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<P align="right">File No. __________


<P align="center">As filed with the Securities and Exchange Commission on July&nbsp;9, 2001.


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<P align="center">SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR>
___________________________


<P align="center"><B>FORM S-8</B>


<P align="center">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933<BR>
___________________________



<P align="center"><B>COMMERCIAL NET LEASE REALTY, INC.</B><BR>
(Exact Name of Registrant as Specified in Its Charter)


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        <TD align="center" valign="top"><FONT size="2">Maryland<BR>
(State or Other Jurisdiction<BR>
of Incorporation or Organization)</FONT></TD>
        <TD></TD>
        <TD  align="center" valign="top"><FONT size="2">
56-1431377<BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE>
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<P align="center">450 S. Orange Avenue, Suite&nbsp;900<BR>
Orlando, Florida 32801<BR>
(Address of Principal Executive Offices)



<P align="center"><B>COMMERCIAL NET LEASE REALTY, INC.<BR>
2000 PERFORMANCE INCENTIVE PLAN</B><BR>
( Full Title of the Plan)



<P align="center">Kevin B. Habicht<BR>
Chief Financial Officer<BR>
450 S. Orange Avenue, Suite&nbsp;900<BR>
Orlando, Florida 32801<BR>
(Name and Address of Agent for Service)



<P align="center">(407)&nbsp;265-7348<BR>
(Telephone Number, Including Area Code, of Agent for Service)



<P align="center">Copies to:<BR>
John M. McDonald, Esq.<BR>
Shaw Pittman<BR>
2300 N Street, N.W.<BR>
Washington, D.C. 20037



<P align="center">CALCULATION OF REGISTRATION FEE


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        <TD width="33%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Proposed Maximum</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Proposed Maximum</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Title of Securities</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Amount to be</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Offering Price</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Aggregate Offering</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Amount of</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>to be Registered</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Registered (1)</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Per Share (2)</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Price (2)</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Registration Fee</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
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<TR valign="bottom">
        <TD><FONT size="2">Common Stock, $.01
par value per share</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD NOWRAP VALIGN="BOTTOM" align="right"><FONT size="2">2,900,000 shares</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD NOWRAP VALIGN="BOTTOM" align="right"><FONT size="2">$</FONT></TD>
        <TD NOWRAP VALIGN="BOTTOM" align="right"><FONT size="2">13.775</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD NOWRAP VALIGN="BOTTOM" align="right"><FONT size="2">$</FONT></TD>
        <TD NOWRAP VALIGN="BOTTOM" align="right"><FONT size="2">39,947,500</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD NOWRAP VALIGN="BOTTOM" align="right"><FONT size="2">$</FONT></TD>
        <TD NOWRAP VALIGN="BOTTOM" align="right"><FONT size="2">9,987.00</FONT></TD>
        <TD></TD>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><FONT size="2">(1)</FONT></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="96%"><FONT size="2">This Registration Statement shall also cover any additional shares of
Common Stock which become issuable under the 1996 Commercial Net Lease Realty,
Inc. Stock Option Plan For Directors by reason of any stock dividend, stock
split, recapitalization or other similar transaction effected without the
receipt of consideration which results in an increase in the number of the
Registrant&#146;s outstanding shares of Common Stock.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><FONT size="2">(2)</FONT></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="96%"><FONT size="2">Estimated solely for the purpose of computing the registration fee in
accordance with Rule&nbsp;457(c), based on the average of the high and low sales
price on July&nbsp;6, 2001, as reported by the New York Stock
Exchange.</FONT></TD>
</TR>
</TABLE>
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<P align="center"><B>PART II</B>

<P align="center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>

<P align="left"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents, which are on file with the Securities and
Exchange Commission (the &#147;Commission&#148;), are incorporated herein by this
reference and made a part hereof:

