Form 4 JMS
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
Expires: December 31, 2001
Estimated average burden
hours per response. . . . 0.5
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*

     Seneff, Jr., James M.
     450 South Orange Ave.
     Orlando, FL 32801		 2.  Issuer Name and Ticker
     or Trading Symbol

     Commercial Net Lease
     Realty, Inc.      NNN		 4.  Statement for (Month/Year)

             January 2002		 6.  Relationship of Reporting Person to Issuer
     (Check all appropriate)
        X      Director           10% Owner
        X      Officer         (Give title below)
                 Other           (Specify below)
      Chairman of the Board
3.  Social Security Number

         315-46-7768		 5.  If Amendment, Date of Original
      (Month/Year)		 7.  Individual of Joint/Group Filing
    (Check Applicable Line)
        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
       (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
       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 N/A         1,616,600 I (1)
Common Stock 01/11/02 M 10,000 A $11.25 278,078 D  
Common Stock 01/11/02 M 7,666 A $10.625 278,078 D  
Common Stock N/A         255,696 I (2)
                 
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 1474 (7-96)
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/		 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 Month
   (Instr. 3 and 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)		 $11.25 1/11/02 M     10,000 8/2/95 8/2/02 Common
Stock		 10,000 $11.25 338,834 D 
Options
   (Right to buy)		 $10.625 1/11/02 M     7,666 6/16/01 6/16/10 Common
Stock		 7,666 $10.625 338,834 D 

Explanation of Responses:

(1)  Shares were acquired by CNL Financial Group, Inc. or CFG Investments (which are wholly-owned by Mr. Seneff and his spouse).
(2)  Shares held by four limited partnerships of which Mr. Seneff is a general partner. Mr. Seneff disclaims beneficial ownership of these
      except to the extent of his respective shares percentage interest in each of these securities.

  /s/James M. Seneff, Jr.                           February 6, 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).