Form 4 GMR
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
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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
       03/28/03
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		 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 03/28/03 A   21,229 A (1) 511,409 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)		                       282,000    
                 
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 2003 and is completed in 2007.


           /s/Gary M. Ralston
Signature of Reporting Person		 April 1, 2003
Date


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