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%">&nbsp;</TD>
        <TD width="1%" align="left">(a)</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%">The Registrant&#146;s Annual Report on Form&nbsp;10-K for its fiscal
year ended December&nbsp;31, 2000, filed pursuant to Section&nbsp;15(a) or
15(d) of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;);</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width="3%">&nbsp;</TD>
        <TD width="1%" align="left">(b)</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%">The Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for its fiscal
quarter ended March&nbsp;31, 2001, filed pursuant to Section&nbsp;15(a) or
15(d) of the Exchange Act;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width="3%">&nbsp;</TD>
        <TD width="1%" align="left">(c)</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%">All other reports filed by the Registrant pursuant to Section
15(a) or 15(d) of the Exchange Act since the end of the Registrant&#146;s
fiscal year ended December&nbsp;31, 2000;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width="3%">&nbsp;</TD>
        <TD width="1%" align="left">(d)</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%">The description of the Registrant&#146;s Common Stock contained in
the Registrant&#146;s Registration Statement on Form&nbsp;S-11 (No.&nbsp;2-92784)
filed pursuant to the Securities Act of 1933, as amended, as
incorporated by reference in the Registrant&#146;s Registration Statement
on Form&nbsp;8-A filed pursuant to the Exchange Act, including any
amendments or reports filed to update the description.</TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which de-registers all securities then remaining unsold shall be deemed
to be incorporated by reference herein and to be a part hereof from the date of
filing of such reports and documents.

<P align="left"><B>Item&nbsp;4. Description of Securities.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<P align="left"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<P align="left"><B>Item&nbsp;6. Indemnification.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s Articles of Incorporation and Bylaws require it to
indemnify to the fullest extent permitted by and under the applicable
provisions of the Maryland General Corporation Law (&#147;MGCL&#148;), any person who is
or was, or who agrees to become, a director or officer of the Registrant or,
while a director of the Registrant, is or was serving or agrees to serve at the
request of the Registrant, as a director, officer, partner, joint venturer,
employee or trustee of another corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise (including
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<P>the heirs, executors, administrators or estate of such person) (any
&#147;Mandatory Indemnitee&#148;) who, by reason of his or her status or service as such
was, or is threatened to be made a party, or otherwise involve in any civil,
criminal, administrative or investigative proceeding. This mandatory
indemnification extends to all liability and loss suffered, and expenses
(including, without limitation, attorneys&#146; fees, judgments, fines, penalties
and amounts paid in settlement) actually and reasonably incurred by a Mandatory
Indemnitee in connection with any such proceeding. Notwithstanding the
foregoing, the Registrant is not required to indemnify a Mandatory Indemnitee
in connection with a proceeding instituted by such Mandatory Indemnitee unless
the proceeding was authorized by the Board of Directors. Pursuant to the MGCL,
such mandatory indemnification is permitted unless it is established that (i)
the act or omission of the Mandatory Indemnitee seeking indemnification was
material to the matter giving rise to the proceeding and was committed in bad
faith or was the result of active or deliberate dishonesty or (ii)&nbsp;that the
Mandatory Indemnitee seeking indemnification actually received an improper
personal benefit in money, property or services; or in the case of a criminal
proceeding, had reasonable cause to believe that the act or omission was
unlawful. The Registrant&#146;s Articles of Incorporation and Bylaws require that it
reimburse reasonable expenses in advance of the final disposition of a
proceeding, and without determination of the ultimate entitlement to
indemnification, to any Mandatory Indemnitee seeking such reimbursement
provided that such Mandatory Indemnitee first provides the Registrant with (i)
a written affirmation of his or her good faith belief that he or she meets the
standard of conduct necessary for indemnification under the MGCL and (ii)&nbsp;a
written undertaking, by or on behalf of the Mandatory Indemnitee, to repay the
amount advanced if it should ultimately be determined that the applicable
standard of conduct has not been met.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Articles of Incorporation and Bylaws also provide that (i)&nbsp;the
Registrant may, but is not required to, provide indemnification, payment or
reimbursement of expenses to any employee or agent of the Registrant in such
capacity or any person who is or was serving at the request of the Registrant
as a director, officer, partner, joint venturer, employee, trustee or agent of
another corporation or entity; (ii)&nbsp;the Board of Directors may authorize
management to act on the Registrant&#146;s behalf in matters relating to
indemnification, subject to any limitations that may be imposed by the Board of
Directors and to the requirements of applicable law; (iii)&nbsp;such indemnification
and payment or reimbursement of advances as may be permitted or required
pursuant to the Bylaws shall be furnished in accordance with the procedures set
forth in Section&nbsp;2-418 of the MGCL or any successor statute thereto; and (iv)
permit the Registrant to provide such other and further indemnification or
provision for the payment or advancement of expenses as may be permitted by the
MGCL for directors of Maryland corporations. The Bylaws also provide that the
indemnification and related rights granted thereby are not exclusive of any
rights that a person may have or acquire under any statute, provision of the
Registrant&#146;s Articles of Incorporation or Bylaws, agreement, act of the
stockholders or disinterested stockholders, or otherwise provides for
indemnification under certain circumstances.

