Exhibit 21

COMMERCIAL NET LEASE REALTY, INC.

SUBSIDIARIES OF THE REGISTRANT

December 31, 2005

Subsidiary		Jurisdiction of Formation
CCMH I, LLC		Delaware
CCMH II, LLC		Delaware
CCMH III, LLC		Delaware
CCMH IV, LLC		Delaware
CCMH V, LLC		Delaware
CCMH VI, LLC		Delaware
CNL Commercial Mortgage Funding, Inc.		Delaware
CNL Mortgage Investors, LP		Delaware
CNL SBA License, Inc.		Delaware
CNLR BJ’s Orlando FL, LLC		Florida
CNLR DC Acquisitions I, LLC		Delaware
CNLR GP Corp.		Delaware
CNLR LP Corp.		Delaware
CNLR RAD Monticello NY, LLC		Delaware
CNLR Ster Florida LLC		Florida
CNLR Ster Paradise Valley Arizona LLC		Arizona
CNLR Ster Texas LP		Texas
CNLR Texas GP Corp.		Delaware
CNLRS Acquisitions, Inc.		Maryland
CNLRS Arcadian Commons, LLC		Delaware
CNLRS Bismarck ND, LLC		Delaware
CNLRS Development, Inc.		Maryland
CNLRS Equity Ventures, Inc.		Maryland
CNLRS Equity Ventures II, Inc.		Maryland
CNLRS Equity Ventures Plano, Inc.		Maryland
CNLRS Exchange I, Inc.		Maryland
CNLRS P&P, L.P.		Texas
CNLRS RGI Bloomingdale Exchange LLC		Delaware
CNLRS WG Dallas TX, LLC		Delaware
CNLRS WG Ennis TX, LLC		Delaware
CNLRS WG Long Beach MS, LLC		Delaware
CNLRS Yosemite Park CO, LLC		Delaware
Commercial Net Lease Realty Trust		Maryland
Commercial Net Lease Realty, LP		Delaware
Gator Pearson, LLC		Delaware
KK-Seminole FL, LLC		Delaware
NAPE Acquisition, Inc.		Maryland
NNN Acquisitions, Inc.		Maryland
Net Lease Funding, Inc.		Maryland
Net Lease Institutional Realty, L.P.		Delaware
Net Lease Realty I, Inc.		Maryland
Net Lease Realty III, Inc.		Maryland
Net Lease Realty VI, LLC		Delaware
NorthStar Brokerage Services, Inc.		Maryland
Orange Avenue Mortgage Investments, Inc.		Delaware
RAD Poughkeepsie NY, LLC		Delaware
RE-Stores, Inc.		Maryland
WG Grand Prairie TX, LLC		Delaware