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
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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      Lanier, Ted B.      1818 Windmill Drive      Sanford, NC 27301	2.  Issuer Name and Ticker or Trading Symbol      Commercial Net Lease Realty, Inc.     NNN		6.  Relationship of Reporting Person to Issuer      (Check all appropriate)         X      Director           10% Owner                 Officer         (Give title below)                  Other           (Specify below)
	3.  I.R.S. Identification      Number of Reporting     Person, if an entity     (voluntary)	4.  Statement for      02/18/03
		5.  If Amendment,       Date of Original	7.  Individual of Joint/Group Filing         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	2A. Deemed      Execution       Date       if any	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        Transactions        (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	N/A							6,500	D
Common Stock	N/A							10,000	I	Spouse
Common Stock	N/A							5,000	I	(1)

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

3A. Deemed    Execution     Date,    if any

4. Transaction       Code      (Instr. 8)

5. Number of    Derivative     Securities    Acquired     (A) or    Disposed     of (D)    (Instr. 3, 4     & 5)

6. Date Exercis-     able and     Expiration     Date

7. Title and     Amount of     Underlying     Securities     (Instr. 3 & 4)

8. Price of     Derivative     Securities     (Instr. 5)

9. Number of     Derivative    Underlying      Securities    Beneficially     Owned      Following      Reported     Transaction (Instr. 3 & 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 Exer- cisable

Expira- tion Date

Title

Amount or Number of- Shares

Options (Right to buy)

$14.57

02/18/03

A

2,500

(2)

02/17/13

Common Stock

2,500

N/A

28,275

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 of these shares.

(2)    Stock options were granted under the Commercial Net Lease Realty, Inc. 2000 Performance Incentive 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 occurring on the third anniversary date.

/s/Ted B. Lanier
Signature of Reporting Person February 19, 2003
Date