<P align="left"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<P align="left"><B>Item&nbsp;8. Exhibits. (Item&nbsp;Number as per Item&nbsp;601 of Regulation&nbsp;S-K)</B>

<P align="center">II-2
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<P>
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        <TD width="1%" align="left">5</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%">Opinion of Shaw Pittman with respect to legality of
the Common Stock registered hereunder (filed herewith).</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width="3%">&nbsp;</TD>
        <TD nowrap width="1%" align="left">23.a</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%">Consent of KPMG LLP (filed herewith).</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width="3%">&nbsp;</TD>
        <TD nowrap width="1%" align="left">23.b.</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%">Consent of Shaw Pittman (included in its opinion
filed as Exhibit&nbsp;5 hereto).</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width="3%">&nbsp;</TD>
        <TD width="1%" align="left">99</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%">2000 Performance Incentive Plan.</TD>
</TR>
</TABLE>
<P align="left"><B>Item&nbsp;9. Undertakings.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Registrant hereby undertakes:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:

<P>
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<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment there) which, individually or the aggregate,
represents a fundamental change in the information set forth in the
registration statement.</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&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 statements;</TD>
</TR>
</TABLE>
<P>provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is on Form&nbsp;S-3, Form&nbsp;S-8 or Form&nbsp;F-3, and the
information required to be included in a post-effective amendment by those
paragraphs is contained in the periodic reports filed by the Registrant
pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that are
incorporated by reference in the registration statement.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act, 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.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any
securities which remain unsold at the termination of the offering.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant&#146;s annual
report filed pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act (and, where
applicable, each filing of an employee benefit plan&#146;s annual report pursuant to
Section&nbsp;15(d) of the Exchange Act) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the secu-
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<P>rities offered therein, and the offering of such securities at that time
shall be deemed to be the initial <I>bona fide </I>offering thereof.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers, and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the 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, the 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 Act and will be governed by the final
adjudication of such issue.

<P align="center">II-4
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<P align="center"><B>SIGNATURES</B>

<P>&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&nbsp;S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City Orlando, and the State of Florida, on this 9th day of
July, 2001.

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        <TD width="50%">&nbsp;</TD>
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        <TD valign="top"><FONT size="3">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="3">COMMERCIAL NET LEASE REALTY, INC.,<BR>a Maryland corporation<BR>(Registrant)</FONT></TD>
</TR>
</TABLE>
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        <TD width="25%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="27%">&nbsp;</TD>
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<TR valign="bottom">

        <TD valign="top">&nbsp;</TD>
        <TD valign="top">By:&nbsp;</TD>
        <TD valign="top">/s/ James M. Seneff, Jr.</TD>
</TR>

<TR valign="bottom">
        <TD valign="top">&nbsp;</TD><TD  align="left" valign="top">&nbsp;</TD>
        <TD  align="left" valign="top">James M. Seneff, Jr.</TD>
</TR>
<TR valign="bottom">
        <TD valign="top">&nbsp;</TD><TD  align="left" valign="top">&nbsp;</TD>
        <TD  align="left" valign="top">Chairman of the Board and</TD>
</TR>
<TR valign="bottom">
        <TD valign="top">&nbsp;</TD><TD  align="left" valign="top">&nbsp;</TD>
        <TD  align="left" valign="top">Chief Executive Officer</TD>
</TR>
</TABLE>
</CENTER>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following person in the capacity
and on the date indicated:

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        <TD width="31%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="48%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="11%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2">Signature</FONT></TD>
        <TD></TD>
        <TD  align="CENTER" valign="top"><FONT size="2">Title</FONT></TD>
        <TD></TD>
        <TD  ALIGN="CENTER" valign="top"><FONT size="2">Date</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><HR size="1"></FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
<HR size="1">
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><HR size="1"></TD>
</TR>

