<h2>關鍵要點</h2>
<ul>
<li>高收益分紅股票獲得信心的標準包括強大且具有韌性的基礎業務。</li>
<li>一隻收益率為 5.6% 的頂級房地產投資信託（REIT）符合所有標準。</li>
<li>這隻股票除了出色的分紅外，還提供強勁的增長前景。</li>
<li>我們更看好的 10 只股票 ›</li>
</ul>
<p>我已經活躍投資幾十年。在大多數時間裏，我不會考慮購買高收益分紅股票。我的優先考慮是增長——我的投資組合也反映了這一重點。</p>
<p>然而，在過去的幾年裏，特別豐厚的分紅股票越來越吸引我的注意。坦率地説，我曾因一些高收益股票的糟糕表現而遭受損失，以至於豐厚的分紅被損失所抵消。然而，我認為我從錯誤中吸取了教訓。</p>
<p>我現在擁有幾隻我非常喜歡的高收益分紅股票。我還關注其他一些股票。不過，有些股票不可避免地脱穎而出。那麼，我在 12 月最有信心的高收益分紅股票是什麼呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/wCjJ8BLld8nn0eWFGtiVKA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTYwNA--/https://media.zenfs.com/en/motleyfool.com/8b99ebf105198a78e0a373fd23fa8ba3?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="960" height="604" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/wCjJ8BLld8nn0eWFGtiVKA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTYwNA--/https://media.zenfs.com/en/motleyfool.com/8b99ebf105198a78e0a373fd23fa8ba3"/></p>
<p>圖片來源：Getty Images。</p>
<h2>獲得我信任的條件</h2>
<p>在回答這個問題之前，讓我先解釋一下高收益分紅股票獲得我信任所需的條件。支付分紅的公司必須滿足四個標準才能通過測試。</p>
<p>首先，也是最重要的，公司必須擁有強大且具有韌性的基礎業務。如果業務不符合這兩個標準，分紅可能就不可持續。我已經學會了不要讓誘人的分紅收益率分散我對使分紅成為可能的基礎業務的客觀評估。</p>
<p>其次，公司的管理團隊必須有良好的業績記錄。我不是那種 100% 遵循 “押注騎師，而不是馬” 的投資者。我認為騎師和馬都很重要。一個無能的管理團隊通常會破壞一個本來不錯的業務，但即使是最優秀的管理者也通常無法將一個糟糕的業務變成贏家。</p>
<p>第三，公司的財務狀況至少必須支持當前水平的分紅。我會考慮購買一隻不符合這一條件的高收益分紅股票嗎？是的，但前提是我投資它的理由與分紅無關。為了讓我對一隻高收益分紅股票充滿信心，我必須確信分紅削減的可能性不大。</p>
<p>第四，我希望公司有令人信服的分紅穩定性和（最好）增長的歷史。過去的表現並不一定保證未來不會改變。然而，我對那些有長期維持和增長分紅記錄的公司有更温暖和模糊的感覺。如果沒有其他原因，這會給管理層施加更大的壓力，不讓事情搞砸。</p>
<h2>我最有信心的高收益分紅股票如何實現</h2>
<p>在我看來，有一隻高收益分紅股票在這四個標準上表現得尤為突出。它就是 <strong>Realty Income</strong>（NYSE: O）。該公司是全球第六大房地產投資信託（REIT）。它擁有 15,542 個商業房地產，租給 1,647 個代表 92 個行業的客户。</p>
<p>我相信 Realty Income 連續 29 年的正總運營回報（每股調整後運營資金增長加上分紅收益）證明了其基礎業務的強大和韌性。尤其是考慮到這一時期包括 2007-2009 年的金融危機和 COVID-19 大流行。</p>
<p>Summit Roy 成功地帶領該 REIT 度過了其中一次危機。Roy 於 2011 年加入 Realty Income，並在擔任首席運營官約四年後於 2018 年成為首席執行官。即使在 COVID-19 封鎖的最糟糕時期，Realty Income 的入住率也達到了 97.9%——遠高於 <strong>S&amp;P 500</strong>（SNPINDEX: ^GSPC）REIT 的中位數。</p>
<p>Realty Income 能否支持其當前收益率為 5.6% 的分紅？絕對可以。該 REIT 的分紅支付僅佔其每股稀釋調整後運營資金（AFFO）的 74.7%。</p>
<p>現在是重頭戲。Realty Income 已經連續超過 30 年和 112 個季度增加分紅。我們談論的不是微薄的分紅增長。自 1994 年以來，該 REIT 的分紅複合年增長率為 4.2%。這是一個令人信心十足的分紅記錄。</p>
<h2>不僅僅是分紅</h2>
<p>不過，還有更多好消息。Realty Income 提供的不僅僅是出色的分紅。該 REIT 的增長前景也很吸引人。</p>
<p>Realty Income 估計其可服務市場總額約為 14 萬億美元。其中歐洲佔 8.5 萬億美元。市場高度分散，為該 REIT 提供了特別好的機會。Realty Income 在美國也有巨大的增長前景，部分原因是對數據中心的需求激增。</p>
<p>我相信 Realty Income 對於尋求可靠和高分紅的收入投資者來説是一個不二選擇。然而，我也認為這隻股票是其他投資者在 12 月考慮購買並再投資這些優異分紅的好選擇。</p>
<h2>你現在應該投資$1,000 在 Realty Income 嗎？</h2>
<p>在你購買 Realty Income 的股票之前，請考慮以下幾點：</p>
<p>_Motley Fool Stock Advisor_分析團隊剛剛確定了他們認為的 <strong>10 只最佳股票</strong> 供投資者現在購買……而 Realty Income 並不在其中。這 10 只入選的股票在未來幾年可能會產生鉅額回報。</p>
