<SUBMISSION>
<ACCESSION-NUMBER>0000950133-06-000938
<TYPE>S-3ASR
<PUBLIC-DOCUMENT-COUNT>7
<FILING-DATE>20060228
<DATE-OF-FILING-DATE-CHANGE>20060228
<EFFECTIVENESS-DATE>20060228
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>COMMERCIAL NET LEASE REALTY INC
<CIK>0000751364
<ASSIGNED-SIC>6798
<IRS-NUMBER>561431377
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-3ASR
<ACT>33
<FILE-NUMBER>333-132103
<FILM-NUMBER>06652107
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>450 S ORANGE AVE
<STREET2>SUITE 900
<CITY>ORLANDO
<STATE>FL
<ZIP>32801
<PHONE>4074237348
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>455 S ORANGE AVE STE 700
<STREET2>400 E SOUTH ST STE 500
<CITY>ORLANDO
<STATE>FL
<ZIP>32801
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CNL REALTY INVESTORS INC /DE/
<DATE-CHANGED>19930429
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CNL REALTY INVESTORS INC
<DATE-CHANGED>19920831
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GOLDEN CORRAL REALTY CORP
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>w17971sv3asr.htm
<DESCRIPTION>S-3ASR
<TEXT>
<HTML>
<HEAD>
<TITLE>sv3asr</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on February&nbsp;28, 2006</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>Post-Effective Amendment No.&nbsp;1 to Registration No.&nbsp;333-126071</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-3</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION
STATEMENT<BR>

UNDER THE SECURITIES ACT OF 1933</B></DIV>


<DIV align="center" style="font-size: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>COMMERCIAL NET LEASE REALTY, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Maryland</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>56-14331377</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification Number)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Kevin B. Habicht</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Chief Financial Officer</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>450 S. Orange Avenue, Suite&nbsp;900</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>450 S. Orange Avenue, Suite&nbsp;900</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Orlando, Florida 32801</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Orlando, Florida 32801</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(407)&nbsp;265-7348</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(407)&nbsp;265-7348</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address, including zip code, and telephone number, including
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Name, address, including zip code, and telephone</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">area code, of registrant&#146;s principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">number, including area code, of agent for service)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><I>With a copy to:</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Jeffrey B. Grill, Esq.<BR>
Pillsbury Winthrop Shaw Pittman LLP<BR>
2300 N Street, N.W.<BR>
Washington, D.C. 20037<BR>
(202)&nbsp;663-8000</B><BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximate date the registrant proposes to begin selling securities to the public: From
time to time after the effective date of this registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the only securities being registered on this Form are being offered pursuant to dividend or
interest reinvestment plans, please check the following box. <FONT face="Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than securities
offered in connection with dividend or interest reinvestment plans, check the following box.
<FONT face="Wingdings">&#254;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same
offering. <FONT face="Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities
Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. <FONT face="Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following
box. <FONT face="Wingdings">&#254;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment to a registration statement filed pursuant to
General Instruction I.D. filed to register additional securities or additional classes of
securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT face="Wingdings">&#111;</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount to</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to be Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>be Registered(1)(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Per Share(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registration Fee(2)(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par
value $.01 per share</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">12,000,000</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000">$ 22.51</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000">$ 270,120,000</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" style="border-top: 1px solid #000000">$28,903</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Plus such additional number of shares as may be required in the event of a share dividend,
reverse share split, split-up, recapitalization or other similar event. Pursuant to Rule&nbsp;429 under
the Securities Act of 1933, as amended.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(c) on
the basis of the average of the high and low reported sales prices for the registrant&#146;s common
stock, as reported on The New York Stock Exchange on February&nbsp;21, 2006.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Does not include an additional 191,394&nbsp;shares of common stock previously registered under
Registration Statement No.&nbsp;333-126071. A registration fee of $458 was previously paid with
respect to such amount. Pursuant to Rule&nbsp;429 of the General Rules and Regulations under the
Securities Act of 1933, the Prospectus included herein also relates to Registration Statement No.
333-126071.</TD>
</TR>

</TABLE>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INTRODUCTORY STATEMENT NOT FORMING PART OF PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Rule&nbsp;429 under the Securities Act of 1933, this registration statement contains a
combined prospectus that also relates to the registration statement on Form S-3, Registration No.
333-126071, previously filed by the Registrant with the Securities and Exchange Commission on June
23, 2005.
</DIV>






<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROSPECTUS</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>COMMERCIAL NET LEASE REALTY, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><IMG src="w17971w1797100.gif" alt="(COMMERCIAL NET LEASE REALTY, INC. LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN<BR>
12,191,394&nbsp;Shares of Common Stock</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our dividend reinvestment and stock purchase plan provides an economical and convenient way
for current stockholders and other interested new investors to invest in our common stock. Through
participation in the plan, you will have the opportunity to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Arrange to have dividends on all or a portion of your shares of common stock
reinvested in common stock at a discount (currently 1%).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make optional cash payments of $100 to $10,000 per month to purchase common
stock at market price.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make automatic monthly investments of $100 to $10,000 by authorizing
automatic deductions from your banking or checking accounts to purchase shares
of common stock at market price.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In some instances, subject to our approval, make optional cash payments in
excess of $10,000 to purchase common stock, at a discount of 0% to 5% as we
determine in our sole discretion.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our shares of common stock are quoted on the New York Stock Exchange under the symbol &#147;NNN.&#148; On
February&nbsp;27, 2006, the closing sales price of our common stock as reported on the New York Stock
Exchange was $22.90 per share.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES<BR>
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR<BR>
DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY<BR>
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The date of this prospectus is February&nbsp;28, 2006.</B>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ABOUT THIS PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement on Form S-3 that we filed with the
Securities and Exchange Commission. This prospectus does not contain all of the information set
forth in the registration statement, portions of which we have omitted as permitted by the rules
and regulations of the Commission. Statements contained in this prospectus as to the contents of
any contract or other document are not necessarily complete. If the Commission&#146;s rules and
regulations require that a contract or document be filed as an exhibit to the registration
statement, we refer you to the copy of the contract or document filed as an exhibit to the
registration statement for a complete description. You should rely only on the information in our
prospectus and the documents that are incorporated by reference. We have not authorized anyone
else to provide you with different information. We are not offering these securities in any state
where the offer is prohibited by law. You should not assume that the information in our prospectus
or any incorporated document is accurate as of any date other than the date of the document.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References to &#147;we,&#148; &#147;us&#148; or &#147;our&#148; refer to Commercial Net Lease Realty, Inc. and its directly
or indirectly owned subsidiaries and joint ventures, unless the context otherwise requires.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">-i-
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY OF THE PLAN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary of our dividend reinvestment and share purchase plan may omit
information that may be important to you. You should carefully read the entire text of the plan
contained in this prospectus before you decide to participate in the plan.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Participation:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Participation in the plan allows you to
purchase our common stock, in some cases,
at a discount from the market price of
the stock.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Enrollment if You Own Shares of
Stock:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You can participate in the plan if you
currently own our common stock by
submitting a completed authorization form
to the plan&#146;s administrator, Wachovia
Bank, N.A. You may obtain an
authorization form from the plan
administrator or by completing the
enrollment procedures specified on the
website of the plan administrator at
<U>www.wachovia.com/equityassistlogin</U>. You
may participate directly in the plan only
if you hold common stock in your own
name. If you hold shares through a
brokerage or other custodial account, you
may arrange to have your broker or other
custodian participate on your behalf.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Initial Investment if You Do
Not Own Shares of Stock:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If you do not own any common stock, you
can participate in the plan by making an
initial investment in shares of common
stock through the plan, with a minimum
initial investment of $100 at market
price and without paying fees.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Reinvestment of Dividends:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You can reinvest your cash dividends on
some or all of your common stock. You
will be able to purchase additional
shares of common stock by reinvesting
your dividends at a discount (currently
1%) and without paying fees. Stock
purchased under the plan will be
purchased on the &#147;investment date&#148; in
each month. The investment date for
stock purchased pursuant to dividend
reinvestments generally will be the
quarterly dividend payment date declared
by our Board of Directors. To commence
dividend reinvestments for any particular
quarterly dividend, the plan
administrator must receive a completed
authorization form at least one business
day before the record date for such
quarterly dividend. We may offer a
discount of up to 5% of the average of
the high and low sales prices of the
common stock on the applicable investment
date.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Optional Cash Payments:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">After you enroll in the plan, you can buy
common stock at market price without
paying fees. You can invest a minimum of
$100 to a maximum of $10,000 in any one
month. The investment date for stock
acquired pursuant to optional cash
payments will generally be the 15th of
each month or, if such date is not a
business day, the second business day
thereafter. The deadline for submitting
optional cash payments is two business
days before the relevant investment date.
Payment may be by check or money order.
We may offer a discount of up to 5% of
the average of the high and low sales
prices of the common stock on the
applicable investment date. See &#147;Purchase
Price&#148; below.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Waivers of Maximum Monthly
Limit on Optional Cash
Payments:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under some circumstances, we may approve
a written request to waive the $10,000
per month limit on optional cash
payments. These requests must be
submitted to us by facsimile at least
four business days prior to the deadline
for submitting optional cash payments.
We will accept or reject the request no
later than two business days prior to the
deadline for submitting optional cash
payments. If we grant the waiver, you
must submit our written waiver along with
payment no later than the deadline for
submitting optional cash payments.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Source of Shares:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The administrator of the plan will
purchase common stock in one of the
following ways: (i)&nbsp;directly from us as
newly issued common stock, or (ii)&nbsp;from
parties other than us, either in the open
market or in privately negotiated
transactions.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Purchase Price:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The purchase price of common stock under
the plan depends on how you purchase the</TD>
</TR>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">stock and on whether we issue new shares
of common stock to you or the plan
obtains your shares of common stock by
purchasing them in the open market.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Reinvested Dividends and
Optional Cash Payments of
$10,000 or Less</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Purchased from Us:</I> With respect to
reinvested dividends, the purchase price
for common stock that the plan
administrator purchases directly from us
initially will be 99% of the market price
of the common stock. With respect to
optional cash payments of $10,000 or
less, the purchase price for common stock
that the plan administrator purchases
directly from us initially will be 100%
of the market price of the common stock.
We determine the market price of the
common stock by taking the average of the
daily high and low sales prices of our
common stock on the New York Stock
Exchange over a period of five trading
days preceding the relevant investment
date. With respect to reinvested
dividends, the discount from the market
price for common stock that the plan
administrator purchases directly from us
may be changed by us from time to time,
provided that in no event will the
discount exceed 5% of the average of the
high and low trading prices on the
applicable investment date. If you are a
participant in the plan, you will be
provided with at least 30&nbsp;days prior
written notice of any change in this
discount. With respect to optional cash
payments of $10,000 or less, we may offer
a discount to the market price for common
stock that the plan administrator
purchases directly from us, provided that
in no event will the discount exceed 5%
of the average of the high and low
trading prices on the applicable
investment date. If you are a participant
in the plan, you will be provided with at
least 30&nbsp;days&#146; prior written notice of
any adoption of, or change in, this
discount.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Purchased from Parties Other than Us:</I>
The purchase price for common stock that
the plan administrator purchases from
parties other than us, either in the open
market or in privately negotiated
transactions, will be 100% of the average
price per share actually paid by the plan
administrator, excluding any brokerage
commissions. If you are a participant in
the plan during a time when we are
offering a discount from the market price
for common stock purchased directly from
us, you will be provided with at least 30
days&#148; prior written notice of a purchase
from parties other than us.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Optional Cash Payments
Greater than $10,000:</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Purchased from Us:</I> The purchase price
for common stock that the plan
administrator purchases directly from us
will be the market price of the common
stock less a discount that we may elect
to offer in connection with a waiver of
the $10,000 limit, provided that in no
event will the discount exceed 5% of the
average of the high and low trading
prices on the applicable investment date.
The market price for optional cash
payments in excess of $10,000 is
determined in the same manner as for
optional cash payments of less than
$10,000, except that we may set a
threshold price that the average of the
daily high and low prices of our common
stock on the New York Stock Exchange over
a period of five trading days preceding
the relevant investment date must exceed.
We will set the threshold price and the
applicable discount, if any, five
business days before the deadline for
submitting optional cash payments.
Written notice of the threshold price and
the applicable discount at any time will
not be provided to you. You must call our
Investor Relations department at
800-666-7348 to obtain the threshold
price and applicable discount, if any.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Purchased from Parties Other than Us:</I> The purchase price for common stock that
the plan administrator purchases from
parties other than us, either in the open
market or in privately negotiated
transactions, will be 100% of the average
price per share actually paid by the plan
administrator, excluding any brokerage
commissions.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Tracking Your Investment:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You will receive periodic statements of
the transactions made in your plan
account. These statements will provide
you with details of the transactions and
will indicate the share balance in your
plan account.</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-2-
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Administration and Plan
Administrator:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wachovia Bank, N.A. initially will serve
as the plan administrator of the plan.
You should send all correspondence with
the administrator to:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wachovia Bank, N.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholder Services Group</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1525 West W.T. Harris Blvd., 3C3</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, North Carolina 28262-8522</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please mention Commercial Net Lease
Realty, Inc. and this plan in all
correspondence. In addition, you may
call the plan administrator at
800-829-8432 or contact the plan
administrator via the Internet at
<U>www.wachovia.com/equityassistlogin</U>.</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may also request that any or all shares held in the plan be sold by the plan administrator
on your behalf for a nominal fee. This fee, any brokerage costs and any applicable stock transfer
taxes on the sale of such shares all will be deducted by the plan administrator, and the balance
will be sent to you.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements contained in this prospectus, including the documents that are incorporated by
reference, that are not historical facts are forward-looking statements within the meaning of
Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange
Act of 1934, as amended. Also, when we use any of the words &#147;anticipate,&#148; &#147;assume,&#148; &#147;believe,&#148;
&#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; or similar expressions, we are making forward-looking statements.
Forward-looking statements in this prospectus include statements regarding the security of our
rental income and our leases, possible property acquisitions and dispositions, our access to
capital, expansion of our portfolio, our ability to pay distributions, policies and plans regarding
investments, our tax status as a real estate investment trust and the ability of our properties to
compete effectively. In part, we have based these forward-looking statements on possible or
assumed future results of our operations. These are forward-looking statements and not guaranteed.
They are based on our present intentions and on our present expectations and assumptions. These
statements, intentions, expectations and assumptions involve risks and uncertainties, some of which
are beyond our control, that could cause actual results or events to differ materially from those
we anticipate or project, such as:
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the ability of our tenants to make payments under their respective leases,
including our reliance on certain major tenants and our ability to re-lease
properties that are currently vacant or that become vacant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to locate suitable tenants for our properties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in real estate market conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the inherent risks associated with owning real estate (including: local
real estate market conditions, governing laws and regulations and illiquidity
of real estate investments);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to sell properties at an attractive price;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the ability of borrowers to make payments of principal and interest under
structured finance investments we make to such borrowers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to gain access to the underlying collateral for any structured
finance investments to borrowers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to repay debt financing obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to refinance amounts outstanding under our credit facilities at
maturity on terms favorable to us;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our continued ability to raise capital through the issuance of debt or equity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the availability of other debt and equity financing alternatives;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>market conditions affecting our equity capital;</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in interest rates under our current credit facilities and under any
additional variable rate debt arrangements that we may enter into in the
future;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to be in compliance with certain debt covenants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the fair market value of mortgage residual interests;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in default rates or prepayment rates of mortgage loans underlying
mortgage residual interests; or other changes in the assumptions used to
determine the value of these interests;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the reliability of prior loan underwriting documents and acts related to the
mortgage loans underlying the mortgage residual interests;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the loss of any member of our management team;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to successfully implement our selective acquisition strategy or
to fully realize the anticipated benefits of renovation or development
projects;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to integrate acquired properties and operations into existing
operations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to maintain internal controls and processes to ensure all
transactions are accounted for properly, all relevant disclosures and filings
are timely made in accordance with all rules and regulations, and any potential
fraud or embezzlement is thwarted or detected;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in general economic conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in federal or state tax rules or regulations that could have adverse tax consequences; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to qualify as a real estate investment trust for federal income tax purposes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should not place undue reliance on these forward-looking statements, as events described
or implied in such statements may not occur. We undertake no obligation to update or revise any
forward-looking statements as a result of new information, future events or otherwise.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMMERCIAL NET LEASE REALTY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a fully integrated real estate investment trust (&#147;REIT&#148;) for federal income tax
purposes, formed in 1984. Our operations are divided into two primary business segments: (i)
investment assets, including real estate assets, structured finance investments and mortgage
residual interests, and (ii)&nbsp;inventory real estate assets (&#147;Inventory Assets&#148;). The real estate
investment assets and structured finance investments (included in mortgages and notes receivable on
the balance sheet), are operated through us and our wholly owned qualified REIT subsidiaries. We
directly and indirectly, through investment interests, acquire, own, invest in, manage and develop
primarily retail properties that are generally leased to established tenants under long-term
commercial net leases (&#147;Investment Properties&#148;). As of December&nbsp;31, 2005, we owned 524 Investment
Properties, with an aggregate gross leasable area of 9,227,000 square feet, located in 41 states
and leased to established tenants, including Academy, Barnes &#038;
Noble, Best Buy, Susser (Circle K), CVS, Eckerd, OfficeMax, The Sports Authority and the United States of America. In addition to the
Investment Properties, as of December&nbsp;31, 2005, we had $27,805,000 and $55,184,000 in structured
finance investments and mortgage residual interest assets, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Inventory Assets are operated through our wholly owned qualified REIT subsidiaries as well
as our taxable REIT subsidiaries and their majority-owned and controlled subsidiaries (the &#147;TRS&#148;).
The TRS, directly and indirectly, through investment interests, owns 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 different investment objectives (&#147;Inventory Properties&#148;). The
TRS develops Inventory Properties (&#147;Development Properties&#148;) and also acquires existing Inventory
Properties (&#147;Exchange Properties&#148;). As of December&nbsp;31, 2005, the TRS owned 17 Development
Properties (one completed, 12 under construction, and four land parcels) and 46 Exchange
Properties.
</DIV>


