<p>如果你是一个股息投资者，追求收益是很有诱惑的。我知道，我也这样做过。结果我为这个决定感到后悔的次数比我愿意承认的要多。这就是为什么我拥有 <strong>联邦房地产投资信托</strong>(FRT 1.66%) 而不是 <strong>美国资本代理公司</strong>(AGNC 1.62%)，尽管后者的股息收益率超过三倍！这就是在考虑像美国资本代理公司这样的超高收益股息股票时，知道自己想要什么是多么重要。</p>
<h2>美国资本代理公司做什么？</h2>
<p>从高层次来看，美国资本代理公司是一家房地产投资信托（REIT）。REIT 旨在将收入传递给投资者，通常具有较高的股息收益率。我非常喜欢 REIT，并拥有其中的一些。也就是说，美国资本代理公司并不是普通的 REIT。它是一家抵押贷款 REIT，这是更广泛的 REIT 领域中的一个专业细分市场。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE4NjcvMjJfMDRfMjUtdHdvLXBlb3BsZS1jb21wYXJpbmctY2hhcnRzLXdpdGgtYS1jYWxjdWxhdG9yLWFuZC1jb21wdXRlci1vbi1hLXRhYmxlLV9nZXR0eWltYWdlcy0xMjEyOTYzMzcxLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE4NjcvMjJfMDRfMjUtdHdvLXBlb3BsZS1jb21wYXJpbmctY2hhcnRzLXdpdGgtYS1jYWxjdWxhdG9yLWFuZC1jb21wdXRlci1vbi1hLXRhYmxlLV9nZXR0eWltYWdlcy0xMjEyOTYzMzcxLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>抵押贷款 REIT（mREIT）相比于拥有物业的 REIT 是一种相对复杂的投资。如果你投资于租赁物业，你会做与拥有物业的 REIT 相同的基本事情，而像美国资本代理公司这样的抵押贷款 REIT 则拥有通过将抵押贷款汇集在一起而创建的证券组合。你可能无法像这个 REIT 那样运作，它更像是一个共同基金。</p>
<p>复杂性是一个问题，我可以随着时间的推移克服它。但真正的问题是，美国资本代理公司的优先事项作为 mREIT 与我作为股息投资者的优先事项不同。看看下面的图表。总回报一直很强劲，但这假设了股息再投资。与此同时，股息波动性很大，股价基本上与股息随时间变化而变化。最近的趋势都是向下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/197a53d959ad97bfb0a7c5d49b4300b4.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/197a53d959ad97bfb0a7c5d49b4300b4.png"/></p>
<p>AGNC 数据来源于 YCharts</p>
<h2>为什么我更喜欢联邦房地产</h2>
<p>投资美国资本代理公司并没有错。事实上，假设你再投资股息，它在为投资者创造价值方面做得相当不错。只是创造的价值是以总回报的形式，而不是可靠的收入流。我并不想要那些需要我再投资股息才能获得强劲回报的股票。我想拥有那些有可靠且不断增长的股息的股票，这样我在退休时可以用来支付生活费用。一个不断增长的业务，可能会导致股价随着时间的推移缓慢上升，这是一个次要的积极因素。这就是联邦房地产为我提供的。</p>
<p>联邦房地产是一家购物中心和混合用途开发的房东。它长期以来一直专注于质量而非数量，旨在拥有少量（约 100 个）位于高度吸引地区的物业（其物业是行业领先的资产）。这种模式对像我这样的重视股息一致性的股息投资者来说非常有效。联邦房地产拥有任何 REIT 中最长的股息增长记录，超过五十年的年度增长。它是唯一获得股息国王地位的 REIT。</p>
<p>我可以详细说明，但在这里传达要点并不必要。美国资本代理公司有削减股息的历史。联邦房地产则有提高股息的历史。如果你试图依靠股息收入生活，联邦房地产将是更好的选择。即使美国资本代理公司的股息收益率超过 14%，而联邦房地产的收益率仅为 4.5%，这也是事实。最终，一个你无法依赖的巨额收益不会帮助你制定退休预算。</p>
<h2>美国资本代理公司是一家不错的 mREIT</h2>
<p>投资于总回报并没有错。而美国资本代理公司可能是围绕总回报构建的资产配置计划中的一个有价值的部分。但我并不专注于总回报；我专注于创造一个可持续且希望不断增长的收入流。这使得股息国王联邦房地产对我来说比美国资本代理公司更好，尽管收益率差异显著。</p>

