<p>如果你是一個股息投資者，那麼股票的股息收益率對你來説非常重要。當然，收益率越高越好，但這僅在風險保持不變的情況下成立。</p>
<p>如果風險隨着收益率的上升而上升，那麼就必須解決一個非常明顯的權衡。這正是股息投資者在考慮超高收益的 <strong>AGNC Investment</strong>(AGNC 0.21%) 和類似的房地產投資信託（REIT）<strong>Federal Realty</strong>(FRT 0.54%) 時必須考慮的平衡。</p>
<h2>AGNC 在收益率競賽中遙遙領先</h2>
<p>AGNC Investment 的股息收益率超過 15%。這在任何標準下都是巨大的，遠遠超過 <strong>Federal Realty</strong> 為股東提供的 3.9% 的收益率。</p>
<p>但為了真正將這個收益率放在一個更廣闊的視角來看，它超過了 <strong>S&amp;P 500</strong> 指數略低於 1.2% 的收益率，遠高於使用 <strong>Vanguard Real Estate Index ETF</strong>(VNQ 0.66%) 作為行業基準的平均 REIT 的 3.7% 收益率。毫無疑問，AGNC Investment 是這裏收益率最高的選擇。</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>圖片來源：Getty Images。</p>
<p>話雖如此，值得注意的是，儘管 <strong>Federal Realty</strong> 的 3.9% 收益率與 AGNC 的高收益率相比顯得温和，但仍然明顯高於市場平均水平。而且它略高於平均 REIT。因此，<strong>Federal Realty</strong> 的收益率並不是不受歡迎的。只是在絕對水平上，它並沒有 AGNC Investment 的收益率那麼令人嚮往。</p>
<h2>追逐 AGNC Investment 超高收益的風險</h2>
<p>這就是事情變得有趣的地方。事實證明，<strong>Federal Realty</strong> 在股息方面以不同的方式擊敗了 AGNC Investment。<strong>Federal Realty</strong> 是一家購物中心和混合用途的房東，已經連續 57 年每年增加股息。這使其進入了股息之王的高度精英名單。</p>
<p>而且這還不是全部：該公司的連續增長是所有上市 REIT 中最長的。換句話説，<strong>Federal Realty</strong> 在股息可靠性方面毫無疑問地勝出。</p>
<p>AGNC 在這方面的表現如何？並不好。這家抵押貸款 REIT 的股息自 2020 年 4 月以來一直保持在每股每月 0.12 美元。這是從 0.16 美元降低的月份。2019 年 5 月降低至 0.16 美元。2016 年 8 月從 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。如果你關心股息的一致性，購買 AGNC 及其高收益率可能不適合你。</p>
<h2>AGNC 和 Federal Realty 是非常不同的 REIT</h2>
<p>這裏的故事部分確實與這兩家 REIT 的目的有關。<strong>Federal Realty</strong> 相對簡單易懂：它擁有購物中心和混合用途開發項目。然後將這些物業租給租户並收取租金。</p>
<p>它基本上做的就是你如果擁有出租物業時會做的事情。它的規模較小，只有大約 100 個物業，但其資產往往規模較大且位置非常優越。</p>
<p>AGNC Investment 是一家抵押貸款 REIT。它擁有已被打包成類似債券的證券的抵押貸款，收集其成本（例如，運營成本和利息支出）與其在所擁有的抵押貸款證券上賺取的利息之間的差額。</p>
<p>在某種程度上，它更像是一隻共同基金，而它所做的事情並不是大多數投資者會做的。值得注意的是，績效基準也略有不同。AGNC 的目標是為投資者提供高總回報，這是它隨着時間的推移成功實現的。</p>
<p>然而，正如 AGNC 的股息歷史所強調的，這與為投資者提供可靠且不斷增長的收入流是非常不同的。</p>
<h2>AGNC 沒問題，但要出於正確的理由持有它</h2>
<p>當你把 AGNC Investment 看作是一家努力為投資者提供理想總回報的抵押貸款 REIT 時，它並沒有什麼問題。然而，如果你看到高收益率並認為你找到了一個可靠的股息股票，那麼歷史表明你可能會失望。</p>
<p>對於需要股息一致性的投資者來説，像 <strong>Federal Realty</strong> 這樣的股息之王將是一個更好的選擇。畢竟，收益率只是股息投資故事的一部分（也許甚至不是最重要的部分）。</p>

