c)
(c)

(c)

(c)

(c)

(c)

See accompanying report of independent registered public accounting Ñrm.

F-12

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Accumulated
Depreciation Date of
Con-

and
Amortization

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

(c)
(c)
(c)
(c)
(c)
(d)
(c)
(c)
(d)
(c)
(c)
(c)
(d)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)

(c)

(c)
(c)
(c)
(c)
(c)
(d)
(c)
(c)
(c)

(c)
(c)

(d)
(d)
(d)
(d)

(d)
(d)

Date

struction Acquired

1993
1994
1994
1994
1994
1994
1995
1995
1995
1995
1995
1996
1996
1995
1994
1997
1997
1997
1998
1998
1996
1996

12/93
01/94
02/94
12/94
12/94
12/94
04/95
12/95
06/95
01/96
01/96
12/96
12/96
01/97
01/97
06/97
06/97
06/97
05/98
11/98(h)
09/97
09/97

1998

06/98

1994
1994
1994
1999
1994
1996
1997
2000
2002

1996
1995

1993
1993
1994
1994

1997
1968

03/94
03/94
06/94
03/99(h)
12/94
12/96
09/97
12/00
02/02

07/95(f)
11/98

05/93
10/93
01/94
08/94

11/98
11/98

CVS:
San Antonio, TX ÏÏÏÏÏÏÏÏÏÏÏÏ $
Dallas, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Arlington, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Amarillo, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Amarillo, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Amarillo, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Kissimmee, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Tampa, FLÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Alice, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Lafayette, LA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Moore, OK ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Irving, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Ft. Worth, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Williston, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Jasper, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Oklahoma City, OK ÏÏÏÏÏÏÏÏÏÏ
Oklahoma City, OK ÏÏÏÏÏÏÏÏÏÏ
Norman, OK ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Del City, OKÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Arlington, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Haltom City, TX ÏÏÏÏÏÏÏÏÏÏÏÏ
Ft. Worth, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dave & Buster's:
Utica, MIÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Eckerd:
Millville, NJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Atlanta, GAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Mantua, NJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Vineland, NJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Glassboro, NJ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
East Point, GA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Chattanooga, TN ÏÏÏÏÏÏÏÏÏÏÏÏ
Kennett Square, PA ÏÏÏÏÏÏÏÏÏÏ
Arlington, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Food 4 Less:
Lemon Grove, CA ÏÏÏÏÏÏÏÏÏÏÏ
Chula Vista, CA ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Food Lion:
Keystone Heights, FL ÏÏÏÏÏÏÏÏ
Chattanooga, TN ÏÏÏÏÏÏÏÏÏÏÏÏ
Lynchburg, VA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Martinsburg, WV ÏÏÏÏÏÏÏÏÏÏÏÏ
Heilig-Meyers:
York, PA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Marlow Heights, MD ÏÏÏÏÏÏÏÏÏ

Ì $
Ì
Ì
Ì
Ì
341,888(j)
Ì
Ì
346,912(j)
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
554,225(t)
Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì
Ì

675,300(j)
711,242(j)
Ì
695,416(j)

Ì
Ì

Ì $
Ì
Ì
Ì
Ì
158,851
Ì
Ì
189,187
Ì
Ì
Ì
399,592
Ì
Ì

(l)
(l)

Ì
Ì
Ì
Ì
Ì

Ì

Ì
Ì
Ì
Ì
Ì
336,610
Ì

(l)

Ì

Ì
Ì

88,604
336,488
128,216
448,648

279,312
415,926

783,974
638,684
636,070
849,071
869,846
855,348
933,852
1,090,532
804,963
949,128
879,296
1,228,436
2,529,969
355,757
347,474
1,365,125
1,419,093
1,225,477
1,376,025
Ì
2,074,777
1,135,067

$

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
78,461
Ì
Ì
Ì
Ì
Ì
Ì
1,416,071
Ì
Ì

