FORM 4
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

     Jennings, Richard B.
     530 East 86th St., #15C
     New York, NY 10028		 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
                Officer         (Give title below)
                 Other           (Specify below)

    
3.  I.R.S. Identification
     Number of Reporting
    Person, if an entity
    (voluntary)		 4.  Statement for
     02/18/03
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		 2A. Deemed
     Execution
      Date
      if any		 3.  Transaction
      Code
      (Instr. 8)		 4.  Securities Acquired
     (A) or Disposed of (D)
        (Instr. 3, 4 and 5)		 5.  Amount of
       Securities
       Beneficially
       Owned
       Following
       Reported
       Transactions
       (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 N/A             4,000 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		 3A. Deemed
   Execution
    Date,
   if any		 4. Transaction
      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
   Beneficially
    Owned
     Following
     Reported
    Transaction
(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)		 $14.57 02/18/03   A   2,500   (1) 02/17/13 Common Stock 2,500 N/A 7,500 D  
                  
Explanation of Responses:

(1)    Stock options were granted under the Commercial Net Lease Realty, Inc. 2000 Performance Incentive Plan in 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 occurring on the third anniversary date.

/s/Richard B. Jennings
Signature of Reporting Person		 February 19, 2003
Date