FORM 5 (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)| | | | | | | (Inst. 3,4 |-----------------|---------------------| | | | | and 5) | Date | Expira-| | Amount or | | | | |----------------| Exer- | tion | Title | Number of | | | | | (A) | (D) | cisable| Date | | Shares | | | | | | | | | | | ------------------------|------------|------------|-----------|-------|--------|--------|--------|-------|-------------|------------ Option (Right to buy) | $10.1875 | 03/03/00 | A | 2,500 | - | (2) |03/03/10|Common | 2,500 | -0- | | | | | | | | Stock | | ------------------------|------------|------------|-----------|-------|--------|--------|--------|-------|-------------|------------ | | | | | | | | | | ------------------------|------------|------------|-----------|-------|--------|--------|--------|-------|-------------|------------ | | | | | | | | | | ------------------------|------------|------------|-----------|-------|--------|--------|--------|-------|-------------|------------ | | | | | | | | | | ------------------------|------------|------------|-----------|-------|--------|--------|--------|-------|-------------|------------ | | | | | | | | | | ------------------------|------------|------------|-----------|-------|--------|--------|--------|-------|-------------|------------ 9. Number of Derivative | 10. Ownership Form of | 11. Nature of Security Beneficially | Derivative Security; | Indirect Owned at End of Month | Direct (D) or | Beneficial | Indirect (I) | Ownership (Instr. 4) | (Instr. 4) | (Instr. 4) | | ----------------------------|--------------------------|-------------------- 20,775 | D | ----------------------------|--------------------------|-------------------- | | ----------------------------|--------------------------|-------------------- | | ----------------------------|--------------------------|-------------------- | | ----------------------------|--------------------------|-------------------- | | ----------------------------|--------------------------|-------------------- Explanation of Responses: (1) Shares are held in a Trust of which Mr. Lanier is the sole Trustee. Mr. Lanier disclaims any beneficial ownership in these shares. (2) Stock options were granted under the Commercial Net Lease Realty, Inc. Stock Option Plan in a transaction exempt under Rule 16b-3. The options are exercisable in cumulative one-third installments commencing one year from the date of the grant, with full vesting occuring on the third anniversary date. ** Intentional misstatements or ommissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). /S/ Ted B. Lanier Feb. 9 , 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 2270 (3/91) Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form discplays a currently valid OMB Number.

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 ###-##-####	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)
1. Title of Security (Instr.3)		3. Transaction Code (Instr. 8)	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).

Filing Compare · NNN REIT, INC.