<p>可以说，在华尔街投资的最大优势之一就是没有一种适合所有人的财富生成策略。由于有成千上万的上市公司和交易所交易基金（ETF）可供选择，必然会有一些证券能够帮助你实现投资目标。</p>
<p>但在这些看似无穷无尽的投资策略中，购买并持有分红股票对于耐心的投资者来说，成功的程度是显而易见的。</p>
<p>支付定期分红的公司往往有一些共同点。它们几乎总是能够持续盈利，经过时间的考验，并且能够提供透明的长期增长前景。换句话说，这些是我们期望在长期内增值的企业类型。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExMTYvcGVyc29uLWhvbGRpbmctY2FzaC1iaWxscy1tb25leS1odW5kcmVkLWRvbGxhci1maWZ0eS1kaXZpZGVuZC1pbmNvbWUtaW52ZXN0LXJldGlyZS1zcGVuZC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExMTYvcGVyc29uLWhvbGRpbmctY2FzaC1iaWxscy1tb25leS1odW5kcmVkLWRvbGxhci1maWZ0eS1kaXZpZGVuZC1pbmNvbWUtaW52ZXN0LXJldGlyZS1zcGVuZC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>或许更重要的是，分红股票有着丰富的超额收益历史。在《分红的力量：过去、现在与未来》中，哈特福德基金的研究人员比较了分红股票与非分红股票在 50 年期间（1973-2023）的平均年回报率。哈特福德基金发现，分红股票的平均年回报率超过了非分红股票的两倍（9.17% 对比 4.27%），而且波动性低于基准 <strong>标准普尔 500</strong> 指数。</p>
<p>考虑到这是历史上最昂贵的股市之一，购买经过时间考验的分红股票可能是 2025 年的一个聪明策略。</p>
<p>接下来是三只最安全的超高收益分红股票——“超高收益股票” 的收益率至少是标准普尔 500 收益率的四倍——在新的一年中值得购买，平均收益率为 8.53%!</p>
<h2>辉瑞：6.72% 收益率</h2>
<p>在即将到来的年份中，第一只值得购买的超高收益分红股票是制药巨头 <strong>辉瑞</strong>（PFE 4.67%）。尽管辉瑞因其 COVID-19 疗法的销售下滑而受到影响，但这家公司显然比十年前的状态要好得多。</p>
<p>例如，尽管其畅销的 COVID-19 疗法 Comirnaty 和 Paxlovid 的销售额从 2022 年的超过 560 亿美元回落至 2024 年预计的 85 亿美元，但这仍然是十年前不存在的 85 亿美元的高利润收入。在短短四年内，该公司的销售额预计将增长超过 190 亿美元（约 46%），基于其 2024 年指导的中位数。</p>
<p>更进一步，辉瑞的累计产品组合（不包括 COVID-19 疗法和收购）在有机基础上持续扩展。投资者似乎过于关注 COVID-19 销售的近期回落，完全忽视了辉瑞的肿瘤学和专业护理部门正在全面发力的更大局面。</p>
<p>投资者在新的一年中可以信任辉瑞的另一个原因是其在 2023 年 12 月收购了癌症药物开发公司 Seagen。这一组合大大扩展了辉瑞的产品组合和肿瘤学管道，并预计将在 2024 年及以后带来显著的成本节约。</p>
<p>还应注意的是，医疗保健是一个高度防御性的行业。无论美国和全球经济表现如何，人们仍然会生病，需要医疗护理和处方药。这种需求的一致性使辉瑞能够在不确定的环境中保持良好的现金流可预测性。</p>
<p>辉瑞是一项安全且明智的投资，其收益率接近 7%，而其股票的估值不到 2025 年预测每股收益（EPS）的 9 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExMTYvbW9ydGdhZ2UtaG91c2UtY2FzaC1tb25leS1iaWxscy1yZWZpbmFuY2UtcmVpdC1vbmUtaHVuZHJlZC1kb2xsYXJzLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExMTYvbW9ydGdhZ2UtaG91c2UtY2FzaC1tb25leS1iaWxscy1yZWZpbmFuY2UtcmVpdC1vbmUtaHVuZHJlZC1kb2xsYXJzLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Annaly 资本管理：13.14% 收益率</h2>
<p>在新的一年中，第二只值得购买的超高收益分红股票是抵押房地产投资信托（REIT）<strong>Annaly 资本管理</strong>（NLY -1.42%）。尽管 Annaly 超过 13% 的惊人收益率可能让投资者觉得不可持续，但在过去二十年中，其平均收益率约为 10%。</p>
<p>抵押 REIT 可能是华尔街上最不受欢迎的行业。这些企业旨在以低短期利率借款，并购买收益更高的长期资产，如抵押贷款支持证券（MBS）。这种运营动态意味着像 Annaly 这样的抵押 REIT 对利率变化非常敏感。在 2022 年 3 月至 2023 年 7 月之间，四十年来最陡峭的加息周期压缩了 Annaly 及其同行的净利差。</p>
<p>使 Annaly 资本管理如此引人注目的是，美联储现在已转向降息周期。利率下降往往会降低短期借款成本，并允许抵押 REIT 扩大其净利差。历史上，当国家中央银行降低利率并采取有条不紊、明确的行动时，Annaly 的表现最佳。</p>
<p>与此同时，Annaly 投资组合中持有的 MBS 的平均收益率预计将随着利率的缓慢但稳定的下降而继续上升。换句话说，美联储为遏制高通胀而进行的快速加息周期提升了 Annaly 所购买的 MBS 的收益率。</p>
<p>投资者也可以放心购买 Annaly，因为它主要专注于机构资产。“机构” 证券是指在基础资产违约的情况下由联邦政府担保的证券。这一额外的保护层使公司能够杠杆其投资，并维持其丰厚的两位数收益率。</p>
<p>随着 Annaly 资本管理预计将受益于利率下降的环境，其股票交易接近账面价值，现在看起来是机会主义收入寻求者上车的完美时机。</p>
<h2>Realty Income：5.72% 收益率</h2>