<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2"><U>/s/ James M. Seneff, Jr.</U><BR>
James M. Seneff, Jr.</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Chairman of the Board and
Chief Executive Officer
</FONT></TD>
        <TD></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">July&nbsp;9, 2001</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>




<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2"><U>/s/ Robert A. Bourne</U><BR>
Robert A. Bourne</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Vice Chairman of the Board
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">July&nbsp;9, 2001</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>


<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2"><U>/s/ Gary M. Ralston</U><BR>
Gary M. Ralston</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
President, Chief Operating Officer and
Director
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">July&nbsp;9, 2001</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>


<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2"><U>/s/ Kevin B. Habicht</U><BR>
Kevin B. Habicht</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Executive Vice President, Chief
Financial
Officer, Treasurer and Secretary
(Principal Financial and Accounting
Officer)
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">July&nbsp;9, 2001</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>


<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2"><U>/s/ Edward Clark</U><BR>
Edward Clark</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">July&nbsp;9, 2001</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
</TABLE>
</CENTER>



<P align="center">II-5
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<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%" align="center">
<TR valign="bottom">
        <TD width="31%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="48%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="11%">&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2"><U>/s/ Clifford R. Hinkle</U><BR>
Clifford R. Hinkle</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">July&nbsp;9, 2001</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>


<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2"><U>/s/ Richard B. Jennings</U><BR>
Richard B. Jennings</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">July&nbsp;9, 2001</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>


<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD ALIGN="CENTER" valign="top"><FONT size="2"><U>/s/ Ted B. Lanier</U><BR>
Ted B. Lanier</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">July&nbsp;9, 2001</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">II-6
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>EXHIBIT INDEX</B>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%" align="center">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Exhibit</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Number</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="LEFT"><FONT size="2"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1"></TD>
        <TD></TD>
        <TD nowrap align="LEFT"><HR size="1" WIDTH="20%"></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">5</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">
Opinion of Shaw Pittman (including consent) with respect to
legality.
</TD>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT>
</TD>


<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.a </FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">Consent of KPMG LLP.</FONT>
</TD>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;</FONT>
</TD>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">23.b</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">
Consent of Shaw Pittman (included in its opinion filed as Exhibit
5 hereto).</FONT>
</TD>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD  align="left" valign="top"><FONT size="2">&nbsp;
</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">99</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
2000 Performance Incentive Plan.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center">II-7