<p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜時……如果你在我們推薦時投資了 1,000 美元，<strong>你現在將擁有 580,171 美元</strong>！* 或者當 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜時……如果你在我們推薦時投資了 1,000 美元，<strong>你現在將擁有 1,084,986 美元</strong>！*</p>
<p>現在值得注意的是，<em>Stock Advisor</em> 的總平均回報率為 1,004% — 遠超標普 500 的 194%。<strong>不要錯過最新的前 10 名股票列表，加入由個人投資者為個人投資者建立的投資社區，獲取 <em>Stock Advisor</em> 的信息。</strong></p>
<p><strong>查看 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回報截至 2025 年 12 月 1 日</em></p>
<p><em>Keith Speights 持有 Realty Income 的股份。The Motley Fool 持有並推薦 Realty Income。The Motley Fool 有披露政策。</em></p>
<p>我在 12 月推薦的最高信心高收益股最初由 The Motley Fool 發佈。</p>

<p>這篇文章強調了 Realty Income（紐約證券交易所代碼：O）作為 12 月份值得購買的高收益股息股票。Realty Income 是一家領先的房地產投資信託（REIT），符合強勁投資的關鍵標準：穩健的業務、優秀的管理、財務穩定性以及股息增長的歷史。它提供 5.6% 的收益率和超過 30 年的股息增長，既有收入潛力又有增長潛力，尤其是在 14 萬億美元的市場機會下</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>關鍵要點</h2>
</div><ul>
<li>The criteria for a high-yield dividend stock to earn confidence include a strong and resilient underlying business.</li>
<li>One top REIT with a yield of 5.6% checks off all the boxes.</li>
<li>This stock also offers strong growth prospects in addition to its fantastic dividend.</li>
<li>10 stocks we like better than Realty Income ›</li>
</ul>
<div class="lb-trans"><ul>
<li>高收益分紅股票獲得信心的標準包括強大且具有韌性的基礎業務。</li>
<li>一隻收益率為 5.6% 的頂級房地產投資信託（REIT）符合所有標準。</li>
<li>這隻股票除了出色的分紅外，還提供強勁的增長前景。</li>
<li>我們更看好的 10 只股票 ›</li>
</ul>
</div><p>I've been an active investor for decades. Throughout most of that time, I wouldn't consider buying a high-yield dividend stock. My priority was on growth – and my portfolio reflected that focus.</p>
<div class="lb-trans"><p>我已經活躍投資幾十年。在大多數時間裏，我不會考慮購買高收益分紅股票。我的優先考慮是增長——我的投資組合也反映了這一重點。</p>
</div><p>Over the last several years, though, dividend stocks with especially juicy yields have increasingly captured my attention. To be transparent, I've been burned a couple of times by stocks with high yields that performed so dismally that the great dividends were more than offset by losses. However, I think I have learned from my mistakes.</p>
<div class="lb-trans"><p>然而，在過去的幾年裏，特別豐厚的分紅股票越來越吸引我的注意。坦率地説，我曾因一些高收益股票的糟糕表現而遭受損失，以至於豐厚的分紅被損失所抵消。然而，我認為我從錯誤中吸取了教訓。</p>
</div><p>I now own several high-yield dividend stocks that I really like. I have my eyes on others. Some stocks inevitably rise to the top, though. What's my highest conviction high-yield dividend stock to buy in December?</p>
<div class="lb-trans"><p>我現在擁有幾隻我非常喜歡的高收益分紅股票。我還關注其他一些股票。不過，有些股票不可避免地脱穎而出。那麼，我在 12 月最有信心的高收益分紅股票是什麼呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/wCjJ8BLld8nn0eWFGtiVKA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTYwNA--/https://media.zenfs.com/en/motleyfool.com/8b99ebf105198a78e0a373fd23fa8ba3" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/wCjJ8BLld8nn0eWFGtiVKA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTYwNA--/https://media.zenfs.com/en/motleyfool.com/8b99ebf105198a78e0a373fd23fa8ba3"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>What it takes to earn my confidence</h2>
