<p>如果你是一個股息投資者，追求收益是很有誘惑的。我知道，我也這樣做過。結果我為這個決定感到後悔的次數比我願意承認的要多。這就是為什麼我擁有 <strong>聯邦房地產投資信託</strong>(FRT 1.66%) 而不是 <strong>美國資本代理公司</strong>(AGNC 1.62%)，儘管後者的股息收益率超過三倍！這就是在考慮像美國資本代理公司這樣的超高收益股息股票時，知道自己想要什麼是多麼重要。</p>
<h2>美國資本代理公司做什麼？</h2>
<p>從高層次來看，美國資本代理公司是一家房地產投資信託（REIT）。REIT 旨在將收入傳遞給投資者，通常具有較高的股息收益率。我非常喜歡 REIT，並擁有其中的一些。也就是説，美國資本代理公司並不是普通的 REIT。它是一家抵押貸款 REIT，這是更廣泛的 REIT 領域中的一個專業細分市場。</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>圖片來源：Getty Images。</p>
<p>抵押貸款 REIT（mREIT）相比於擁有物業的 REIT 是一種相對複雜的投資。如果你投資於租賃物業，你會做與擁有物業的 REIT 相同的基本事情，而像美國資本代理公司這樣的抵押貸款 REIT 則擁有通過將抵押貸款彙集在一起而創建的證券組合。你可能無法像這個 REIT 那樣運作，它更像是一個共同基金。</p>
<p>複雜性是一個問題，我可以隨着時間的推移克服它。但真正的問題是，美國資本代理公司的優先事項作為 mREIT 與我作為股息投資者的優先事項不同。看看下面的圖表。總回報一直很強勁，但這假設了股息再投資。與此同時，股息波動性很大，股價基本上與股息隨時間變化而變化。最近的趨勢都是向下。</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 數據來源於 YCharts</p>
<h2>為什麼我更喜歡聯邦房地產</h2>
<p>投資美國資本代理公司並沒有錯。事實上，假設你再投資股息，它在為投資者創造價值方面做得相當不錯。只是創造的價值是以總回報的形式，而不是可靠的收入流。我並不想要那些需要我再投資股息才能獲得強勁回報的股票。我想擁有那些有可靠且不斷增長的股息的股票，這樣我在退休時可以用來支付生活費用。一個不斷增長的業務，可能會導致股價隨着時間的推移緩慢上升，這是一個次要的積極因素。這就是聯邦房地產為我提供的。</p>
<p>聯邦房地產是一家購物中心和混合用途開發的房東。它長期以來一直專注於質量而非數量，旨在擁有少量（約 100 個）位於高度吸引地區的物業（其物業是行業領先的資產）。這種模式對像我這樣的重視股息一致性的股息投資者來説非常有效。聯邦房地產擁有任何 REIT 中最長的股息增長記錄，超過五十年的年度增長。它是唯一獲得股息國王地位的 REIT。</p>
<p>我可以詳細説明，但在這裏傳達要點並不必要。美國資本代理公司有削減股息的歷史。聯邦房地產則有提高股息的歷史。如果你試圖依靠股息收入生活，聯邦房地產將是更好的選擇。即使美國資本代理公司的股息收益率超過 14%，而聯邦房地產的收益率僅為 4.5%，這也是事實。最終，一個你無法依賴的鉅額收益不會幫助你制定退休預算。</p>
<h2>美國資本代理公司是一家不錯的 mREIT</h2>
<p>投資於總回報並沒有錯。而美國資本代理公司可能是圍繞總回報構建的資產配置計劃中的一個有價值的部分。但我並不專注於總回報；我專注於創造一個可持續且希望不斷增長的收入流。這使得股息國王聯邦房地產對我來説比美國資本代理公司更好，儘管收益率差異顯著。</p>