<P align="center" style="font-size: 10pt">-4-
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our address and phone number are:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Commercial Net Lease Realty, Inc.<BR>
450 S. Orange Avenue<BR>
Suite&nbsp;900<BR>
Orlando, Florida 32801<BR>
(407)&nbsp;265-7348
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will receive proceeds from the sale of common stock that the plan administrator purchases
directly from us. We will not receive proceeds from the sale of common stock that the plan
administrator purchases in the open market or in privately negotiated transactions. We intend to
use the net proceeds from our sale of common stock that the plan administrator purchases directly
from us for future acquisitions of properties, repayment of debt and general corporate purposes.
We cannot estimate either the number of shares of common stock or the prices of the shares that we
will sell in connection with the plan.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TERMS AND CONDITIONS OF THE PLAN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following questions and answers explain and constitute our Dividend Reinvestment and Stock
Purchase Plan, which we refer to as the &#147;plan,&#148; as in
effect beginning February&nbsp;28, 2006. If you
decide not to participate in the plan, you will receive cash dividends, as declared and paid in the
usual manner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PURPOSE</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What is the purpose of the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary purpose of the plan is to provide current stockholders and interested new
investors with an economical and convenient way to increase their investment in Commercial Net
Lease Realty. Current stockholders are permitted to invest cash dividends in common stock without
paying any brokerage commission or service charge and at a discount from the market price. Current
stockholders and new investors also may invest optional cash payments in common stock at market
price and without paying any brokerage commission or service charge.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may also use the plan to raise additional capital through the sale each month of a portion
of the shares available for issuance under the plan to purchasers of shares (including brokers or
dealers) who, in connection with any resales of such shares, may be deemed to be underwriters.
These sales will be made through our ability to waive limitations on the maximum amount of any
optional cash payments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan is primarily intended for the benefit of long-term investors, and not for the benefit
of individuals or institutions which engage in short-term trading activities that could cause
aberrations in the overall trading volume of our common stock. From time to time, financial
intermediaries may engage in positioning transactions in order to benefit from the discount from
the market price for common stock acquired through the reinvestment of dividends under the plan.
These transactions may cause fluctuations in the trading volume of our common stock. We reserve
the right to modify, suspend or terminate participation in this plan by otherwise eligible holders
of common stock in order to eliminate practices which are not consistent with the purposes of the
plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>OPTIONS AVAILABLE TO PARTICIPANTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Information on how to participate in the plan is set forth in Questions 5 through 13.</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What are my investment options under the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once enrolled in the plan, you may purchase common stock through the following investment
options.
</DIV>


<P align="center" style="font-size: 10pt">-5-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dividend Reinvestment Program</I></B><B>. </B>Current holders of common stock and interested new investors
that are not currently stockholders and who agree to make an initial investment in common stock,
may elect to have all, a portion or none of their cash dividends paid on their common stock
automatically reinvested in common stock through the dividend reinvestment program. Cash dividends
are paid on common stock when and as declared by our Board of Directors, generally on a quarterly
basis. Subject to the availability of common stock registered for issuance under the plan, there
is no limitation on the amount of dividends you may reinvest under the dividend reinvestment
program.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Share Purchase Program</I></B><B>. </B>Each month, current holders of common stock, and interested new
investors that are not currently stockholders and who agree to make an initial investment in common
stock, may elect to invest optional cash payments in common stock, subject to a minimum monthly
purchase limit of $100 and a maximum monthly purchase limit of $10,000. You may elect to make
optional cash payments through automatic deductions from your banking or checking accounts. We
may, at our discretion, waive the maximum limit upon your written request. See Question 20 to
learn how to request a waiver. You may make optional cash payments each month even if dividends on
your shares are not being reinvested and even if a dividend has not been declared. You may, but
are not required to, enroll any common stock purchased through the plan into the dividend
reinvestment program. (To designate these shares for participation in the dividend reinvestment
program, make the appropriate election on the authorization form described in Question 12.)
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How can I change my investment options?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may change your investment options at any time by requesting a new authorization form and
returning it to the plan administrator at the address set forth in Question 7. Any authorization
form which is returned to the plan administrator to change your investment options will be
effective in accordance with the schedule described in Question 11.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ADVANTAGES AND DISADVANTAGES</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What are the advantages and disadvantages of the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before deciding whether to participate in the plan, you should consider the following
advantages and disadvantages of the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Advantages.</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The plan provides you with the opportunity to reinvest cash dividends paid
on all or a portion of your common stock toward the purchase of additional
common stock at a discount from the market price of the common stock (currently
1%).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The plan provides you with the opportunity to make monthly investments of
optional cash payments, subject to a minimum of $100 and a maximum of $10,000
(unless the maximum limit is waived by us), for the purchase of common stock at
the market price. In addition, you have the flexibility to make these optional
cash investments on a regular or occasional basis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are no costs associated with the plan that you must pay, except for
certain costs if you decide to sell common stock you purchased through the plan
(see Question 26 for a description of these costs). You will not pay brokerage
commissions or service fees to purchase common stock through the plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As noted above, you will have the convenience of having all or a portion of
your cash dividends automatically reinvested in additional common stock. In
addition, since the plan administrator will credit fractional common stock to
your plan account, you will receive full investment of your dividends. (See
Questions 16 and 23.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You will have the option of having your stock certificates held for
safekeeping by the plan administrator, insuring your protection against loss,
theft or destruction of the certificates representing your common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You will simplify your record keeping by receiving periodic statements which
will reflect all current activity in your plan account, including purchases,
sales and latest balances. (See Question 22.)</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">-6-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At any time, you may direct the plan administrator to sell or transfer all
or a portion of the common stock held in your plan account. (See Question 26.)</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Disadvantages.</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No interest will be paid by us or the plan administrator on dividends or
optional cash payments held pending reinvestment or investment. In addition,
optional cash payments of less than $100 and that portion of any optional cash
payment which exceeds the maximum monthly purchase limit of $10,000 (unless
this upper limit has been waived), are subject to return to you without
interest. Moreover, purchases above the $10,000 limit that have been granted a
waiver will also be subject to return to you without interest in the event that
the threshold price, if any (see Question 20), is not met.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may not know the actual number of shares of common stock that you have
purchased until after the investment date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your participation in the dividend reinvestment program will result in your
being treated, for federal income tax purposes, as having received a
distribution equal to the fair market value (and not the market price, whether
or not discounted) of the common stock on the date actually acquired from us.
In addition, you will be treated as having received a distribution equal to
your <I>pro rata </I>share of any brokerage commissions paid by us in connection with
the purchase of common stock by the plan administrator from parties other than
us. Such distributions will be taxable as dividends to the extent of our
earnings and profits. These dividends may give rise to a liability for the
payment of income tax without providing you with the immediate cash to pay the
tax when it becomes due.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you elect to make optional cash payments, you will be treated, for
federal income tax purposes, as having received a distribution equal to the
excess, if any, of the fair market value of the common stock on the date
actually acquired from us over the amount of your optional cash payment. In
addition, you will be treated as having received a distribution equal to your
<I>pro rata </I>share of any brokerage commissions paid by us in connection with the
purchase of common stock by the plan administrator from parties other than us.
Such distributions will be taxable as dividends to the extent of our earnings
and profits. These dividends may give rise to a liability for the payment of
income tax without providing you with the immediate cash to pay the tax when it
becomes due.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sales of common stock credited to your plan account will involve a nominal
fee per transaction to be deducted from the proceeds of the sale by the plan
administrator (if you request the plan administrator to make such sale), plus
any brokerage commission and any applicable stock transfer taxes on the sales.
(See Question 26.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sales of common stock credited to your plan account may take up to 10
business days to process.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You cannot pledge common stock deposited in your plan account until the shares are withdrawn from the plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ADMINISTRATION AND PLAN ADMINISTRATOR</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Who administers the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have appointed Wachovia Bank, N.A. to be the plan administrator.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What are the responsibilities of the plan administrator?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan administrator&#146;s responsibilities include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>administration of the plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acting as your agent;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>keeping records of all plan accounts;</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sending statements of activity to each participant;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purchasing and selling, on your behalf, all common stock under the plan; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the performance of other duties relating to the plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Holding Shares. </I></B>If you purchase shares through optional cash payments and do not choose to
have the dividends that are paid with respect to these shares reinvested, you must indicate that
the shares are not to be reinvested and request a stock certificate. The plan administrator will
hold any shares you choose to enroll in the dividend reinvestment program and will register them in
the plan administrator&#146;s name (or that of its nominee) as your agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Receipt of Dividends. </I></B>As record holder for the plan shares, the plan administrator will
credit the dividends accrued on your plan shares as of the dividend record date to your plan
account on the basis of whole or fractional plan shares held in such account and will automatically
reinvest such dividends in additional common stock. Any remaining portion of cash dividends not
designated for reinvestment will be sent to you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Responsibilities. </I></B>The plan administrator also acts as dividend disbursing agent,
transfer agent and registrar for our common stock. If the plan administrator resigns or otherwise
ceases to act as plan administrator, we will appoint a new plan administrator to administer the
plan.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How do I contact the plan administrator?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should send all correspondence with the administrator to:
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Wachovia Bank, N.A.<BR>
Shareholder Services Group<BR>
1525 West W.T. Harris Blvd., 3C3<BR>
Charlotte, North Carolina 28262-8522

