Commercial Net Lease Realty, Inc. Appoints New Chief Executive Officer; Industry Veteran Joins Leadership Team

ORLANDO, Fla.--()--Feb. 17, 2004--The Board of Directors of Commercial Net Lease Realty, Inc. (NYSE:NNN), an equity real estate investment trust, has elected Craig Macnab as Chief Executive Officer, effective February 16, 2004. Mr. Macnab will succeed Mr. James M. Seneff, Jr., who has served as CEO since 1992. Mr. Seneff will continue to serve as Chairman of the Board.

"We are extremely pleased to have someone of Craig's caliber join the company, said Mr. Seneff. "His background and experience are well suited to this position and he will be a welcome addition to our leadership team as we build on our success over the last 12 years."

Previously, Mr. Macnab was with JDN Realty Corporation in Atlanta, Georgia, from April 2000 to 2003, where he served as CEO and was successful in implementing a multi-year strategy to generate shareholder value which culminated in the merger of JDN with Developers Diversified Realty last year. With over 20 years of industry experience, his career has included key executive level positions in both real estate and investment banking.

"I am excited about the opportunity with Commercial Net Lease Realty and their record of solid financial performance. Helped by their strong existing team and the company's highly respected reputation in the industry, I look forward to building on this record of success," said Mr. Macnab.

Commercial Net Lease Realty, Inc. has increased its annual common stock dividend for 14 consecutive years and produced annual total returns to shareholders of 12.2% for the last 10 years. The company invests in high quality, single-tenant retail, office and industrial properties subject generally to long-term, net leases with established tenants, such as Barnes & Noble, Best Buy, Eckerd, OfficeMax and the United States of America. The company currently owns 348 properties in 39 states with a gross leasable area of approximately 7.9 million square feet. These properties are leased to 130 corporations in 48 industrial classifications.

Contacts

Commercial Net Lease Realty, Inc., Orlando
Kevin Habicht, 407/265-7348
http://www.cnlreit.com

Contacts

Commercial Net Lease Realty, Inc., Orlando
Kevin Habicht, 407/265-7348
http://www.cnlreit.com