联邦房地产投资信托

美国资本代理公司

<p>这篇文章将 AGNC Investment 和联邦房地产投资信托作为股息股票进行了比较。虽然 AGNC 提供了更高的收益率（超过 14%），但它是一种抵押贷款房地产投资信托，股息波动较大，因此对以收入为重点的投资者来说不太可靠。相比之下，联邦房地产是一种传统的房地产投资信托，具有稳定的股息历史，并被认定为股息之王，因此对于寻求稳定收入的人来说是更好的选择。作者强调了在退休规划中，可靠的股息比高收益更为重要</p>

<p>It is tempting to reach for yield if you are a dividend investor. I know, I've done it. And I've ended up sorry for making the decision more times than I care to admit. Which is why I own <strong>Federal Realty Investment Trust</strong>(FRT 1.66%) and not <strong>AGNC Investment</strong>(AGNC 1.62%), despite the fact that the latter's dividend yield is over three times larger! Here's why it is so important to know what you want when you are looking at ultra-high-yield dividend stocks like AGNC Investment.</p>
<div class="lb-trans"><p>如果你是一个股息投资者，追求收益是很有诱惑的。我知道，我也这样做过。结果我为这个决定感到后悔的次数比我愿意承认的要多。这就是为什么我拥有 <strong>联邦房地产投资信托</strong>(FRT 1.66%) 而不是 <strong>美国资本代理公司</strong>(AGNC 1.62%)，尽管后者的股息收益率超过三倍！这就是在考虑像美国资本代理公司这样的超高收益股息股票时，知道自己想要什么是多么重要。</p>
</div><h2>What does AGNC Investment do?</h2>
<div class="lb-trans"><h2>美国资本代理公司做什么？</h2>
</div><p>From a high-level view, AGNC Investment is a real estate investment trust (REIT). REITs are designed to pass income on to investors and generally have large dividend yields. I like REITs a lot and own a few of them. That said, AGNC Investment isn't any old REIT. It is a mortgage REIT, which is a specialized niche in the broader REIT sector.</p>
<div class="lb-trans"><p>从高层次来看，美国资本代理公司是一家房地产投资信托（REIT）。REIT 旨在将收入传递给投资者，通常具有较高的股息收益率。我非常喜欢 REIT，并拥有其中的一些。也就是说，美国资本代理公司并不是普通的 REIT。它是一家抵押贷款 REIT，这是更广泛的 REIT 领域中的一个专业细分市场。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE4NjcvMjJfMDRfMjUtdHdvLXBlb3BsZS1jb21wYXJpbmctY2hhcnRzLXdpdGgtYS1jYWxjdWxhdG9yLWFuZC1jb21wdXRlci1vbi1hLXRhYmxlLV9nZXR0eWltYWdlcy0xMjEyOTYzMzcxLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831867%2F22_04_25-two-people-comparing-charts-with-a-calculator-and-computer-on-a-table-_gettyimages-1212963371.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>Mortgage REITs (mREITs) are relatively complex investments compared to property-owning REITs. While you would do the same basic thing as a property-owning REIT if you invested in a rental property, mortgage REITs like AGNC Investment own portfolios of securities that have been created by pooling together mortgages. It is likely that you couldn't do the same thing as this REIT, which is best looked at as being similar to a mutual fund.</p>
<div class="lb-trans"><p>抵押贷款 REIT（mREIT）相比于拥有物业的 REIT 是一种相对复杂的投资。如果你投资于租赁物业，你会做与拥有物业的 REIT 相同的基本事情，而像美国资本代理公司这样的抵押贷款 REIT 则拥有通过将抵押贷款汇集在一起而创建的证券组合。你可能无法像这个 REIT 那样运作，它更像是一个共同基金。</p>
</div><p>The complexity is one issue, which I could get over in time. But the real problem is that AGNC Investment's priorities as an mREIT are different from mine as a dividend investor. Take a look at the chart below. Total return has been strong, but that assumes dividend reinvestment. The dividend, meanwhile, has been highly volatile and the stock price has basically tracked along with the dividend over time. The most recent trend for both is down.</p>
<div class="lb-trans"><p>复杂性是一个问题，我可以随着时间的推移克服它。但真正的问题是，美国资本代理公司的优先事项作为 mREIT 与我作为股息投资者的优先事项不同。看看下面的图表。总回报一直很强劲，但这假设了股息再投资。与此同时，股息波动性很大，股价基本上与股息随时间变化而变化。最近的趋势都是向下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/197a53d959ad97bfb0a7c5d49b4300b4.png" alt="" original-src="https://media.ycharts.com/charts/197a53d959ad97bfb0a7c5d49b4300b4.png"/></p>