聯邦房地產投資信託

美國資本代理公司

<p>這篇文章將 AGNC Investment 和聯邦房地產投資信託作為股息股票進行了比較。雖然 AGNC 提供了更高的收益率（超過 14%），但它是一種抵押貸款房地產投資信託，股息波動較大，因此對以收入為重點的投資者來説不太可靠。相比之下，聯邦房地產是一種傳統的房地產投資信託，具有穩定的股息歷史，並被認定為股息之王，因此對於尋求穩定收入的人來説是更好的選擇。作者強調了在退休規劃中，可靠的股息比高收益更為重要</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>如果你是一個股息投資者，追求收益是很有誘惑的。我知道，我也這樣做過。結果我為這個決定感到後悔的次數比我願意承認的要多。這就是為什麼我擁有 <strong>聯邦房地產投資信託</strong>(FRT 1.66%) 而不是 <strong>美國資本代理公司</strong>(AGNC 1.62%)，儘管後者的股息收益率超過三倍！這就是在考慮像美國資本代理公司這樣的超高收益股息股票時，知道自己想要什麼是多麼重要。</p>
</div><h2>What does AGNC Investment do?</h2>
<div class="lb-trans"><h2>美國資本代理公司做什麼？</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>從高層次來看，美國資本代理公司是一家房地產投資信託（REIT）。REIT 旨在將收入傳遞給投資者，通常具有較高的股息收益率。我非常喜歡 REIT，並擁有其中的一些。也就是説，美國資本代理公司並不是普通的 REIT。它是一家抵押貸款 REIT，這是更廣泛的 REIT 領域中的一個專業細分市場。</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>圖片來源：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>抵押貸款 REIT（mREIT）相比於擁有物業的 REIT 是一種相對複雜的投資。如果你投資於租賃物業，你會做與擁有物業的 REIT 相同的基本事情，而像美國資本代理公司這樣的抵押貸款 REIT 則擁有通過將抵押貸款彙集在一起而創建的證券組合。你可能無法像這個 REIT 那樣運作，它更像是一個共同基金。</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>複雜性是一個問題，我可以隨着時間的推移克服它。但真正的問題是，美國資本代理公司的優先事項作為 mREIT 與我作為股息投資者的優先事項不同。看看下面的圖表。總回報一直很強勁，但這假設了股息再投資。與此同時，股息波動性很大，股價基本上與股息隨時間變化而變化。最近的趨勢都是向下。</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 數據來源於 YCharts</p>
</div><h2>Why I prefer Federal Realty</h2>
<div class="lb-trans"><h2>為什麼我更喜歡聯邦房地產</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>投資美國資本代理公司並沒有錯。事實上，假設你再投資股息，它在為投資者創造價值方面做得相當不錯。只是創造的價值是以總回報的形式，而不是可靠的收入流。我並不想要那些需要我再投資股息才能獲得強勁回報的股票。我想擁有那些有可靠且不斷增長的股息的股票，這樣我在退休時可以用來支付生活費用。一個不斷增長的業務，可能會導致股價隨着時間的推移緩慢上升，這是一個次要的積極因素。這就是聯邦房地產為我提供的。</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>聯邦房地產是一家購物中心和混合用途開發的房東。它長期以來一直專注於質量而非數量，旨在擁有少量（約 100 個）位於高度吸引地區的物業（其物業是行業領先的資產）。這種模式對像我這樣的重視股息一致性的股息投資者來説非常有效。聯邦房地產擁有任何 REIT 中最長的股息增長記錄，超過五十年的年度增長。它是唯一獲得股息國王地位的 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>我可以詳細説明，但在這裏傳達要點並不必要。美國資本代理公司有削減股息的歷史。聯邦房地產則有提高股息的歷史。如果你試圖依靠股息收入生活，聯邦房地產將是更好的選擇。即使美國資本代理公司的股息收益率超過 14%，而聯邦房地產的收益率僅為 4.5%，這也是事實。最終，一個你無法依賴的鉅額收益不會幫助你制定退休預算。</p>
</div><h2>AGNC Investment is a fine mREIT</h2>
<div class="lb-trans"><h2>美國資本代理公司是一家不錯的 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>投資於總回報並沒有錯。而美國資本代理公司可能是圍繞總回報構建的資產配置計劃中的一個有價值的部分。但我並不專注於總回報；我專注於創造一個可持續且希望不斷增長的收入流。這使得股息國王聯邦房地產對我來説比美國資本代理公司更好，儘管收益率差異顯著。</p>
</div>

更優的股息股票：AGNC Investment 與 Federal Realty Investment Trust