<p>2025 年值得购买的第三只极其安全的超高收益股是顶级零售房地产投资信托公司 <strong>Realty Income</strong>(O -0.11%)。Realty Income 每月发放一次股息，并在过去的 109 个季度中每次都增加了股息——这一持续时间超过 27 年。</p>
<p>Annaly 资本管理并不是唯一一家将从美联储温和的货币政策转变中受益的房地产投资信托公司。较高的国债收益率往往会吸引收入寻求者远离高收益股票，转向超安全的政府债券。随着中央银行降低利率，应该会重新点燃对高收益股票的兴趣，例如 Realty Income。</p>
<p>使这家零售房地产投资信托公司数十年来成为可靠投资的原因是其一流的商业房地产（CRE）投资组合。它在 9 月季度结束时拥有近 15,500 个 CRE 物业，其中约 90%“对经济衰退具有韧性和/或不受电子商务压力影响”。Realty Income 专注于销售在任何经济环境中都需要的商品和服务的独立商店。这意味着租金拖欠几乎不是问题。</p>
<p>对于 Realty Income 来说，另一个不成问题的事情是让租户留在这里。它在 9 月季度结束时的入住率为 98.7%，自 20 世纪初以来的平均入住率为 98.2%。相比之下，本世纪标准普尔 500 房地产投资信托的中位入住率低 400 个基点（94.2%）。</p>
<p>尽管 Realty Income 的零售驱动 CRE 模式运作良好，但这并没有阻止公司扩展视野并进行收购。它在 1 月份收购了 Spirit Realty Capital，以补充其现有的物业组合，并在去年与 <strong>Digital Realty Trust</strong> 建立了合资企业，以开发和租赁定制数据中心。多样化其租金来源将使 Realty Income 的运营资金更加可预测和安全。</p>
<p>最后，Realty Income 的股票历史上是便宜的。其股票的估值为 2025 年预测现金流的 12.5 倍，这比过去五年期间现金流的平均倍数低 25%。</p>

Annaly资本管理

辉瑞

<p>这篇文章讨论了三只超高收益的股息股票，值得在 2025 年考虑，强调了它们长期增长和稳定的潜力。辉瑞的收益率为 6.72%，以其强大的产品组合和最近收购 Seagen 而闻名，这增强了其肿瘤学产品线。Annaly 资本管理的收益率高达 13.14%，受益于向降息周期的转变，这可能改善其净利差。这些股票的整体平均收益率为 8.53%，使它们成为在波动市场中寻求可靠收入的投资者的有吸引力的选择</p>

<p>Arguably the greatest aspect of putting your money to work on Wall Street is that there's no one-size-fits-all strategy to generate wealth. With thousands of publicly traded companies and exchange-traded funds (ETFs) to choose from, there are bound to be securities that can help you meet your investment goals.</p>
<div class="lb-trans"><p>可以说，在华尔街投资的最大优势之一就是没有一种适合所有人的财富生成策略。由于有成千上万的上市公司和交易所交易基金（ETF）可供选择，必然会有一些证券能够帮助你实现投资目标。</p>
</div><p>But among these seemingly countless investment strategies, it's hard to overlook just how successful buying and holding dividend stocks has been for patient investors.</p>
<div class="lb-trans"><p>但在这些看似无穷无尽的投资策略中，购买并持有分红股票对于耐心的投资者来说，成功的程度是显而易见的。</p>
</div><p>Companies that pay a regular dividend to their shareholders tend to have a few things in common. They're almost always profitable on a recurring basis, time-tested, and capable of providing transparent long-term growth outlooks. In other words, these are the types of businesses we'd expect to increase in value over the long run.</p>
<div class="lb-trans"><p>支付定期分红的公司往往有一些共同点。它们几乎总是能够持续盈利，经过时间的考验，并且能够提供透明的长期增长前景。换句话说，这些是我们期望在长期内增值的企业类型。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExMTYvcGVyc29uLWhvbGRpbmctY2FzaC1iaWxscy1tb25leS1odW5kcmVkLWRvbGxhci1maWZ0eS1kaXZpZGVuZC1pbmNvbWUtaW52ZXN0LXJldGlyZS1zcGVuZC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F801116%2Fperson-holding-cash-bills-money-hundred-dollar-fifty-dividend-income-invest-retire-spend-getty.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>Perhaps more importantly, dividend stocks offer a rich history of outperformance. In <em>The Power of Dividends: Past, Present, and Future</em>, the researchers at Hartford Funds compared the average annual return of dividend stocks to non-payers over a 50-year period (1973-2023). Hartford Funds found that dividend stocks more than doubled the average annual return of non-payers (9.17% versus 4.27%), and did so while being less-volatile than the benchmark <strong>S&amp;P 500</strong>.</p>
