<p>在投資股息股票方面，沒有正確或錯誤的方式，但需要考慮非常不同的方法。對房地產投資信託 (REITs) <strong>Rexford Industrial</strong>(REXR -0.80%) 和 <strong>W.P. Carey</strong>(WPC -1.23%) 的比較提供了一個非常明顯的原因。如果您更喜歡高收益股票以最大化您的收入流，其中一個股票將很容易勝出。但如果您更喜歡股息增長，另一個股票將更合適。</p>
<p>以下是您需要了解的內容。</p>
<h2>Rexford Industrial 的業務範圍</h2>
<p>Rexford Industrial，顧名思義，擁有工業房地產。然而，它採取了一種非常獨特的方式，即完全專注於一個市場，即南加州。大多數 REITs 試圖通過擁有多種類型的房產或將資產分散到多個地理區域來增加多樣化。因此，Rexford 是一個相當激進的投資。</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>圖片來源：Getty Images。</p>
<p>話雖如此，南加州恰好是一個非常有吸引力的地方，適合擁有工業資產。首先，它是美國和世界上最大的工業市場之一。它面臨供應約束和嚴格的新建築障礙。而且它在美國工業部門擁有較低的空置率。這使得 Rexford 能夠在最近幾年積極提高到期租約的租金。再加上其重新開發資產和收購新物業的歷史，Rexford 成功實現了可靠且快速的增長。</p>
<h2>W.P. Carey 的業務範圍</h2>
<p>在多樣化的另一端是 W.P. Carey。工業物業佔 REIT 租金總額的約 64%，但它還擁有零售物業（租金的 21%）和一個相當大的 “其他” 部分（其餘部分）。此外，W.P. Carey 的投資組合分佈在北美和歐洲，已經運營了二十多年。因此，雖然 W.P. Carey 專注於工業，但比 Rexford 更加多樣化。</p>
<p>W.P. Carey 的一個問題是最近退出了辦公區域，考慮到必須出售的投資組合規模，這導致了股息重置。這發生在 2024 年初，但自重置以來，股息每個季度都有所增加。這清楚地表明 W.P. Carey 正在重返增長軌道，該公司擁有創紀錄的收購流動性。</p>
<h2>Rexford 和 W.P. Carey 之間的最大區別</h2>
<p>作為股息投資者看待這兩家專注於工業的 REITs 時，第一個重要問題將是多樣化。如果這對您很重要，那麼選擇 W.P. Carey 就很容易。然而，下一個問題將是股息。在股息方面，W.P. Carey 是明顯的贏家。其股息率為 5.5%，而 Rexford 為 3.3%。絕對來説這並不算高，但相對而言，W.P. Carey 為投資者提供了比較大 66% 的更高收入流。如果您試圖最大化投資組合產生的收入，答案顯而易見。</p>
<p>然而，如果歷史是任何指導，W.P. Carey 的股息增長將會在未來相當温和。預計增長率將保持在低至中個位數。這可能足以跟上通貨膨脹，或略高於通貨膨脹。但您不應期望更多。</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 數據</p>
<p>另一方面，Rexford 在過去十年中以大約 13.5% 的複合年增長率增加了其股息。過去一年、三年和五年的增長率都在兩位數。對於 REIT 來説，這是一個巨大的增長率，隨着時間的推移，將顯著增加您的購買力。這也意味着，即使您實際上不需要股息收入，您的購買價格的收益率也將非常有吸引力。將股息再投資，將為您的投資創造更具吸引力的總回報。上面的圖表突出了專注於股息增長與高收益的投資者之間非常不同的結果。</p>
<h2>哪家 REIT 適合您的投資組合？</h2>
<p>在 W.P. Carey 和 Rexford 之間的比較中，實際上沒有正確答案，因為這取決於您的目標。如果您現在需要收入，W.P. Carey 是更好的選擇。如果您更喜歡多樣化投資，W.P. Carey 也將勝出。但如果您更加積極，並且對開始使用股息支付生活費用的時間跨度更長，歷史清楚地表明 Rexford 將是更具吸引力的選擇。</p>

