$170 Million Sale Leaseback Agreement Reached on 84 Circle K Stores

SEC Edgar Web Site - December 2, 2005

Commercial Net Lease Realty, Inc. has entered into an agreement with SSP Partners to acquire approximately 74 convenience store properties currently owned by Susser for approximately $170 million. The properties are primarily located in Texas and operated under the Circle K brand. Pursuant to the terms of the agreements, Susser will lease back the properties for a twenty-year initial term under triple-net leases.

Susser operates over 300 retail convenience stores in Texas and Oklahoma and distributes motor fuel to over 340 branded dealer units and 25 unattended units through its wholesale fuel division. Founded in 1938 by the Susser family, Susser has experienced dynamic growth over the last decade and is one of the largest convenience store operators in the United States.

The parties expect to complete the acquisitions by January 31, 2006, subject to customary closing conditions. The Company anticipates that some of these properties will be held as inventory properties and subsequently sold. Sphere: Related Content