<div class="lb-trans"><p>或许更重要的是，分红股票有着丰富的超额收益历史。在《分红的力量：过去、现在与未来》中，哈特福德基金的研究人员比较了分红股票与非分红股票在 50 年期间（1973-2023）的平均年回报率。哈特福德基金发现，分红股票的平均年回报率超过了非分红股票的两倍（9.17% 对比 4.27%），而且波动性低于基准 <strong>标准普尔 500</strong> 指数。</p>
</div><p>Taking into account that this is one of the priciest stock markets in history, buying time-tested dividend stocks might be a genius strategy for 2025.</p>
<div class="lb-trans"><p>考虑到这是历史上最昂贵的股市之一，购买经过时间考验的分红股票可能是 2025 年的一个聪明策略。</p>
</div><p>What follows are three of the safest ultra-high-yield dividend stocks -- &#34;ultra-high-yield stocks&#34; have yields that are at least four times greater than the yield of the S&amp;P 500 -- to buy in the new year, which are yielding an <em>average</em> of 8.53%!</p>
<div class="lb-trans"><p>接下来是三只最安全的超高收益分红股票——“超高收益股票” 的收益率至少是标准普尔 500 收益率的四倍——在新的一年中值得购买，平均收益率为 8.53%!</p>
</div><h2>Pfizer: 6.72% yield</h2>
<div class="lb-trans"><h2>辉瑞：6.72% 收益率</h2>
</div><p>The first ultra-high-yield dividend stock that makes for a no-brainer buy in the upcoming year is pharmaceutical juggernaut <strong>Pfizer</strong>(PFE 4.67%). Though Pfizer has been weighed down by shrinking sales from its line of COVID-19 therapies, this is a company that's unmistakably in better shape now than it was when the decade began.</p>
<div class="lb-trans"><p>在即将到来的年份中，第一只值得购买的超高收益分红股票是制药巨头 <strong>辉瑞</strong>（PFE 4.67%）。尽管辉瑞因其 COVID-19 疗法的销售下滑而受到影响，但这家公司显然比十年前的状态要好得多。</p>
</div><p>For example, even though sales of its blockbuster COVID-19 therapies, Comirnaty and Paxlovid, have retraced from north of $56 billion in 2022 to an estimated $8.5 billion in 2024, this is still $8.5 billion in high-margin revenue that didn't exist when the decade began. In just four years, the company's sales are on pace to have climbed by more than $19 billion (roughly 46%), based on the midpoint of its 2024 guidance.</p>
<div class="lb-trans"><p>例如，尽管其畅销的 COVID-19 疗法 Comirnaty 和 Paxlovid 的销售额从 2022 年的超过 560 亿美元回落至 2024 年预计的 85 亿美元，但这仍然是十年前不存在的 85 亿美元的高利润收入。在短短四年内，该公司的销售额预计将增长超过 190 亿美元（约 46%），基于其 2024 年指导的中位数。</p>
</div><p>To add to this point, Pfizer's cumulative product portfolio, sans COVID-19 therapies and acquisitions, has continued to expand on an organic basis. Investors seem to be overly focused on the recent pullback in COVID-19 sales and have completely missed the bigger picture that shows Pfizer's oncology and specialty care segments are firing on all cylinders.</p>