<p>AGNC data by YCharts</p>
<div class="lb-trans"><p>AGNC 数据来源于 YCharts</p>
</div><h2>Why I prefer Federal Realty</h2>
<div class="lb-trans"><h2>为什么我更喜欢联邦房地产</h2>
</div><p>There's nothing wrong with AGNC Investment. In fact, it does a pretty solid job of creating value for investors over time, assuming you reinvest dividends. It's just that the value being created is in the form of total return, not a reliable income stream. I'm not looking for stocks which require me to dividend reinvest to achieve strong returns. I want to own stocks that have reliable and growing dividends that I can use to pay for living expenses when I retire. A growing business, which will likely lead to a slowly rising stock price over time, is a secondary positive. That's what Federal Realty provides me.</p>
<div class="lb-trans"><p>投资美国资本代理公司并没有错。事实上，假设你再投资股息，它在为投资者创造价值方面做得相当不错。只是创造的价值是以总回报的形式，而不是可靠的收入流。我并不想要那些需要我再投资股息才能获得强劲回报的股票。我想拥有那些有可靠且不断增长的股息的股票，这样我在退休时可以用来支付生活费用。一个不断增长的业务，可能会导致股价随着时间的推移缓慢上升，这是一个次要的积极因素。这就是联邦房地产为我提供的。</p>
</div><p>Federal Realty is a strip mall and mixed-use development landlord. It has long focused on quality over quantity, looking to own a small number (around 100) of properties in highly attractive regions (its properties are industry-leading assets). This model has worked out very well for dividend investors like me who prize dividend consistency. Federal Realty has the longest dividend streak of any REIT, with over five decades of annual increases. It is the only REIT that has achieved Dividend King status.</p>
<div class="lb-trans"><p>联邦房地产是一家购物中心和混合用途开发的房东。它长期以来一直专注于质量而非数量，旨在拥有少量（约 100 个）位于高度吸引地区的物业（其物业是行业领先的资产）。这种模式对像我这样的重视股息一致性的股息投资者来说非常有效。联邦房地产拥有任何 REIT 中最长的股息增长记录，超过五十年的年度增长。它是唯一获得股息国王地位的 REIT。</p>
</div><p>I could go into the fine details, but it really isn't necessary to get the point across here. AGNC Investment has a history of cutting its dividend. Federal Realty has a history of raising it. If you are trying to live off of your dividend income, Federal Realty will be a better choice. That's true even though AGNC Investment's dividend yield is over 14% while Federal Realty's yield is a much lower 4.5%. In the end, a massive yield that you can't count on isn't going to help you create a retirement budget.</p>
<div class="lb-trans"><p>我可以详细说明，但在这里传达要点并不必要。美国资本代理公司有削减股息的历史。联邦房地产则有提高股息的历史。如果你试图依靠股息收入生活，联邦房地产将是更好的选择。即使美国资本代理公司的股息收益率超过 14%，而联邦房地产的收益率仅为 4.5%，这也是事实。最终，一个你无法依赖的巨额收益不会帮助你制定退休预算。</p>
</div><h2>AGNC Investment is a fine mREIT</h2>
<div class="lb-trans"><h2>美国资本代理公司是一家不错的 mREIT</h2>
</div><p>There's nothing wrong with investing for total return. And AGNC Investment could be a valuable part of an asset allocation plan built around total return. But I'm not focused on total return; I'm focused on creating a sustainable and hopefully growing income stream. That makes Dividend King Federal Realty a much better dividend stock than AGNC Investment for me, despite the substantial yield difference.</p>
<div class="lb-trans"><p>投资于总回报并没有错。而美国资本代理公司可能是围绕总回报构建的资产配置计划中的一个有价值的部分。但我并不专注于总回报；我专注于创造一个可持续且希望不断增长的收入流。这使得股息国王联邦房地产对我来说比美国资本代理公司更好，尽管收益率差异显著。</p>
</div>

更优的股息股票：AGNC Investment 与 Federal Realty Investment Trust