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please mention Commercial Net Lease Realty, Inc. and this plan in all correspondence. In
addition, you may call the plan administrator at 800-829-8432 or contact the plan administrator via
the Internet at <U>www.wachovia.com/equityassistlogin</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PARTICIPATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this section, responses are generally directed (a)&nbsp;to existing stockholders
according to the method by which their shares are held, or (b)&nbsp;to investors who are not currently
stockholders but would like to make an initial purchase of common stock to become a participant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existing stockholders are either &#147;record owners&#148; or &#147;beneficial owners.&#148; You are a record
owner if you own common stock in your own name. You are a beneficial owner if you own common stock
that is registered in a name other than your own name (for example, the shares are held in the name
of a broker, bank or other nominee). A record owner may participate directly in the plan. If you
are a beneficial owner, however, you will either have to become a record owner by having one or
more shares transferred into your name or coordinate your participation through the broker, bank or
other nominee in whose name your shares are held.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Who is eligible to participate?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following persons are eligible to participate in the plan:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Record Owners. </I></B>All record owners (stockholders whose shares are held in their name on the
records kept by our transfer agent) of common stock are eligible to participate directly in this
plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Beneficial Owners</I></B><B>. </B>Beneficial owners (stockholders whose shares are held in the name of a
broker, bank or other nominee on the records kept by our transfer agent) of common stock may
participate in two ways. A beneficial owner may participate directly by becoming a record owner by
having one or more shares transferred into his or her name from that of
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the applicable broker, bank or other nominee. Alternatively, a beneficial owner may seek to
arrange with the broker, bank or other nominee that is the record owner of his or her shares to
participate on the beneficial owner&#146;s behalf.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-Stockholders</I></B><B>. </B>Individuals who do not presently own any common stock (as either a record
owner or beneficial owner) may participate in the plan by making an initial cash purchase of common
stock through the plan&#146;s stock purchase program.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Are there limitations on participation in the plan other than those described above?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Foreign Law Restrictions</I></B><B>. </B>You may not participate in the plan if it would be unlawful for you
to do so in the jurisdiction where you are a citizen or reside. If you are a citizen or resident
of a country other than the United States, you should confirm that by participating in the plan you
will not violate local laws governing, among other things, taxes, currency and exchange controls,
stock registration and foreign investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>REIT Qualification Restrictions</I></B><B>. </B>In order for us to maintain our qualification as a REIT, not
more than 50% in value of any class or series of our outstanding capital stock may be owned,
directly or indirectly, by five or fewer individuals (as defined in the Internal Revenue Code). We
may terminate, by written notice at any time, any participant&#146;s individual participation in the
plan if such participation would be in violation of the restrictions contained in our Articles of
Incorporation or Bylaws, as amended from time to time. These restrictions prohibit any
stockholder, directly or indirectly, from beneficially owning more than 9.8% in value of our
outstanding capital stock. Any attempted transfer or acquisition of capital stock that would
create a direct or indirect ownership of capital stock in excess of this limit or otherwise result
in our disqualification as a REIT will be null and void. Our Articles of Incorporation provide
that capital stock subject to this limitation is subject to various rights that we have to enforce
this limitation, including conversion of the shares into nonvoting stock and transfer to a trust.
This summary of the ownership limitation is qualified in its entirety by reference to our Articles
of Incorporation. We reserve the right to invalidate any purchases made under the plan that we
determine, in our sole discretion, may violate the 9.8% ownership limit. Any grant of a request
for waiver of the maximum monthly optional cash purchase will not be deemed to be a waiver of such
ownership limits.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Exclusion from Plan for Short-Term Trading or Other Practices</I></B><B>. </B>You should not use the plan to
engage in short-term trading activities that could change the normal trading volume of the common
stock. If you do engage in short-term trading activities, we may prevent you from participating in
the plan. We reserve the right to modify, suspend or terminate participation in the plan, by
otherwise eligible holders of common stock, in order to eliminate practices which we determine, in
our sole discretion, are not consistent with the purposes or operation of the plan or which may
adversely affect the price of the common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Restrictions at Our Discretion</I></B><B>. </B>In addition to the restrictions described above, we reserve
the right to prevent you from participating in the plan for any other reason. We have the sole
discretion to exclude you from or terminate your participation in the plan.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How do I enroll in the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Record Owners. </I></B>Record owners may join the plan by completing and signing an authorization
form (see Question 12) and returning it to the plan administrator, or by following the enrollment
procedures specified on the plan administrator&#146;s website at
<u>www.wachovia.com/equityassistlogin</u>.
Authorization forms may be obtained at any time by written request, by telephoning the plan
administrator at the address and telephone number provided in Question 7, or via the Internet at
the plan administrator&#146;s website at
<u>www.wachovia.com/equityassistlogin</u>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Beneficial Owners. </I></B>Beneficial owners who wish to join the plan must instruct their broker,
bank or other nominee to arrange participation in the plan on the beneficial owner&#146;s behalf. The
broker, bank or other nominee should then make arrangements with its securities depository and the
securities depository will provide the plan administrator with the information necessary to allow
the beneficial owner to participate in the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To facilitate participation by beneficial owners, we have made arrangements with the plan
administrator to reinvest dividends and accept optional cash payments under the stock purchase
program by record holders such as brokers,
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">banks and other nominees, on behalf of beneficial owners. If you are an interested beneficial
owner, be sure that your broker, bank or other nominee passes along the proceeds of any applicable
discount to your account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternatively, a beneficial owner may simply request that the number of shares the beneficial
owner wishes to be enrolled in the plan be reregistered by the broker, bank or other nominee in the
beneficial owner&#146;s own name as record owner in order to participate directly in the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-Stockholders. </I></B>Non-stockholders may join the plan as a record owner by making an initial
investment in an amount of at least $100 and up to a maximum of $10,000 (unless we specifically
waive the maximum limit). The non-stockholder should complete the portions of the authorization
form for a non-stockholder wishing to become a participant and should designate the amount of the
initial purchase of common stock. At the same time, the new participant may designate all or none
of the purchased shares to be enrolled in the dividend reinvestment program. The authorization
form should be returned to the plan administrator, with payment, on or before the applicable dates
described in Question 11. The non-stockholder may also follow the enrollment procedures
specified on the plan administrator&#146;s website at <U> www.wachovia.com/equityassistlogin</U> to join the
plan. Online enrollment should be completed on or before the applicable dates described in
Question 11.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Optional Cash Payments through Automatic Deductions. </I></B>You may elect to have optional cash
payments made through electronic fund transfers by completing an automatic cash investment
application, which is available from the plan administrator at the address and telephone number
provided in Question 7, or by logging on to <U>www.wachovia.com/equityassistlogin</U>, and providing both
your bank account number and your bank&#146;s routing number. The automatic cash investment application
must be accompanied by a voided bank check or deposit slip for the account from which you authorize
the plan administrator to draw the funds. Once the application is received and processed (which
normally takes approximately two business days) funds will automatically be deducted from the
designated account on the tenth business day prior to each investment date and will be invested on
such investment date. In addition, you can also choose to invest monthly through automatic
deductions. Automatic deductions are subject to the same monthly dollar maximum and minimum as
other optional cash payments.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>When will my participation in the plan begin?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a current stockholder and your authorization form (see Question 12) is received by
the plan administrator at least two business days before the record date established for a
particular dividend, reinvestment will commence with that dividend. If your authorization form is
received less than two business days before the record date established for a particular dividend,
reinvestment will begin on the dividend payment date following the next record date if you are, or
your broker, bank or other nominee is, still a record owner. Additionally, if you have submitted
your authorization form and thus, are enrolled in the plan and you wish to make optional cash
payments to purchase shares under the stock purchase program, the plan administrator must receive
full payment by one business day before the relevant investment date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of current non-stockholders making an initial investment, both the authorization
form and full payment of their designated initial investment must be received by three business
days before the relevant investment date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Once you enroll in the plan, you will remain enrolled in the plan until you withdraw from the
plan, we terminate your participation in the plan or we terminate the plan.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What does the authorization form provide?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The authorization form appoints the plan administrator as your agent and directs us to pay to
the plan administrator, on the applicable record date the cash dividends on your common stock that
are enrolled in the dividend reinvestment program, including all whole and fractional common stock
that are subsequently credited to your plan account, as they are added with each reinvestment or
optional cash purchase designated for reinvestment. These cash dividends with respect to shares
enrolled in the dividend reinvestment program will be automatically reinvested by the plan
administrator in common stock. Any remaining cash dividends not enrolled in the dividend
reinvestment program will be paid directly to you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, the authorization form directs the plan administrator to purchase common stock
with your optional cash payments, if any, and whether to enroll all or none of such purchased
shares in the dividend reinvestment program.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The authorization form provides for the purchase of initial or additional common stock through
the following investment options:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Full Dividend Reinvestment&#148; &#151; If this option is elected, the plan
administrator will apply all cash dividends on all common stock then or
subsequently registered in your name, and all cash dividends on all plan shares
(except as otherwise directed under &#147;Optional Cash Payments&#148; below), together
with any optional cash payments, toward the purchase of additional plan shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Partial Dividend Reinvestment&#148; &#151; If this option is elected, the plan
administrator will apply all cash dividends on only the number of shares of
common stock then or subsequently registered in your name and specified on the
authorization form and all cash dividends on all plan shares (except as
otherwise directed under &#147;Optional Cash Payments&#148; below), together with any
optional cash payments, toward the purchase of additional plan shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Optional Cash Payments&#148; &#151; If this option is elected, the plan
administrator will apply any optional cash payments made by you to the purchase
of additional shares of common stock in accordance with the plan and will apply
dividends on such additional plan shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Unless you designate all or none of your new plan shares for enrollment in the dividend
reinvestment program, you will be enrolled as having selected the full dividend reinvestment
option. In addition, if you return a properly executed authorization form to the plan
administrator without electing an investment option, you will be enrolled as having selected the
full dividend reinvestment option.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may select any one of the options desired, and the designated options will remain in
effect until you specify otherwise by indicating a different option on a new authorization form, by
withdrawing some or all shares from the plan in favor of receiving cash dividends or in order to
sell your common stock, or until the plan is terminated.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What does the plan administrator&#146;s website provide?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Instead of submitting an authorization form (see Question 12), you can participate in the plan
by accessing the plan administrator&#146;s website at <U>www.wachovia.com/equityassistlogin</U>. You may do
the following online:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enroll or terminate your participation in the plan,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make initial and additional purchases of common stock,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell shares of common stock,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>request a stock certificate for non-fractional shares of common stock held
in your plan account, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>view your account history and balances</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PURCHASES AND PRICES OF SHARES</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How does the stock purchase program work?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All current record owners and non-stockholders who have timely submitted signed authorization
forms or online requests via <U>www.wachovia.com/equityassistlogin</U> indicating their intention to
participate in this program of the plan, and beneficial owners whose brokers, banks or other
nominees have timely submitted authorization forms or online requests via
<U>www.wachovia.com/equityassistlogin</U> indicating their intention to participate in this program, are
eligible to make optional cash payments during any month, whether or not a dividend is declared.
Each month the plan administrator will apply any optional cash payment received from a participant
by the deadline described below to the purchase of additional common stock for the account of the
participant on the following investment date and will enroll all such shares in the dividend
reinvestment program unless the participant requests that such shares not be subject to the
dividend reinvestment program.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Deadline for Submitting Optional Cash Payments. </I></B>Optional cash payments will be invested every
month on the related investment date, which will generally be the 15th of each month or, if such
date is not a business day, the first busi-
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ness day thereafter (See Question 18). The deadline for submitting optional cash payments is
two business days prior to the relevant investment date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each month the plan administrator will apply an optional cash payment for which funds are
timely received to the purchase of common stock for your account on the next investment date. In
order for funds to be invested on the next investment date, the plan administrator must have
received a check, money order or wire transfer by the deadline for submitting optional cash
payments. Checks and money orders are accepted subject to timely collection as funds and
verification of compliance with the terms of the plan. Checks or money orders should be made
payable to &#147;Wachovia Bank, N.A. &#151; Commercial Net Lease Realty, Inc. DRSPP.&#148; Checks returned for
any reason will not be resubmitted for collection.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>No Interest on Optional Cash Payments. </I></B>No interest will be paid by us or the plan
administrator on optional cash payments pending investment. Since no interest is paid on cash held
by the plan administrator, it normally will be in your best interest to defer optional cash
payments until shortly before the deadline described above. Generally, optional cash payments
received after the deadline will be held by the plan administrator and invested on the next
investment date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Refunds of Uninvested Optional Cash Payments</I></B><B>. </B>Upon written request to the plan administrator
received at least five business days prior to the deadline for submitting optional cash payments
for the investment date with respect to which optional cash payments have been delivered to the
plan administrator, your optional cash payments will be returned to you as soon as practicable.
Requests received less than five business days prior to such date will not be returned but instead
will be held by the plan administrator and invested on the next investment date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, optional cash payments will be returned by check, without interest, as soon as
practicable after the applicable period in which the price of the common stock is determined if the
threshold price, if any, applicable to optional cash payments made pursuant to requests for waiver
of the maximum limit on optional cash payments shall not have been met. (See Question 20.)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, each optional cash payment, to the extent that it does not conform to the limitations
described in Question 19 will be subject to return to you as soon as practicable.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What will be the price of shares purchased under the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Purchase Price and Discounts</I></B>. The purchase price of common stock under the plan depends on
how you purchase the shares and on whether we issue new shares to you or the plan obtains your
shares by purchasing them in the open market.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to reinvested dividends, the purchase price for common stock that the plan
administrator purchases directly from us initially will be 99% of the &#147;market price&#148; of the common
stock. With respect to optional cash payments of $10,000 or less, the purchase price for common
stock that the plan administrator purchases directly from us initially will be 100% of the market
price of the common stock. With respect to reinvested dividends, the discount from the market
price for common stock that the plan administrator purchases directly from us may be changed by us
from time to time, provided that in no event will the discount exceed 5% of the average of the high
and low trading prices on the applicable investment date. If you are a participant in the plan, you
will be provided with at least 30&nbsp;days&#146; prior written notice of any change in this discount. With
respect to optional cash payments of $10,000 or less, the administrator may offer a discount to the
market price for common shares that the plan administrator purchases directly from us, provided
that in no event will the discount exceed 5% of the average of the high and low trading prices on
the applicable investment date. If you are a participant in the plan, you will be provided with at
least 30&nbsp;days&#146; prior written notice of any adoption of, or change in, this discount.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to reinvested dividends and optional cash payments of $10,000 or less, the
purchase price for common stock that the plan administrator purchases from parties other than us,
either in the open market or in privately negotiated transactions, will be 100% of the &#147;average
price per share&#148; actually paid by the plan administrator, excluding any brokerage commissions. If
you are a participant in the plan during a time when we are offering a discount from the market
price for common stock purchased directly from us, you will be
provided with at least 30&nbsp;days&#146; prior written notice of a purchase from parties other than us.
</DIV>