REXR

<p>兩家房地產投資信託 (REITs)——Rexford Industrial 和 W.P. Carey 的比較突顯了在股息股票投資方面不同的投資策略。Rexford 專注於南加州的工業房地產，提供激進的增長但較低的收益率（3.3%）。相比之下，W.P. Carey 在北美和歐洲提供多元化投資組合，收益率為 5.5%，但增長較為温和。尋求即時收入的投資者可能更喜歡 W.P. Carey，而那些追求長期增長的投資者可能會因為 Rexford 過去十年中更高的股息增長率（13.5%）而更感興趣</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>在投資股息股票方面，沒有正確或錯誤的方式，但需要考慮非常不同的方法。對房地產投資信託 (REITs) <strong>Rexford Industrial</strong>(REXR -0.80%) 和 <strong>W.P. Carey</strong>(WPC -1.23%) 的比較提供了一個非常明顯的原因。如果您更喜歡高收益股票以最大化您的收入流，其中一個股票將很容易勝出。但如果您更喜歡股息增長，另一個股票將更合適。</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內容。</p>
</div><h2>What does Rexford Industrial do?</h2>
<div class="lb-trans"><h2>Rexford Industrial 的業務範圍</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，顧名思義，擁有工業房地產。然而，它採取了一種非常獨特的方式，即完全專注於一個市場，即南加州。大多數 REITs 試圖通過擁有多種類型的房產或將資產分散到多個地理區域來增加多樣化。因此，Rexford 是一個相當激進的投資。</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>圖片來源：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>話雖如此，南加州恰好是一個非常有吸引力的地方，適合擁有工業資產。首先，它是美國和世界上最大的工業市場之一。它面臨供應約束和嚴格的新建築障礙。而且它在美國工業部門擁有較低的空置率。這使得 Rexford 能夠在最近幾年積極提高到期租約的租金。再加上其重新開發資產和收購新物業的歷史，Rexford 成功實現了可靠且快速的增長。</p>
</div><h2>What does W.P. Carey do?</h2>
<div class="lb-trans"><h2>W.P. Carey 的業務範圍</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>在多樣化的另一端是 W.P. Carey。工業物業佔 REIT 租金總額的約 64%，但它還擁有零售物業（租金的 21%）和一個相當大的 “其他” 部分（其餘部分）。此外，W.P. Carey 的投資組合分佈在北美和歐洲，已經運營了二十多年。因此，雖然 W.P. Carey 專注於工業，但比 Rexford 更加多樣化。</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 的一個問題是最近退出了辦公區域，考慮到必須出售的投資組合規模，這導致了股息重置。這發生在 2024 年初，但自重置以來，股息每個季度都有所增加。這清楚地表明 W.P. Carey 正在重返增長軌道，該公司擁有創紀錄的收購流動性。</p>
</div><h2>The biggest difference between Rexford and W.P. Carey</h2>
<div class="lb-trans"><h2>Rexford 和 W.P. Carey 之間的最大區別</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>作為股息投資者看待這兩家專注於工業的 REITs 時，第一個重要問題將是多樣化。如果這對您很重要，那麼選擇 W.P. Carey 就很容易。然而，下一個問題將是股息。在股息方面，W.P. Carey 是明顯的贏家。其股息率為 5.5%，而 Rexford 為 3.3%。絕對來説這並不算高，但相對而言，W.P. Carey 為投資者提供了比較大 66% 的更高收入流。如果您試圖最大化投資組合產生的收入，答案顯而易見。</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，如果歷史是任何指導，W.P. Carey 的股息增長將會在未來相當温和。預計增長率將保持在低至中個位數。這可能足以跟上通貨膨脹，或略高於通貨膨脹。但您不應期望更多。</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 數據</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 在過去十年中以大約 13.5% 的複合年增長率增加了其股息。過去一年、三年和五年的增長率都在兩位數。對於 REIT 來説，這是一個巨大的增長率，隨着時間的推移，將顯著增加您的購買力。這也意味着，即使您實際上不需要股息收入，您的購買價格的收益率也將非常有吸引力。將股息再投資，將為您的投資創造更具吸引力的總回報。上面的圖表突出了專注於股息增長與高收益的投資者之間非常不同的結果。</p>
</div><h2>Which REIT is right for your portfolio?</h2>
<div class="lb-trans"><h2>哪家 REIT 適合您的投資組合？</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 之間的比較中，實際上沒有正確答案，因為這取決於您的目標。如果您現在需要收入，W.P. Carey 是更好的選擇。如果您更喜歡多樣化投資，W.P. Carey 也將勝出。但如果您更加積極，並且對開始使用股息支付生活費用的時間跨度更長，歷史清楚地表明 Rexford 將是更具吸引力的選擇。</p>
</div>

高增長還是高收益？W.P. Carey 與 Rexford Industrial 的對比