We are optimistic about the Company’s operations and performance for 2002. We believe we have positioned the Company to continue to produce positive results in a soft economy. Our balance sheet is among the strongest in the industry, our portfolio of properties continues to perform well and we have ready access to capital to fund our growth during the year.

What do we expect from the U.S. economy over the coming year? Our crystal ball is about as cloudy as everyone else’s. Personally, I have always felt that anyone who thinks they can accurately predict short-term economic performance or stock market movements is either delusional or trying to kid somebody. We have always taken the stance that over the long term we will probably experience a wide variety of economic conditions. Inflation, deflation, disinflation, stagflation, rising or falling interest rates, growing economies, recessions, strong and weak retail sales and bull or bear stock markets are all likely to be part of the economic landscape in coming years. We have continuously believed that our objective should be to operate the Company in a manner that allows us to deliver a conservative investment and consistent monthly dividends, regardless of the economic situation. We believe we are positioned to achieve that objective.