<p>房地產投資信託基金（REITs）可以是很好的分紅股票。這些公司中的許多提供高額的分紅收益率。有些甚至每月支付分紅，非常適合那些尋求持續被動收入的人。</p>
<p><strong>AGNC Investment</strong>（AGNC -0.22%）和 <strong>Healthpeak Properties</strong>（DOC 0.43%）目前支付豐厚的每月分紅。以下是哪個 REIT 更適合購買的分紅股票的分析。</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>圖片來源：Getty Images。</p>
<h2>一種高風險、高收益的分紅股票</h2>
<p>AGNC Investment 是一家專注於投資機構抵押貸款支持證券（Agency MBS）的抵押貸款 REIT，這些證券受到 <strong>房利美</strong> 等政府機構的信用風險保護。MBS 是提供低到中等單一數字回報的固定收益投資。AGNC Investment 以槓桿方式投資於 MBS，從而提高其回報。這一策略支持了該 REIT 豐厚的 15.7% 收益率的每月分紅。</p>
<p>儘管目前市場波動很大，但 AGNC 的首席執行官彼得·費德里科在該 REIT 第一季度的財報電話會議上表示，機構 MBS 投資的前景 “仍然非常有利”。他在會議上指出，“以我們槓桿方式槓桿化的掉期組合將產生低 20% 的回報。” 這與公司的資本總成本（運營成本加上分紅支付）相符，後者接近 18%。由於其回報高於成本，該 REIT 應該能夠繼續支付其鉅額的每月分紅。</p>
<p>然而，這些數字是動態的。例如，其資本成本在第一季度的大部分時間為 16.7%。雖然在最近的市場波動中，其回報與成本相比有所改善，但未來可能並非如此。</p>
<p>AGNC Investment 過去曾因回報低於成本而不得不削減分紅。因此，對於那些尋求高度可持續收入來源的投資者來説，該 REIT 並不是最佳的分紅股票。</p>
<h2>一種健康的每月分紅股票</h2>
<p>Healthpeak Realty 是一家醫療保健 REIT。它擁有多樣化的門診醫療、實驗室和老年住房物業組合。其門診醫療組合為其提供穩定且穩步上升的現金流（五到七年的租賃期限，合同年租金增加）。實驗室物業由於對這些設施空間的需求，推動了強勁的租金增長（上季度新籤和續簽租約的租金增長 11%）。</p>
<p>與此同時，老年住房組合受益於人口老齡化帶來的需求增長。該 REIT 穩定且不斷增長的租金收入支持其高收益的每月分紅（當前收益率為 6.9%）。</p>
<p>而 AGNC Investment 的收入可能會隨着市場條件波動，Healthpeak 的租金收入則在上升。其調整後的運營資金（FFO）在過去三年中增長了 19%，這得益於與 Physicians Realty Trust 的合併、租金增長以及擴展其投資組合的投資。它預計今年每股調整後的 FFO 將在 1.81 美元到 1.87 美元之間，足以覆蓋其每股 1.22 美元的分紅支出。這為其提供了很大的緩衝，同時使 REIT 能夠保留現金以資助新投資。</p>
<p>Healthpeak Properties 擁有充足的財務靈活性來繼續擴展其投資組合。其強大的資產負債表目前為其提供了 5 億到 10 億美元的能力，以進行增值的新投資。這些增長投資，加上不斷上升的租金收入，應該使該 REIT 能夠增加其高收益的每月分紅（它最近將分紅提高了 2%）。</p>
<h2>一種更具可行性的分紅股票</h2>
<p>AGNC Investment 為投資者提供了鉅額的每月收入流。需要注意的是，該 REIT 的收入波動性更大。如果市場條件發生變化，它可能需要減少分紅，以使支付與其收入重新對齊。</p>
<p>另一方面，Healthpeak Properties 產生穩定且不斷增長的租金收入。因此，其分紅建立在更可持續的基礎上。此外，考慮到其不斷上升的租金收入和資助新投資的能力，該 REIT 應該能夠在未來增加其分紅。這種更可持續和不斷增長的支付使其成為大多數尋求收入的投資者的更好選擇。</p>

美國資本代理公司

<p>Healthpeak Properties 和 AGNC Investment 被比較為股息股票。AGNC 是一家抵押貸款房地產投資信託，提供高達 15.7% 的收益率，但其收入流波動較大，存在未來削減股息的風險。相比之下，Healthpeak 是一家醫療保健房地產投資信託，提供穩定的 6.9% 收益率，且租金收入不斷增長，具備擴展的財務靈活性。Healthpeak 的強勁表現和增加股息的能力使其成為尋求收入的投資者更可持續的選擇</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>房地產投資信託基金（REITs）可以是很好的分紅股票。這些公司中的許多提供高額的分紅收益率。有些甚至每月支付分紅，非常適合那些尋求持續被動收入的人。</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%）目前支付豐厚的每月分紅。以下是哪個 REIT 更適合購買的分紅股票的分析。</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>圖片來源：Getty Images。</p>
