<p>房地产投资信托基金（REITs）可以是很好的分红股票。这些公司中的许多提供高额的分红收益率。有些甚至每月支付分红，非常适合那些寻求持续被动收入的人。</p>
<p><strong>AGNC Investment</strong>（AGNC -0.22%）和 <strong>Healthpeak Properties</strong>（DOC 0.43%）目前支付丰厚的每月分红。以下是哪个 REIT 更适合购买的分红股票的分析。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3ODEvZ2V0dHlpbWFnZXMtMTMyNDExOTcwOS0xMjAxeDc2OC1mNWFmM2JiLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3ODEvZ2V0dHlpbWFnZXMtMTMyNDExOTcwOS0xMjAxeDc2OC1mNWFmM2JiLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>一种高风险、高收益的分红股票</h2>
<p>AGNC Investment 是一家专注于投资机构抵押贷款支持证券（Agency MBS）的抵押贷款 REIT，这些证券受到 <strong>房利美</strong> 等政府机构的信用风险保护。MBS 是提供低到中等单一数字回报的固定收益投资。AGNC Investment 以杠杆方式投资于 MBS，从而提高其回报。这一策略支持了该 REIT 丰厚的 15.7% 收益率的每月分红。</p>
<p>尽管目前市场波动很大，但 AGNC 的首席执行官彼得·费德里科在该 REIT 第一季度的财报电话会议上表示，机构 MBS 投资的前景 “仍然非常有利”。他在会议上指出，“以我们杠杆方式杠杆化的掉期组合将产生低 20% 的回报。” 这与公司的资本总成本（运营成本加上分红支付）相符，后者接近 18%。由于其回报高于成本，该 REIT 应该能够继续支付其巨额的每月分红。</p>
<p>然而，这些数字是动态的。例如，其资本成本在第一季度的大部分时间为 16.7%。虽然在最近的市场波动中，其回报与成本相比有所改善，但未来可能并非如此。</p>
<p>AGNC Investment 过去曾因回报低于成本而不得不削减分红。因此，对于那些寻求高度可持续收入来源的投资者来说，该 REIT 并不是最佳的分红股票。</p>
<h2>一种健康的每月分红股票</h2>
<p>Healthpeak Realty 是一家医疗保健 REIT。它拥有多样化的门诊医疗、实验室和老年住房物业组合。其门诊医疗组合为其提供稳定且稳步上升的现金流（五到七年的租赁期限，合同年租金增加）。实验室物业由于对这些设施空间的需求，推动了强劲的租金增长（上季度新签和续签租约的租金增长 11%）。</p>
<p>与此同时，老年住房组合受益于人口老龄化带来的需求增长。该 REIT 稳定且不断增长的租金收入支持其高收益的每月分红（当前收益率为 6.9%）。</p>
<p>而 AGNC Investment 的收入可能会随着市场条件波动，Healthpeak 的租金收入则在上升。其调整后的运营资金（FFO）在过去三年中增长了 19%，这得益于与 Physicians Realty Trust 的合并、租金增长以及扩展其投资组合的投资。它预计今年每股调整后的 FFO 将在 1.81 美元到 1.87 美元之间，足以覆盖其每股 1.22 美元的分红支出。这为其提供了很大的缓冲，同时使 REIT 能够保留现金以资助新投资。</p>
<p>Healthpeak Properties 拥有充足的财务灵活性来继续扩展其投资组合。其强大的资产负债表目前为其提供了 5 亿到 10 亿美元的能力，以进行增值的新投资。这些增长投资，加上不断上升的租金收入，应该使该 REIT 能够增加其高收益的每月分红（它最近将分红提高了 2%）。</p>
<h2>一种更具可行性的分红股票</h2>
<p>AGNC Investment 为投资者提供了巨额的每月收入流。需要注意的是，该 REIT 的收入波动性更大。如果市场条件发生变化，它可能需要减少分红，以使支付与其收入重新对齐。</p>
<p>另一方面，Healthpeak Properties 产生稳定且不断增长的租金收入。因此，其分红建立在更可持续的基础上。此外，考虑到其不断上升的租金收入和资助新投资的能力，该 REIT 应该能够在未来增加其分红。这种更可持续和不断增长的支付使其成为大多数寻求收入的投资者的更好选择。</p>

美国资本代理公司

<p>Healthpeak Properties 和 AGNC Investment 被比较为股息股票。AGNC 是一家抵押贷款房地产投资信托，提供高达 15.7% 的收益率，但其收入流波动较大，存在未来削减股息的风险。相比之下，Healthpeak 是一家医疗保健房地产投资信托，提供稳定的 6.9% 收益率，且租金收入不断增长，具备扩展的财务灵活性。Healthpeak 的强劲表现和增加股息的能力使其成为寻求收入的投资者更可持续的选择</p>

<p>Real estate investment trusts (REITs) can be great dividend stocks. Many of these companies offer big-time dividend yields. Some even pay monthly dividends, making them ideal for those seeking recurring passive income.</p>
<div class="lb-trans"><p>房地产投资信托基金（REITs）可以是很好的分红股票。这些公司中的许多提供高额的分红收益率。有些甚至每月支付分红，非常适合那些寻求持续被动收入的人。</p>
</div><p><strong>AGNC Investment</strong>(AGNC -0.22%) and <strong>Healthpeak Properties</strong>(DOC 0.43%) currently pay prodigious monthly dividends. Here's a look at which REIT is the better dividend stock to buy.</p>
