Subsidiary

 Jurisdiction

of Formation

CCMH V, LLC

Delaware

CNL Commercial Mortgage Funding, Inc.

Delaware

NNN REIT Trust

Maryland

NNN REIT, LP

Delaware

Net Lease Funding, Inc.

Maryland

Net Lease Realty I, Inc.

Maryland

NNN Athletic I LLC

Delaware

NNN Brokerage Services, Inc.

Maryland

NNN CA Auto Svc LLC

Delaware

NNN GP Corp.

Delaware

NNN PBY LLC

Delaware

NNN SC Trust

Maryland

NNN TRS, Inc.

Maryland

Orange Avenue Mortgage Investments, Inc.

Delaware