8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 9, 2005 COMMERCIAL NET LEASE REALTY, INC. (exact name of registrant as specified in its charter)
Maryland (State or other jurisdiction of incorporation or organization)	001-11290 (Commission File Number)	56-1431377 (I.R.S. Employment Identification No.)
450 South Orange Avenue, Orlando, FL 32801 (Address of principal executive offices, including zip code) (407) 265-7348 (Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On March 9, 2005, James M. Seneff, Jr. and Robert A. Bourne informed Commercial Net Lease Realty, Inc. that they will retire from the Board of Directors, effective as of the next annual stockholder meeting scheduled for June 1, 2005, and therefore do not intend to stand for re-election.

Item 7.01. Regulation FD Disclosure.

A copy of the press release announcing the retirements of Messrs. Seneff and Bourne is furnished as Exhibit 99.1 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information included in Exhibit 99.1 shall not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits.

         99.1 Press Release dated March 15, 2005.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: March 15, 2005 Commercial Net Lease Realty, Inc.

By: /s/ Kevin B. Habicht
        Kevin B. Habicht
        Executive Vice President and
        Chief Financial Officer

EXHIBIT INDEX

Exhibit No.                                   Description

    99.1                                           Press Release, dated March 15, 2005.

EX-99.1

NEWS RELEASE

For information contact:
Kevin B. Habicht
Chief Financial Officer
(407) 265-7348

For Immediate Release
March 15, 2005

COMMERCIAL NET LEASE REALTY, INC. ANNOUNCES
RETIREMENT OF TWO DIRECTORS

        Orlando, FL, March 15, 2005 — Commercial Net Lease Realty, Inc. (NYSE: NNN), a real estate investment trust, announced today that James M. Seneff, Jr., chairman of the board, and Robert A. Bourne, vice chairman, will retire from the Board of Directors on June 1, 2005, the scheduled date of the next annual meeting of shareholders. Seneff has served as chairman of the board since June 1992 and served as chief executive officer of the company from July 1992 until February 2004. Bourne served as a director and, at various points since 1992, held the offices of secretary, treasurer and president.

        “On behalf of all of our employees and shareholders, I would like to thank Jim and Bob for their significant contribution to NNN over the past thirteen years. All of us at NNN are grateful for their vision and leadership. As friends and large shareholders, we are pleased that we will continue to have access to their wise counsel and encouragement,” said Craig Macnab, chief executive officer.

        “It has been a tremendous pleasure to work with the board and management team to grow this company into what it is today,” said Seneff, chairman of CNL Financial Group. “Bob and I look forward to pursuing our other business interests and are confident in Craig Macnab’s ability to continue to create value for NNN’s shareholders.”

        Since July of 1992, the assets of Commercial Net Lease Realty grew from $15 million to $1.3 billion and the company provided an annual total return to shareholders of 14.8 percent through February 28, 2005. In addition, the company is one of 221 publicly traded companies in America to have increased its annual dividend each year for the past 15 years.

Commercial Net Lease Realty invests primarily in high quality, single-tenant retail properties generally subject to long-term, net leases with established tenants, such as Barnes & Noble, Best Buy, CVS, OfficeMax and the United States of America. As of December 31, 2004, the Company owned 362 investment properties in 38 states with a gross leasable area of approximately 8.5 million square feet. These properties are leased to 151 corporations in 56 industry classifications.