<p>越来越多的零售商在某种程度上陷入困境。名单包括莱特艾德（Rite Aid）、红贝壳（Red Lobster）、沃尔格林（Walgreens）、家得宝（Dollar Tree）、At Home 和大摩（Big Lots）。对于房东来说，从彻底破产到关闭表现不佳的店铺，这里的问题意味着失去租金。</p>
<p>房地产收入（Realty Income）在这方面与其他任何房东都没有什么不同。尽管它与上述所有零售商都有关联，但它应该能够轻松度过租金问题，毫不停顿。以下是您需要了解的三个关键事实，以理解为什么这家房地产投资信托（REIT）处于如此良好的位置。</p>
<h2>1. 房地产收入是行业巨头</h2>
<p>房地产收入是最大的净租赁 REIT。净租赁要求租户支付大部分物业级运营成本。净租赁物业通常只租给一个租户，因此每个单独的物业风险相当大。如果出现空置，物业将没有任何租户，而且如果该租户财务状况糟糕，物业的维护可能会下降。投资者对净租赁框架内的陷入困境的租户感到担忧是有充分理由的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzc4OTc3NS8yNF8wM18yOC1hLXBlcnNvbi13aXRoLXRoZWlyLWhlYWQtZG93bi1vbi1hLWxhcHRvcC1jb21wdXRlci1fbWYtZGxvYWQtX2dldHR5aW1hZ2VzLTkxMDE0ODAyNC0xMTM3eDgwMC0xOGE1MmEyLmpwZw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzc4OTc3NS8yNF8wM18yOC1hLXBlcnNvbi13aXRoLXRoZWlyLWhlYWQtZG93bi1vbi1hLWxhcHRvcC1jb21wdXRlci1fbWYtZGxvYWQtX2dldHR5aW1hZ2VzLTkxMDE0ODAyNC0xMTM3eDgwMC0xOGE1MmEyLmpwZw"/></p>
<p>图片来源：Getty Images。</p>
<p>然而，随着投资组合规模的增加，净租赁模式的风险会降低。逻辑很简单：当投资组合规模庞大时，没有单个物业对总收入和利润线的重要性那么大。房地产收入拥有超过 15,400 个物业。它是目前可以购买的最大净租赁 REIT，市值大约是其下一个最接近的同行的四倍。至于承租人，房地产收入为超过 1,550 个不同的租户提供服务。</p>
<p>对于房地产收入来说，没有任何单个物业或租户是成败的关键。公平地说，一些 REIT 的最大租户目前面临困境，包括沃尔格林和家得宝，两者都有可能关闭门店。但这就是第二点的关键所在。</p>
<h2>2. 房地产收入拥有优质物业</h2>
<p>尽管房地产收入规模很大，但这并不意味着它选择以牺牲质量为代价来增长。它特别希望拥有优质位置，特别是在零售空间，其中价值主要在于物业的位置，而不是物业上的建筑。优质位置在出现空置时往往会很快再次出租，并且通常是在重组或裁撤位置时保留的物业。虽然这是一个简化，但 “位置，位置，位置” 是一个真理。</p>
<p>房地产收入拥有大量具有吸引力的物业。以数字来突出这一点，在 2024 年第二季度，该公司续签了 199 份租约。新租约的租金为过期租约的 105.7%，整个投资组合的出租率为 98.8%。综合考虑这两个统计数据，可以看出该公司在物业投资组合的质量和需求方面没有任何问题。</p>
<h2>3. 历史表明房地产收入将轻松度过这一困境</h2>
<p>尽管房地产收入有可能面临一些陷入困境的租户可能会导致一些空置物业。关键在于：房地产收入已经存在几十年，并且在这段时间内成功地处理了同样的问题。其股息连续 29 年每年增加一次，甚至在大衰退期间也是如此。因此，有大量历史可以依据。</p>
<p>根据历史事件（包括出售资产、释放它们或保留现有租户），房地产收入估计将从其当前投资组合中的问题租户那里看到每股年调整后资金运营（FFO）约为 0.02 美元的负面影响。2024 年第二季度的调整后 FFO 为 1.06 美元，较去年同期增长 6%。做个简单的数学计算——在 2023 年第二季度，该公司每股盈利约为 1.00 美元。因此，在一个季度内，它已经超额弥补了来自其投资组合中目前处于风险状态的租户所预期的 FFO 影响。简而言之，这个问题并不是什么大问题。</p>
<h2>房地产收入是一个 “睡得香” REIT</h2>
<p>房地产收入已经注册了 “每月股息公司” 这个昵称。这相当大胆，管理层所做的一切都是为了保持保守可靠的股息股票。这包括处理不可避免的陷入困境的租户所带来的影响。是的，房地产收入面临像红贝壳和沃尔格林这样的陷入困境的租户。不，这些问题不会成为大问题。</p>

<p>Realty Income 面临着像沃尔格林和 Dollar Tree 这样的困扰租户的挑战，但它有能力有效地管理这些问题。作为最大的净租赁房地产投资信托公司，Realty Income 拥有超过 15,400 处物业，为超过 1,550 家租户提供服务，从而降低了任何单一空置带来的风险。该公司强调优质位置，高租约续约率和几乎满租率证明了这一点。其长期保持股息的强劲历史表明它能够经受住经济衰退的考验，预计目前租户问题对其影响较小。Realty Income 仍然是一个可靠的股息投资</p>

<p>An increasing number of retailers have fallen on hard times in some way. The list includes Rite Aid, Red Lobster, <strong>Walgreens</strong>(WBA 0.34%), <strong>Dollar Tree</strong>(DLTR -2.88%), At Home, and <strong>Big Lots</strong>(BIG 9.12%). For landlords, the problems here -- from outright bankruptcies to plans to close underperforming stores -- mean lost rent.</p>
<div class="lb-trans"><p>越来越多的零售商在某种程度上陷入困境。名单包括莱特艾德（Rite Aid）、红贝壳（Red Lobster）、沃尔格林（Walgreens）、家得宝（Dollar Tree）、At Home 和大摩（Big Lots）。对于房东来说，从彻底破产到关闭表现不佳的店铺，这里的问题意味着失去租金。</p>
</div><p><strong>Realty Income</strong>(O 0.11%) is no different from any other landlord in this regard. But even though it has exposure to all the retailers noted above, it should sail through the rent problem without skipping a beat. Here are three key facts you need to know to understand why this real estate investment trust (REIT) is so well positioned.</p>
