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: January 21, 2004

COMMERCIAL NET LEASE REALTY, INC.
(exact name of registrant as specified in its charter)



Maryland
(State or other jurisdiction of
incorporation or organization)
0-12989
(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)




Item 7. Financial Statements and Exhibits.

Exhibit 99.1: Press Release dated January 21, 2004.

Item 12. Results of Operations and Financial Condition.

On January 21, 2004, Commercial Net Lease Realty, Inc. issued a press release announcing its results of operations and financial condition for the quarter and year ended December 31, 2003. The press release is attached hereto as Exhibit 99.1.

The information in this Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section, nor shall information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.


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.


Commercial Net Lease Realty, Inc.
        (Registrant)

Date: January 21, 2004 By: /s/ Kevin B. Habicht
        Kevin B. Habicht
        Executive Vice President and
        Chief Financial Officer