4,888,743

Ì

828,942
668,390
951,795
Ì
887,497
1,173,529
1,344,240
Ì
3,201,489

4,068,179
4,266,181

1,845,988
1,701,072
1,674,167
1,543,573

1,109,609
1,397,178

Ì
Ì
Ì
1,901,335
Ì
Ì
Ì
1,984,435
Ì

Ì
Ì

Ì
Ì
Ì
Ì

Ì
Ì

$Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì
Ì

Ì
Ì
Ì
Ì

Ì
Ì

$

Ì
Ì
Ì
Ì
Ì

Ì
Ì

Ì
Ì
Ì

Ì
Ì

Ì
Ì
Ì
Ì
Ì

Ì

Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì
Ì

(d)

(d)

(d)

(l)
(l)

(d)

(l)

(d)
(d)
(d)
(d)

(d)
(d)

(c)
(c)
(c)
(c)
(c)
(d)
(c)
(c)
(d)
(c)
(c)
(c)
(d)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)

(c)

(c)
(c)
(c)
(c)
(c)
(d)
(c)
(c)
(c)

(c)
(c)

(d)
(d)
(d)
(d)

(d)
(d)

(c)
(c)
(c)
(c)
(c)
(d)
(c)
(c)
(d)
(c)
(c)
(c)
(d)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)

(c)

(c)
(c)
(c)
(c)
(c)
(d)
(c)
(c)
(c)

(c)
(c)

(d)
(d)
(d)
(d)

(d)
(d)

(c)
(c)
(c)
(c)
(c)
(d)
(c)
(c)
(d)
(c)
(c)
(c)
(d)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)

(c)

(c)
(c)
(c)
(c)
(c)
(d)
(c)
(c)
(c)

(c)
(c)

(d)
(d)
(d)
(d)

(d)
(d)

See accompanying report of independent registered public accounting Ñrm.

F-13

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Accumulated
Depreciation Date of
Con-

and
Amortization

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

International House of Pancakes:
StaÅord, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $
Sunset Hills, MO ÏÏÏÏÏÏÏÏÏÏÏÏ
Las Vegas, NV ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Ft. Worth, TXÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Arlington, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Matthews, NCÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Phoenix, AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Jared Jewelers:
Aurora, IL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Glendale, AZÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Oviedo, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Phoenix, AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Toledo, OH ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Lewisville, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Kash N' Karry:
Valrico, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Levitz:
Tempe, AZ ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Sports Authority:
Dallas, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Shop & Save:
Homestead, PAÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
SuperValu:
Warwick, RI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Ì $
Ì
Ì
Ì
Ì
Ì
Ì

Ì $
Ì
Ì
Ì
Ì
Ì
Ì

Ì
Ì
537,223
484,886
Ì
305,469

(l)
(l)
(l)
(l)
(l)
(l)

$

571,832
736,345
613,582
623,641
608,132
655,668
559,307

1,928,871
1,599,105
1,500,145
1,241,825
1,457,625
1,502,903

Ì

Ì

Ì

Ì

Ì

1,234,519

3,255,257

634,444

2,225,991

Ì

Ì

Ì

2,658,976

2,578,098

2,978,154

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

Ì

$ 4,652,561

$

4,650,396

$106,082,280

$ 5,380,302

Real Estate Held for Sale the
Company has Invested in:
Courtyard Marriot:
Charlotte, NC ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
CVS/pharmacy:
Saginaw, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Moore, OK ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Olive Garden:
Findlay, OHÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
PetsMart:
Coral Springs, FL ÏÏÏÏÏÏÏÏÏÏÏÏ
Pizza Hut:
Turnersville, NJ ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Power Center:
Centennial, CO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Bismarck, ND ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Myrtle Beach, SCÏÏÏÏÏÏÏÏÏÏÏÏ
Rite Aid:
Amsterdam, NY ÏÏÏÏÏÏÏÏÏÏÏÏÏ
Poughkeepsie, NY ÏÏÏÏÏÏÏÏÏÏÏ
Stanford's:
Englewood, CO ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