<div class="lb-trans"><p>房地产收入（Realty Income）在这方面与其他任何房东都没有什么不同。尽管它与上述所有零售商都有关联，但它应该能够轻松度过租金问题，毫不停顿。以下是您需要了解的三个关键事实，以理解为什么这家房地产投资信托（REIT）处于如此良好的位置。</p>
</div><h2>1. Realty Income is an industry giant</h2>
<div class="lb-trans"><h2>1. 房地产收入是行业巨头</h2>
</div><p>Realty Income is the largest net lease REIT. Net leases require tenants to pay for most property-level operating costs. Net lease properties are generally only rented out to one tenant, so each individual property is a pretty big risk. Not only would a vacancy leave the property without any tenant in it, but the property's upkeep might have declined if that tenant was in a weak financial state. There's good reason for investors to have concerns about troubled tenants within the net lease framework.</p>
<div class="lb-trans"><p>房地产收入是最大的净租赁 REIT。净租赁要求租户支付大部分物业级运营成本。净租赁物业通常只租给一个租户，因此每个单独的物业风险相当大。如果出现空置，物业将没有任何租户，而且如果该租户财务状况糟糕，物业的维护可能会下降。投资者对净租赁框架内的陷入困境的租户感到担忧是有充分理由的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODk3NzUvMjRfMDNfMjgtYS1wZXJzb24td2l0aC10aGVpci1oZWFkLWRvd24tb24tYS1sYXB0b3AtY29tcHV0ZXItX21mLWRsb2FkLV9nZXR0eWltYWdlcy05MTAxNDgwMjQtMTEzN3g4MDAtMThhNTJhMi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F789775%2F24_03_28-a-person-with-their-head-down-on-a-laptop-computer-_mf-dload-_gettyimages-910148024-1137x800-18a52a2.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>The risks of the net lease model, however, are diminished as a portfolio increases in size. The logic is simple: No single property is as important to the top and bottom line when the portfolio is big. Realty Income owns more than 15,400 properties. It is by far the largest net lease REIT you can buy and is roughly four times as large as its next closest peer by market cap. As for lessees, Realty Income serves more than 1,550 different tenants.</p>
<div class="lb-trans"><p>然而，随着投资组合规模的增加，净租赁模式的风险会降低。逻辑很简单：当投资组合规模庞大时，没有单个物业对总收入和利润线的重要性那么大。房地产收入拥有超过 15,400 个物业。它是目前可以购买的最大净租赁 REIT，市值大约是其下一个最接近的同行的四倍。至于承租人，房地产收入为超过 1,550 个不同的租户提供服务。</p>
</div><p>No single property or tenant is make-or-break for Realty Income. To be fair, some of the REIT's largest tenants are the ones facing headwinds right now, including Walgreens and Dollar Tree, both of which are looking to potentially shut locations. But this is where point No. 2 comes in.</p>
<div class="lb-trans"><p>对于房地产收入来说，没有任何单个物业或租户是成败的关键。公平地说，一些 REIT 的最大租户目前面临困境，包括沃尔格林和家得宝，两者都有可能关闭门店。但这就是第二点的关键所在。</p>
</div><h2>2. Realty Income has good properties</h2>
<div class="lb-trans"><h2>2. 房地产收入拥有优质物业</h2>
</div><p>Although Realty Income is very large, that doesn't mean it has opted to grow at the expense of quality. It specifically wants to own good locations, especially in the retail space, where the value is largely in the property's location, not in the building on the property. Good locations tend to be leased again fairly quickly when there is a vacancy and are often the ones that are kept through a restructuring or location culling move. It's a simplification, but &#34;location, location, location&#34; is a truism.</p>
