FORM 4 (CONTINUED) TABLE II - - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES) ------------------------------------------------------------------------------------------------------------------------------------ 1. Title of Derivative | 2. Conver- | 3. Trans- | 4. Trans- | 5. Number of | 6. Date Exer- | 7. Title and Amount | 8. Price of Security | sion or | action | action | Derivative | cisable and | of Underlying | Derivative (Instr. 3) | Exercise | Date | Code | Securities | Expiration | Securities | Security | Price of | (Month/ | (Instr. 8)| Acquired | (Month/Day/ | (Instr. 3 and 4) | (Instr. 5) | Derivative| Day/ | | (A) or Dis- | Year) | | | Security | Year) | | posed of (D)| | | | | | | |-----------------|---------------------| | | | | | Date | Expira-| | Amount or | | | |-----------|----------------| Exer- | tion | Title | Number of | | | | Code | V | (A) | (D) | cisable| Date | | Shares | | | | | | | | | | | ------------------------|------------|------------|-------|---|-------|--------|--------|--------|-------|-------------|------------ | | | | | | | | | | | ------------------------|------------|------------|-------|---|-------|--------|--------|--------|-------|-------------|------------ | | | | | | | | | | | ------------------------|------------|------------|-------|---|-------|--------|--------|--------|-------|-------------|------------ | | | | | | | | | | | ------------------------|------------|------------|-------|---|-------|--------|--------|--------|-------|-------------|------------ | | | | | | | | | | | ------------------------|------------|------------|-------|---|-------|--------|--------|--------|-------|-------------|------------ | | | | | | | | | | | ------------------------|------------|------------|-------|---|-------|--------|--------|--------|-------|-------------|------------ 9. Number of Derivative | 10. Ownership Form of | 11. Nature of Derivative Security | Derivative Security; | Indirect Beneficially Owned | Direct (D) or | Beneficial at End of Month | Indirect (I) | Ownership (Instr. 4) | (Instr. 4) | (Instr. 4) | | ----------------------------|--------------------------|-------------------- | | ----------------------------|--------------------------|-------------------- | | ----------------------------|--------------------------|-------------------- | | ----------------------------|--------------------------|-------------------- | | ----------------------------|--------------------------|-------------------- | | ----------------------------|--------------------------|-------------------- Explanation of Responses: (1) Shares were acquired by CNL Financial Group, Inc. (which is wholly-owned by Mr. Seneff and his spouse) pursuant to the plan of merger with CNL Realty Advisors, Inc. (2) Shares held by four limited partnerships of which Mr. Seneff is a general partner. Mr. Seneff disclaims beneficial ownership of these shares except to the extent of his respective percentage interest in each of these entities. ** Intentional misstatements or ommissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). /S/ James M. Seneff, Jr. April 3, 2001 ---------------------- -------------- Signature of Reporting Date Person Note: File three copies of this Form, one of which must be manually signed. Page 2 If space provided is insufficient, see Instruction 6 for procedure. SEC 1474 (7/96) Potential persons who are to respong to the collection of information contained in this form are not required to respond unless the form discplays a currently valid OMB Number.

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) June 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)
1. Title of Security (Instr. 8)		Code	V	Amount	(A) or (D)	Price
Common Stock	06/29/01	J		2,696	A	(1)	302,300	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 July 3, 2001
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 · NNN REIT, INC.