<P align="center" style="font-size: 10pt">-12-
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to optional cash payments greater than $10,000, the purchase price for common
stock that the plan administrator purchases directly from us will be the market price of the common
stock less a discount that we may elect to offer, provided that in no event will the discount
exceed 5% of the average of the high and low trading prices on the applicable investment date. The
market price for optional cash payments in excess of $10,000 is determined in the same manner as
for optional cash payments of less than $10,000, except that we may set a threshold price that the
market price of our common stock must exceed. We will refund the investment if the market price
does not equal or exceed the threshold price. We will set the threshold price and any applicable
discount, if any, five business days before the deadline for submitting optional cash purchases.
Written notice of the threshold price and the applicable discount, if any, at any time will not be
provided to you. You must call us to obtain the threshold price and applicable discount, if any.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to optional cash payments greater than $10,000, the purchase price for common
stock that the plan administrator purchases from parties other than us, either in the open market
or in privately negotiated transactions, will be 100% of the average price per share actually paid
by the plan administrator, excluding any brokerage commissions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optional cash investments of less than $100 and that portion of any optional cash investment
in excess of the maximum monthly purchase limit of $10,000, unless we have waived such maximum
limit, will be returned to you without interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the discounts, if any, is subject to change from time to time (but will not vary from
the range of 0% to 5%) and is also subject to discontinuance at our discretion at any time based on
a number of factors, including current market conditions, the level of participation in the plan
and our current and projected capital needs. Except with respect to the discount applicable to
optional cash payments in excess of the $10,000 limit, we will provide participants with at least
30&nbsp;days&#146; prior written notice of a change in the applicable discount.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Determination of &#147;Market Price&#148; and &#147;Average Price Per Share.&#148; </I></B>For purposes of the
calculation of the purchase price for shares purchased directly from us, &#147;market price&#148; is equal to
the average of the daily high and low trading prices, computed to three decimal places, of the
common stock on the New York Stock Exchange or other securities exchange where the common stock is
traded, as reported in The Wall Street Journal, during the five (5)&nbsp;days on which the New York
Stock Exchange or such other securities exchange is open and for which trades in our common stock
are reported immediately preceding the relevant investment date, or, if no trading occurs in our
common stock on one or more of such days, for the five (5)&nbsp;days immediately preceding the
investment date for which trades are reported.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the calculation of the purchase price for shares purchased from parties other
than us, either on the open market or in privately negotiated transactions, &#147;average price per
share&#148; is equal to the weighted average of the actual prices paid, computed to three decimal
places, for all of the common stock purchased with all participants&#148; reinvested dividends and
optional cash payments for the related month.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Plan Administrator&#146;s Control of Purchase Terms</I></B>. When open market purchases are made by the
plan administrator, these purchases may be made on any securities exchange where common stock is
traded, in the over-the-counter market or by negotiated transactions, and may be subject to the
terms with respect to price, delivery and other matters to which the plan administrator agrees. We
do not, and you will not, have any authorization or power to direct the time or price at which
shares will be purchased or the selection of the broker or dealer through or from whom purchases
are to be made by the plan administrator; however, if you are a participant in the plan during a
time when we are offering a discount from the market price for common stock purchased directly from
us, you will be provided with at least 30&nbsp;days&#146; prior written notice of a purchase from parties
other than us. However, when open market purchases are made by the plan administrator, the plan
administrator shall use its best efforts to purchase the shares at the lowest possible price.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How will the number of shares purchased for my account be determined?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your account will be credited with the number of shares, including fractions computed to three
decimal places, equal to the total amount to be invested on your behalf, divided by the applicable
discounted price per share, calculated pursuant to the methods described above, as applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total amount to be invested will depend on the amount of any dividends paid on the number
of shares you own and have designated for reinvestment, and the amount of any optional cash
payments you have made and available for in-
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">vestment on the related investment date. Subject to the availability of common stock
registered for issuance under the plan, there is no total maximum number of shares available for
issuance pursuant to the reinvestment of dividends.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>17.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What is the source of common stock purchased under the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan administrator will purchase common stock either directly from us or from parties
other than us, either on the open market or through privately negotiated transactions, or by a
combination of the foregoing. We will determine the source of the common stock to be purchased
under the plan after a review of current market conditions and our current and projected capital
needs. We and the plan administrator are not required to provide any written notice to you as to
the source of the common stock to be purchased under the plan.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>18.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What are investment dates and when will dividends or other money be invested?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares purchased under the plan will be purchased on the &#147;investment date&#148; in each month. The
investment date with respect to the common stock acquired pursuant to dividend reinvestments will
be (i)&nbsp;if acquired directly from us, the quarterly dividend payment date declared by our Board of
Directors or (ii)&nbsp;in the case of open market purchases, as soon as practicable following the date
or dates of actual investment. The investment date for shares acquired pursuant to optional cash
payments will be (i)&nbsp;if acquired directly from us, generally the 15th of each month or, if such
date is not a business day, the first business day thereafter or (ii)&nbsp;in the case of open market
purchases, as soon as practicable following the date or dates of actual investment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the reinvestment of dividends, the record date is the record date declared by our Board of
Directors for that dividend. Likewise, the dividend payment date declared by the Board of
Directors constitutes the investment date. In the past, record dates for dividends generally have
preceded the dividend payment dates by approximately 15&nbsp;days. We historically have paid dividends
on or about the 15<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of each February, May, August and November. We cannot assure
you that we will pay dividends according to this schedule in the future, and nothing contained in
the plan obligates us to do so. Neither we nor the plan administrator will be liable when
conditions, including compliance with the rules and regulations of the Securities and Exchange
Commission, prevent the plan administrator from buying common stock or interfere with the timing of
purchases. We pay dividends as and when declared by our Board of Directors. We cannot assure you
that we will declare or pay a dividend in the future, and nothing contained in the plan obligates
us to do so. The plan does not represent a guarantee of future dividends.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares will be allocated and credited to your plan accounts on the appropriate investment
date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No interest will be paid on cash dividends pending investment or reinvestment under the terms
of the plan.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>19.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What limitations apply to optional cash payments?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For any investment date that you choose to make an optional cash payment, you must invest at
least $100 but not more than $10,000. For purposes of these limitations, all plan accounts under
common control, management or representation by a broker, bank or other nominee will be aggregated.
Optional cash payments of less than $100 and that portion of any optional cash payment which
exceeds the maximum monthly purchase limit of $10,000, unless we have waived such maximum limit,
will be returned to you without interest after the applicable period in which the price of the
common stock is determined.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>20.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How do I make optional cash payments over the $10,000 maximum monthly amount?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Request for Waiver</I></B><B>. </B>Optional cash payments in excess of $10,000 per month may be made only
pursuant to a request for waiver approved by us. If you wish to submit an optional cash payment in
excess of $10,000 for any investment date, you must obtain our prior written approval, and a copy
of such written approval must accompany any such optional cash payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At least five (5)&nbsp;business days prior to the applicable deadline for optional cash payments
for an investment date, we will determine whether to establish a threshold price (as described
below) and/or a discount applicable to optional cash payments in excess of the maximum. We will
make this determination in our discretion after a review of such considera-