<div class="lb-trans"><p><strong>AGNC Investment</strong>（AGNC -0.22%）和 <strong>Healthpeak Properties</strong>（DOC 0.43%）目前支付丰厚的每月分红。以下是哪个 REIT 更适合购买的分红股票的分析。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3ODEvZ2V0dHlpbWFnZXMtMTMyNDExOTcwOS0xMjAxeDc2OC1mNWFmM2JiLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818781%2Fgettyimages-1324119709-1201x768-f5af3bb.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>A higher-risk, high-yielding dividend stock</h2>
<div class="lb-trans"><h2>一种高风险、高收益的分红股票</h2>
</div><p>AGNC Investment is a mortgage REIT focused on investing in Agency MBS (residential mortgage-backed securities protected against credit risk by government agencies like <strong>Fannie Mae)</strong>. MBS are fixed-income investments that provide low-to-mid single-digit returns. AGNC Investments invests in MBS on a leveraged basis, which enhances its returns. This strategy supports the REIT's lucrative 15.7%-yielding monthly dividend.</p>
<div class="lb-trans"><p>AGNC Investment 是一家专注于投资机构抵押贷款支持证券（Agency MBS）的抵押贷款 REIT，这些证券受到 <strong>房利美</strong> 等政府机构的信用风险保护。MBS 是提供低到中等单一数字回报的固定收益投资。AGNC Investment 以杠杆方式投资于 MBS，从而提高其回报。这一策略支持了该 REIT 丰厚的 15.7% 收益率的每月分红。</p>
</div><p>Despite all the volatility in the market these days, the outlook for agency MBS investments &#34;continues to be very favorable,&#34; commented CEO Peter Federico on the REIT's first-quarter earnings conference call. He noted on the call that &#34;a portfolio of swaps levered the way we lever them would generate a low-20% return.&#34; That aligns well with the company's total cost of capital (operating costs plus dividend payments), which is closer to 18%. With its returns above its costs, the REIT should have no problem continuing to pay its monster monthly dividend.</p>
<div class="lb-trans"><p>尽管目前市场波动很大，但 AGNC 的首席执行官彼得·费德里科在该 REIT 第一季度的财报电话会议上表示，机构 MBS 投资的前景 “仍然非常有利”。他在会议上指出，“以我们杠杆方式杠杆化的掉期组合将产生低 20% 的回报。” 这与公司的资本总成本（运营成本加上分红支付）相符，后者接近 18%。由于其回报高于成本，该 REIT 应该能够继续支付其巨额的每月分红。</p>
</div><p>However, those are moving numbers. For example, its cost of capital was 16.7% for most of the first quarter. While its returns have moved favorably compared to its costs during the recent market volatility, that might not be the case in the future.</p>
<div class="lb-trans"><p>然而，这些数字是动态的。例如，其资本成本在第一季度的大部分时间为 16.7%。虽然在最近的市场波动中，其回报与成本相比有所改善，但未来可能并非如此。</p>
</div><p>AGNC Investment has had to cut its dividend in the past when its returns fell below its costs. Because of that, the REIT isn't the best dividend stock for those seeking a highly sustainable income stream.</p>
<div class="lb-trans"><p>AGNC Investment 过去曾因回报低于成本而不得不削减分红。因此，对于那些寻求高度可持续收入来源的投资者来说，该 REIT 并不是最佳的分红股票。</p>
</div><h2>A healthy monthly dividend stock</h2>
<div class="lb-trans"><h2>一种健康的每月分红股票</h2>
</div><p>Healthpeak Realty is a healthcare REIT. It has a diversified portfolio of outpatient medical, lab, and senior housing properties. Its outpatient medical portfolio provides it with stable and steadily rising cash flow (five-to-seven-year lease terms with contractual annual rental increases). The lab properties drive strong rent growth due to the demand for space in these facilities (11% rental increase on new and renewal leases signed last quarter).</p>