Ì

Ì
Ì

Ì

Ì

Ì

Ì
Ì
Ì

Ì
Ì

Ì

4,894,393

1,234,885
603,181

883,610

1,690,550

389,667

5,453,651
1,792,507
4,034,180

Ì

Ì
Ì

Ì

Ì

Ì

Ì
Ì
Ì

77,332
115,720

309,470
581,391

716,608

1,497,996

Ì

2,244,454
1,735,663

Ì

Ì

Ì

8,779,478
Ì
Ì

Ì
Ì

Ì

$Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

Ì

Ì

$Ì

Ì

Ì
Ì

Ì

Ì

Ì

Ì
Ì
Ì

Ì
Ì

Ì

$

Ì
Ì
Ì
Ì
Ì
Ì
Ì

Ì

Ì

Ì

(l)
(l)
(l)
(l)
(l)
(l)

(d)

(d)

(c)
(c)
(c)
(c)
(c)
(c)
(c)

(c)
(c)
(c)
(c)
(c)
(c)

(d)

(d)

(c)

(c)

(c)

(c)
(c)
(c)
(c)
(c)
(c)
(c)

(c)
(c)
(c)
(c)
(c)
(c)

(d)

(d)

(c)

(c)

(c)

(c)
(c)
(c)
(c)
(c)
(c)
(c)

(c)
(c)
(c)
(c)
(c)
(c)

(d)

(d)

(c)

(c)

(c)

$

Ì $

Ì $

Ì $

Ì

4,894,393

Ì

4,894,393

1,234,885
603,181

2,244,454
1,735,663

3,479,339
2,338,844

883,610

1,690,550

389,667

Ì

Ì

Ì

8,779,478
Ì
Ì

14,233,129
1,792,507
4,034,180

883,610

1,690,550

389,667

5,453,651
1,792,507
4,034,180

77,332
115,720

309,470
581,391

386,802
697,111

716,608

1,497,996

2,214,604

Ì

Ì
Ì

Ì

Ì

Ì

Ì
Ì
Ì

Ì
Ì

Ì

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

(c)
(c)
(c)
(c)
(c)
(c)
(c)

(c)
(c)
(c)
(c)
(c)
(c)

(d)

(d)

(c)

(c)

(c)

(e)

(g)
(g)

(g)

(e)

(g)

(e)
(g)
(g)

(g)
(g)

(e)

Date

struction Acquired

1992
1993
1993
1993
1993
1993
1993

2000
1998
1998
1998
1998
1998

10/93
10/93
12/93
12/93
12/93
12/93
12/93

12/01
12/01
12/01
12/01
12/01
12/01

1997

06/02

1994

01/95

1994

03/94

1994

02/97

1992

02/97

(e)

05/04

2004
2004

12/03
02/04

(e)

07/04

(e)

06/04

(e)

07/04

(e)
(e)
(e)

(e)
(e)

03/04
10/04
12/04

09/04
12/04

1995

12/01

See accompanying report of independent registered public accounting Ñrm.

F-14

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

Initial Cost to Company
Building,
Improve-
ments and
Leasehold
Interests

Land

Encum-
brances(k)

Costs Capitalized
Subsequent to
Acquisition

Improve-
ments

Carrying
Costs

Gross Amount at Which
Carried at Close of Period(b)
Building,
Improve-
ments and
Leasehold
Interests

Total

Land

Life on
Which
Depreciation
and
Amortization
in Latest
Income
Statement is
Computed

Accumulated
Depreciation Date of
Con-

and
Amortization

Date

struction Acquired

Vacant Land:
Grand Prairie, TXÏÏÏÏÏÏÏÏÏÏÏÏ $
Midland, MI ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Florence, AL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Vacant Property:
Fridley, MN ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Wachovia Bank:
Sunrise, FL ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Walgreen's:
Ennis, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Dallas, TX ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Long Beach, MSÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

Ì $
Ì
Ì

386,807
231,711
1,580,611

Ì $
Ì
Ì

Ì

Ì

Ì
Ì
Ì

939,073

1,637,329

1,530,197

1,020,131

1,800,730
555,519
1,364,118

Ì
Ì
Ì

Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì

$Ì
Ì
Ì

Ì

Ì

Ì
Ì
Ì

$

$

386,807
231,711
1,580,611

Ì $
Ì
Ì

386,807
231,711
1,580,611

Ì
Ì
Ì

(e)
(e)
(e)

12/02
07/03
06/04

(e)
(e)
(e)

