<PAGE>

                                                                   Exhibit 4.3





Unless this Security is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), 55 Water Street, New
York, New York, to the Company (as defined below) or its agent for
registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC),
ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.

This Security is a Global Security within the meaning set forth in the
Indenture hereinafter referred to and is registered in the name of DTC or a
nominee of DTC. This Security is exchangeable for Securities registered in the
name of a person other than DTC or its nominee only in the limited
circumstances described in the Indenture, and may not be transferred except as
a whole by DTC to a nominee of DTC or another nominee of DTC or by DTC or its
nominee to a successor Depository or its nominee.

Registered No. ________                                   PRINCIPAL AMOUNT
CUSIP No.: 202218 AF 0                                    $50,000,000

                      COMMERCIAL NET LEASE REALTY, INC.

                             7.75% NOTE DUE 2012


               COMMERCIAL NET LEASE REALTY, INC., a corporation duly organized
and existing under the laws of the State of Maryland (herein referred to as
the "Company" which term shall include any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to CEDE & CO., or registered assigns, upon presentation, the principal sum of
FIFTY MILLION DOLLARS on June 1, 2012 and to pay interest on the outstanding
principal amount thereon from June 4, 2002, or from the immediately preceding
Interest Payment Date to which interest has been paid or duly provided for,
semi-annually in arrears on June 1 and December 1 in each year, commencing
December 1, 2002, at the rate of 7.75% per annum, until the entire principal
hereof is paid or made available for payment. The interest so payable and
punctually paid or duly provided for on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Security
is registered at the close of business on the Regular Record Date for such
interest which shall be the May 20 or November 20 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for shall forthwith cease to
be payable to the Holder on such Regular Record Date, and may either be paid
to the Person in whose name this Security is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Trustee, notice whereof shall be given to Holders of the
Securities not more than 15 days and not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Securities may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in








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<PAGE>


the Indenture. Payment of the principal of and interest on this Security will
be made at the office or agency maintained for that purpose in the City of
Charlotte, North Carolina, or elsewhere as provided in the Indenture, in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts; provided, however, that
at the option of the Company payments of principal and interest on the Notes
(other than payments of principal and interest due at Maturity) may be made
(i) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register or (ii) by wire transfer to an
account of the Person entitled thereto located within the United States,
provided, that such Person owns Notes in an aggregate principal amount of at
least $1,000,000 and such Person makes a written request therefor for the
appropriate Interest Payment Date.

               Securities of this series are one of a duly authorized issue of
securities of the Company (herein called the "Securities"), issued and to be
issued in one or more series under an Indenture, dated as of March 25, 1998
(as so supplemented, herein called the "Indenture"), between the Company and
Wachovia Bank, National Association, as successor trustee to First Union
National Bank (herein called the "Trustee," which term includes any successor
trustee under the Indenture), to which Indenture and all indentures
supplemental thereto, including, the Fourth Supplemental Indenture thereto,
dated May 30, 2002 between the Company and the Trustee, reference is hereby
made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the
Securities and of the terms upon which the Securities are authenticated and
delivered. This Security is one of the series designated in the first page
thereof, limited in aggregate principal amount to $50,000,000.

               Securities of this series may be redeemed at any time at the
option of the Company, in whole or in part, upon notice of not more than 60
nor less than 30 days prior to the Redemption Date, at a redemption price
equal to the sum of (i) the principal amount of the Securities being redeemed
plus accrued interest thereon to the Redemption Date and (ii) the Make-Whole
Amount, if any, with respect to such Securities.

               The Indenture contains provisions for defeasance at any time of
(a) the entire indebtedness of the Company on this Security and (b) certain
restrictive covenants and the related defaults and Events of Default
applicable to the Company, in each case, upon compliance by the Company with
certain conditions set forth in the Indenture, which provisions apply to this
Security.

               If an Event of Default with respect to the Securities shall
occur and be continuing, the principal of the Securities may be declared due
and payable in the manner and with the effect provided in the Indenture.