<div class="lb-trans"><p>Healthpeak Realty 是一家医疗保健 REIT。它拥有多样化的门诊医疗、实验室和老年住房物业组合。其门诊医疗组合为其提供稳定且稳步上升的现金流（五到七年的租赁期限，合同年租金增加）。实验室物业由于对这些设施空间的需求，推动了强劲的租金增长（上季度新签和续签租约的租金增长 11%）。</p>
</div><p>Meanwhile, the senior housing portfolio benefits from growing demand as the population ages. The REIT's stable and growing rental income supports its high-yielding monthly dividend (6.9% current yield).</p>
<div class="lb-trans"><p>与此同时，老年住房组合受益于人口老龄化带来的需求增长。该 REIT 稳定且不断增长的租金收入支持其高收益的每月分红（当前收益率为 6.9%）。</p>
</div><p>Whereas AGNC Investment's income can fluctuate with market conditions, Healthpeak's rental income is rising. Its adjusted funds from operations (FFO) has grown 19% over the past three years, driven by its merger with Physicians Realty Trust, rent growth, and investments to expand its portfolio. It expects to generate between $1.81 and $1.87 per share of FFO as adjusted this year, more than enough to cover its $1.22-per-share dividend outlay. That gives it a big cushion while enabling the REIT to retain cash to fund new investments.</p>
<div class="lb-trans"><p>而 AGNC Investment 的收入可能会随着市场条件波动，Healthpeak 的租金收入则在上升。其调整后的运营资金（FFO）在过去三年中增长了 19%，这得益于与 Physicians Realty Trust 的合并、租金增长以及扩展其投资组合的投资。它预计今年每股调整后的 FFO 将在 1.81 美元到 1.87 美元之间，足以覆盖其每股 1.22 美元的分红支出。这为其提供了很大的缓冲，同时使 REIT 能够保留现金以资助新投资。</p>
</div><p>Healthpeak Properties has plenty of financial flexibility to continue expanding its portfolio. Its strong balance sheet currently provides it with $500 million to $1 billion of capacity to make accretive new investments. These growth investments, along with rising rental income, should enable the REIT to increase its high-yielding monthly dividend (it recently raised its payout by 2%).</p>
<div class="lb-trans"><p>Healthpeak Properties 拥有充足的财务灵活性来继续扩展其投资组合。其强大的资产负债表目前为其提供了 5 亿到 10 亿美元的能力，以进行增值的新投资。这些增长投资，加上不断上升的租金收入，应该使该 REIT 能够增加其高收益的每月分红（它最近将分红提高了 2%）。</p>
</div><h2>A more bankable dividend stock</h2>
<div class="lb-trans"><h2>一种更具可行性的分红股票</h2>
</div><p>AGNC Investment offers investors a monster monthly income stream. The caveat is that the REIT's income is more volatile. If market conditions change, it might need to reduce its dividend to realign the payment with its income.</p>
<div class="lb-trans"><p>AGNC Investment 为投资者提供了巨额的每月收入流。需要注意的是，该 REIT 的收入波动性更大。如果市场条件发生变化，它可能需要减少分红，以使支付与其收入重新对齐。</p>
</div><p>On the other hand, Healthpeak Properties produces stable and growing rental income. Because of that, its dividend is on a much more sustainable foundation. Further, given its rising rental income and capacity to fund new investments, the REIT should be able to increase its dividend in the future. That more sustainable and growing payout makes it a better option for most income-seeking investors.</p>
<div class="lb-trans"><p>另一方面，Healthpeak Properties 产生稳定且不断增长的租金收入。因此，其分红建立在更可持续的基础上。此外，考虑到其不断上升的租金收入和资助新投资的能力，该 REIT 应该能够在未来增加其分红。这种更可持续和不断增长的支付使其成为大多数寻求收入的投资者的更好选择。</p>
</div>

更优的股息股票：Healthpeak Properties 与美国资本代理公司