<div class="lb-trans"><p>尽管房地产收入规模很大，但这并不意味着它选择以牺牲质量为代价来增长。它特别希望拥有优质位置，特别是在零售空间，其中价值主要在于物业的位置，而不是物业上的建筑。优质位置在出现空置时往往会很快再次出租，并且通常是在重组或裁撤位置时保留的物业。虽然这是一个简化，但 “位置，位置，位置” 是一个真理。</p>
</div><p>Realty Income has a large number of attractive properties. To highlight this with numbers, in the second quarter of 2024 the company had 199 leases renew. The rent on the new leases was 105.7% of the expiring leases, and the portfolio is 98.8% leased. Taken together, these two statistics speak to a company that isn't having any problem with the quality and demand of its property portfolio.</p>
<div class="lb-trans"><p>房地产收入拥有大量具有吸引力的物业。以数字来突出这一点，在 2024 年第二季度，该公司续签了 199 份租约。新租约的租金为过期租约的 105.7%，整个投资组合的出租率为 98.8%。综合考虑这两个统计数据，可以看出该公司在物业投资组合的质量和需求方面没有任何问题。</p>
</div><h2>3. History suggests Realty Income will sail through this</h2>
<div class="lb-trans"><h2>3. 历史表明房地产收入将轻松度过这一困境</h2>
</div><p>Still, Realty Income has troubled tenants that might leave it with some vacant properties. Here's the thing: Realty Income has been around for decades and dealt successfully with the same issue throughout that span. Its dividend has increased annually for 29 consecutive years, including right through the Great Recession. So there's plenty of history to go on.</p>
<div class="lb-trans"><p>尽管房地产收入有可能面临一些陷入困境的租户可能会导致一些空置物业。关键在于：房地产收入已经存在几十年，并且在这段时间内成功地处理了同样的问题。其股息连续 29 年每年增加一次，甚至在大衰退期间也是如此。因此，有大量历史可以依据。</p>
</div><p>Based on historical events (including the ability to sell assets, release them, or keep an existing tenant in place), Realty Income estimates that it will see a negative impact of around $0.02 per share of annual adjusted funds from operations (FFO) from the problem tenants in its portfolio today. Adjusted FFO in Q2 was $1.06. That was up 6% over the prior year. Do that math -- in Q2 2023, the company earned roughly $1.00 per share. So in a single quarter, it more than made up for the FFO effect it expects from the at-risk tenants currently in its portfolio. Simply put, this issue isn't that big a deal.</p>
<div class="lb-trans"><p>根据历史事件（包括出售资产、释放它们或保留现有租户），房地产收入估计将从其当前投资组合中的问题租户那里看到每股年调整后资金运营（FFO）约为 0.02 美元的负面影响。2024 年第二季度的调整后 FFO 为 1.06 美元，较去年同期增长 6%。做个简单的数学计算——在 2023 年第二季度，该公司每股盈利约为 1.00 美元。因此，在一个季度内，它已经超额弥补了来自其投资组合中目前处于风险状态的租户所预期的 FFO 影响。简而言之，这个问题并不是什么大问题。</p>
</div><h2>Realty Income is a &#34;sleep well at night&#34; REIT</h2>
<div class="lb-trans"><h2>房地产收入是一个 “睡得香” REIT</h2>
</div><p>Realty Income has trademarked the nickname &#34;The Monthly Dividend Company.&#34; That's pretty bold, and everything management does is in service of remaining a conservative and reliable dividend stock. That includes dealing with the inevitable impact of troubled tenants. Yes, Realty Income has exposure to troubled tenants like Red Lobster and Walgreens. No, these issues aren't going to be a big problem.</p>
<div class="lb-trans"><p>房地产收入已经注册了 “每月股息公司” 这个昵称。这相当大胆，管理层所做的一切都是为了保持保守可靠的股息股票。这包括处理不可避免的陷入困境的租户所带来的影响。是的，房地产收入面临像红贝壳和沃尔格林这样的陷入困境的租户。不，这些问题不会成为大问题。</p>
</div>

Realty Income：坏消息并没有看起来那么糟糕。投资者应该了解的三件事