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<S><C>
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FORM 5 OMB APPROVAL
UNITED STATES SECURITIES AND EXCHANGE COMMISSION ---------------------------
[ ] Check this box if no longer WASHINGTON D.C. 20549 OMB Number: 3235-0362
subject to Section 16. Form Expires: April 30, 1997
4 or Form 5 obligations may ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Estimated average burden
continue. See Instruction 1(b) hours per response......1.0
[ ] Form 3 Holdings Reported Filed pursuant to Section 16(a) of the Securities Exchange ---------------------------
[ ] Form 4 Transactions Reported Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the
(Print or Type Responses) Investment Company Act 1940
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1. Name and Address of Reporting Person*| 2. Issuer Name and Ticker or Trading Symbol | 6. Relationship of Reporting Person(s)
| | to Issuer
| | (Check all applicable)
Ralston Gary M. | Commercial Net Lease Realty, Inc. NNN |
- ----------------------------------------|---------------------------------------------------|
(Last) (First) (Middle) | 3. IRS or Social | 4. Statement for | _____ Director _____10% Owner
| Security Number | (Month/Year) |
450 South Orange Avenue, Suite 900 | of Reporting | December 1999 | __X__ Officer (give title below)
- ----------------------------------------| Person (Voluntary) |--------------------------|
(Street) | | 5. If Amendment, | _____ Other (specify below)
| | Date of Original |
| ###-##-#### | (Month/Year) |
| | | President and Chief Operating
Orlando Florida 32801 | | | Officer
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(City) (State) (Zip) | Table I - Non Derivative Securities Acquired. Disposed of or Beneficially Owned
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1. Title of Security |2. Transaction|3. Transaction |4. Securities Acquired |5. Amount of |6. Owner |7. Nature
(Instr. 3) | Date | Code | (A) or Dsiposed | Securities | -ship | of
| (Month/ | (Instr. 8) | of (D) | Beneficially | Form: | Indirect
| Day/ | | (Instr. 3,4 and 5)| Owned at End | Direct | Bene-
| Year) | |-----------------------| of Issuer's | (D) or | ficial
| | | Amount | (A) | Price | Fiscal Year | Indirec | Owner-
| | | | or | | (Instr.3 and | (I) | ship
| | | | (D) | | 4) |(Instr. 4)|(Instr. 4)
- ----------------------------------------|--------------|---------------|--------|-----|--------|--------------|----------|----------
Common Stock | N/A | | | | | 99,378 | D |
- ----------------------------------------|--------------|---------------|--------|-----|--------|--------------|----------|----------
| | | | | | | |
- ----------------------------------------|--------------|---------------|--------|-----|--------|--------------|----------|----------
| | | | | | | |
- ----------------------------------------|--------------|---------------|--------|-----|--------|--------------|----------|----------
| | | | | | | |
- ----------------------------------------|--------------|---------------|--------|-----|--------|--------------|----------|----------
| | | | | | | |
- ----------------------------------------|--------------|---------------|--------|-----|--------|--------------|----------|----------
| | | | | | | |
- ----------------------------------------|--------------|---------------|--------|-----|--------|--------------|----------|----------
| | | | | | | |
- ----------------------------------------|--------------|---------------|--------|-----|--------|--------------|----------|----------
| | | | | | | |
- ----------------------------------------|--------------|---------------|--------|-----|--------|--------------|----------|----------
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
*If the form is filed by more than one reporting person, see Instruction 4(b)(v). SEC 2270 (3/91)
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FORM 5 (CONTINUED) TABLE II - - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative | 2. Conver- | 3. Trans- | 4. Trans- | 5. Number of | 6. Date Exer- | 7. Title and Amount | 8. Price of
Security | sion or | action | action | Derivative | cisable and | of Underlying | Derivative
(Instr. 3) | Exercise | Date | Code | Securities | Expiration | Securities | Security
| Price of | (Month/ | (Instr. 8)| Acquired | (Month/Day/ | (Instr. 3 and 4) | (Instr. 5)
| Derivative| Day/ | | (A) or Dis- | Year) | |
| Security | Year) | | posed of (D)| | |
| | | | (Inst. 3,4 |-----------------|---------------------|
| | | | and 5) | Date | Expira-| | Amount or |
| | | |----------------| Exer- | tion | Title | Number of |
| | | | (A) | (D) | cisable| Date | | Shares |
<S> | <C> | <C> | <C> | <C> | <C> | <C> | <C> | <C> |<C> | <C>
- ------------------------|------------|------------|-----------|-------|--------|--------|--------|-------|-------------|------------
Option (Right to buy) | | N/A | | | | | | | |
| | | | | | | | | |
- ------------------------|------------|------------|-----------|-------|--------|--------|--------|-------|-------------|------------
| | | | | | | | | |
- ------------------------|------------|------------|-----------|-------|--------|--------|--------|-------|-------------|------------
| | | | | | | | | |
- ------------------------|------------|------------|-----------|-------|--------|--------|--------|-------|-------------|------------
| | | | | | | | | |
- ------------------------|------------|------------|-----------|-------|--------|--------|--------|-------|-------------|------------
| | | | | | | | | |
- ------------------------|------------|------------|-----------|-------|--------|--------|--------|-------|-------------|------------
<CAPTION>
9. Number of Derivative | 10. Ownership Form of | 11. Nature of
Security Beneficially | Derivative Security; | Indirect
Owned at End of Month | Direct (D) or | Beneficial
| Indirect (I) | Ownership
(Instr. 4) | (Instr. 4) | (Instr. 4)
<S> | <C> | <C>
- ----------------------------|--------------------------|--------------------
241,000 | D |
- ----------------------------|--------------------------|--------------------
| |
- ----------------------------|--------------------------|--------------------
| |
- ----------------------------|--------------------------|--------------------
| |
- ----------------------------|--------------------------|--------------------
| |
- ----------------------------|--------------------------|--------------------
Explanation of Responses:
** Intentional misstatements or ommissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/S/ Gary M. Ralston Feb. 14, 2000
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Signature of Reporting Date
Person
Note: File three copies of this Form, one of which must be manually signed. Page 2
If space provided is insufficient, see Instruction 6 for procedure. SEC 2270 (3/91)
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form discplays a currently
valid OMB Number.
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