Given these compelling statistics, many investors saving for retirement have altered their investment styles, becoming more conservative and seeking more reliable returns on their investments. A dependable, dividend-paying investment such as Realty Income could be a solid addition to their portfolios. The over 7% monthly dividend, combined with the fact that the dividend has increased in each of the last 17 quarters, may be very attractive to these newly conservative investors looking to fund their future retirement.

For the many investors who are already retired, the future is right now! After a year of relentless interest rate cuts, many of these people are looking for income investments that can help them sustain their current lifestyle. We think that now, more than ever, at least one of the more than 15,000 public companies should be dedicated to providing these investors with dependable monthly income. That is who we intend to be.

To accomplish this we reiterate the following six principles upon which our business operates:

1. We are committed to providing reliable monthly income as the primary goal of the Company.
2. We are dedicated to long-term dividend growth.
3. We will maintain a conservative balance sheet in order to preserve the integrity of our cash flow.
4. We will continue to diversify the sources of cash that support our dividends.
5. We will employ a focused strategy to conservatively grow our business.
6. We will strive to carefully research industries, retailers, and real estate before making investment decisions.

Your management team has a vested interest in performing according to these principles. We are shareholders ourselves and the majority of the incentive compensation paid to our executives is in Realty Income shares. As such, we share the same risks, rewards and benefits as our shareholders. Said another way, monthly dividends have become a very important part of our life just as they are in many of yours.