<p>在投资股息股票方面，没有正确或错误的方式，但需要考虑非常不同的方法。对房地产投资信托 (REITs) <strong>Rexford Industrial</strong>(REXR -0.80%) 和 <strong>W.P. Carey</strong>(WPC -1.23%) 的比较提供了一个非常明显的原因。如果您更喜欢高收益股票以最大化您的收入流，其中一个股票将很容易胜出。但如果您更喜欢股息增长，另一个股票将更合适。</p>
<p>以下是您需要了解的内容。</p>
<h2>Rexford Industrial 的业务范围</h2>
<p>Rexford Industrial，顾名思义，拥有工业房地产。然而，它采取了一种非常独特的方式，即完全专注于一个市场，即南加州。大多数 REITs 试图通过拥有多种类型的房产或将资产分散到多个地理区域来增加多样化。因此，Rexford 是一个相当激进的投资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTI3MjcvMjRfMDdfMDEtYS1wZXJzb24td2l0aC10aGVpci1oYW5kcy1vdXQtYXMtaWYtd2VpZ2hpbmctdGhlaXItb3B0aW9ucy1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTEyNTg5NDQ3NS0xMTk5eDgwMC1jZmMxZTk0LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTI3MjcvMjRfMDdfMDEtYS1wZXJzb24td2l0aC10aGVpci1oYW5kcy1vdXQtYXMtaWYtd2VpZ2hpbmctdGhlaXItb3B0aW9ucy1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTEyNTg5NDQ3NS0xMTk5eDgwMC1jZmMxZTk0LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>话虽如此，南加州恰好是一个非常有吸引力的地方，适合拥有工业资产。首先，它是美国和世界上最大的工业市场之一。它面临供应约束和严格的新建筑障碍。而且它在美国工业部门拥有较低的空置率。这使得 Rexford 能够在最近几年积极提高到期租约的租金。再加上其重新开发资产和收购新物业的历史，Rexford 成功实现了可靠且快速的增长。</p>
<h2>W.P. Carey 的业务范围</h2>
<p>在多样化的另一端是 W.P. Carey。工业物业占 REIT 租金总额的约 64%，但它还拥有零售物业（租金的 21%）和一个相当大的 “其他” 部分（其余部分）。此外，W.P. Carey 的投资组合分布在北美和欧洲，已经运营了二十多年。因此，虽然 W.P. Carey 专注于工业，但比 Rexford 更加多样化。</p>
<p>W.P. Carey 的一个问题是最近退出了办公区域，考虑到必须出售的投资组合规模，这导致了股息重置。这发生在 2024 年初，但自重置以来，股息每个季度都有所增加。这清楚地表明 W.P. Carey 正在重返增长轨道，该公司拥有创纪录的收购流动性。</p>
<h2>Rexford 和 W.P. Carey 之间的最大区别</h2>
<p>作为股息投资者看待这两家专注于工业的 REITs 时，第一个重要问题将是多样化。如果这对您很重要，那么选择 W.P. Carey 就很容易。然而，下一个问题将是股息。在股息方面，W.P. Carey 是明显的赢家。其股息率为 5.5%，而 Rexford 为 3.3%。绝对来说这并不算高，但相对而言，W.P. Carey 为投资者提供了比较大 66% 的更高收入流。如果您试图最大化投资组合产生的收入，答案显而易见。</p>
<p>然而，如果历史是任何指导，W.P. Carey 的股息增长将会在未来相当温和。预计增长率将保持在低至中个位数。这可能足以跟上通货膨胀，或略高于通货膨胀。但您不应期望更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7d9e5246fb09ee727455330efed62f28.png?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://media.ycharts.com/charts/7d9e5246fb09ee727455330efed62f28.png"/></p>
<p>YCharts 提供的 WPC 数据</p>
<p>另一方面，Rexford 在过去十年中以大约 13.5% 的复合年增长率增加了其股息。过去一年、三年和五年的增长率都在两位数。对于 REIT 来说，这是一个巨大的增长率，随着时间的推移，将显著增加您的购买力。这也意味着，即使您实际上不需要股息收入，您的购买价格的收益率也将非常有吸引力。将股息再投资，将为您的投资创造更具吸引力的总回报。上面的图表突出了专注于股息增长与高收益的投资者之间非常不同的结果。</p>
<h2>哪家 REIT 适合您的投资组合？</h2>
<p>在 W.P. Carey 和 Rexford 之间的比较中，实际上没有正确答案，因为这取决于您的目标。如果您现在需要收入，W.P. Carey 是更好的选择。如果您更喜欢多样化投资，W.P. Carey 也将胜出。但如果您更加积极，并且对开始使用股息支付生活费用的时间跨度更长，历史清楚地表明 Rexford 将是更具吸引力的选择。</p>

REXR

<p>两家房地产投资信托 (REITs)——Rexford Industrial 和 W.P. Carey 的比较突显了在股息股票投资方面不同的投资策略。Rexford 专注于南加州的工业房地产，提供激进的增长但较低的收益率（3.3%）。相比之下，W.P. Carey 在北美和欧洲提供多元化投资组合，收益率为 5.5%，但增长较为温和。寻求即时收入的投资者可能更喜欢 W.P. Carey，而那些追求长期增长的投资者可能会因为 Rexford 过去十年中更高的股息增长率（13.5%）而更感兴趣</p>

<p>There's no correct or incorrect way to invest in dividend stocks, but there are very different approaches that one needs to consider. A comparison between real estate investment trusts (REITs) <strong>Rexford Industrial</strong>(REXR -0.80%) and <strong>W.P. Carey</strong>(WPC -1.23%) offers a pretty clear reason why. If you prefer high-yield stocks to maximize your income stream, one will easily win out. But if you prefer dividend growth, the other one will be a better fit.</p>
<div class="lb-trans"><p>在投资股息股票方面，没有正确或错误的方式，但需要考虑非常不同的方法。对房地产投资信托 (REITs) <strong>Rexford Industrial</strong>(REXR -0.80%) 和 <strong>W.P. Carey</strong>(WPC -1.23%) 的比较提供了一个非常明显的原因。如果您更喜欢高收益股票以最大化您的收入流，其中一个股票将很容易胜出。但如果您更喜欢股息增长，另一个股票将更合适。</p>