939,073

1,637,329

2,576,402

81,650

1983

12/01

40 years

1,530,197

1,020,131

2,550,328

1,800,730
555,519
1,364,118

Ì
Ì
Ì

1,800,730
555,519
1,364,118

Ì

Ì
Ì
Ì

(e)

05/04

(e)
(e)
(e)

10/04
12/04
12/04

(e)

(g)
(g)
(g)

$

Ì $ 30,275,049

$

5,046,317

$12,759,595

$Ì

$ 30,275,049

$ 17,805,912

$

48,080,961

81,650

(a) Transactions in real estate and accumulated depreciation during 2004, 2003 and 2002, are summarized as follows:

2004

2003

2002

Land, buildings, and leasehold interests:

Balance at the beginning of year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$ 982,075,881

$787,893,067

$ 835,266,183

Acquisitions, completed construction and tenant

improvements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Disposition of land, buildings, and leasehold interests ÏÏÏÏÏÏÏ
Provision for loss on impairment of real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏ

240,699,423
(93,648,782)
Ì

278,670,366
(84,487,552)
Ì

71,825,377
(115,913,000)
(3,285,493)

Balance at the close of year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,129,126,522

$982,075,881

$ 787,893,067

Accumulated depreciation and amortization:

Balance at the beginning of year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Disposition of land, buildings, and leasehold interests ÏÏÏÏÏÏÏ
Depreciation and amortization expense ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

49,108,834
(2,118,579)
14,811,717

$ 39,488,104
(1,868,941)
11,489,671

$ 32,623,991
(4,039,258)
10,903,371

Balance at the close of year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $

61,801,972

$ 49,108,834

$ 39,488,104

(b) As of December 31, 2004, the leases are treated as either operating or Ñnancing leases for federal income tax purposes. As of
December  31,  2004,  the  aggregate  cost  of  the  properties  owned  by  the  Company  that  under  operating  leases  were
$1,148,234,879 and Ñnancing leases were $10,710,568.

(c) For Ñnancial reporting purposes, the portion of the lease relating to the building has been recorded as a direct Ñnancing lease;

therefore, depreciation is not applicable.

(d) For Ñnancial reporting purposes, the lease for the land and building has been recorded as a direct Ñnancing lease; therefore,

depreciation is not applicable.

(e) The Company owns only the land for this property.
(f) Date acquired represents acquisition date of land. Pursuant to lease agreement, the Company purchased the buildings from

the tenants upon completion of construction, generally within 12 months from the acquisition of the land.

See accompanying report of independent registered public accounting Ñrm.

F-15

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION Ì (Continued)
December 31, 2004

(g) Date acquired represents acquisition date of land. The Company developed the buildings, generally completing construction

within 12 months from the acquisition date of the land.

(h) Date acquired represents date of building construction completion. The land has been recorded as operating lease.
(i) The Company owns only the land for this property, which is subject to a ground lease between the Company and the tenant.

The tenant funded the improvements on the property.

(j) Property is encumbered as a part of the Company's $39,450,000 long-term, Ñxed rate mortgage and security agreement.
(k) Encumbered properties for which the portion of the lease relating to the land is accounted for as an operating lease and the
portion of the lease relating to the building is accounted for as a direct Ñnancing lease, the total amount of the encumbrance
is listed with the land portion of the property.

(l) The Company owns only the building for this property. The land is subject to a ground lease between the Company and an

unrelated third party.

(m) The leasehold interests are amortized over the life of the respective leases which range from 11.5 and 12.5 years.
(n) The leasehold interest sites were acquired between August 1999 and August 2001.
(o) In 2002, this property was contributed down to a wholly-owned subsidiary of the Company at the property's net book value.
(p) Property is encumbered as a part of the Company's $21,000,000 long-term, Ñxed rate mortgage and security agreement.
(q) In 2002, this property was owned by a wholly-owned limited liability entity that was dissolved into the Company.
(r) The tenant of this property has subleased the property. The tenant continue to be responsible for complying with all the terms

of the lease agreement and is continuing to pay rent on this property to the Company.

(s) Property is encumbered as a part of the Company's $95,000,000 long-term, Ñxed rate mortgage and security agreement.
(t) Property is encumbered as a part of the Company's $12,000,000 long-term, Ñxed rate mortgage and security agreement.
(u) Property is encumbered as a part of the Company's $6,952,000 long-term, Ñxed rate mortgage and security agreement.