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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">tions as transaction costs, current market conditions, the level of participation in the plan,
and current and projected capital needs. You may ascertain whether a threshold price has been set
or waived, and obtain the applicable discount, for the given month by telephoning our Investor
Relations Department at (407)&nbsp;650-3679.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A request for waiver must then be received by us by U.S. mail or facsimile at (407)&nbsp;650-1044
for that month at least four (4)&nbsp;business days before the deadline for submitting optional cash
payments. We will notify you if the request for waiver has been approved no later than two
business days prior to the deadline for submitting optional cash payments. Please refer to
Question 14 for further procedural details with respect to submitting timely payments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Threshold Price</I></B><B>. </B>We may establish, for any period in which the price of the common stock is
determined, a minimum price applicable to optional cash payments made pursuant to requests for
waiver of the $10,000 limit on optional cash payments. We will state any threshold price as a
dollar amount that market price of the common stock on the New York Stock Exchange as described in
Question 16 must equal or exceed. If the threshold price is not satisfied, optional cash payments
made pursuant to a request for waiver of the $10,000 limit on optional cash payments will be
returned to you by check, without interest, as soon as practicable after the applicable period in
which the price of the common stock is determined.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The establishment of a threshold price and the possible return of the investment applies only
to optional cash payments made pursuant to a request for waiver of the $10,000 limit on optional
cash payments. Setting a threshold price for a period will not affect the setting of a threshold
price for any subsequent period. We and the plan administrator are not required to provide any
written notice to you as to the threshold price for any period, although we will respond to your
request for that information as described above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Waiver Discount</I></B><B>. </B>Each month we may establish a discount from the market price applicable only
to optional cash payments made pursuant to a request for waiver of the $10,000 limit on optional
cash payments. This discount may be between 0% and 5% of the purchase price and may vary each
month. Once established for a particular month, this discount will apply uniformly to all optional
cash payments made pursuant to an approved request for waiver of the $10,000 limit on optional cash
payments for that month. Setting such a discount for a particular month will not affect the
setting of a discount for any subsequent month. This discount will apply to the entire optional
cash payment and not just to the portion that exceeds $10,000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The establishment of such a discount applies only to optional cash payments made pursuant to a
request for waiver of the $10,000 limit on optional cash payments. All other optional cash
payments will currently be made at the market price subject to any discount offered as described in
Question 15 and shall not be subject to any discount established pursuant to the preceding
paragraph.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Our Rights Regarding Approval of Waiver Requests</I></B><B>. We have sole discretion whether to grant
any approval for optional cash payments in excess of the allowable maximum amount</B>. In deciding
whether to approve your request for a waiver, we will consider a variety of relevant factors
including, but not limited to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transaction costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether, at the time of the request, the plan administrator is acquiring
newly issued shares directly from us or acquiring shares in the open market;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our need for additional funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the attractiveness of obtaining these additional funds through the sale of
common stock as compared to other sources of funds;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase price likely to apply;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the extent and nature of your prior participation in the plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of shares of common stock you hold of record or beneficially; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate amount of optional cash payments in excess of $10,000 for
which requests for waiver have been submitted.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">-15-
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If requests for waiver are submitted for any investment date for an aggregate amount in excess
of the amount we are then willing to accept, we may honor these requests in order of receipt, <I>pro
rata </I>or by any other method that we determine to be appropriate. There is no pre-established
maximum limit applicable to optional cash payments that may be made pursuant to approved requests
for waiver.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>21.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will I incur expenses in connection with my participation under the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will not pay brokerage commissions or service fees to purchase common stock through the
plan. We will pay all other costs of administration of the plan. Additionally, if you elect to
send certificates for any other of our common stock that you own to the plan administrator for
safekeeping, you must include a letter of instruction stating such, there is no fee for this
service. However, if you request that the plan administrator sell all or any portion of your
shares, you will incur fees as described under Question 26 below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REPORTS TO PARTICIPANTS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>22.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How will I keep track of my investments?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will receive a statement of your account following each purchase of additional shares,
whether by reinvestment of dividends or by optional cash payments. This detailed statement will
provide you with the following information with respect to your plan account:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>total number of shares of common stock purchased, including fractional shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>price paid per share of common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>date of stock purchases; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>total number of shares of common stock in your plan account.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should retain these statements to determine the tax cost basis of the shares purchased for
your account under the plan. In addition, you will receive copies of other communications sent to
our stockholders, including our annual report to stockholders, the notice of annual meeting and
proxy statement in connection with our annual meeting of stockholders and Internal Revenue Service
information for reporting dividends paid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You can also view your account history and balance online by accessing the plan
administrator&#146;s website at <U>www.wachovia.com/equityassistlogin</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DIVIDENDS ON FRACTIONS OF SHARES</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>23.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will I be credited with dividends on fractions of shares?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. Any fractional share held in your plan account (see Question 16) that has been
designated for participation in the dividend reinvestment program of the plan will receive a
proportionate amount of any dividend declared on our common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CERTIFICATES FOR SHARES</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>24.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will I receive certificates for shares purchased?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Safekeeping of Certificates</I></B><B>. </B>Normally, common stock purchased for you under the plan will be
held in the name of the plan administrator or its nominee. The plan administrator will credit the
shares to your plan account in &#147;book-entry&#148; form. This service protects against loss, theft or
destruction of certificates evidencing common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may also elect to deposit with the plan administrator certificates for other shares of
common stock that you own and that are registered in your name for safekeeping under the plan
without charge. The plan administrator will credit the common stock represented by the
certificates to your account in &#147;book-entry&#148; form and will combine the shares with any whole and
fractional shares then held in your plan account. In addition to protecting against the loss,
theft or destruc-
</DIV>


<P align="center" style="font-size: 10pt">-16-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">tion of your certificates, this service is convenient if and when you sell common stock
through the plan. Because you bear the risk of loss in sending certificates to the plan
administrator, you should send certificates by registered mail, return receipt requested, and
properly insured to the address specified in Question 7 above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Issuance of Certificates</I></B><B>. </B>No certificates will be issued to you for shares in the plan unless
you submit a written request to the plan administrator or until your participation in the plan is
terminated. At any time, you may request the plan administrator to send a certificate for some or
all of the whole shares credited to your account. This request should be mailed to the plan
administrator at the address set forth in the answer to Question 7 or made via the Internet at
<U>www.wachovia.com/equityassistlogin</U>. There is no fee for this service. Any remaining whole shares
and any fractions of shares will remain credited to your plan account. Certificates for fractional
shares will not be issued under any circumstances.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>25.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In whose name will certificates be registered when issued?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your plan account will be maintained in the name in which your certificates were registered at
the time of your enrollment in the plan. Stock certificates for those shares purchased under the
plan will be similarly registered when issued upon your request. If your shares are held through a
broker, bank or other nominee, such request must be placed through your broker, bank or other
nominee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SALE OF SHARES</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>26.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How do I sell shares held in my plan account?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may contact the plan administrator to sell all or any part of the shares held in your plan
account. After receipt of your request, the plan administrator will sell the shares through a
designated broker or dealer. The plan administrator will mail to you a check for the proceeds of
the sale, less applicable brokerage commissions, service charges and any taxes. The plan
administrator will sell shares within ten business days of receipt of the sale request, at then
current market prices through one or more brokerage firms. If you sell or transfer only a portion
of the shares in your plan account, you will remain a participant in the plan and may continue to
make optional cash investments and reinvest dividends. The plan administrator will continue to
reinvest the dividends on the shares credited to your account unless you notify the plan
administrator that you wish to withdraw from the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan requires you to pay all costs associated with the sale of your shares under the plan.
You will receive the proceeds of the sale, less a $15 service fee per transaction and a $0.10 per
share brokerage commission paid to the plan administrator and any other applicable fees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the plan administrator sells all shares held in your plan account, the plan administrator
will automatically terminate your account. In this case, you will have to complete and file a new
Authorization Form to rejoin the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WITHDRAWALS AND TERMINATION</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>27.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>When may I withdraw from the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may withdraw from the plan with respect to all or a portion of the shares held in your
plan account at any time. If the request to withdraw is received prior to a dividend record date
set by our Board of Directors for determining stockholders of record entitled to receive a
dividend, the request will be processed on the first business day following receipt of the request
by the plan administrator.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the request to withdraw is received by the plan administrator on or after a dividend record
date, but before the payment date, the plan administrator, in its sole discretion, may delay the
withdrawal until after the payment date, at which time the dividend will be reinvested in shares
for your plan account. The request for withdrawal will then be processed as promptly as possible
following the dividend payment date. All dividends paid subsequent to that dividend payment date
will be paid in cash unless you re-enroll in the plan, which you may do at any time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any optional cash payments which have been sent to the plan administrator prior to a request
for withdrawal will also be invested on the next investment date unless you expressly request
return of that payment in the request for with-
</DIV>


<P align="center" style="font-size: 10pt">-17-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">drawal, and the request for withdrawal is received by the plan administrator at least five
business days prior to the business day before the start of the five-day period in which the price
of the common stock is determined.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>28.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How do I withdraw from the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you wish to withdraw from the plan with respect to all or a portion of the shares in your
plan account, you must notify the plan administrator in writing at its mailing address or via its
Internet address specified in the answer to Question 7. Upon your withdrawal from the plan or our
termination of the plan, certificates for the appropriate number of whole shares credited to your
account under the plan will be issued free of charge. A cash payment will be made for any fraction
of a share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon withdrawal from the plan, you may also request in writing that the plan administrator
sell all or part of the shares credited to your plan account. (See Question 26.)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>OTHER INFORMATION</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>29.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What are some of the tax consequences of my participation in the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are encouraged to consult your personal tax advisor with specific reference to your own
tax situation and potential changes in the applicable law as to all federal, state, local, foreign
and other tax matters in connection with the reinvestment of dividends and purchase of shares under
the plan, your tax basis and holding period for shares acquired under the plan and the character,
amount and tax treatment of any gain or loss realized on the disposition of shares. The following
is a brief summary of the material federal income tax considerations applicable to the plan, is for
general information only, and does not constitute tax advice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Consequences of Dividend Reinvestment Program</I>. The following discussion summarizes
certain federal income tax considerations that may be relevant to a person who elects to
participate in the dividend reinvestment program under the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you participate in the dividend reinvestment program under the plan, you will be treated
for federal income tax purposes as having received, on the investment date, a distribution in an
amount equal to the fair market value of the shares on the date the shares were acquired with
reinvested dividends. You will also be treated as having received an additional distribution equal
to your <I>pro rata </I>share of any brokerage commissions paid by us in connection with the purchase of
common stock by the plan administrator from parties other than us, either on the open market or in
privately negotiated transactions. Such shares will have a tax basis equal to the fair market
value of the shares on the date the shares were acquired plus your <I>pro rata </I>share of any brokerage
fees paid by us. For federal income tax purposes, the fair market value of shares acquired under
the plan will likely be treated as equal to the average of the high and low sale prices of shares
on the related investment date. The trading value on that specific date may vary from the market
price determined under the plan for such shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such distributions will be taxable as dividends to the extent of our current or accumulated
earnings and profits. To the extent the distributions are in excess of our current or accumulated
earnings and profits, the distributions will be treated first as a tax-free return of capital,
reducing the tax basis in your shares, and the distributions in excess of your tax basis, if any,
will be taxable as gain realized from the sale of your shares. In addition, if the Company
designates part or all of its distributions as capital gain distributions, those designated amounts
will be treated by you as long-term capital gains.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Example 1:</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following example may be helpful to illustrate the federal income tax consequences of the
reinvestment of dividends at a 1% discount from the market price where the fair market value for
tax purposes is the same as the market price determined under the plan for such shares.

