* FRONT COVER
* TABLE OF CONTENTS
* PERFORMANCE HIGHLIGHTS SINCE 1994 NYSE LISTING(1)
* COMPANY PERFORMANCE
* LETTER TO SHAREHOLDERS
* HISTORICAL FINANCIAL PERFORMANCE
* REAL ESTATE PORTFOLIO
* DISCIPLINED INVESTMENT PROCESS
* CONSERVATIVE CAPITAL STRUCTURE
* DEPENDABLE MONTHLY DIVIDENDS
* SELECT FINANCIAL DATA
+ CONSOLIDATED BALANCE SHEETS
+ CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
+ CONSOLIDATED STATEMENTS OF EQUITY
+ CONSOLIDATED STATEMENTS OF CASH FLOWS
+ REALTY INCOME PERFORMANCE VS. MAJOR
STOCK INDICES
* COMPANY INFORMATION
* BACK COVER
