<p>如果你是一个股息投资者，那么股票的股息收益率对你来说非常重要。当然，收益率越高越好，但这仅在风险保持不变的情况下成立。</p>
<p>如果风险随着收益率的上升而上升，那么就必须解决一个非常明显的权衡。这正是股息投资者在考虑超高收益的 <strong>AGNC Investment</strong>(AGNC 0.21%) 和类似的房地产投资信托（REIT）<strong>Federal Realty</strong>(FRT 0.54%) 时必须考虑的平衡。</p>
<h2>AGNC 在收益率竞赛中遥遥领先</h2>
<p>AGNC Investment 的股息收益率超过 15%。这在任何标准下都是巨大的，远远超过 <strong>Federal Realty</strong> 为股东提供的 3.9% 的收益率。</p>
<p>但为了真正将这个收益率放在一个更广阔的视角来看，它超过了 <strong>S&amp;P 500</strong> 指数略低于 1.2% 的收益率，远高于使用 <strong>Vanguard Real Estate Index ETF</strong>(VNQ 0.66%) 作为行业基准的平均 REIT 的 3.7% 收益率。毫无疑问，AGNC Investment 是这里收益率最高的选择。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDE5NjIvMjRfMTBfMzEtbW9uZXktb24tYS1maXNoaW5nLWhvb2stX21mLWRsb2FkLTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDE5NjIvMjRfMTBfMzEtbW9uZXktb24tYS1maXNoaW5nLWhvb2stX21mLWRsb2FkLTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>话虽如此，值得注意的是，尽管 <strong>Federal Realty</strong> 的 3.9% 收益率与 AGNC 的高收益率相比显得温和，但仍然明显高于市场平均水平。而且它略高于平均 REIT。因此，<strong>Federal Realty</strong> 的收益率并不是不受欢迎的。只是在绝对水平上，它并没有 AGNC Investment 的收益率那么令人向往。</p>
<h2>追逐 AGNC Investment 超高收益的风险</h2>
<p>这就是事情变得有趣的地方。事实证明，<strong>Federal Realty</strong> 在股息方面以不同的方式击败了 AGNC Investment。<strong>Federal Realty</strong> 是一家购物中心和混合用途的房东，已经连续 57 年每年增加股息。这使其进入了股息之王的高度精英名单。</p>
<p>而且这还不是全部：该公司的连续增长是所有上市 REIT 中最长的。换句话说，<strong>Federal Realty</strong> 在股息可靠性方面毫无疑问地胜出。</p>
<p>AGNC 在这方面的表现如何？并不好。这家抵押贷款 REIT 的股息自 2020 年 4 月以来一直保持在每股每月 0.12 美元。这是从 0.16 美元降低的月份。2019 年 5 月降低至 0.16 美元。2016 年 8 月从 0.20 美元降至 0.18 美元。</p>
<p>你明白了：AGNC Investment 的股息一直在下降。如果你关心股息的一致性，购买 AGNC 及其高收益率可能不适合你。</p>
<h2>AGNC 和 Federal Realty 是非常不同的 REIT</h2>
<p>这里的故事部分确实与这两家 REIT 的目的有关。<strong>Federal Realty</strong> 相对简单易懂：它拥有购物中心和混合用途开发项目。然后将这些物业租给租户并收取租金。</p>
<p>它基本上做的就是你如果拥有出租物业时会做的事情。它的规模较小，只有大约 100 个物业，但其资产往往规模较大且位置非常优越。</p>
<p>AGNC Investment 是一家抵押贷款 REIT。它拥有已被打包成类似债券的证券的抵押贷款，收集其成本（例如，运营成本和利息支出）与其在所拥有的抵押贷款证券上赚取的利息之间的差额。</p>
<p>在某种程度上，它更像是一只共同基金，而它所做的事情并不是大多数投资者会做的。值得注意的是，绩效基准也略有不同。AGNC 的目标是为投资者提供高总回报，这是它随着时间的推移成功实现的。</p>
<p>然而，正如 AGNC 的股息历史所强调的，这与为投资者提供可靠且不断增长的收入流是非常不同的。</p>
<h2>AGNC 没问题，但要出于正确的理由持有它</h2>
<p>当你把 AGNC Investment 看作是一家努力为投资者提供理想总回报的抵押贷款 REIT 时，它并没有什么问题。然而，如果你看到高收益率并认为你找到了一个可靠的股息股票，那么历史表明你可能会失望。</p>
<p>对于需要股息一致性的投资者来说，像 <strong>Federal Realty</strong> 这样的股息之王将是一个更好的选择。毕竟，收益率只是股息投资故事的一部分（也许甚至不是最重要的部分）。</p>