<P align="center" style="font-size: 10pt">-18-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="89%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash dividends reinvested</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assumed Market Price per share*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: 1% discount per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.20</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net purchase price per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19.80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of shares purchased ($100.00/$19.80)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0505</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total taxable distributions resulting from transaction and tax
basis (20.00 X 5.0505)**</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">101.01</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>This price is assumed for illustrative purposes only, and will vary with the market price
of the common stock.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes fair market value (average trading price) on investment date also equals $20.00.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Consequences of the Stock Purchase Program</I>. If you participate in the stock purchase
program under the plan, you will be treated for federal income tax purposes as having received, on
the investment date, a distribution equal to the excess, if any, of the fair market value of the
common stock on this date over the amount of your optional cash payment. In addition, you will
treated as having received a distribution equal to your <I>pro rata </I>share of any brokerage commissions
paid by us in connection with the purchase of common stock by the plan administrator from parties
other than us. These distributions will be taxable as dividends to the extent of our earnings and
profits. Shares acquired through the stock purchase program under the plan should have a tax basis
equal to the amount of the payment plus the <I>pro rata </I>amount of any brokerage commissions paid by us
that is includible in your taxable income and the excess, if any, of the fair market value of the
shares purchased over the amount of the payment, but only to the extent such excess is treated as a
distribution taxable as a dividend. The fair market value on an investment date may differ from the
market price determined under the plan for such shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Example 2:</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following example may be helpful to illustrate the federal income tax consequences of the
optional cash payment feature at a 0% discount from the market price where the fair market value
for tax purposes differs from the market price determined under the plan for such shares and where
you also are enrolled in the dividend reinvestment program.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="91%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Optional cash payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assumed Market Price per share*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: 0% discount per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.00</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net purchase price per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of shares purchased ($100.00/$20.00)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total taxable dividend resulting from transaction (5.00 X $20.50 - $100.00)**</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2.50</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>This price is assumed for illustrative purposes only, and will vary with the market price
of common stock.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>This example assumes a fair market value (average trading price) on the investment date of
$20.50.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your holding period for shares acquired pursuant to either program under the plan will begin
on the day following the investment date. Dividends received by corporate stockholders will not be
eligible for the dividends received deduction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will not realize any taxable income upon receipt of certificates for whole shares credited
to your account, either upon your request for certain of those shares or upon termination of
participation in the plan. You will realize gain or loss upon the sale or exchange of shares
acquired under the plan. You will also realize gain or loss upon receipt, following termination of
participation in the plan, of a cash payment for any fractional share equivalent credited to your
account. The amount of any such gain or loss will be the difference between the amount that you
received for the shares or fractional share equivalent and the tax basis thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Income Tax Withholding and Administrative Expense</I>. If you are a foreign shareholder whose
dividends are subject to United States income tax withholding or a domestic shareholder whose
dividends are subject to backup withholding taxes, the plan administrator will reinvest an amount
equal to the dividend less the amount of any tax required to be withheld. Amounts withheld from
dividends will be paid to the United States Treasury and the affected participants will be advised
of the amount withheld.
</DIV>


<P align="center" style="font-size: 10pt">-19-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign stockholders who elect to make optional cash payments only will continue to receive
regular cash dividends on shares registered in their names in the same manner as if they were not
participating in this plan. Funds for optional cash payments must be in United States dollars and
will be invested in the same way as payments from other participants.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on a series of recent private rulings issued by the IRS, we intend to take the position
that administrative expenses of the plan paid by us are not considered to be distributions to
participants.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>30.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>May shares in my account be pledged?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may not pledge any of the common stock in your plan account. Any attempted pledge of
these shares will be void. If you wish to pledge shares, you must first withdraw them from the
plan.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>31.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If we issue rights to purchase securities to the holders of common stock, how will the rights
on plan shares be handled?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that we make available to the holders of our common stock rights to purchase
additional shares of common stock or any other securities, the plan administrator will sell these
rights (if the rights are saleable and detachable from the common stock) accruing to common stock
held by the plan administrator for you and invest the proceeds in additional shares of common stock
on the next dividend payment date for the common stock. In the event these rights are not saleable
or detachable, the plan will hold the rights for your benefit. If you wish to receive directly any
of these rights, you may do so by sending to the plan administrator, at least five business days
before the rights offering record date, a written request that certificates for shares in your
account be sent to you.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>32.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What happens if we declare a dividend payable in shares or declare a share split?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any dividend payable in shares and any additional shares distributed by us in connection with
a share split in respect of shares credited to your plan account will be added to that account.
Share dividends or split shares which are attributable to shares registered in your own name and
not in your plan account will be mailed directly to you as in the case of stockholders not
participating in the plan.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>33.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How will shares held by the plan administrator be voted at meetings of stockholders?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a record owner, you will receive a proxy card covering both directly held shares
and shares held in the plan. If you hold your shares through a broker, bank or other nominee, you
should receive a proxy covering shares held in the plan from your broker, bank or other nominee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a proxy is returned properly signed and marked for voting, all of the shares covered by the
proxy will be voted as marked. If a proxy is returned properly signed but no voting instructions
are given, all of your shares will be voted in accordance with recommendations of our Board of
Directors, unless applicable laws require otherwise. If the proxy is not returned, or if it is
returned unexecuted or improperly executed, shares registered in your name may be voted only by you
and only in person.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>34.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What are our responsibilities and those of the plan administrator under the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, any of our agents and the plan administrator, will not be liable in administering the plan
for any act done in good faith or required by applicable law or for any good faith omission to act,
including, without limitation, any claim of liability (i)&nbsp;arising out of failure to terminate your
account upon your death or judgment of incompetence prior to the plan administrator&#146;s receipt of
notice in writing of such death or judgment of incompetence, (ii)&nbsp;with respect to the price at
which shares are purchased and/or the times when such purchases are made, or (iii)&nbsp;relating to any
fluctuation in the market value of the common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, any of our agents and the plan administrator, will not have any duties, responsibilities
or liabilities other than those expressly set forth in the plan or as imposed by applicable laws,
including federal securities laws. Since the plan administrator has assumed all responsibility for
administering the plan, we specifically disclaim any responsibility for any of

<P align="center" style="font-size: 10pt">-20-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the plan administrator&#146;s actions or inactions in connection with the administration of the
plan. None of our directors, officers, employees or stockholders will have any personal liability
under the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, any of our agents and the plan administrator, will be entitled to rely on completed forms
and the proof of due authority to participate in the plan, without further responsibility of
investigation or inquiry.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>35.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What will be my responsibilities under the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your plan shares may revert to the state in which you live in the event that the shares are
deemed, under your state&#146;s laws, to have been abandoned by you. For this reason, you should notify
the plan administrator promptly in writing of any change of address. The plan administrator will
address account statements and other communications to you at the last address of record you
provide to the plan administrator.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will have no right to draw checks or drafts against your plan account or to instruct the
plan administrator with respect to any common stock or cash held by the plan administrator except
as expressly provided herein.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>36.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>May the plan be changed or discontinued?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. We may suspend, terminate, or amend the plan at any time. Notice will be sent to you of
any suspension or termination, or of any amendment that alters the plan terms and conditions, as
soon as practicable after we take such an action. We may also substitute another agent in place of
the current plan administrator at any time; you will be promptly informed of any such substitution.
We will determine any questions of interpretation arising under the plan and any such
determination will be final.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>37.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Are there any risks associated with the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your investment in shares held in your plan account is no different from your investment in
shares held directly. Neither we nor the plan administrator can assure you a profit or protect you
against a loss on the shares that you purchase. You bear the risk of any loss and enjoy the
benefits of any gain from market price changes with respect to such shares.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>38.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How will you interpret and regulate the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will interpret, regulate and take any other action in connection with the plan that we deem
reasonably necessary to carry out the plan. We may adopt rules and regulations to facilitate the
administration of the plan. As a participant in the plan, you will be bound by any actions taken
by us or the plan administrator.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>39.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What law governs the plan?</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms and conditions of the plan and its operation will be governed by the laws of the
State of Maryland.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent the plan administrator purchases common stock in the open market or in
privately negotiated transactions with third parties, the common stock acquired under the plan will
be sold directly by us through the plan. We may sell our common stock to owners of shares
(including brokers or dealers) who, in connection with any resales of such shares, may be deemed to
be underwriters. These shares, including shares acquired through waivers granted with respect to
the stock purchase program of the plan, may be resold in market transactions (including coverage of
short positions) on any national security exchange or automated quotation system on which our
common stock is traded or quoted, or in privately negotiated transactions. Our common stock is
currently listed on the New York Stock Exchange. Under certain circumstances, it is expected that
a portion of the common stock available for issuance under the plan will be issued pursuant to
waivers granted with respect to the stock purchase program of the plan. The difference between the
price owners who may be deemed to be underwriters pay us for shares of our common stock acquired
under the plan, after deduction of the appli-
</DIV>


<P align="center" style="font-size: 10pt">-21-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">cable discount from the market price, and the price at which such shares are resold, may be
deemed to constitute underwriting commissions received by these owners in connection with such
transactions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the availability of common stock registered for issuance under the plan, there is
no total maximum number of shares that can be issued pursuant to the reinvestment of dividends.
From time to time, financial intermediaries may engage in positioning transactions in order to
benefit from the discount from the market price acquired through the reinvestment of dividends and
optional cash payments under the plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except with respect to sales of common stock relating to reinvested dividends, we will pay any
and all brokerage commissions and related expenses incurred in connection with purchases of common
stock under the plan. Upon your withdrawal from the plan by the sale of common stock held under
the plan, you will receive the proceeds of such sale less a $15 service fee per transaction and a
$0.10 per share brokerage commission to the plan administrator and any other applicable fees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock may not be available under the plan in all states. This prospectus does not
constitute an offer to sell, or a solicitation of an offer to buy, any common stock or other
securities in any state or any other jurisdiction to any person to whom it is unlawful to make such
offer in such jurisdiction.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters in connection with any offering of securities made by this prospectus
will be passed upon for us by Pillsbury Winthrop Shaw Pittman LLP, a limited liability partnership
including professional corporations. In addition, the description of federal income tax
consequences contained in this prospectus under &#147;Other Information &#151;What are some of the tax
consequences of my participation in the plan?&#148; is, to the extent that it constitutes matters of
law, summaries of legal matters or legal conclusions, the opinion of Pillsbury Winthrop Shaw
Pittman LLP.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements and schedules of Commercial Net Lease Realty, Inc. as of
December&nbsp;31, 2005 and 2004, and the related consolidated statements of earnings, stockholders&#146;
equity and cash flows for each of the years in the three-year period ended December&nbsp;31, 2005, and
management&#146;s assessment of the effectiveness of internal control over financial reporting as of
December&nbsp;31, 2005 have been incorporated by reference herein, and in the registration statement in
reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated
by reference herein, and upon the authority of said firm as experts in accounting and auditing.
Our report with respect to the consolidated financial statements refers to the implementation Financial Accounting
Standards Board Interpretation No.&nbsp;46, revised December&nbsp;2003, &#147;Consolidation of Variable Interest
Entities&#148; (FIN 46R).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual, quarterly and current reports, proxy statements and other information with the
SEC. Our SEC filings are available to the public at the SEC&#146;s website at http://www.sec.gov. You
may also read and copy any document we file at the SEC&#146;s Public Reference Room at 100 F Street,
N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the
operation of the Public Reference Room.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate by reference&#148; the information we file with them, which means
we can disclose important information to you by referring you to those documents. The information
that we incorporate by reference is an important part of our prospectus, and all information that
we will later file with the SEC will automatically update and supersede this information. We
incorporate by reference the documents listed below as well as any future filings made with the SEC
under Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 (Exchange Act File
No.&nbsp;001-11290) from the date of this prospectus until we sell all of the securities under this
prospectus as supplemented until we sell all of our common stock under our prospectus.
Notwithstanding the foregoing, we do not incorporate any document or portion of a document that is
&#147;furnished&#148; to the SEC.
</DIV>


<P align="center" style="font-size: 10pt">-22-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2005,
filed with the SEC on February&nbsp;27, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K dated February&nbsp;3, 2006, filed with the SEC on
February&nbsp;8, 2006 (File No.&nbsp;001-11290).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K dated February&nbsp;8, 2006, filed with the SEC on
February&nbsp;14, 2006 (File No.&nbsp;001-11290).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K dated February&nbsp;9, 2006, filed with the SEC on
February&nbsp;15, 2006 (File No.&nbsp;001-11290).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the capital stock contained in the Registration Statement
on Form 8-A filed with the SEC on July&nbsp;22, 1992 (File No.&nbsp;001-11290).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of these filings at no cost, by writing or telephoning us. Those
copies will not include exhibits to those documents unless the exhibits are specifically
incorporated by reference in the documents or unless you specifically request them. You may also
request copies of any exhibits to the registration statement. Please direct your request to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Commercial Net Lease Realty, Inc.<BR>
450 South Orange Avenue, Suite&nbsp;900<BR>
Orlando, Florida 32801<BR>
Attention: Kevin B. Habicht<BR>
(407)&nbsp;265-7348
</DIV>


