Form 3 DWC
FORM 3 UNITED STATES SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.  20549
INITIAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP		       OMB APPROVAL
OMB Number: 3235-0104
Expires: January 31, 2005
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*

     Cobb, David W.
     450 South Orange Avenue
     9th Floor
     Orlando, FL 32801		 2.  Date of Event
     Requiring Statement
       July 17, 2002		 4.  Issuer Name and Ticker Symbol

    Commercial Net Lease Realty, Inc.     NNN
3.  IRS Identification
     Number of Reporting
     Person, if an entity
       (voluntary)		 5.  Relationship of Reporting
     Person(s) to Issuer
    (Check all applicable)
             Director
              10% Owner
        X      Officer (give title below)
              Other (specify below)

Executive Vice President of
        Commercial Net Lease
         Realty Services, Inc.		 6.  If Amendment,
      Date of Original
      (Month/Day/Year)
7.  Individual or
     Joint/Group Filing
     (Check Applicable Line)

   x    Form filed by One Reporting Person
         Form filed by One Reporting Person
TABLE I - Non Derivative Securities Acquired, Disposed of or Beneficially Owned.
1.  Title of  Security
       (Instr. 4)		 2.  Amount of Securities
      Beneficially Owned
       (Instr. 4)		 3.  Ownership Form:
      Direct (D) or Indirect (I)
      (Instr. 5)		 4.  Nature of Indirect
      Beneficial Ownership
        (Instr. 5)
    
    
    
    
    
    
    
TABLE II -Derivative Securities Beneficially Owned (e.g., puts, calls warrants, options, convertible securities).
1.  Title of
     Derivitive
     Security
       (Instr. 4)		 2.  Date Exercisable and
     Expiration Date
     (Month/Day/Year)		 3.  Title and Amount of
     Securities Underlying
     Derivitive Security
    (Instr. 4)		 4.  Conversion or
     Exercisable Price
     of Derivitive
     Security		 5.  Ownership
     Form of
     Derivitive
     Securities:
     Direct (D) or
     Indirect (I)
       (Instr. 5)		 6.  Nature of
     Indirect
     Beneficial
     Ownership
       (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
               
         
         
         
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

Explanation of Responses:



/s/David W. Cobb
**Signature of Reporting Person		 July 18, 2002
Date
 
*  If the form is filed by more than one reporting person, see Instruction 4(b)(v)

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