联邦房地产投资信托

美国资本代理公司

<p>本文比较了两只分红股票：AGNC Investment 和联邦房地产投资信托。AGNC 提供超过 15% 的高分红收益率，显著高于联邦房地产的 3.9%。然而，联邦房地产有着强劲的业绩记录，连续 57 年增加分红，使其成为分红投资者的可靠选择。AGNC 自 2020 年以来分红保持不变，显示出较低的一致性。虽然 AGNC 可能对追求总回报的投资者有吸引力，但联邦房地产更适合那些寻求稳定收入的投资者</p>

<p>If you are a dividend investor, then a stock's dividend yield is of high importance to you. The higher the yield, the better, of course, but that is only assuming that risk is kept constant.</p>
<div class="lb-trans"><p>如果你是一个股息投资者，那么股票的股息收益率对你来说非常重要。当然，收益率越高越好，但这仅在风险保持不变的情况下成立。</p>
</div><p>If risk rises along with yield, there is a very clear trade-off that has to be addressed. This is exactly the balancing act that dividend investors have to consider when looking at ultra-high-yield <strong>AGNC Investment</strong>(AGNC 0.21%) and a fellow real estate investment trust (REIT) like <strong>Federal Realty</strong>(FRT 0.54%).</p>
<div class="lb-trans"><p>如果风险随着收益率的上升而上升，那么就必须解决一个非常明显的权衡。这正是股息投资者在考虑超高收益的 <strong>AGNC Investment</strong>(AGNC 0.21%) 和类似的房地产投资信托（REIT）<strong>Federal Realty</strong>(FRT 0.54%) 时必须考虑的平衡。</p>
</div><h2>AGNC wins the yield contest hands down</h2>
<div class="lb-trans"><h2>AGNC 在收益率竞赛中遥遥领先</h2>
</div><p>AGNC Investment has a dividend yield of more than 15%. That's huge by just about any standard and is multiples of the 3.9% yield that Federal Realty is offering shareholders.</p>
<div class="lb-trans"><p>AGNC Investment 的股息收益率超过 15%。这在任何标准下都是巨大的，远远超过 <strong>Federal Realty</strong> 为股东提供的 3.9% 的收益率。</p>
</div><p>But to really put that yield into perspective, it is more than 10 times the slightly less than 1.2% of the <strong>S&amp;P 500</strong> index and far above the 3.7% yield of the average REIT, using the <strong>Vanguard Real Estate Index ETF</strong>(VNQ 0.66%) as an industry proxy. Without a doubt, AGNC Investment is the highest-yielding option here.</p>
<div class="lb-trans"><p>但为了真正将这个收益率放在一个更广阔的视角来看，它超过了 <strong>S&amp;P 500</strong> 指数略低于 1.2% 的收益率，远高于使用 <strong>Vanguard Real Estate Index ETF</strong>(VNQ 0.66%) 作为行业基准的平均 REIT 的 3.7% 收益率。毫无疑问，AGNC Investment 是这里收益率最高的选择。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDE5NjIvMjRfMTBfMzEtbW9uZXktb24tYS1maXNoaW5nLWhvb2stX21mLWRsb2FkLTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F801962%2F24_10_31-money-on-a-fishing-hook-_mf-dload-1200x800-5b2df79.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, it is worth noting that Federal Realty's 3.9% yield, while modest in comparison to AGNC's lofty yield, is still notably above the market average. And it is a touch higher than the average REIT. So it is hardly the case that Federal Realty's yield isn't desirable. It just isn't as desirable on an absolute level as that of AGNC Investment.</p>
<div class="lb-trans"><p>话虽如此，值得注意的是，尽管 <strong>Federal Realty</strong> 的 3.9% 收益率与 AGNC 的高收益率相比显得温和，但仍然明显高于市场平均水平。而且它略高于平均 REIT。因此，<strong>Federal Realty</strong> 的收益率并不是不受欢迎的。只是在绝对水平上，它并没有 AGNC Investment 的收益率那么令人向往。</p>
</div><h2>The risk of chasing AGNC Investment's ultra-high yield</h2>
<div class="lb-trans"><h2>追逐 AGNC Investment 超高收益的风险</h2>
</div><p>This is where things get interesting. As it turns out, Federal Realty beats AGNC Investment in a different way when it comes to dividends. Federal Realty, a strip mall and mixed-use landlord, has increased its dividend annually for 57 consecutive years. That puts it onto the highly elite list of Dividend Kings.</p>
<div class="lb-trans"><p>这就是事情变得有趣的地方。事实证明，<strong>Federal Realty</strong> 在股息方面以不同的方式击败了 AGNC Investment。<strong>Federal Realty</strong> 是一家购物中心和混合用途的房东，已经连续 57 年每年增加股息。这使其进入了股息之王的高度精英名单。</p>
</div><p>And that's not all: The company's streak is the longest of any publicly traded REIT. In other words, Federal Realty wins hands down on the dividend reliability front.</p>
