UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A (RULE 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
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COMMERCIAL NET LEASE REALTY, INC. (Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
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August 11, 2004

Dear Stockholder:

The Annual Meeting of Stockholders of Commercial Net Lease Realty was convened on Thursday, August 5, 2004, at which time the election of nine directors and four proposals (1, 3, 4 and 7 in the proxy statement) were approved. For the three additional proposals (2, 5 and 6 in the proxy statement) requiring a supermajority (or two-thirds) of the common shares outstanding for approval, the meeting was adjourned until Thursday, September 16, 2004. Of the votes cast to-date for these three proposals, more than 91% were in favor.

Each of these additional proposals has been recommended by the Board of Directors and management in order to address “best practices” in corporate governance and benefit the stockholders of the company. Should you have any questions regarding these proposals, please feel free to contact Carole Jones in our investor relations department at 800-265-7348 or by email at carole.jones@nnnreit.com.

At this writing, our records indicate that you have not yet voted. It is important that you vote your shares either by proxy card, phone or online. If you own your shares in the name of a brokerage firm, your broker cannot vote your shares by proxy unless the firm receives your specific instructions.

In the event that your proxy material has been misplaced, we are enclosing a duplicate proxy card and return envelope. You may also follow the instructions on the voter instruction form and vote online or by telephone. (NOTE: If you vote online or by phone, please do not return your proxy card by U.S. mail.)

If you have already voted, please disregard this reminder. Continued solicitation of votes is costly so please vote today. In the event that two proxies are received from you, the one bearing the latest date will be counted, as it automatically revokes all prior proxies.

Sincerely,

/s/Julian E. Whitehurst

Chief Operating Officer & Corporate Secretary

Enclosure