</div><p>Here's what you need to know.</p>
<div class="lb-trans"><p>以下是您需要了解的内容。</p>
</div><h2>What does Rexford Industrial do?</h2>
<div class="lb-trans"><h2>Rexford Industrial 的业务范围</h2>
</div><p>Rexford Industrial, as its name implies, owns industrial real estate. However, it takes a fairly unique approach in that it is completely focused on just one market, Southern California. Most REITs try to include more diversification in their portfolios, either by owning multiple property types or by spreading assets across multiple geographic regions. In this way, Rexford is a pretty aggressive investment.</p>
<div class="lb-trans"><p>Rexford Industrial，顾名思义，拥有工业房地产。然而，它采取了一种非常独特的方式，即完全专注于一个市场，即南加州。大多数 REITs 试图通过拥有多种类型的房产或将资产分散到多个地理区域来增加多样化。因此，Rexford 是一个相当激进的投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTI3MjcvMjRfMDdfMDEtYS1wZXJzb24td2l0aC10aGVpci1oYW5kcy1vdXQtYXMtaWYtd2VpZ2hpbmctdGhlaXItb3B0aW9ucy1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTEyNTg5NDQ3NS0xMTk5eDgwMC1jZmMxZTk0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F792727%2F24_07_01-a-person-with-their-hands-out-as-if-weighing-their-options-_mf-dload-gettyimages-1125894475-1199x800-cfc1e94.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>That said, Southern California happens to be a very attractive place in which to own industrial assets. For starters, it is one of the largest industrial markets in the United States and the world. It faces supply constraints and heavy barriers to new construction. And it has among the lowest vacancy rates in the U.S. industrial sector. That's allowed Rexford to aggressively increase rates on expiring leases in recent years. Add that to its history of redeveloping assets and acquiring new properties, and Rexford has managed to grow both reliably and quickly.</p>
<div class="lb-trans"><p>话虽如此，南加州恰好是一个非常有吸引力的地方，适合拥有工业资产。首先，它是美国和世界上最大的工业市场之一。它面临供应约束和严格的新建筑障碍。而且它在美国工业部门拥有较低的空置率。这使得 Rexford 能够在最近几年积极提高到期租约的租金。再加上其重新开发资产和收购新物业的历史，Rexford 成功实现了可靠且快速的增长。</p>
</div><h2>What does W.P. Carey do?</h2>
<div class="lb-trans"><h2>W.P. Carey 的业务范围</h2>
</div><p>At the other end of the spectrum for diversification would be W.P. Carey. Industrial properties make up around 64% of the REIT's rent roll, but it also owns retail properties (21% of rents) and has a fairly large &#34;other&#34; bucket (the rest). Moreover, W.P. Carey's portfolio is spread across North America and Europe, where it has operated for over two decades. So while W.P. Carey is industrial-focused, it is way more diversified than Rexford.</p>
<div class="lb-trans"><p>在多样化的另一端是 W.P. Carey。工业物业占 REIT 租金总额的约 64%，但它还拥有零售物业（租金的 21%）和一个相当大的 “其他” 部分（其余部分）。此外，W.P. Carey 的投资组合分布在北美和欧洲，已经运营了二十多年。因此，虽然 W.P. Carey 专注于工业，但比 Rexford 更加多样化。</p>
</div><p>The fly in the ointment with W.P. Carey is that it recently exited the office sector, which, given the size of the portfolio it had to sell, necessitated a dividend reset. That happened at the start of 2024, but the dividend has now been increased each quarter since the reset. That's a clear signal that W.P. Carey is back on a growth path, noting that the company has a record level of liquidity for acquisitions following the office sales.</p>
<div class="lb-trans"><p>W.P. Carey 的一个问题是最近退出了办公区域，考虑到必须出售的投资组合规模，这导致了股息重置。这发生在 2024 年初，但自重置以来，股息每个季度都有所增加。这清楚地表明 W.P. Carey 正在重返增长轨道，该公司拥有创纪录的收购流动性。</p>