<div class="lb-trans"><p>而且这还不是全部：该公司的连续增长是所有上市 REIT 中最长的。换句话说，<strong>Federal Realty</strong> 在股息可靠性方面毫无疑问地胜出。</p>
</div><p>How does AGNC stack up on this front? Not too well. The mortgage REIT's dividend has been static at $0.12 per share per month since April 2020. That was the month that it was reduced from $0.16. It was reduced to $0.16 in May 2019. It fell to $0.18 (from $0.20 previously) in August 2016.</p>
<div class="lb-trans"><p>AGNC 在这方面的表现如何？并不好。这家抵押贷款 REIT 的股息自 2020 年 4 月以来一直保持在每股每月 0.12 美元。这是从 0.16 美元降低的月份。2019 年 5 月降低至 0.16 美元。2016 年 8 月从 0.20 美元降至 0.18 美元。</p>
</div><p>You get the idea: AGNC Investment's dividend has been trending downward. If you care about dividend consistency, buying AGNC and its lofty yield probably won't be a good fit for you.</p>
<div class="lb-trans"><p>你明白了：AGNC Investment 的股息一直在下降。如果你关心股息的一致性，购买 AGNC 及其高收益率可能不适合你。</p>
</div><h2>AGNC and Federal Realty are very different REITs</h2>
<div class="lb-trans"><h2>AGNC 和 Federal Realty 是非常不同的 REIT</h2>
</div><p>Part of the story here is really about the purpose of each of these REITs. Federal Realty is fairly simple to understand: It owns strip malls and mixed-use developments. It then leases out the properties to tenants and collects rents.</p>
<div class="lb-trans"><p>这里的故事部分确实与这两家 REIT 的目的有关。<strong>Federal Realty</strong> 相对简单易懂：它拥有购物中心和混合用途开发项目。然后将这些物业租给租户并收取租金。</p>
</div><p>It basically does the same thing you would do if you owned a rental property. It is small, with just around 100 properties, but its assets tend to be large and very well located.</p>
<div class="lb-trans"><p>它基本上做的就是你如果拥有出租物业时会做的事情。它的规模较小，只有大约 100 个物业，但其资产往往规模较大且位置非常优越。</p>
</div><p>AGNC Investment is a mortgage REIT. It owns mortgages that have been pooled into bond-like securities, collecting the difference between its costs (for example, operating costs and interest expenses) and the interest it earns on the mortgage securities it owns.</p>
<div class="lb-trans"><p>AGNC Investment 是一家抵押贷款 REIT。它拥有已被打包成类似债券的证券的抵押贷款，收集其成本（例如，运营成本和利息支出）与其在所拥有的抵押贷款证券上赚取的利息之间的差额。</p>
</div><p>In some ways, it is more like a mutual fund, and what it does is not something that most investors would do. Notably, the benchmark for performance is a bit different as well. AGNC's goal is to provide investors with a high total return, something that it has successfully achieved over time.</p>
<div class="lb-trans"><p>在某种程度上，它更像是一只共同基金，而它所做的事情并不是大多数投资者会做的。值得注意的是，绩效基准也略有不同。AGNC 的目标是为投资者提供高总回报，这是它随着时间的推移成功实现的。</p>
</div><p>However, as AGNC's dividend history highlights, that is very different from providing investors with a reliable and growing income stream.</p>
<div class="lb-trans"><p>然而，正如 AGNC 的股息历史所强调的，这与为投资者提供可靠且不断增长的收入流是非常不同的。</p>
</div><h2>AGNC is fine, but own it for the right reasons</h2>
<div class="lb-trans"><h2>AGNC 没问题，但要出于正确的理由持有它</h2>
</div><p>There is nothing wrong with AGNC Investment when you think of it as a mortgage REIT striving to provide investors with a desirable total return. However, if you look at the lofty yield and think that you have found a reliable dividend stock, well, history suggests that you could be let down.</p>
<div class="lb-trans"><p>当你把 AGNC Investment 看作是一家努力为投资者提供理想总回报的抵押贷款 REIT 时，它并没有什么问题。然而，如果你看到高收益率并认为你找到了一个可靠的股息股票，那么历史表明你可能会失望。</p>
</div><p>A far better option for investors who need dividend consistency would be a Dividend King like Federal Realty. Yield is, after all, just one part of the dividend investing story (and maybe not even the most important part).</p>
<div class="lb-trans"><p>对于需要股息一致性的投资者来说，像 <strong>Federal Realty</strong> 这样的股息之王将是一个更好的选择。毕竟，收益率只是股息投资故事的一部分（也许甚至不是最重要的部分）。</p>
</div>

更好的股息股票：联邦房地产投资信托 vs. AGNC Investment