<div class="lb-trans"><h2>獲得我信任的條件</h2>
</div><p>Before I answer that question, let me first explain what it takes for a high-yield dividend stock to earn my confidence. The company paying the dividend must meet four criteria to pass the test.</p>
<div class="lb-trans"><p>在回答這個問題之前，讓我先解釋一下高收益分紅股票獲得我信任所需的條件。支付分紅的公司必須滿足四個標準才能通過測試。</p>
</div><p>First, and most importantly, the company must have a strong and resilient underlying business. If the business doesn't check off these two boxes, the dividend probably isn't sustainable. I've learned not to let the lure of a shiny dividend yield distract me from objectively evaluating the underlying business that makes the dividend possible.</p>
<div class="lb-trans"><p>首先，也是最重要的，公司必須擁有強大且具有韌性的基礎業務。如果業務不符合這兩個標準，分紅可能就不可持續。我已經學會了不要讓誘人的分紅收益率分散我對使分紅成為可能的基礎業務的客觀評估。</p>
</div><p>Second, the company's management team must have a solid track record. I'm not the kind of investor who adheres 100 percent to the adage, &#34;Bet on the jockey, not the horse.&#34; I believe that both the jockey <em>and</em> the horse are important. An inept management team can usually derail an otherwise good business, but even the greatest managers typically can't turn a dud of a business into a winner.</p>
<div class="lb-trans"><p>其次，公司的管理團隊必須有良好的業績記錄。我不是那種 100% 遵循 “押注騎師，而不是馬” 的投資者。我認為騎師和馬都很重要。一個無能的管理團隊通常會破壞一個本來不錯的業務，但即使是最優秀的管理者也通常無法將一個糟糕的業務變成贏家。</p>
</div><p>Third, the company's financials must at a minimum support the dividend at its current level. Would I possibly buy a high-yield dividend stock for which this isn't the case? Yes, but only if I were investing in it for reasons other than its dividend. For a high-yield dividend stock to truly receive my highest conviction, I must be confident that a dividend cut is unlikely.</p>
<div class="lb-trans"><p>第三，公司的財務狀況至少必須支持當前水平的分紅。我會考慮購買一隻不符合這一條件的高收益分紅股票嗎？是的，但前提是我投資它的理由與分紅無關。為了讓我對一隻高收益分紅股票充滿信心，我必須確信分紅削減的可能性不大。</p>
</div><p>Fourth, I want the company to have a compelling history of dividend stability and (preferably) growth. No, past performance doesn't necessarily guarantee that things won't change in the future. However, I get a much warmer and fuzzier feeling about companies that have long records of maintaining and growing their dividends. If nothing else, it puts more pressure on management not to mess things up.</p>
<div class="lb-trans"><p>第四，我希望公司有令人信服的分紅穩定性和（最好）增長的歷史。過去的表現並不一定保證未來不會改變。然而，我對那些有長期維持和增長分紅記錄的公司有更温暖和模糊的感覺。如果沒有其他原因，這會給管理層施加更大的壓力，不讓事情搞砸。</p>
</div><h2>How my highest-conviction high-yield dividend stock delivers</h2>
