Welcome to the annual edition of Monthly Dividend Digest (also Realty Income's 2004 Annual Report). This year we're highlighting Realty Income as they celebrate $1 Billion paid in monthly dividends. Our cover story offers an insightful conversation with Realty Income's Chief Executive Officer, Tom A. Lewis. Together, Mr. Lewis and I tackled the probing questions that our readers and the Company's shareholders might have asked to uncover Realty Income's strategy and plans for the future.

We also present four "Special Reports" that highlight the operations and performance of Realty Income during 2004. The comments and conclusions in these reports should provide our readers with information about the Company that they can't get anywhere else.

As we prepared this special edition featuring Realty Income, we met with many more members of the Company's team than those mentioned in our articles. If space permitted we would highlight the tireless efforts of the Company's legal department, a team of professionals whose real estate expertise is often the reason Realty Income captures repeat business. We could also write passionately about the Retail Research team who leaves no stone unturned to learn everything they can about the retail industries and chains with whom the Company does business. We could write volumes about the quality of service and knowledge embodied in Realty Income's investor relations department. And finally, the integrity and hard work of Realty Income's finance and accounting team has resulted in special recognition of the Company, by the REIT industry, for the manner in which Realty Income presents its operating results. The individuals in each of these departments are truly the backbone of the Company.

We hope you enjoy our journey into the inner workings of Realty Income, The Monthly Dividend Company®.

Monthly Dividend Girl, Editor-in-Chief