</div><h2>A higher-risk, high-yielding dividend stock</h2>
<div class="lb-trans"><h2>一種高風險、高收益的分紅股票</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 是一家專注於投資機構抵押貸款支持證券（Agency MBS）的抵押貸款 REIT，這些證券受到 <strong>房利美</strong> 等政府機構的信用風險保護。MBS 是提供低到中等單一數字回報的固定收益投資。AGNC Investment 以槓桿方式投資於 MBS，從而提高其回報。這一策略支持了該 REIT 豐厚的 15.7% 收益率的每月分紅。</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>儘管目前市場波動很大，但 AGNC 的首席執行官彼得·費德里科在該 REIT 第一季度的財報電話會議上表示，機構 MBS 投資的前景 “仍然非常有利”。他在會議上指出，“以我們槓桿方式槓桿化的掉期組合將產生低 20% 的回報。” 這與公司的資本總成本（運營成本加上分紅支付）相符，後者接近 18%。由於其回報高於成本，該 REIT 應該能夠繼續支付其鉅額的每月分紅。</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，這些數字是動態的。例如，其資本成本在第一季度的大部分時間為 16.7%。雖然在最近的市場波動中，其回報與成本相比有所改善，但未來可能並非如此。</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 過去曾因回報低於成本而不得不削減分紅。因此，對於那些尋求高度可持續收入來源的投資者來説，該 REIT 並不是最佳的分紅股票。</p>
</div><h2>A healthy monthly dividend stock</h2>
<div class="lb-trans"><h2>一種健康的每月分紅股票</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 是一家醫療保健 REIT。它擁有多樣化的門診醫療、實驗室和老年住房物業組合。其門診醫療組合為其提供穩定且穩步上升的現金流（五到七年的租賃期限，合同年租金增加）。實驗室物業由於對這些設施空間的需求，推動了強勁的租金增長（上季度新籤和續簽租約的租金增長 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>與此同時，老年住房組合受益於人口老齡化帶來的需求增長。該 REIT 穩定且不斷增長的租金收入支持其高收益的每月分紅（當前收益率為 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 的收入可能會隨着市場條件波動，Healthpeak 的租金收入則在上升。其調整後的運營資金（FFO）在過去三年中增長了 19%，這得益於與 Physicians Realty Trust 的合併、租金增長以及擴展其投資組合的投資。它預計今年每股調整後的 FFO 將在 1.81 美元到 1.87 美元之間，足以覆蓋其每股 1.22 美元的分紅支出。這為其提供了很大的緩衝，同時使 REIT 能夠保留現金以資助新投資。</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 擁有充足的財務靈活性來繼續擴展其投資組合。其強大的資產負債表目前為其提供了 5 億到 10 億美元的能力，以進行增值的新投資。這些增長投資，加上不斷上升的租金收入，應該使該 REIT 能夠增加其高收益的每月分紅（它最近將分紅提高了 2%）。</p>
</div><h2>A more bankable dividend stock</h2>
<div class="lb-trans"><h2>一種更具可行性的分紅股票</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 為投資者提供了鉅額的每月收入流。需要注意的是，該 REIT 的收入波動性更大。如果市場條件發生變化，它可能需要減少分紅，以使支付與其收入重新對齊。</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 產生穩定且不斷增長的租金收入。因此，其分紅建立在更可持續的基礎上。此外，考慮到其不斷上升的租金收入和資助新投資的能力，該 REIT 應該能夠在未來增加其分紅。這種更可持續和不斷增長的支付使其成為大多數尋求收入的投資者的更好選擇。</p>
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更優的股息股票：Healthpeak Properties 與美國資本代理公司