<div class="lb-trans"><h2>我最有信心的高收益分紅股票如何實現</h2>
</div><p>One high-yield dividend stock delivers on those four criteria more than any other, in my view. It's <strong>Realty Income</strong>(NYSE: O). The company ranks as the world's sixth-largest real estate investment trust (REIT). It owns 15,542 commercial real estate properties leased to 1,647 clients representing 92 industries.</p>
<div class="lb-trans"><p>在我看來，有一隻高收益分紅股票在這四個標準上表現得尤為突出。它就是 <strong>Realty Income</strong>（NYSE: O）。該公司是全球第六大房地產投資信託（REIT）。它擁有 15,542 個商業房地產，租給 1,647 個代表 92 個行業的客户。</p>
</div><p>I believe Realty Income's record of 29 consecutive years of positive total operational returns (adjusted funds from operations per share growth plus dividend yield) demonstrates the strength and resilience of its underlying business. That's especially true considering this period included the financial crisis of 2007-2009 and the COVID-19 pandemic.</p>
<div class="lb-trans"><p>我相信 Realty Income 連續 29 年的正總運營回報（每股調整後運營資金增長加上分紅收益）證明了其基礎業務的強大和韌性。尤其是考慮到這一時期包括 2007-2009 年的金融危機和 COVID-19 大流行。</p>
</div><p>Summit Roy ably led the REIT through one of those crises. Roy joined Realty Income in 2011 and served as COO for roughly four years before becoming CEO in 2018. Even during the worst part of the COVID-19 shutdowns, Realty Income's occupancy levels were 97.9% – much higher than the median for <strong>S&amp;P 500</strong>(SNPINDEX: ^GSPC) REITs.</p>
<div class="lb-trans"><p>Summit Roy 成功地帶領該 REIT 度過了其中一次危機。Roy 於 2011 年加入 Realty Income，並在擔任首席運營官約四年後於 2018 年成為首席執行官。即使在 COVID-19 封鎖的最糟糕時期，Realty Income 的入住率也達到了 97.9%——遠高於 <strong>S&amp;P 500</strong>（SNPINDEX: ^GSPC）REIT 的中位數。</p>
</div><p>Can Realty Income support its dividend, which currently yields a juicy 5.6%? Absolutely. The REIT's dividend payout represents only 74.7% of its diluted adjusted funds from operations (AFFO) per share.</p>
<div class="lb-trans"><p>Realty Income 能否支持其當前收益率為 5.6% 的分紅？絕對可以。該 REIT 的分紅支付僅佔其每股稀釋調整後運營資金（AFFO）的 74.7%。</p>
</div><p>Now for the pièce de résistance. Realty Income has increased its dividend for more than 30 consecutive years and 112 consecutive quarters. We're not talking about skimpy dividend increases, either. The REIT has increased its dividend by a compound annual growth rate of 4.2% since 1994. That's a dividend track record that inspires confidence.</p>
<div class="lb-trans"><p>現在是重頭戲。Realty Income 已經連續超過 30 年和 112 個季度增加分紅。我們談論的不是微薄的分紅增長。自 1994 年以來，該 REIT 的分紅複合年增長率為 4.2%。這是一個令人信心十足的分紅記錄。</p>
</div><h2>More than just a dividend</h2>
<div class="lb-trans"><h2>不僅僅是分紅</h2>
</div><p>There's more good news, though. Realty Income offers more than just a fantastic dividend. The REIT's growth prospects are also attractive.</p>
<div class="lb-trans"><p>不過，還有更多好消息。Realty Income 提供的不僅僅是出色的分紅。該 REIT 的增長前景也很吸引人。</p>