<P align="center" style="font-size: 10pt">-23-
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You should rely only on the information incorporated by reference or contained in this
prospectus. We have not authorized anyone to provide you with any different information. We are
not making an offer of these securities in any state where the offer is not permitted. You should
not assume that the information contained in this prospectus or the documents incorporated by
reference is accurate as of any date other than the date on the front of this prospectus or those
documents.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">About this Prospectus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">i</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Summary of the Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forward-Looking Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial Net Lease Realty</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Use of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Terms and Conditions of the Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purpose</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Options Available to Participants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advantages and Disadvantages</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Administration and Plan Administrator</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Participation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchases and Prices of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reports to Participants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dividends on Fractions of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Certificates for Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Withdrawals and Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan of Distribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Experts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Where You Can Find More Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

 <DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="left"><DIV style="font-size: 3pt; margin-top: 13pt; width: 100%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMMERCIAL NET LEASE REALTY, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><IMG src="w17971w1797100.gif" alt="(COMMERCIAL NET LEASE REALTY, INC.  LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>12,191,394&nbsp;Shares</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Common Stock</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><I>offered to stockholders<BR>
and other interested investors<BR>
solely in connection with the</I>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DIVIDEND REINVESTMENT<BR>
AND STOCK PURCHASE PLAN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="left"><DIV style="font-size: 3pt; margin-top: 13pt; width: 100%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROSPECTUS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="left"><DIV style="font-size: 3pt; margin-top: 13pt; width: 100%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>February 28, 2006</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="left"><DIV style="font-size: 3pt; margin-top: 13pt; width: 100%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;14. Other Expenses of Issuance and Distribution</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table itemizes the expenses incurred, or to be incurred, by the Registrant in
connection with the registration and issuance of the common stock being registered hereunder. As
indicated below, all amounts shown are estimates except for the SEC registration fee.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="89%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Registration Fee &#151; Securities and Exchange Commission</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,903</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Printing and Engraving Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounting Fees and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal Fees and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Miscellaneous (including listing fees)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">103,903</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;15. Indemnification of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our articles of incorporation provide that the liability of our directors and officers for
money damages shall be eliminated to the maximum extent permitted by Maryland law. Under current
Maryland law, the directors are liable to us or our stockholders for money damages only for
liability resulting from (i)&nbsp;acts or omissions committed in bad faith involving active and
deliberate dishonesty that were material to the cause of action adjudicated, as established by a
final judgment or (ii)&nbsp;actual receipt of an improper benefit or profit in money, property or
services. Our articles of incorporation also provide that no amendment thereto may limit or
eliminate this limitation of liability with respect to events occurring prior to the effective date
of such amendment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our articles of incorporation and bylaws require us to indemnify our directors and officers to
the fullest extent permitted by Maryland law. Under current Maryland law, we will indemnify (i)&nbsp;any
director or officer who has been successful, on the merits or otherwise, in the defense of a
proceeding to which he was made a party by reason of his service in that capacity, against
reasonable expense incurred by him in connection with the proceeding and (ii)&nbsp;any present or former
director or officer against any claim or liability unless it is established that (a)&nbsp;his act or
omission was material to the matter giving rise to the proceeding and was committed in bad faith or
was the result of active and deliberate dishonesty; (b)&nbsp;he actually received an improper personal
benefit in money, property or services; or (c)&nbsp;in the case of a criminal proceeding, he had
reasonable cause to believe that his act or omission was unlawful. In addition, our bylaws require
us to pay or reimburse, in advance of the final disposition of a proceeding, reasonable expenses
incurred by a present or former director or officer or any person who is or was serving at our
request as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, who is made a party to a proceeding by reason of his status as
a director, officer, employee or agent, to the fullest extent provided by Maryland law. Current
Maryland law provides that we shall have received, before providing any such payment or
reimbursement, (i)&nbsp;a written affirmation by the director or officer of his good faith belief that
he has met the standard of conduct necessary for indemnification by us as authorized by Maryland
law and our bylaws and (ii)&nbsp;a written undertaking by or on his behalf to repay the amount paid or
reimbursed by us if it shall ultimately be determined that the standard of conduct was not met. Our
bylaws also permit us to provide indemnification, payment or reimbursement of expenses to any of
our employees or agents in such capacity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16. Exhibits</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Amended and Restated Articles of Incorporation of the Registrant, as amended (filed
as Exhibit&nbsp;3.1 to the Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the quarter ended
September&nbsp;30, 2005 and incorporated herein by reference).</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">II - 1
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Third Amended and Restated Bylaws of the Registrant (filed as Exhibit&nbsp;3.1 to the
Registrant&#146;s Current Report on Form&nbsp;8-K dated August&nbsp;18, 2005, and incorporated herein by
reference).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Specimen Certificate of Common Stock, par value $0.01 per share, of the Registrant (filed
as Exhibit&nbsp;3.4 to the Registrant&#146;s Registration Statement No.&nbsp;1-11290 on Form&nbsp;8-B and
incorporated herein by reference).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Pillsbury Winthrop Shaw Pittman LLP regarding the validity of the securities
being registered.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.1*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Pillsbury Winthrop Shaw Pittman LLP regarding certain federal income tax matters.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Pillsbury Winthrop Shaw Pittman LLP (included as part of Exhibits 5.1 and 8.1).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of KPMG LLP.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney (included on signature page).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Authorization Form.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.2*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Automatic Cash Investment Application.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Included with this filing.</TD>
</TR>

</TABLE>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3"><B>Item&nbsp;17. Undertakings.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertake:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act of 1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any acts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement; notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than
a 20% change in the maximum aggregate offering price set forth in &#147;Calculation of
Registration Fee&#148; table in the effective registration statement; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">provided, however, that paragraphs (a)(i), (a)(ii) and (a)(iii) do not apply if the
information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the registrant
pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated
by reference in this registration statement, or is contained in a form of prospectus filed
pursuant to Rule 424(b) that is part of the registration statement.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top:6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933
to any purchaser
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each prospectus filed by the undersigned registrant pursuant to Rule&nbsp;424(b)(3)
shall be deemed to be a part of the registration statement as of the date the filed
prospectus was deemed part of and included in the registration statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5) or (b)(7)
as part of a registration statement in reliance on Rule&nbsp;430B relating to an offering made
pursuant to Rule&nbsp;415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing information
required by section 10(a) of the Securities Act of 1933 shall be deemed to be a part of and
included in the registration statement as of the earlier of the date such form of prospectus
is first used after effectiveness or the date of the first contract of sale of securities in
the offering described in the prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant
to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrants pursuant to the
provisions described under Item&nbsp;15 above, or otherwise, the registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the respective
registrant of expenses incurred or paid by a director, officer, or controlling person of the
registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, such
registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act of 1933 and will be governed by
the final adjudication of such issue.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Orlando, State of Florida,
on February&nbsp;28, 2006.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>COMMERCIAL NET LEASE REALTY, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Craig Macnab</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Craig Macnab</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below hereby constitutes and appoints each of Craig
Macnab, Kevin B. Habicht and Julian E. Whitehurst 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 or post-effective amendments to this Registration Statement, and to file the same, with
exhibits thereto and other documents in connection therewith or in connection with the registration
of the securities under the Securities Act of 1933 with the Securities and Exchange Commission,
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 confirming all that such attorney-in-fact and agent or his substitutes may do or cause to be
done by virtue hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed below by the following persons in the capacities indicated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" ><B>SIGNATURE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" ><B>TITLE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" ><B>DATE</B></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Craig Macnab
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Craig Macnab
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief
Executive Officer and
Director (principal
executive officer)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;28, 2006&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kevin B. Habicht
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kevin B. Habicht
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice
President, Chief
Financial Officer,
Assistant Secretary,
Treasurer and Director
(principal financial
and accounting
officer)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;28, 2006&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ G. Nicholas Beckwith III
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;28, 2006&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">G. Nicholas Beckwith III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Clifford R. Hinkle
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Clifford R. Hinkle
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;28, 2006&nbsp;</TD>
</TR>

<tr><td colspan="5">&nbsp;</td></tr>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard B. Jennings
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;28, 2006&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard B. Jennings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ted B. Lanier
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Ted B. Lanier
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;28, 2006&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert C. Legler
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert C. Legler
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;28, 2006&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert Martinez
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert Martinez
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;28, 2006&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Index to Exhibits</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Amended and Restated Articles of Incorporation of the Registrant, as amended (filed
as Exhibit&nbsp;3.1 to the Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the quarter ended
September&nbsp;30, 2005 and incorporated herein by reference).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Third Amended and Restated Bylaws of the Registrant (filed as Exhibit&nbsp;3.1 to the
Registrant&#146;s Current Report on Form&nbsp;8-K dated August&nbsp;18, 2005, and incorporated herein by
reference).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Specimen Certificate of Common Stock, par value $0.01 per share, of the Registrant (filed
as Exhibit&nbsp;3.4 to the Registrant&#146;s Registration Statement No.&nbsp;1-11290 on Form&nbsp;8-B and
incorporated herein by reference).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Pillsbury Winthrop Shaw Pittman LLP regarding the validity of the securities
being registered.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.1*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Pillsbury Winthrop Shaw Pittman LLP regarding certain federal income tax matters.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Pillsbury Winthrop Shaw Pittman LLP (included as part of Exhibits 5.1 and 8.1).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of KPMG LLP.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney (included on signature page).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Authorization Form.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.2*</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Automatic Cash Investment Application.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Included with this filing.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>w17971exv5w1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 5.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;LETTERHEAD OF PILLSBURY WINTHROP SHAW PITTMAN LLP&#093;</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">February&nbsp;28, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commercial Net Lease Realty, Inc.<BR>
450 South Orange Avenue<BR>
Suite&nbsp;900<BR>
Orlando, FL 32801

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Commercial Net Lease Realty, Inc. Registration Statement on Form&nbsp;S-3</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to Commercial Net Lease Realty, Inc., a Maryland corporation (the
&#147;Company&#148;), in connection with a Registration Statement on Form S-3 (the &#147;Registration Statement&#148;)
filed with the Securities and Exchange Commission under the Securities Act of 1933. The
Registration Statement relates to the offering of up to 12,000,000 shares of common stock, par
value $.01 per share (the &#147;Shares&#148;), of the Company, that may be offered and sold from time to time
pursuant to the Company&#146;s Dividend Reinvestment and Stock Purchase Plan (the &#147;Plan&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this opinion, we have examined copies of the following documents:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registration Statement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the First Amended and Restated Articles of Incorporation, as amended, restated
or supplemented (the &#147;Articles of Incorporation&#148;), as certified by Maryland State
Department of Assessments and Taxation and by the Secretary of the Company on February
27, 2006 as being complete, accurate and in effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Third Amended and Restated Bylaws of the Company, as amended, restated or
supplemented (the &#147;Bylaws&#148;), as certified by the Secretary of the Company on the date
hereof as being complete, accurate and in effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>resolutions of the Board of Directors of the Company adopted by unanimous
written consent on February
23, 2006 (the &#147;Resolutions&#148;), as certified by the Secretary of the Company on the date
hereof as being complete, accurate and in effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a certificate of the Secretary of the Company of even date herewith; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such other documents, corporate records, certificates of public officials and
other instruments as we have deemed necessary for the purposes of rendering this
opinion.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our examination of the aforesaid documents, we have assumed the legal capacity of all
natural persons, the genuineness of all signatures, the completeness and authenticity of all
documents submitted to us as originals, and the conformity to original documents of all documents
submitted to us as certified, telecopied, photostatic or reproduced copies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the opinions expressed below, we have assumed that, at and prior to the
time of the sale and delivery of Shares pursuant to the Registration Statement, (i)&nbsp;the Resolutions
authorizing the offering and sale of the Shares have not have been amended, modified or rescinded,
(ii)&nbsp;the Registration Statement has been declared effective and no stop order suspending the
effectiveness of the Registration Statement has been issued and no proceedings with respect thereto
have been commenced or threatened, and (iii)&nbsp;there has not occurred any change in law materially
adversely affecting the power of the Company to offer and sell the Shares or the validity of the
Shares.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have also assumed that the offering, sale and delivery of Shares will not at the time of
such offering and sale violate or conflict with (1)&nbsp;the Articles of Incorporation, as then amended,
restated and supplemented, and Bylaws, as then amended, restated and supplemented, (2)&nbsp;any
provision of any license, indenture, instrument, mortgage, contract, document or agreement to which
the Company is a party or by which the Company is then bound, or (3)&nbsp;any law or regulation or any
decree, judgment or order applicable to the Company. We have further assumed that the number of
Shares to be offered and sold pursuant to the Registration Statement will not at the time of such
offering and sale exceed the amount of such class of capital shares authorized in the Articles of
Incorporation, as then amended, restated or supplemented, and unissued at such time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon, subject to, and limited by the foregoing, we are of the opinion that the Shares
have been duly authorized and when sold, issued and delivered by the Company in the manner and on
the terms described in the Registration Statement and the Plan, the Shares will be validly issued,
fully paid and nonassessable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is limited to the laws of the United States and the State of Maryland. Our
opinion is rendered only with respect to the laws and the rules, regulations and orders thereunder
that are currently in effect. We assume no obligation to advise you of any changes in the
foregoing subsequent to the delivery of this opinion. We express no opinion as to compliance with
any state securities laws, including the securities laws of the State of Maryland, or as to federal
or state laws regarding fraudulent transfers. This opinion has been prepared solely for your use in
connection with the filing of the Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement
and to the use of our name therein under the caption &#147;Legal Matters.&#148; The giving of this consent,
however, does not constitute an admission that we are &#147;experts&#148; within the meaning of Section&nbsp;11 of
the Securities Act of 1933 (the &#147;Act&#148;), as amended, or within the category of persons whose consent
is required by Section&nbsp;7 of the Act.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" >/s/ Pillsbury Winthrop Shaw Pittman LLP
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PILLSBURY WINTHROP SHAW PITTMAN LLP</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>w17971exv8w1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv8w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 8.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;LETTERHEAD OF PILLSBURY WINTHROP SHAW PITTMAN LLP&#093;</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">February&nbsp;28, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commercial Net Lease Realty, Inc.<BR>
450 South Orange Avenue<BR>
Suite&nbsp;900<BR>
Orlando, FL 32801

