Commercial Net Lease Realty Service, Inc.(NYSE:NNN), an Orlando, Fla.-based equity real estate investment trust, will open a Phoenix office to serve as the company's regional office.

"From Portland and Seattle to Utah and Nevada to Los Angeles and San Diego, we are able to help retailers with both national strength and regional knowledge," says David Bunch, a VP of real estate for Commercial Net Lease Realty who will oversee operations in the local office.

Commercial Net Lease Realty Service currently owns, either directly or through investment interests, 268 properties leased to 56 retailers in 36 states with total gross leasable area of approximately 6.3 million sf. Its major lessors are: Eckerd Drug, Barnes & Noble, OfficeMax, Best Buy and Borders.

The company builds, acquires and manages single-tenant retail buildings, subject to long-term, net leases with major national tenants. The company spends up to $7.5 million to purchase any one property.

The REIT also has regional offices in Philadelphia, Atlanta, Dallas, Chicago and Cincinnati.

Earlier this month, Commercial Net Lease Realty Inc, reported funds from operations for the year ended December 31, 2000 were $43.949 million or $1.45 per share, compared to $46.044 million, or $1.51 per share, for the year ended December 31, 1999. Additionally, the company and its affiliated subsidiaries invested $9.259 million during the fourth quarter of 2000 and $34.709 million during the year 2000 in additional properties and construction in progress.

The Company also announced that it disposed of eleven properties during the fourth quarter of 2000, generating net proceeds of $29 million and resulting in a gain of $2.6 million above original cost.