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*      Jennings, Richard B.      530 East 86th Street      New York, NY 10028	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                Officer         (Give title below)                Other          (Specify below)
	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)
			Amount	(A) or (D)	Price
Common Stock	07/25/01	A	1,000	A	(1)	1,000	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)

$11.15

2/15/01

A

2,500

(2)

2/15/11

Common Stock

2,500

-0-

2,500

D

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.
(2  Stock options were granted under the Commercial Net Lease Realty, Inc. 2000 Performance Incentive Planin 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.

  /s/Richard B. Jennings                           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).