I am pleased to report that 2001 was a very good year for The Monthly Dividend Company. Realty Income continued to prosper despite a challenging environment for our nation, economy, business and, most certainly, for many of our citizens. Our conservative operating strategy again proved to be steadfast and productive through a variety of disconcerting circumstances.

In a nutshell, we ended the year with record revenues, earnings, dividends and a substantial increase in the size and diversification of the Company’s real estate portfolio. During the year we enjoyed four dividend increases and saw the price of our shares increase from $24.88 at the beginning of the year to $29.40 at the end of the year. Including dividends and share price increases, our total return to shareholders for the year was a healthy 27.2%. Yes—2001 was a very good year for your Company.