Form 5 GMR
FORM 5
[ ] Check this box if no
      longer subject to Section
      16. Form 4 or Form 5
      obligations may continue
      See Instruction 1(b).
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported		 UNITED STATES SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.  20549
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP		       OMB APRIVAL
OMB Number: 3235-0362
Expires: December 31, 2001
Estimated average burden
hours per response. . . . 1.0
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(f) of the Investment Company Act of 1940
1.  Name and Address of
     Reporting Person*

     Ralston, Gary M.
     450 South Orange Ave.
     Orlando, FL 32801		 2.  Issuer Name and Ticker
     or Trading Symbol

     Commercial Net Lease
     Realty, Inc.      NNN		 4.  Statement for (Month/Year)

             December 2001		 6.  Relationship of Reporting Person to Issuer
     (Check all appropriate)
       X      Director           10% Owner
       X        Officer         (Give title below)
               Other          (Specify below)

     President and Chief Operating Officer
3.  Social Security Number

         261-92-8264		 5.  If Amendment, Date of Original
      (Month/Year)
TABLE I - Non Derivative Securities Acquired, Disposed of or Beneficially Owned.
1.  Title of  Security
       (Instr.3)		 2.  Transaction
       Date
       (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
       Owned at End of
       Issurer's Fiscal Year
         (Instr. 3 nd 4)		 6.  Ownership Form:
       Direct (D) or
       Indirect (I)
       (Instr. 4)		 7.  Nature of
     Indirect
     Beneficial
     Ownership
       (Instr. 4)
Amount (A) or (D) Price
Common Stock 07/25/01 A 100,000 A (1) 485,179 D  
                 
                 
                 
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).		 (Over)
SEC 2270 (3/91)
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. Conver-
   sion or
   Exercise
    Price of
   Deriva-
   tive
   Security		 3. Transac-
   tion Date
    (Month/
   Day/Year		 4. Transac-
   tion Code
   (Instr. 8)		 5. Number of Derivative
   Securities Acquired
    (A) or Disposed of (D)
   (Instr. 3, 4 and 5)		 6. Date Exercis-
   able and
    Expiration
   Date (Month/
   Day/Year)		 7. Title and
   Amount of
    Underlying
   Securities
   (Instr. 3 and 4)		 8. Price of
   Derivative
    Securities
   (Instr. 5)		 9. Number of
    Derivative
    Underlying
    Securities
    Benefically
    Owned at
    End of Year
   (Instr. 4)		 10. Ownership
     Form of
     Derivative
     Security:
     Direct (D)
     or
     Indirect (I)
     (Instr. 4)		 11. Nature of
    Indirect
    Beneficial
    Ownership
    (Instr. 4)
(A) (D) Date
Exer-
cisable		 Expira-
tion
Date		 Title Amount or
Number of-
Shares
Options
   (Right to buy)		 N/A            287,000   

Explanation of Responses:

(1)  Shares were acquired pursuant to the stock award under the Commercial Net Lease Realty, Inc. 2000 Performance Incentive Plan in a
       transaction under Rule 16b-3 Vesting begins in 2002 and is completed in 2006.

  /s/Gary M. Ralston                           February 5, 2002
Signature of Reporting Person                Date            

**  Intentional missstatements or omissions of facts constitute Federal Criminal Violations
       See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).