</div><p>Realty Income estimates that its total addressable market is around $14 trillion. Europe makes up $8.5 trillion of that total. The market is highly fragmented, presenting the REIT with an especially great opportunity. Realty Income also has tremendous growth prospects in the U.S., driven in part by the soaring demand for data centers.</p>
<div class="lb-trans"><p>Realty Income 估計其可服務市場總額約為 14 萬億美元。其中歐洲佔 8.5 萬億美元。市場高度分散，為該 REIT 提供了特別好的機會。Realty Income 在美國也有巨大的增長前景，部分原因是對數據中心的需求激增。</p>
</div><p>I believe that Realty Income is a no-brainer for income investors seeking reliable and high dividends. However, I also view this stock as a good option for other investors to consider buying in December and then reinvesting those exceptional dividends.</p>
<div class="lb-trans"><p>我相信 Realty Income 對於尋求可靠和高分紅的收入投資者來説是一個不二選擇。然而，我也認為這隻股票是其他投資者在 12 月考慮購買並再投資這些優異分紅的好選擇。</p>
</div><h2>Should you invest $1,000 in Realty Income right now?</h2>
<div class="lb-trans"><h2>你現在應該投資$1,000 在 Realty Income 嗎？</h2>
</div><p>Before you buy stock in Realty Income, consider this:</p>
<div class="lb-trans"><p>在你購買 Realty Income 的股票之前，請考慮以下幾點：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Realty Income wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p>_Motley Fool Stock Advisor_分析團隊剛剛確定了他們認為的 <strong>10 只最佳股票</strong> 供投資者現在購買……而 Realty Income 並不在其中。這 10 只入選的股票在未來幾年可能會產生鉅額回報。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $580,171</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,084,986</strong>!*</p>
<div class="lb-trans"><p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜時……如果你在我們推薦時投資了 1,000 美元，<strong>你現在將擁有 580,171 美元</strong>！* 或者當 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜時……如果你在我們推薦時投資了 1,000 美元，<strong>你現在將擁有 1,084,986 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 1,004% — a market-crushing outperformance compared to 194% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>現在值得注意的是，<em>Stock Advisor</em> 的總平均回報率為 1,004% — 遠超標普 500 的 194%。<strong>不要錯過最新的前 10 名股票列表，加入由個人投資者為個人投資者建立的投資社區，獲取 <em>Stock Advisor</em> 的信息。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of December 1, 2025</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回報截至 2025 年 12 月 1 日</em></p>
</div><p><em>Keith Speights has positions in Realty Income. The Motley Fool has positions in and recommends Realty Income. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Keith Speights 持有 Realty Income 的股份。The Motley Fool 持有並推薦 Realty Income。The Motley Fool 有披露政策。</em></p>
</div><p>My Highest Conviction High-Yield Dividend Stock to Buy in December was originally published by The Motley Fool</p>
<div class="lb-trans"><p>我在 12 月推薦的最高信心高收益股最初由 The Motley Fool 發佈。</p>
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我在十二月最有信心購買的高收益股息股票