See accompanying report of independent registered public accounting Ñrm.

F-16

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

SCHEDULE IV Ì MORTGAGE LOANS ON REAL ESTATE
December 31, 2004

Description

First mortgages on

properties:

National City, CA ÏÏÏÏ
San Jose, CAÏÏÏÏÏÏÏÏÏ
Rockledge, FLÏÏÏÏÏÏÏÏ
Bonham, TX ÏÏÏÏÏÏÏÏÏ
Duncanville, TX ÏÏÏÏÏÏ
Independence, MO ÏÏÏÏ
Lawton and Oklahoma
City, OK(g) ÏÏÏÏÏÏÏÏÏ
Burleson, TX(g) ÏÏÏÏÏÏ
Bellingham, WA ÏÏÏÏÏÏ
Indianapolis, IN ÏÏÏÏÏÏ
Lodi, CA ÏÏÏÏÏÏÏÏÏÏÏÏ
Sonora, CA ÏÏÏÏÏÏÏÏÏÏ
Mira Mesa, CAÏÏÏÏÏÏÏ
Roseville, MN(h) ÏÏÏÏÏ
Lake Jackson, TXÏÏÏÏÏ

Interest
Rate

Final
Maturity
Date

Periodic
Payment
Terms

Prior
Liens

Face Amount of
Mortgages

Carrying
Amount of
Mortgages(e)

Principal
Amount of
Loans Subject
to Delinquent
Principal or
Interest

11.5%
11.5%
10.0%
10.0%
10.0%
10.0%

8.5%
8.5%
7.2%
10.5%
8.9%
8.9%
9.3%
6.5%
7.5%

2009
2009
2018
2013
2007
2007

2007
2007
2013
2004
2004
2005
2004
2009
2008

(b)
(b)
(b)
(b)
(d)
(d)

(c)
(c)
(b)
(b)
(b)
(b)
(b)
(b)
(b)

$

Ì $ 2,765,000
2,565,000
Ì
400,000
Ì
210,000
Ì
690,018
Ì
1,068,788
Ì

$ 1,197,116
1,170,795
364,819
Ì
298,519
371,221

Ì
Ì
Ì
Ì
Ì
Ì

Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì
Ì

4,399,805
2,355,279
2,605,000
286,000
93,222
150,651
369,447
1,894,000
1,875,000

1,528,567
284,023
2,575,118
Ì
Ì
9,962
Ì
1,883,587
1,843,831

Ì
Ì
Ì
Ì
Ì
Ì
Ì
1,883,587
Ì

$21,727,210

$11,527,558(a) $1,883,587

(a) The following shows the changes in the carrying amounts of mortgage loans during the years:

Balance at the beginning of year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
New mortgage loans ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Deductions during the year:

2004

2003

2003

$19,773,196

$ 8,277,867
Ì 17,122,868

$12,270,022

4,344,460(f)

Collections of principal ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

(8,245,638)

(5,627,539)

(8,336,615)

Balance at the close of year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$11,527,558

$19,773,196

$ 8,277,867

(b) Principal and interest is payable at level amounts over the life of the loan.
(c) Interest only payments are due quarterly. Principal is due at maturity.
(d) Interest only payments are due monthly. Principal is due at maturity.
(e) Mortgages held by the Company and its subsidiaries for federal income tax purposes for the years ended
December 31, 2004, 2003 and 2002, were $11,527,558, $13,194,972, and $7,064,659, respectively.
(f) Mortgages totaling $17,122,868 and $4,344,460 were accepted in connection with real estate transactions

for the years ended December 31, 2003 and 2002, respectively.

(g) The mortgages are aÇliates of certain members of the Company's board of directors.
(h) In January 2005, the mortgagee became current with all delinquent amounts.

See accompanying report of independent registered public accounting Ñrm.

F-17

Exhibit 12

COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES

CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES

The following table sets forth the Company's consolidated ratios of earnings to Ñxed charges for the

periods as shown.