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "w51247s-8.htm", "description": "FORM S-8", "secsgml_size_bytes": 30863}]
{"company-data": {"conformed-name": "COMMERCIAL NET LEASE REALTY INC", "cik": "0000751364", "assigned-sic": "6798", "irs-number": "561431377", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-64794", "film-number": "1677108"}, "business-address": {"street1": "450 S ORANGE AVE", "street2": "SUITE 900", "city": "ORLANDO", "state": "FL", "zip": "32801", "phone": "4074237348"}, "mail-address": {"street1": "455 S ORANGE AVE STE 700", "street2": "400 E SOUTH ST STE 500", "city": "ORLANDO", "state": "FL", "zip": "32801"}, "former-company": [{"former-conformed-name": "CNL REALTY INVESTORS INC /DE/", "date-changed": "19930429"}, {"former-conformed-name": "GOLDEN CORRAL REALTY CORP", "date-changed": "19920703"}]}
s-8
File No. __________
As filed with the Securities and Exchange Commission on July 9, 2001.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
___________________________
COMMERCIAL NET LEASE REALTY, INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland
(State or Other Jurisdiction
of Incorporation or Organization)
56-1431377
(I.R.S. Employer
Identification No.)
450 S. Orange Avenue, Suite 900
Orlando, Florida 32801
(Address of Principal Executive Offices)
COMMERCIAL NET LEASE REALTY, INC.
2000 PERFORMANCE INCENTIVE PLAN
( Full Title of the Plan)
Kevin B. Habicht
Chief Financial Officer
450 S. Orange Avenue, Suite 900
Orlando, Florida 32801
(Name and Address of Agent for Service)
(407) 265-7348
(Telephone Number, Including Area Code, of Agent for Service)
Copies to:
John M. McDonald, Esq.
Shaw Pittman
2300 N Street, N.W.
Washington, D.C. 20037
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title of Securities
Amount to be
Offering Price
Aggregate Offering
Amount of
to be Registered
Registered (1)
Per Share (2)
Price (2)
Registration Fee
Common Stock, $.01
par value per share
2,900,000 shares
$
13.775
$
39,947,500
$
9,987.00
(1)
This Registration Statement shall also cover any additional shares of
Common Stock which become issuable under the 1996 Commercial Net Lease Realty,
Inc. Stock Option Plan For Directors by reason of any stock dividend, stock
split, recapitalization or other similar transaction effected without the
receipt of consideration which results in an increase in the number of the
Registrant's outstanding shares of Common Stock.
(2)
Estimated solely for the purpose of computing the registration fee in
accordance with Rule 457(c), based on the average of the high and low sales
price on July 6, 2001, as reported by the New York Stock
Exchange.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents, which are on file with the Securities and
Exchange Commission (the "Commission"), are incorporated herein by this
reference and made a part hereof:
(a)
The Registrant's Annual Report on Form 10-K for its fiscal
year ended December 31, 2000, filed pursuant to Section 15(a) or
15(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act");
(b)
The Registrant's Quarterly Report on Form 10-Q for its fiscal
quarter ended March 31, 2001, filed pursuant to Section 15(a) or
15(d) of the Exchange Act;
(c)
All other reports filed by the Registrant pursuant to Section
15(a) or 15(d) of the Exchange Act since the end of the Registrant's
fiscal year ended December 31, 2000;
(d)
The description of the Registrant's Common Stock contained in
the Registrant's Registration Statement on Form S-11 (No. 2-92784)
filed pursuant to the Securities Act of 1933, as amended, as
incorporated by reference in the Registrant's Registration Statement
on Form 8-A filed pursuant to the Exchange Act, including any
amendments or reports filed to update the description.
All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which de-registers all securities then remaining unsold shall be deemed
to be incorporated by reference herein and to be a part hereof from the date of
filing of such reports and documents.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification.
The Registrant's Articles of Incorporation and Bylaws require it to
indemnify to the fullest extent permitted by and under the applicable
provisions of the Maryland General Corporation Law ("MGCL"), any person who is
or was, or who agrees to become, a director or officer of the Registrant or,
while a director of the Registrant, is or was serving or agrees to serve at the
request of the Registrant, as a director, officer, partner, joint venturer,
employee or trustee of another corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise (including
the heirs, executors, administrators or estate of such person) (any
"Mandatory Indemnitee") who, by reason of his or her status or service as such
was, or is threatened to be made a party, or otherwise involve in any civil,
criminal, administrative or investigative proceeding. This mandatory
indemnification extends to all liability and loss suffered, and expenses
(including, without limitation, attorneys' fees, judgments, fines, penalties
and amounts paid in settlement) actually and reasonably incurred by a Mandatory
Indemnitee in connection with any such proceeding. Notwithstanding the
foregoing, the Registrant is not required to indemnify a Mandatory Indemnitee
in connection with a proceeding instituted by such Mandatory Indemnitee unless
the proceeding was authorized by the Board of Directors. Pursuant to the MGCL,
such mandatory indemnification is permitted unless it is established that (i)
the act or omission of the Mandatory Indemnitee seeking indemnification was
material to the matter giving rise to the proceeding and was committed in bad
faith or was the result of active or deliberate dishonesty or (ii) that the
Mandatory Indemnitee seeking indemnification actually received an improper