<div class="lb-trans"><p>更进一步，辉瑞的累计产品组合（不包括 COVID-19 疗法和收购）在有机基础上持续扩展。投资者似乎过于关注 COVID-19 销售的近期回落，完全忽视了辉瑞的肿瘤学和专业护理部门正在全面发力的更大局面。</p>
</div><p>Another reason investors can trust Pfizer in the new year is because of its December 2023 acquisition of cancer-drug developer Seagen. This combination vastly expands Pfizer's product portfolio and oncology pipeline and should result in meaningful cost-savings in 2024 and beyond.</p>
<div class="lb-trans"><p>投资者在新的一年中可以信任辉瑞的另一个原因是其在 2023 年 12 月收购了癌症药物开发公司 Seagen。这一组合大大扩展了辉瑞的产品组合和肿瘤学管道，并预计将在 2024 年及以后带来显著的成本节约。</p>
</div><p>It should also be noted that healthcare is a highly defensive industry. No matter how well or poorly the U.S. and global economy are performing, people will still become ill, require medical care, and need prescription medicine. This consistency in demand allows Pfizer to navigate uncertain environments with a good degree of cash-flow predictability.</p>
<div class="lb-trans"><p>还应注意的是，医疗保健是一个高度防御性的行业。无论美国和全球经济表现如何，人们仍然会生病，需要医疗护理和处方药。这种需求的一致性使辉瑞能够在不确定的环境中保持良好的现金流可预测性。</p>
</div><p>Pfizer makes for a safe and smart investment with its yield approaching 7% and its shares valued at less than 9 times forecast earnings per share (EPS) in 2025.</p>
<div class="lb-trans"><p>辉瑞是一项安全且明智的投资，其收益率接近 7%，而其股票的估值不到 2025 年预测每股收益（EPS）的 9 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExMTYvbW9ydGdhZ2UtaG91c2UtY2FzaC1tb25leS1iaWxscy1yZWZpbmFuY2UtcmVpdC1vbmUtaHVuZHJlZC1kb2xsYXJzLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F801116%2Fmortgage-house-cash-money-bills-refinance-reit-one-hundred-dollars-getty.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><h2>Annaly Capital Management: 13.14% yield</h2>
<div class="lb-trans"><h2>Annaly 资本管理：13.14% 收益率</h2>
</div><p>A second ultra-high-yield dividend stock that makes for a slam-dunk buy in the new year is mortgage real estate investment trust (REIT) <strong>Annaly Capital Management</strong>(NLY -1.42%). Though Annaly's jaw-dropping yield of more than 13% might strike investors as unsustainable, it's been averaging a roughly 10% yield over the last two decades.</p>
<div class="lb-trans"><p>在新的一年中，第二只值得购买的超高收益分红股票是抵押房地产投资信托（REIT）<strong>Annaly 资本管理</strong>（NLY -1.42%）。尽管 Annaly 超过 13% 的惊人收益率可能让投资者觉得不可持续，但在过去二十年中，其平均收益率约为 10%。</p>
</div><p>Mortgage REITs might be the most-disliked industry on Wall Street. These are businesses that aim to borrow at low short-term rates and purchase higher-yielding long-term assets, such as mortgage-backed securities (MBS). This operating dynamic means mortgage REITs like Annaly are highly sensitive to changes in interest rates. The steepest rate-hiking cycle in four decades between March 2022 and July 2023 squeezed the net interest margin for Annaly and its peers.</p>
