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*      Bourne, Robert A.      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)              January 2002	6.  Relationship of Reporting Person to Issuer      (Check all appropriate)         X      Director           10% Owner                 Officer         (Give title below)                  Other           (Specify below)
	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	N/A						4,700	I	(1)
Common Stock	N/A						3,820	I	(2)
Common Stock	N/A						255,696	I	(3)
Common Stock	01/11/02	M		10,000	A	$11.25	226,331	D
Common Stock	01/11/02	M		833	A	$10.1875	226,331	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

V

(A)

(D)

Date Exer- cisable

Expira- tion Date

Title

Amount or Number of- Shares

Options    (Right to buy)

$11.25

1/11/02

M

10,000

8/2/95

8/2/02

Common Stock

10,000

$11.25

197,167

D

Options    (Right to buy)

$10.1875

1/11/02

M

833

3/3/01

3/3/10

Common Stock

833

$10.1875

197,167

D

Explanation of Responses:

(1)  Shares held by The Robert A. Bourne Irrevocable Trust #1 in which Mr. James M. Seneff, Jr. is a Trustee and Mr. Bourne's minor
       children are the beneficiaries
(2)  Shares held by Mr. Bourne, custodian for minor children (Robert Kyle Bourne and Conner R. Bourne) UGMA.
(3)  Shares held by four limited partnerships of which Mr. Bourne is a general partner. Mr. Bourne disclaims beneficial ownership of these
      except to the extent of his respective shares percentage interest in each of these securities.

  /s/Robert A. Bourne                              February 6, 2002
Signature of Reporting Person                Date            

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