Net EarningsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Fixed Charges:

Interest on Indebtedness ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Amortization of Discount Relating to

Indebtedness ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Amortization of Treasury Lock GainÏÏÏÏ
Amortization of Deferred Charges ÏÏÏÏÏÏ

Net Earnings Before Fixed Charges ÏÏÏÏÏÏ

Divided by Fixed Charges

2004

2003

2002

2001

2000

$64,933,739

$53,472,592

$48,058,349

$28,963,548

$38,250,664

33,453,678

28,356,201

27,239,152

25,522,640

27,213,199

122,859
(456,669)
1,260,198

146,195
(596,741)
1,334,224

127,375
(554,527)
963,438

107,201
(515,299)
817,170

93,600
(478,846)
812,529

34,380,066
$99,313,805

29,239,879
$82,712,471

27,775,438
$75,833,787

25,931,712
$54,895,260

27,640,482
$65,891,146

Fixed ChargesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Capitalized and Deferred Interest ÏÏÏÏÏÏ

$34,380,066
270,879

$29,239,879
102,544

$27,775,438

(599,902)

$25,931,712
451,624

$27,640,482
646,897

$34,650,945

$29,342,423

$27,175,536

$26,383,336

$28,287,379

Ratio of Net Earnings to Fixed Charges ÏÏÏ

2.87

2.82

2.79

2.08

2.33

Preferred Stock Dividends

Series A Preferred StockÏÏÏÏÏÏÏÏÏÏÏÏÏÏ
Series B Convertible Preferred Stock ÏÏÏ

$ 4,008,378
1,675,000

$ 4,007,532
502,500

$ 4,009,554
Ì

Total Preferred Stock Dividends ÏÏÏÏÏ

$ 5,683,378

4,510,032

4,009,554

$

$

Ì $
Ì

Ì $

Ì
Ì

Ì

Combined Fixed Charges and Preferred

Stock Dividends ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$40,334,323

$33,852,455

$31,185,090

$26,383,336

$28,287,379

Ratio of Net Earnings to Combined Fixed
Charges and Preferred Stock Dividends

2.46

2.44

2.43

2.08

2.33

Advisor Acquisition Costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ

$

Ì $

Ì $

Ì $12,581,769

$ 1,521,063

Net Earnings After Advisor Acquisition

Costs and Fixed Charges(1)ÏÏÏÏÏÏÏÏÏÏÏ

$99,313,805

$82,712,471

$75,833,787

$67,477,029

$67,412,209

Ratio of Net Earnings After Advisor

Acquisition Costs to Fixed Charges(1) ÏÏ

2.87

2.82

2.79

2.56

2.38

(1) The Company's revolving credit facility and notes payable covenants provide for Ñxed charge coverage

ratios to be calculated before Advisor Acquisition Costs.

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Craig Macnab, Chief Executive OÇcer of Commercial Net Lease Realty, Inc., certify that:

1. I have reviewed this annual report on Form 10-K of Commercial Net Lease Realty, Inc.;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or

omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the Ñnancial statements, and other Ñnancial information included in this

annual report, fairly present in all material respects the Ñnancial condition, results of operation and cash Öows
of the registrant as of, and for, the periods presented in this annual report;

4. The registrant's other certifying oÇcer and I are responsible for establishing and maintaining
disclosure controls and procedures (as deÑned in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over Ñnancial reporting (as deÑned in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and

procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this annual report is being prepared;

b) Designed such internal control over Ñnancial reporting, or caused such internal control over
Ñnancial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of Ñnancial reporting and the preparation of Ñnancial statements for external purposes in
accordance with generally accepted accounting principles;

c) Evaluated the eÅectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the eÅectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over Ñnancial reporting

that occurred during the registrant's most recent fourth Ñscal quarter that has materially aÅected, or is
reasonably likely to materially aÅect, the registrant's internal control over Ñnancial reporting; and

5. The registrant's other certifying oÇcers and I have disclosed, based on our most recent evaluation of

internal control over Ñnancial reporting, to the registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent functions):

a) All signiÑcant deÑciencies and material weaknesses in the design or operation of internal control
over Ñnancial reporting which are reasonably likely to adversely aÅect the registrant's ability to record,
process, summarize and report Ñnancial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a

signiÑcant role in the registrant's internal control over Ñnancial reporting.

