<p>利率下降的環境通常是股市的積極催化劑。由於無風險投資（如定期存款）的利率降低，更多資金流入風險較高的資產，如股票。此外，借貸成本降低使人們更願意花錢，從而導致經濟活動增加。</p>
<p>話雖如此，股市中有些領域在利率下降時受益更大。其中一個特別的領域是房地產，而在美聯儲仍處於降息週期的早期階段時，尋找優質房地產股票可能是一個絕佳的時機。<strong>Realty Income</strong>（O 0.25%）是市場上最高質量的房地產投資信託基金之一，目前的交易價格顯著低於其峯值。以下是為什麼這隻 5.6% 收益率、每月分紅的股票可能是您在 2024 年底前值得關注的聰明選擇。</p>
<h2>Realty Income 的業務適合複利增長</h2>
<p>Realty Income 在美國和歐洲擁有約 15,500 處物業。約 80% 的租金收入來自零售租户，但不要因此而感到害怕。該公司絕大多數的零售租户都處於抗衰退、免受電子商務衝擊的行業，或者兩者兼具。</p>
<p>具體來説，90% 的投資組合符合以下一個或多個類別：</p>
<ul>
<li>非選擇性零售商，銷售人們無論經濟狀況如何都需要的商品。藥店就是一個很好的例子。</li>
<li>折扣導向的零售商以連在線巨頭都無法匹配的價格銷售商品，並且在衰退期間往往表現更好。美元商店是 Realty Income 的主要租户類型之一，倉儲俱樂部也是。</li>
<li>基於服務的零售商銷售體驗或服務，而不是實物產品。這些企業，如汽車修理店和健身中心，不容易受到電子商務的干擾。</li>
<li>非零售物業，如工業、農業和遊戲物業，顯然不容易受到零售方面的阻力。</li>
</ul>
<p>不僅租户穩固，Realty Income 的租户還簽署長期淨租約，內置租金增長，並要求租户支付税費、保險和維護費用。Realty Income 所需做的就是找到優質租户，並享受年復一年可靠且不斷增長的收入。</p>
<p>Realty Income 已經作為一家上市 REIT 運營了 30 年，並且在此期間輕鬆超越了 <strong>標準普爾 500 指數</strong> 的總回報。此外，截至目前，該股票的股息收益率為 5.6%，並且已經連續 108 個季度增加分紅。</p>
<h2>該股票表現不佳</h2>
<p>近年來，Realty Income 的表現不及市場。儘管這裏存在一些租户風險，但主要原因並不是公司的業務，而是利率。</p>
<p>事實上，自 2022 年初以來，<strong>先鋒房地產 ETF</strong>（VNQ -0.27%），作為整體房地產行業的良好指標，已經交出了負 7% 的總回報。另一方面，即使考慮到 2022 年熊市的影響，標準普爾 500 指數在同一時期的總回報也達到了 32%。</p>
<p>不深入經濟學課程，REIT 對利率高度敏感，特別是與 10 年期國債收益率通常呈反向關係。請注意，圖表的峯值和谷值是同時發生的，例如房地產股票的低點與 2023 年底 10 年期國債的峯值相吻合。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eb99053dd33b7445b2567ced5b525acb.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/eb99053dd33b7445b2567ced5b525acb.png"/></p>
<p>VNQ 總回報價格數據來源於 YCharts</p>
<p>現在，10 年期國債與美聯儲降息之間並沒有完美的相關性，但它確實傾向於朝同一方向移動。如果美聯儲在未來幾年內如廣泛預期的那樣多次降息，Realty Income 可能處於超越市場的絕佳位置。</p>

<p>美聯儲的降息預計將對股市產生積極影響，特別是對像 Realty Income 這樣的房地產股票有利，該公司提供 5.6% 的股息收益率。Realty Income 是一家領先的房地產投資信託（REIT），擁有強大的投資組合，租户抗衰退且租約長期。儘管由於利率上升近期表現不佳，但其歷史表現優於標準普爾 500 指數。隨着利率持續下降，Realty Income 可能會成為一個強勁的投資機會，因為它在未來幾年可能會表現優異</p>