personal benefit in money, property or services; or in the case of a criminal
proceeding, had reasonable cause to believe that the act or omission was
unlawful. The Registrant's Articles of Incorporation and Bylaws require that it
reimburse reasonable expenses in advance of the final disposition of a
proceeding, and without determination of the ultimate entitlement to
indemnification, to any Mandatory Indemnitee seeking such reimbursement
provided that such Mandatory Indemnitee first provides the Registrant with (i)
a written affirmation of his or her good faith belief that he or she meets the
standard of conduct necessary for indemnification under the MGCL and (ii) a
written undertaking, by or on behalf of the Mandatory Indemnitee, to repay the
amount advanced if it should ultimately be determined that the applicable
standard of conduct has not been met.
The Articles of Incorporation and Bylaws also provide that (i) the
Registrant may, but is not required to, provide indemnification, payment or
reimbursement of expenses to any employee or agent of the Registrant in such
capacity or any person who is or was serving at the request of the Registrant
as a director, officer, partner, joint venturer, employee, trustee or agent of
another corporation or entity; (ii) the Board of Directors may authorize
management to act on the Registrant's behalf in matters relating to
indemnification, subject to any limitations that may be imposed by the Board of
Directors and to the requirements of applicable law; (iii) such indemnification
and payment or reimbursement of advances as may be permitted or required
pursuant to the Bylaws shall be furnished in accordance with the procedures set
forth in Section 2-418 of the MGCL or any successor statute thereto; and (iv)
permit the Registrant to provide such other and further indemnification or
provision for the payment or advancement of expenses as may be permitted by the
MGCL for directors of Maryland corporations. The Bylaws also provide that the
indemnification and related rights granted thereby are not exclusive of any
rights that a person may have or acquire under any statute, provision of the
Registrant's Articles of Incorporation or Bylaws, agreement, act of the
stockholders or disinterested stockholders, or otherwise provides for
indemnification under certain circumstances.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits. (Item Number as per Item 601 of Regulation S-K)
II-2
5
Opinion of Shaw Pittman with respect to legality of
the Common Stock registered hereunder (filed herewith).
23.a
Consent of KPMG LLP (filed herewith).
23.b.
Consent of Shaw Pittman (included in its opinion
filed as Exhibit 5 hereto).
99
2000 Performance Incentive Plan.
Item 9. Undertakings.
(a) The Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii) To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment there) which, individually or the aggregate,
represents a fundamental change in the information set forth in the
registration statement.
(iii) 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 statements;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is on Form S-3, Form S-8 or Form F-3, and the
information required to be included in a post-effective amendment by those
paragraphs is contained in the periodic reports filed by the Registrant
pursuant to Section 13 or Section 15(d) of the Exchange Act that are
incorporated by reference in the registration statement.
(2) That, for the purpose of determining any liability under the
Securities Act, 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
bona
fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any
securities which remain unsold at the termination of the offering.
(b) Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant's annual
report filed pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where
applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Exchange Act) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the secu-
II-3
rities offered therein, and the offering of such securities at that time
shall be deemed to be the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers, and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the 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, the 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 Act and will be governed by the final
adjudication of such issue.
II-4
SIGNATURES
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-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City Orlando, and the State of Florida, on this 9th day of
July, 2001.
COMMERCIAL NET LEASE REALTY, INC.,
a Maryland corporation
(Registrant)
By:
/s/ James M. Seneff, Jr.
James M. Seneff, Jr.
Chairman of the Board and
Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following person in the capacity
and on the date indicated:
Signature
Title
Date
/s/ James M. Seneff, Jr.
James M. Seneff, Jr.
Chairman of the Board and
Chief Executive Officer
July 9, 2001
/s/ Robert A. Bourne
Robert A. Bourne
Vice Chairman of the Board
July 9, 2001
/s/ Gary M. Ralston
Gary M. Ralston
President, Chief Operating Officer and
Director
July 9, 2001
/s/ Kevin B. Habicht
Kevin B. Habicht
Executive Vice President, Chief
Financial
Officer, Treasurer and Secretary
(Principal Financial and Accounting
Officer)
July 9, 2001
/s/ Edward Clark
Edward Clark
Director
July 9, 2001
II-5
/s/ Clifford R. Hinkle
Clifford R. Hinkle
Director
July 9, 2001
/s/ Richard B. Jennings
Richard B. Jennings
Director
July 9, 2001
/s/ Ted B. Lanier
Ted B. Lanier
Director
July 9, 2001
II-6
EXHIBIT INDEX
Exhibit
Number
Description
5
Opinion of Shaw Pittman (including consent) with respect to
legality.
23.a
Consent of KPMG LLP.
23.b
Consent of Shaw Pittman (included in its opinion filed as Exhibit
5 hereto).
99
2000 Performance Incentive Plan.
II-7