Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
SENEFF JAMES M JR
  2. Issuer Name and Ticker or Trading Symbol
TRUSTREET PROPERTIES INC [TSY]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
450 SOUTH ORANGE AVENUE
3. Date of Earliest Transaction (Month/Day/Year)
12/22/2006
(Street)

ORLANDO, FL 32801
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 12/22/2006   G V 88,751 D $ 0 637,166 D  
Common Stock 01/02/2007   G V 586,510 D $ 0 2,664,072 I See Footnote (1)
Common Stock 12/26/2006   J(2) V 6,488 D $ 0 0 I See Footnote (3)
Common Stock 12/22/2006   G V 88,751 A $ 0 88,751 I See Footnote (4)
Common Stock 01/02/2007   G V 586,510 A $ 0 586,510 I See Footnote (5)
Common Stock 12/26/2006   J(2) V 6,488 A $ 0 6,488 I See Footnote (6)
Common Stock               2,129 I See Footnote (7)
Common Stock               14,274 I See Footnote (8)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
7.5% Series C Redeemable Convertible Preferred Stock $ 19.5 12/22/2006   G V   72,440   (9)   (10) Common Stock 92,872 $ 0 76,502 D  
7.5% Series C Redeemable Convertible Preferred Stock $ 19.5 12/26/2006   J(2) V   1,340   (9)   (10) Common Stock 1,718 $ 0 0 I See Footnote (3)
7.5% Series C Redeemable Convertible Preferred Stock $ 19.5 12/22/2006   G V 72,440     (9)   (10) Common Stock 92,872 $ 0 72,440 I See Footnote (4)
7.5% Series C Redeemable Convertible Preferred Stock $ 19.5 12/26/2006   J(2) V 1,340     (9)   (10) Common Stock 1,718 $ 0 1,340 I See Footnote (6)
7.5% Series C Redeemable Convertible Preferred Stock $ 19.5               (9)   (10) Common Stock 861,257   671,781 I See Footnote (1)
7.5% Series C Redeemable Convertible Preferred Stock $ 19.5               (9)   (10) Common Stock 564   440 I See Footnote (7)
7.5% Series C Redeemable Convertible Preferred Stock $ 19.5               (9)   (10) Common Stock 3,782   2,950 I See Footnote (8)
Series A Cumulative Convertible Preferred Stock $ 26.64               (9)   (10) Common Stock 139   148 I See Footnote (7)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SENEFF JAMES M JR
450 SOUTH ORANGE AVENUE
ORLANDO, FL 32801
  X      

Signatures

 /s/ James M. Seneff, Jr.   01/17/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Owned indirectly through CNL Financial Group, Inc., a Florida corporation and wholly owned subsidiary of CNL Holdings, Inc., a Florida corporation. Mr. Seneff and his wife own 100% of the stock of CNL Holdings, Inc.
(2) Represents the distribution of the assets of the James M. Seneff, Jr. Irrevocable Trust #2 upon termination to the Estate of James Monroe Seneff, Sr., of which Mr. Seneff is executor.
(3) Owned indirectly through the James M. Seneff, Jr. Irreovocable Trust #2, which owned the shares directly. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or any other purpose.
(4) Represents a charitable donation by the reporting person to the Seneff Family Foundation, Inc. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or any other purpose.
(5) Represents a charitable donation by CNL Financial Group, Inc. to the CNL Charitable Foundation, Inc. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or any other purpose.
(6) Held by the Estate of James Monroe Seneff, Sr., of which Mr. Seneff is executor. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or any other purpose.
(7) Owned indirectly through the reporting person's 49.5% ownership interest in J&R Investments, Inc., which is the General Partner of J&R Investments of Orlando, Ltd. J&R Investments of Orlando, Ltd. directly owns these shares.
(8) Owned indirectly through the James M. Seneff, Jr. Irrevocable Trust #1, which owns the shares directly. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or any other purpose.
(9) Exercisable immediately.
(10) None.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.