<p>A falling-interest-rate environment is generally a positive catalyst for the stock market. With lower rates from risk-free investments such as CDs, more money rotates into riskier assets like stocks. Plus, lower borrowing costs make people more comfortable with spending money, leading to increased economic activity.</p>
<div class="lb-trans"><p>利率下降的環境通常是股市的積極催化劑。由於無風險投資（如定期存款）的利率降低，更多資金流入風險較高的資產，如股票。此外，借貸成本降低使人們更願意花錢，從而導致經濟活動增加。</p>
</div><p>Having said that, there are some areas of the stock market that tend to benefit from falling rates more than others. One in particular is real estate, and it could be a great time to shop for top-notch real estate stocks while the Federal Reserve is still in the early stages of its rate-cutting cycle. <strong>Realty Income</strong>(O 0.25%) is one of the highest-quality real estate investment trusts, or REITs, in the market and is trading for a significant discount to its peak. Here's why this 5.6%-yielding, monthly dividend stock could be a smart one to put on your radar right as we approach the end of 2024.</p>
<div class="lb-trans"><p>話雖如此，股市中有些領域在利率下降時受益更大。其中一個特別的領域是房地產，而在美聯儲仍處於降息週期的早期階段時，尋找優質房地產股票可能是一個絕佳的時機。<strong>Realty Income</strong>（O 0.25%）是市場上最高質量的房地產投資信託基金之一，目前的交易價格顯著低於其峯值。以下是為什麼這隻 5.6% 收益率、每月分紅的股票可能是您在 2024 年底前值得關注的聰明選擇。</p>
</div><h2>Realty Income's business is built for compounding</h2>
<div class="lb-trans"><h2>Realty Income 的業務適合複利增長</h2>
</div><p>Realty Income owns about 15,500 properties in the United States and Europe. About 80% of its rental income is from retail tenants, but don't let that scare you away. The vast majority of the company's retail tenants are in businesses that are recession-resistant, immune to e-commerce disruption, or both.</p>
<div class="lb-trans"><p>Realty Income 在美國和歐洲擁有約 15,500 處物業。約 80% 的租金收入來自零售租户，但不要因此而感到害怕。該公司絕大多數的零售租户都處於抗衰退、免受電子商務衝擊的行業，或者兩者兼具。</p>
</div><p>Specifically, 90% of its portfolio fits into one or more of the following categories:</p>
<div class="lb-trans"><p>具體來説，90% 的投資組合符合以下一個或多個類別：</p>
</div><ul>
<li>Non-discretionary retailers that sell things people <em>need</em>, regardless of what the economy is doing. Drugstores are a great example.</li>
<li>Discount-oriented retailers sell things at prices even the online megaretailers can't match and tend to actually perform better in recessions. Dollar stores are one of Realty Income's top tenant types, as are warehouse clubs.</li>
<li>Service-based retailers sell experiences or services instead of physical products. These businesses, such as auto repair shops and fitness centers, aren't easily disrupted by e-commerce.</li>
<li>Non-retail properties such as industrial, agricultural, and gaming properties are obviously not prone to any retail headwinds.</li>
</ul>
<div class="lb-trans"><ul>
<li>非選擇性零售商，銷售人們無論經濟狀況如何都需要的商品。藥店就是一個很好的例子。</li>
<li>折扣導向的零售商以連在線巨頭都無法匹配的價格銷售商品，並且在衰退期間往往表現更好。美元商店是 Realty Income 的主要租户類型之一，倉儲俱樂部也是。</li>
<li>基於服務的零售商銷售體驗或服務，而不是實物產品。這些企業，如汽車修理店和健身中心，不容易受到電子商務的干擾。</li>
<li>非零售物業，如工業、農業和遊戲物業，顯然不容易受到零售方面的阻力。</li>
</ul>