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to Commercial Net Lease Realty, Inc., a Maryland corporation (the
&#147;Company&#148;), in connection with a Registration Statement on Form S-3 (the &#147;Registration Statement&#148;)
filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended.
The Registration Statement relates to the offering of up to 12,000,000 shares of common stock, par
value $.01 per share (the &#147;Shares&#148;), of the Company, that may be offered and sold from time to time
pursuant to the Company&#146;s Dividend Reinvestment and Stock Purchase Plan (the &#147;Plan&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the following opinion, we have examined the Registration Statement and such
statutes, regulations, records, certificates and other documents or information as we have
considered necessary or appropriate as a basis for such opinion. Unless facts material to the
opinion expressed herein are specifically stated to have been independently established or verified
by us, we have relied as to such facts solely upon the Registration Statement and other information
provided by the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon and subject to the foregoing and to the qualifications below, we are of the opinion
that the statements in the Registration Statement set forth under the caption &#147;Other Information
&#151;What are some of the tax consequences of my participation in the plan?,&#148; insofar as they purport
to describe or summarize certain provisions of the agreements, statutes or regulations referred to
therein, are accurate descriptions or summaries in all material respects, and the discussion
thereunder expresses the opinion of Pillsbury Winthrop Shaw Pittman LLP insofar as it relates to
matters of United States federal income tax law and legal conclusions with regard to those matters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinion set forth in this letter is based on existing law as contained in the Internal
Revenue Code of 1986, as amended or the regulations promulgated thereunder, including any Temporary
and Proposed Regulations, and interpretations of the foregoing by the Internal Revenue Service
(&#147;IRS&#148;) and by the courts in effect (or, in case of certain Proposed Regulations, proposed) as of
the date hereof, all of which are subject to change, both retroactively or prospectively, and to
possibly different interpretations. We assume no obligation to update the opinion set forth in
this letter. We believe that the conclusions expressed herein, if challenged by the IRS, would be
sustained in court. Because our positions are not binding upon the IRS or the courts, however,
there can be no assurance that contrary positions may not be successfully asserted by the IRS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing opinion is limited to the specific matters covered thereby and should not be
interpreted to imply the undersigned has offered its opinion on any other matter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement.
The giving of this consent, however does not constitute an admission that we are &#147;experts,&#148; within
the meaning of Section&nbsp;11 of the Securities Act of 1933, as amended (the &#147;Act&#148;), or within the
category of persons whose consent is required by Section&nbsp;7 of the Act.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" >/s/ Pillsbury Winthrop Shaw Pittman LLP
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PILLSBURY WINTHROP SHAW PITTMAN LLP</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>w17971exv23w2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 23.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Letterhead of KPMG LLP&#093;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><U>Consent of Independent Registered Public Accounting Firm </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors<BR>
Commercial Net Lease Realty, Inc.:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the use of our report dated February&nbsp;17, 2006 with respect to the consolidated
balance sheets of Commercial Net Lease Realty, Inc. and subsidiaries as of December&nbsp;31, 2005 and
2004, and the related consolidated statements of earnings, stockholders&#146; equity and cash flows for
each of the years in the three-year period ended December&nbsp;31, 2005, and all related financial
statement schedules, incorporated herein by reference. Our report with respect to the consolidated financial statements refers to the implementation of
Financial Accounting Standards Board Interpretation No.&nbsp;46, revised December&nbsp;2003, <I>Consolidation of
Variable Interest Entities </I>(FIN 46R). We also consent to the use of our report dated February&nbsp;17,
2006 with respect to management&#146;s assessment of the effectiveness of internal control over
financial reporting as of December&nbsp;31, 2005 and the effectiveness of internal control over
financial reporting as of December&nbsp;31, 2005 incorporated herein by reference and to the reference
to our firm under the heading &#147;Experts&#148; in the prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ KPMG LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Orlando, Florida<BR>
February&nbsp;27, 2006<BR>
Certified Public Accountants

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>w17971exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT 99.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMMERCIAL NET LEASE REALTY, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Dividend Reinvestment and Stock Purchase Plan</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AUTHORIZATION FORM</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>PLEASE READ CAREFULLY AND PROVIDE ALL REQUESTED INFORMATION. If you return a properly executed
authorization form without electing an investment option, you will be enrolled as having selected
the FULL DIVIDEND REINVESTMENT option.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Return to:

</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Wachovia Bank, N.A.<BR>
Shareholder Services Group<BR>
1525 West W.T. Harris Blvd., 3C3<BR>
Charlotte, North Carolina 28262-8522
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PRINT NAME EXACTLY AS IT APPEARS ON CERTIFICATE OR ON ACCOUNT DOCUMENTATION
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PRINT ADDRESS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SOCIAL SECURITY OR TAX ID NUMBER
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IF BENEFICIAL OWNER:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAME OF BROKER, BANK OR OTHER NOMINEE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONTACT
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAME OF DEPOSITORY USED BY BROKER BANK OR NOMINEE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PARTICIPANT NUMBER WITH DEPOSITORY
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FOR ALL PARTICIPANTS &#151; OPTIONS ELECTED:
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091; &#093; FULL DIVIDEND REINVESTMENT. Please apply all dividends on shares of the Company held in my
name or in the above account and dividends on shares held in my plan account to the purchase of
additional shares of common stock of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091; &#093; PARTIAL DIVIDEND REINVESTMENT. Please apply all dividends on &#95;&#95;&#95;of the shares held in my
name or the above account and dividends on all shares held in my plan account to the purchase of
additional shares of common stock of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091; &#093; OPTIONAL CASH PAYMENT. Enclosed is payment in the amount of $&#95;&#95;&#95;(minimum $100, maximum
$10,000) to make an additional investment in Commercial Net Lease Realty, Inc. shares. (Please make
check payable to Wachovia Bank, N.A. &#150; Commercial Net Lease Realty, Inc. DRSPP.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091; &#093; DIVIDENDS ON SHARES IN PLAN ACCOUNT ACQUIRED WITH OPTIONAL CASH PAYMENTS. Dividends on Plan
shares acquired through optional cash payments by any record or beneficial owner will be:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&#091; &#093; paid directly to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&#091; &#093; fully enrolled in the Dividend Reinvestment Program. Please apply all dividends on shares
of the Company acquired with optional cash payments to the purchase of additional shares of
common stock of the Company.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091; &#093; An authorization for automatic cash investments is also enclosed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I appoint Wachovia Bank, N.A. (the &#147;Plan Administrator&#148;) as agent and authorize the Plan
Administrator to reinvest future dividends paid on the specified number of shares of common stock
of Commercial Net Lease Realty, Inc. and any optional cash investments I may make from time to time
in additional shares of common stock of Commercial Net Lease Realty, Inc., all in accordance with
the Commercial Net Lease Realty, Inc. Dividend Reinvestment and Stock Purchase Plan Prospectus,
receipt of which is hereby acknowledged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I understand that participation is subject to the terms and conditions of the Commercial Net Lease
Realty, Inc., all in accordance with the Commercial Net Lease Realty, Inc. Dividend Reinvestment
and Stock Purchase Plan as set forth in the Prospectus relating thereto and that enrollment may be
discontinued at any time by written notice to the Plan Administrator at the address shown above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I certify under penalties of perjury that (i)&nbsp;the social security number or tax identification
number shown above is correct and (ii)&nbsp;I am not subject to backup withholding because the Internal
Revenue Service (a)&nbsp;has not notified me that I am, as a result of failure to report all interest or
dividends or (b)&nbsp;has notified me that I am no longer subject to backup withholding. The
certifications in this paragraph are required of all non-exempt persons to prevent backup
withholding of 20% of all taxable distributions under federal income tax law. Check here if you
are subject to backup withholding &#091; &#093;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SIGNATURE(S)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">DATE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">DAYTIME TELEPHONE NUMBER</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>6
<FILENAME>w17971exv99w2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT 99.2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMMERCIAL NET LEASE REALTY, INC.<BR>
Dividend Reinvestment and Stock Purchase Plan</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AUTOMATIC CASH INVESTMENT APPLICATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I. This authorizes the automatic transfer of funds from my (our)&nbsp;checking or banking account
to the Commercial Net Lease Realty, Inc. Dividend Reinvestment and Stock Purchase Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">1. <B>Name(s)</B>
</DIV>

<DIV align="left"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt">(Please print exactly as shown on your Commercial Net Lease Realty, Inc. Dividend Reinvestment and
Stock Purchase Plan statement or Authorization Form.)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">2. <B>Your Plan Account Number</B>
</DIV>

<DIV align="left"><DIV style="font-size: 3pt; margin-top: 16pt; width: 95%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt">(As shown on your Plan statement. If this is a new enrollment, leave this line blank and attach
your completed Authorization Form.)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3. <B>Amount to be deducted monthly from your Account and invested in Commercial Net Lease
Realty, Inc. Shares (Minimum $100, Maximum $10,000)</B>
</DIV>

<DIV align="left"><DIV style="font-size: 3pt; margin-top: 16pt; width: 90%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt">(Your account will be debited or charged on the tenth business day of each month and will be
invested on the next investment date.)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">4. <B>Name(s) of Depositor(s)</B>
</DIV>

<DIV align="left"><DIV style="font-size: 3pt; margin-top: 16pt; width: 90%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt">(As shown on bank records and on your checks.)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">5. <B>Name of Bank</B>
</DIV>

<DIV align="left"><DIV style="font-size: 3pt; margin-top: 16pt; width: 90%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">6. <B>Bank Address</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>(City)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>(State)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>(Zip Code)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="2"><DIV style="margin-left: 30pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>

    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="2"><DIV style="margin-left: 48pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">7. <B>Type of Account <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Checking <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Savings</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8. <B>Signature(s)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Signature of Depositor
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Signature of Joint Depositor, if any
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note: Completion of this form is strictly optional and is not required to enroll in the Commercial
Net Lease Realty, Inc. Dividend Reinvestment and Stock Purchase Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">II. Attach voided check or deposit slip.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Return To:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wachovia Bank, N.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholder Services Group</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1525 West W.T. Harris Blvd., 3C3</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, North Carolina 28262-8522</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<!-- Begin Table Body -->
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Questions:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Call Toll Free 1-800-829-8432</TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">III. If you wish to discontinue automatic cash investments, notify Wachovia Bank, N.A. at the
above number.
</DIV>



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