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	OMB APPROVAL
		OMB Number: 3235-0287 Expires: December 31, 2001 Estimated average burden hours per response. . . . 0.5
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) ~~September~~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 Oficer
	3. Social Security Number ###-##-####	5. If Amendment, Date of Original (Month/Year)	7. Individual of Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than one Reporting Person

TABLE I - Non Derivative Securities Acquired, Disposed of or Beneficially Owned.

1. Title of Security (Instr. 8)	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 Month (Instr. 3 nd 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	0912/0719/01	PJ		34,~~000~~364	A	~~$12.50~~(1)	~~315~~385,~~082~~179	D
Common Stock	0912/2726/01	J		965,~~782~~733	A	(1)	~~315~~385,~~082~~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 1474 (7-96)

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/

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 Month
   (Instr. 3 and 4)

10. Ownership
     Form of
     Derivative
     Security:
     Direct (D)
     or
     Indirect (I)
     (Instr. 4)

11. Nature of
    Indirect
    Beneficial
    Ownership
    (Instr. 4)

Code

(A)

(D)

Date
Exer-
cisable

Expira-
tion
Date

Title

Amount or
Number of-
Shares

Explanation of Responses:

(1) Shares were acquired pursuant to the plan of merger with CNL Realty Advisors, Inc.

/s/Gary M. Ralston ~~October~~January 59, ~~2001~~20021 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).

Filing Compare · RALSTON GARY M