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<S><C>
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FORM 4 OMB APPROVAL
UNITED STATES SECURITIES AND EXCHANGE COMMISSION ---------------------------
[ ] Check this box if no longer WASHINGTON D.C. 20549 OMB Number: 3235-0287
subject to Section 16. Form Expires: September 30, 1998
4 or Form 5 obligations may STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Estimated average burden
continue. See Instruction 1(b) hours per response......0.5
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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 1940
(Print or Type Responses)
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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 | __X__ Director _____10% Owner
----------------------------------------|---------------------------------------------------| __X__ Officer (give title below)
(Last) (First) (Middle) | 3. IRS or Social | 4. Statement for | _____ Other (specify below)
| Security Number | (Month/Year) | President and Chief Operating
450 South Orange Avenue, Suite 900 | of Reporting | December 2000 | Officer
----------------------------------------| Person (Voluntary) |--------------------------|---------------------------------------
(Street) | | 5. If Amendment, | 7. Individual of Joint/Group Filing
| | Date of Original | (Check Applicable lIne)
| ###-##-#### | (Month/Year) | _X_ Form filed by One Reporting Person
| | | ___ Form filed by More than One
Orlando Florida 32801 | | | Reporting Person
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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/Day/ | (Instr. 8) | of (D) | Beneficially | Form: | Indirect
| Year) | | (Instr. 3,4 and 5)| Owned at End | Direct | Bene-
| |---------------|-----------------------| of Month | (D) or | ficial
| | | | Amount | (A) | Price | (Instr. 3 |Indirect | Owner-
| | Code | V | | or | | and 4) | (I) | ship
| | | | | (D) | | |(Instr. 4)|(Instr. 4)
----------------------------------------|--------------|---------------|--------|-----|--------|--------------|----------|----------
Common Stock | 12/08/00 | J | 3,926 | A | (1) | 294,749 | 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 1474 (7-96)
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FORM 4 (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)| | |
| | | | |-----------------|---------------------|
| | | | | Date | Expira-| | Amount or |
| | |-----------|----------------| Exer- | tion | Title | Number of |
| | | Code | V | (A) | (D) | cisable| Date | | Shares |
<S> | <C> | <C> | <C> <C>| <C> | <C> | <C> | <C> | <C> |<C> | <C>
------------------------|------------|------------|-------|---|-------|--------|--------|--------|-------|-------------|------------
| | | | | | | | | | |
------------------------|------------|------------|-------|---|-------|--------|--------|--------|-------|-------------|------------
| | | | | | | | | | |
------------------------|------------|------------|-------|---|-------|--------|--------|--------|-------|-------------|------------
| | | | | | | | | | |
------------------------|------------|------------|-------|---|-------|--------|--------|--------|-------|-------------|------------
| | | | | | | | | | |
------------------------|------------|------------|-------|---|-------|--------|--------|--------|-------|-------------|------------
| | | | | | | | | | |
------------------------|------------|------------|-------|---|-------|--------|--------|--------|-------|-------------|------------
<CAPTION>
9. Number of Derivative | 10. Ownership Form of | 11. Nature of
Derivative Security | Derivative Security; | Indirect
Beneficially Owned | Direct (D) or | Beneficial
at End of Month | Indirect (I) | Ownership
(Instr. 4) | (Instr. 4) | (Instr. 4)
<S> | <C> | <C>
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| |
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| |
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| |
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| |
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| |
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Explanation of Responses:
(1) Shares were acquired pursuant to the plan of merger with CNL Realty Advisors, Inc.
** 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 January 2, 2001
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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 1474 (7/96)
Potential persons who are to respong 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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