</div><p>Not only are the tenants solid, but Realty Income's tenants also sign long-term net leases that have built-in rent growth and require the tenants to pay taxes, insurance, and maintenance costs. All Realty Income has to do is get a quality tenant in place and enjoy year after year of reliable and growing income.</p>
<div class="lb-trans"><p>不僅租户穩固，Realty Income 的租户還簽署長期淨租約，內置租金增長，並要求租户支付税費、保險和維護費用。Realty Income 所需做的就是找到優質租户，並享受年復一年可靠且不斷增長的收入。</p>
</div><p>Realty Income has been a publicly traded REIT for 30 years and has handily beaten the total return of the <strong>S&amp;P 500</strong> over the same period. Plus, the stock has a 5.6% dividend yield as of this writing and has increased its payout for 108 consecutive quarters.</p>
<div class="lb-trans"><p>Realty Income 已經作為一家上市 REIT 運營了 30 年，並且在此期間輕鬆超越了 <strong>標準普爾 500 指數</strong> 的總回報。此外，截至目前，該股票的股息收益率為 5.6%，並且已經連續 108 個季度增加分紅。</p>
</div><h2>The stock has been an underperformer</h2>
<div class="lb-trans"><h2>該股票表現不佳</h2>
</div><p>Realty Income has underperformed the market in recent years. And while there is <em>some</em> tenant risk at play here, the primary reason isn't the company's business. It's interest rates.</p>
<div class="lb-trans"><p>近年來，Realty Income 的表現不及市場。儘管這裏存在一些租户風險，但主要原因並不是公司的業務，而是利率。</p>
</div><p>In fact, since the beginning of 2022, the <strong>Vanguard Real Estate ETF</strong>(VNQ -0.27%), which is a solid indicator of the overall real estate sector, has delivered a <em>negative-</em> 7% total return. On the other hand, even including the effects of the 2022 bear market, the S&amp;P 500 has returned a total of 32% during the same period.</p>
<div class="lb-trans"><p>事實上，自 2022 年初以來，<strong>先鋒房地產 ETF</strong>（VNQ -0.27%），作為整體房地產行業的良好指標，已經交出了負 7% 的總回報。另一方面，即使考慮到 2022 年熊市的影響，標準普爾 500 指數在同一時期的總回報也達到了 32%。</p>
</div><p>Without getting into an economics lesson, REITs are highly sensitive to interest rates and specifically tend to have an inverse relationship with the 10-year Treasury yield. Notice that the peaks and valleys of the charts happen simultaneously, such as with the low point in real estate stocks that coincided with the peak in the 10-year Treasury in late 2023.</p>
<div class="lb-trans"><p>不深入經濟學課程，REIT 對利率高度敏感，特別是與 10 年期國債收益率通常呈反向關係。請注意，圖表的峯值和谷值是同時發生的，例如房地產股票的低點與 2023 年底 10 年期國債的峯值相吻合。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eb99053dd33b7445b2567ced5b525acb.png" alt="" original-src="https://media.ycharts.com/charts/eb99053dd33b7445b2567ced5b525acb.png"/></p>
<p>VNQ Total Return Price data by YCharts</p>
<div class="lb-trans"><p>VNQ 總回報價格數據來源於 YCharts</p>
</div><p>Now, the 10-year Treasury doesn't have a perfect correlation with Federal Reserve rate cuts, but it does tend to gravitate in the same direction. If the Fed ends up cutting rates several more times over the next couple of years, as is widely expected, Realty Income could be in an excellent position to outperform.</p>
<div class="lb-trans"><p>現在，10 年期國債與美聯儲降息之間並沒有完美的相關性，但它確實傾向於朝同一方向移動。如果美聯儲在未來幾年內如廣泛預期的那樣多次降息，Realty Income 可能處於超越市場的絕佳位置。</p>
</div>

The Fed Cut Interest Rates. Here's Why This Excellent High-Dividend Stock Is a Buy.

- 低利率環境通常利好股市，資金流向風險資產。  
- Realty Income 是優質房地產投資信託，租户大多為抗衰退商家。  
- 若美聯儲繼續降息，Realty Income 可能表現優異。

Motley Fool

美聯儲降息。這就是為什麼這隻優秀的高股息股票值得買入的原因