<div class="lb-trans"><p>抵押 REIT 可能是华尔街上最不受欢迎的行业。这些企业旨在以低短期利率借款，并购买收益更高的长期资产，如抵押贷款支持证券（MBS）。这种运营动态意味着像 Annaly 这样的抵押 REIT 对利率变化非常敏感。在 2022 年 3 月至 2023 年 7 月之间，四十年来最陡峭的加息周期压缩了 Annaly 及其同行的净利差。</p>
</div><p>What makes Annaly Capital Management so intriguing is that the Federal Reserve has now shifted to a rate-easing cycle. Declining interest rates tend to reduce short-term borrowing costs and allow mortgage REITs to expand their net interest margin. Historically, Annaly has performed its best when the nation's central bank is lowering rates and making methodical, well-telegraphed moves.</p>
<div class="lb-trans"><p>使 Annaly 资本管理如此引人注目的是，美联储现在已转向降息周期。利率下降往往会降低短期借款成本，并允许抵押 REIT 扩大其净利差。历史上，当国家中央银行降低利率并采取有条不紊、明确的行动时，Annaly 的表现最佳。</p>
</div><p>At the same time, the average yield on the MBSs held in Annaly's portfolio should continue to rise with rates expected to decline at a slow but steady pace. In other words, the rapid rate-hiking cycle the Fed undertook to quell high inflation has lifted the yields on the MBSs Annaly has been buying.</p>
<div class="lb-trans"><p>与此同时，Annaly 投资组合中持有的 MBS 的平均收益率预计将随着利率的缓慢但稳定的下降而继续上升。换句话说，美联储为遏制高通胀而进行的快速加息周期提升了 Annaly 所购买的 MBS 的收益率。</p>
</div><p>Investors can also feel confident buying into Annaly because it's primarily focused on agency assets. An &#34;agency&#34; security is one that's backed by the federal government in the event that the underlying asset defaults. This added layer of protection allows the company to lever its investments and sustain its juicy double-digit yield.</p>
<div class="lb-trans"><p>投资者也可以放心购买 Annaly，因为它主要专注于机构资产。“机构” 证券是指在基础资产违约的情况下由联邦政府担保的证券。这一额外的保护层使公司能够杠杆其投资，并维持其丰厚的两位数收益率。</p>
</div><p>With Annaly Capital Management expected to benefit from a declining-rate environment and its stock trading close to its book value, now looks like the perfect time for opportunistic income seekers to hop aboard.</p>
<div class="lb-trans"><p>随着 Annaly 资本管理预计将受益于利率下降的环境，其股票交易接近账面价值，现在看起来是机会主义收入寻求者上车的完美时机。</p>
</div><h2>Realty Income: 5.72% yield</h2>
<div class="lb-trans"><h2>Realty Income：5.72% 收益率</h2>
</div><p>The third exceptionally safe ultra-high-yield dividend stock to buy in 2025 is premier retail REIT, <strong>Realty Income</strong>(O -0.11%). Realty Income doles out its dividend on a monthly basis and has increased its payout in each of the last 109 quarters -- a stretch of more than 27 straight years.</p>
<div class="lb-trans"><p>2025 年值得购买的第三只极其安全的超高收益股是顶级零售房地产投资信托公司 <strong>Realty Income</strong>(O -0.11%)。Realty Income 每月发放一次股息，并在过去的 109 个季度中每次都增加了股息——这一持续时间超过 27 年。</p>
</div><p>Annaly Capital Management isn't the only REIT that's set to enjoy a nice lift from the Fed's dovish shift in monetary policy. Higher Treasury yields tend to lure income seekers away from high-yield equities and toward ultra-safe government bonds. With the central bank lowering interest rates, it should reignite interest in stocks with higher yields, such as Realty Income.</p>