</div><h2>The biggest difference between Rexford and W.P. Carey</h2>
<div class="lb-trans"><h2>Rexford 和 W.P. Carey 之间的最大区别</h2>
</div><p>As a dividend investor looks at these two industrial-focused REITs, the first big question is going to be about diversification. If that's important to you, then W.P. Carey is the easy choice. However, the next issue is going to be the dividend. On the yield front, W.P. Carey is the hands-down winner. Its dividend yield is 5.5% compared to Rexford's 3.3%. That's not massive on an absolute basis, but relatively speaking W.P. Carey is offering investors an income stream that is a huge 66% larger. The answer here is pretty obvious if you are trying to maximize the income your portfolio generates.</p>
<div class="lb-trans"><p>作为股息投资者看待这两家专注于工业的 REITs 时，第一个重要问题将是多样化。如果这对您很重要，那么选择 W.P. Carey 就很容易。然而，下一个问题将是股息。在股息方面，W.P. Carey 是明显的赢家。其股息率为 5.5%，而 Rexford 为 3.3%。绝对来说这并不算高，但相对而言，W.P. Carey 为投资者提供了比较大 66% 的更高收入流。如果您试图最大化投资组合产生的收入，答案显而易见。</p>
</div><p>However, if history is any guide, W.P. Carey's dividend growth will be fairly modest over time. Think low- to mid-single digits. That's likely going to be enough to keep up with, or slightly outpace, inflation. But you shouldn't go in expecting much more than that.</p>
<div class="lb-trans"><p>然而，如果历史是任何指导，W.P. Carey 的股息增长将会在未来相当温和。预计增长率将保持在低至中个位数。这可能足以跟上通货膨胀，或略高于通货膨胀。但您不应期望更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7d9e5246fb09ee727455330efed62f28.png" alt="" original-src="https://media.ycharts.com/charts/7d9e5246fb09ee727455330efed62f28.png"/></p>
<p>WPC data by YCharts</p>
<div class="lb-trans"><p>YCharts 提供的 WPC 数据</p>
</div><p>Rexford, on the other hand, has grown its dividend at a compound annual rate of roughly 13.5% over the past decade. The rate over the past one, three, and five years are all in the double digits. That's a massive growth rate for a REIT and will end up growing your buying power materially over time. It also means that your yield on purchase price will be quite compelling, even if you don't actually need the dividend income. And compounding the dividend with dividend reinvesting will create an even more attractive total return on your investment. The chart above highlights the very different outcomes for investors focused on dividend growth versus high yield.</p>
<div class="lb-trans"><p>另一方面，Rexford 在过去十年中以大约 13.5% 的复合年增长率增加了其股息。过去一年、三年和五年的增长率都在两位数。对于 REIT 来说，这是一个巨大的增长率，随着时间的推移，将显著增加您的购买力。这也意味着，即使您实际上不需要股息收入，您的购买价格的收益率也将非常有吸引力。将股息再投资，将为您的投资创造更具吸引力的总回报。上面的图表突出了专注于股息增长与高收益的投资者之间非常不同的结果。</p>
</div><h2>Which REIT is right for your portfolio?</h2>
<div class="lb-trans"><h2>哪家 REIT 适合您的投资组合？</h2>
</div><p>There really isn't a correct answer to the matchup between W.P. Carey and Rexford because it depends on what you are looking to achieve. If you need income now, W.P. Carey is the better choice. If you prefer a diversified investment, W.P. Carey will also win out. But if you are a little more aggressive and have a longer time horizon for when you'll need to start using dividends to help pay for living expenses, history clearly suggests that Rexford will be the more attractive option.</p>
<div class="lb-trans"><p>在 W.P. Carey 和 Rexford 之间的比较中，实际上没有正确答案，因为这取决于您的目标。如果您现在需要收入，W.P. Carey 是更好的选择。如果您更喜欢多样化投资，W.P. Carey 也将胜出。但如果您更加积极，并且对开始使用股息支付生活费用的时间跨度更长，历史清楚地表明 Rexford 将是更具吸引力的选择。</p>
</div>

高增长还是高收益？W.P. Carey 与 Rexford Industrial 的对比