聯邦房地產投資信託

美國資本代理公司

<p>本文比較了兩隻分紅股票：AGNC Investment 和聯邦房地產投資信託。AGNC 提供超過 15% 的高分紅收益率，顯著高於聯邦房地產的 3.9%。然而，聯邦房地產有着強勁的業績記錄，連續 57 年增加分紅，使其成為分紅投資者的可靠選擇。AGNC 自 2020 年以來分紅保持不變，顯示出較低的一致性。雖然 AGNC 可能對追求總回報的投資者有吸引力，但聯邦房地產更適合那些尋求穩定收入的投資者</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>如果你是一個股息投資者，那麼股票的股息收益率對你來説非常重要。當然，收益率越高越好，但這僅在風險保持不變的情況下成立。</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>如果風險隨着收益率的上升而上升，那麼就必須解決一個非常明顯的權衡。這正是股息投資者在考慮超高收益的 <strong>AGNC Investment</strong>(AGNC 0.21%) 和類似的房地產投資信託（REIT）<strong>Federal Realty</strong>(FRT 0.54%) 時必須考慮的平衡。</p>
</div><h2>AGNC wins the yield contest hands down</h2>
<div class="lb-trans"><h2>AGNC 在收益率競賽中遙遙領先</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 的股息收益率超過 15%。這在任何標準下都是巨大的，遠遠超過 <strong>Federal Realty</strong> 為股東提供的 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>但為了真正將這個收益率放在一個更廣闊的視角來看，它超過了 <strong>S&amp;P 500</strong> 指數略低於 1.2% 的收益率，遠高於使用 <strong>Vanguard Real Estate Index ETF</strong>(VNQ 0.66%) 作為行業基準的平均 REIT 的 3.7% 收益率。毫無疑問，AGNC Investment 是這裏收益率最高的選擇。</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>圖片來源：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>話雖如此，值得注意的是，儘管 <strong>Federal Realty</strong> 的 3.9% 收益率與 AGNC 的高收益率相比顯得温和，但仍然明顯高於市場平均水平。而且它略高於平均 REIT。因此，<strong>Federal Realty</strong> 的收益率並不是不受歡迎的。只是在絕對水平上，它並沒有 AGNC Investment 的收益率那麼令人嚮往。</p>
</div><h2>The risk of chasing AGNC Investment's ultra-high yield</h2>
<div class="lb-trans"><h2>追逐 AGNC Investment 超高收益的風險</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>這就是事情變得有趣的地方。事實證明，<strong>Federal Realty</strong> 在股息方面以不同的方式擊敗了 AGNC Investment。<strong>Federal Realty</strong> 是一家購物中心和混合用途的房東，已經連續 57 年每年增加股息。這使其進入了股息之王的高度精英名單。</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>而且這還不是全部：該公司的連續增長是所有上市 REIT 中最長的。換句話説，<strong>Federal Realty</strong> 在股息可靠性方面毫無疑問地勝出。</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 在這方面的表現如何？並不好。這家抵押貸款 REIT 的股息自 2020 年 4 月以來一直保持在每股每月 0.12 美元。這是從 0.16 美元降低的月份。2019 年 5 月降低至 0.16 美元。2016 年 8 月從 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。如果你關心股息的一致性，購買 AGNC 及其高收益率可能不適合你。</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>這裏的故事部分確實與這兩家 REIT 的目的有關。<strong>Federal Realty</strong> 相對簡單易懂：它擁有購物中心和混合用途開發項目。然後將這些物業租給租户並收取租金。</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擁有出租物業時會做的事情。它的規模較小，只有大約 100 個物業，但其資產往往規模較大且位置非常優越。</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 是一家抵押貸款 REIT。它擁有已被打包成類似債券的證券的抵押貸款，收集其成本（例如，運營成本和利息支出）與其在所擁有的抵押貸款證券上賺取的利息之間的差額。</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>在某種程度上，它更像是一隻共同基金，而它所做的事情並不是大多數投資者會做的。值得注意的是，績效基準也略有不同。AGNC 的目標是為投資者提供高總回報，這是它隨着時間的推移成功實現的。</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 的股息歷史所強調的，這與為投資者提供可靠且不斷增長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 沒問題，但要出於正確的理由持有它</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>當你把 AGNC Investment 看作是一家努力為投資者提供理想總回報的抵押貸款 REIT 時，它並沒有什麼問題。然而，如果你看到高收益率並認為你找到了一個可靠的股息股票，那麼歷史表明你可能會失望。</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>對於需要股息一致性的投資者來説，像 <strong>Federal Realty</strong> 這樣的股息之王將是一個更好的選擇。畢竟，收益率只是股息投資故事的一部分（也許甚至不是最重要的部分）。</p>
</div>

更好的股息股票：聯邦房地產投資信託 vs. AGNC Investment