<div class="lb-trans"><p>Annaly 资本管理并不是唯一一家将从美联储温和的货币政策转变中受益的房地产投资信托公司。较高的国债收益率往往会吸引收入寻求者远离高收益股票，转向超安全的政府债券。随着中央银行降低利率，应该会重新点燃对高收益股票的兴趣，例如 Realty Income。</p>
</div><p>What's made this retail REIT such a surefire investment for decades is its top-notch commercial real estate (CRE) portfolio. It closed out the September quarter with close to 15,500 CRE properties, of which approximately 90% were &#34;resilient to economic downturns and/or isolated from e-commerce pressures.&#34; Realty Income focuses on stand-alone stores that sell goods and services that are needed in any economic climate. This means rental delinquencies are rarely an issue.</p>
<div class="lb-trans"><p>使这家零售房地产投资信托公司数十年来成为可靠投资的原因是其一流的商业房地产（CRE）投资组合。它在 9 月季度结束时拥有近 15,500 个 CRE 物业，其中约 90%“对经济衰退具有韧性和/或不受电子商务压力影响”。Realty Income 专注于销售在任何经济环境中都需要的商品和服务的独立商店。这意味着租金拖欠几乎不是问题。</p>
</div><p>Something else that's not a problem for Realty Income is getting its renters to stick around. It ended the September quarter with an occupancy rate of 98.7% and an average occupancy rate of 98.2%, dating back to the start of the 20th century. By comparison, the median occupancy rate for S&amp;P 500 REITs is 400 basis points lower (94.2%) this century.</p>
<div class="lb-trans"><p>对于 Realty Income 来说，另一个不成问题的事情是让租户留在这里。它在 9 月季度结束时的入住率为 98.7%，自 20 世纪初以来的平均入住率为 98.2%。相比之下，本世纪标准普尔 500 房地产投资信托的中位入住率低 400 个基点（94.2%）。</p>
</div><p>While Realty Income's retail-driven CRE model is working great, it hasn't stopped the company from expanding its horizons and making acquisitions. It acquired Spirit Realty Capital in January to complement its existing property portfolio, and forged a joint venture with <strong>Digital Realty Trust</strong> last year to develop and rent build-to-suit data centers. Diversifying its rental stream will only make Realty Income's funds from operations more predictable and secure.</p>
<div class="lb-trans"><p>尽管 Realty Income 的零售驱动 CRE 模式运作良好，但这并没有阻止公司扩展视野并进行收购。它在 1 月份收购了 Spirit Realty Capital，以补充其现有的物业组合，并在去年与 <strong>Digital Realty Trust</strong> 建立了合资企业，以开发和租赁定制数据中心。多样化其租金来源将使 Realty Income 的运营资金更加可预测和安全。</p>
</div><p>To rounds things out, Realty Income stock is historically cheap. Shares are valued at 12.5 times forecast cash flow for 2025, which represents a 25% discount to its average multiple to cash flow over the trailing-five-year period.</p>
<div class="lb-trans"><p>最后，Realty Income 的股票历史上是便宜的。其股票的估值为 2025 年预测现金流的 12.5 倍，这比过去五年期间现金流的平均倍数低 25%。</p>
</div>

3 of the Safest Ultra-High-Yield Dividend Stocks to Buy in 2025

- 投资者在华尔街可选择多种策略，买入持有股息股票表现优异。  
- 研究显示，股息股票在过去 50 年中年均回报率为 9.17%，远超非支付股息股票的 4.27%。  
- 三只推荐的高股息股票包括辉瑞（6.72%）、Annaly Capital（13.14%）和 Realty Income（5.72%）。  

2025 年最安全的超高收益股息股票中的三只