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*      Ralston, Gary M.      450 South Orange Ave.      Orlando, FL 32801	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         X      Officer         (Give title below)                  Other           (Specify below)      President and Chief Operating Oficer
	3.  I.R.S. Identification      Number of Reporting     Person, if an entity     (voluntary)	4.  Statement for        April 2002
		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	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	04/16/02	M		5,000	A	$11.25	490,179	D

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

4. Transac-      tion       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      Benefically     Owned at      End of      Month     (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)

$11.25

04/16/02

M

5,000

8/2/95

8/2/02

Common Stock

5,000

$11.25

282,000

D

Explanation of Responses:

/s/Gary M. Ralston Signature of Reporting Person	May 9, 2002 Date
**  Intentional missstatements or omissions of facts constitute Federal Criminal Violations        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).