March 14, 2005

/s/ Craig Macnab

Name: Craig Macnab
Title: Chief Executive OÇcer

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Kevin B. Habicht, Chief Financial OÇcer of Commercial Net Lease Realty, Inc., certify that:

1. I have reviewed this annual report on Form 10-K of Commercial Net Lease Realty, Inc.;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or

omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the Ñnancial statements, and other Ñnancial information included in this

annual report, fairly present in all material respects the Ñnancial condition, results of operation and cash Öows
of the registrant as of, and for, the periods presented in this annual report;

4. The registrant's other certifying oÇcer and I are responsible for establishing and maintaining
disclosure controls and procedures (as deÑned in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over Ñnancial reporting (as deÑned in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and

procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this annual report is being prepared;

b) Designed such internal control over Ñnancial reporting, or caused such internal control over
Ñnancial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of Ñnancial reporting and the preparation of Ñnancial statements for external purposes in
accordance with generally accepted accounting principles;

c) Evaluated the eÅectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the eÅectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over Ñnancial reporting

that occurred during the registrant's most recent fourth Ñscal quarter that has materially aÅected, or is
reasonably likely to materially aÅect, the registrant's internal control over Ñnancial reporting; and

5. The registrant's other certifying oÇcers and I have disclosed, based on our most recent evaluation of

internal control over Ñnancial reporting, to the registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent functions):

a) All signiÑcant deÑciencies and material weaknesses in the design or operation of internal control
over Ñnancial reporting which are reasonably likely to adversely aÅect the registrant's ability to record,
process, summarize and report Ñnancial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a

signiÑcant role in the registrant's internal control over Ñnancial reporting.

March 14, 2005

/s/ Kevin B. Habicht

Name: Kevin B. Habicht
Title: Chief Financial OÇcer

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of

2002, the undersigned, Craig Macnab, Chief Executive OÇcer, certiÑes that (1) this Annual Report of
Commercial Net Lease Realty, Inc. (the ""Company'') on Form 10-K for the period ended December 31,
2004, as Ñled with the Securities and Exchange Commission on the date hereof (this ""Report''), fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as
amended, and (2) the information contained in this Report fairly presents, in all material respects, the
Ñnancial condition of the Company as of December 31, 2004 and 2003 and its results of operations for the
years ended December 31, 2004, 2003 and 2002.

/s/ Craig Macnab

Name: Craig Macnab
Title: Chief Executive OÇcer

March 14, 2005

A signed original of this written statement required by Section 906 has been provided to the Company
and will be retained by the Company and furnished to the Securities and Exchange Commission or its staÅ
upon request.

Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of

2002, the undersigned, Kevin B. Habicht, Chief Financial OÇcer, certiÑes that (1) this Annual Report of
Commercial Net Lease Realty, Inc. (the ""Company'') on Form 10-K for the period ended December 31,
2004, as Ñled with the Securities and Exchange Commission on the date hereof (this ""Report''), fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as
amended, and (2) the information contained in this Report fairly presents, in all material respects, the
Ñnancial condition of the Company as of December 31, 2004 and 2003 and its results of operations for the
years ended December 31, 2004, 2003 and 2002.

/s/ Kevin B. Habicht

Name: Kevin B. Habicht
Title: Chief Financial OÇcer

March 14, 2005

A signed original of this written statement required by Section 906 has been provided to the Company
and will be retained by the Company and furnished to the Securities and Exchange Commission or its staÅ
upon request.

Exhibit 99.1

ANNUAL CEO CERTIFICATION
(Section 303A.12(a))

As the Chief Executive OÇcer of Commercial Net Lease Realty, Inc., and as required by Sec-
tion 303A.12(a) of the New York Stock Exchange Listed Company Manual, I hereby certify that as of the
date hereof, I am not aware of any violation by the Company of NYSE's Corporate Governance listing
standards, other than has been notiÑed to the Exchange pursuant to Section 303A.12(b) and disclosed as an
attachment hereto.

By:

/s/ Craig Macnab

Craig Macnab
Chief Executive OÇcer and President

Date: August 9, 2004