               As provided in and subject to the provisions of the Indenture,
the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver
or trustee or for any other remedy thereunder, unless such Holder shall have
previously given written notice to the Trustee of a continuing Event of
Default with respect to the Securities, the Holders of not less than 25% in
principal amount of the Securities of this series at the time Outstanding
shall have made written request to the Trustee to institute






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<PAGE>







proceedings in respect of such Event of Default as Trustee and offered the
Trustee reasonable indemnity and the Trustee shall not have received from the
Holders of a majority in principal amount of Securities of this series at the
time Outstanding a direction inconsistent with such request, and shall have
failed to institute any such proceeding, for 60 days after receipt of such
notice, request and offer of indemnity. The foregoing shall not apply to any
suit instituted by the Holder of this Security for the enforcement of any
payment of principal hereof or any interest on or after the respective due
dates expressed herein.

               The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of
each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities of each series of Securities
then Outstanding affected thereby. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of
all Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Security.

               No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and
Make-Whole Amount, if any) and interest on this Security at the times, place
and rate, and in the coin or currency, herein prescribed.

               As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in any Place of Payment where
the principal of (and Make-Whole Amount, if any) and interest on this Security
are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly
executed by the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series, of authorized
denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.

               The Securities of this series are issuable only in registered
form without coupons in denominations of $1,000 and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations
therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series of a different
authorized denomination, as requested by the Holder surrendering the same.

               No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.






                                     -3-
<PAGE>



               Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

               No recourse under or upon any obligation, covenant or agreement
contained in the Indenture or in this Security, or because of any indebtedness
evidenced hereby or thereby, shall be had against any promoter, as such, or
against any past, present or future shareholder, officer or director, as such,
of the Company or of any successor, either directly or through the Company or
any successor, under any rule of law, statute or constitutional provision or
by the enforcement of any assessment or by any legal or equitable proceeding
or otherwise, all such liability being expressly waived and released by the
acceptance of this Security by the Holder thereof and as part of the
consideration for the issue of the Securities of this series.

               All capitalized terms used in this Security which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

               THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY,
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

               Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused "CUSIP"
numbers to be printed on the Securities of this series as a convenience to the
Holders of such Securities. No representation is made as to the correctness or
accuracy of such CUSIP numbers as printed on the Securities, and reliance may
be placed only on the other identification numbers printed hereon.

               Unless the certificate of authentication hereon has been
executed by or on behalf of the Trustee by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.






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<PAGE>


IN WITNESS WHEREOF, COMMERCIAL NET LEASE REALTY, INC. has caused this
instrument to be duly executed under its corporate seal.

Dated:  May 30, 2002

                                            COMMERCIAL NET LEASE REALTY, INC.

                                            By:  ____________________________
[SEAL]                                           Name:
                                                 Title:




Attest:



________________
Secretary


TRUSTEE'S CERTIFICATE OF AUTHENTICATION:

               This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture.



                                            WACHOVIA BANK, NATIONAL
                                            ASSOCIATION, as Trustee



Dated:  May 30, 2002                        By:  __________________________
                                                   Authorized Signatory

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<PAGE>



                               ASSIGNMENT FORM

                  FOR VALUE RECEIVED, the undersigned hereby
                      Sells, assigns and transfers unto


PLEASE INSERT SOCIAL
SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE
______________________________________
                                            . . . . . . . . . . . . . . . . .
______________________________________
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
            (Please Print or Typewrite Name and Address including
                            Zip Code of Assignee)



.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
the within Security of Commercial Net Lease Realty, Inc. and hereby does
irrevocably constitute and appoint


.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Attorney to transfer said Security on the books of the within-named Company
with full power of substitution in the premises.

Dated:  . . . . . . . . . . . . . . . .          . . . . . . . . . . . . . . .

                                                 . . . . . . . . . . . . . . .



NOTICE: The signature to this assignment must correspond with the name as it
appears on the first page of the within Security in every particular, without
alteration or enlargement or any change whatever.



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