尽管五年股价下跌 20%，Realty Income 仍具吸引力，这并未反映基本面疲弱：每股 AFFO 持续增长，且预计将继续增长，从而支撑股息。其估值处于历史最低区间之一，收益率约 5.95%，且大幅跑赢标普 500，波动率不到后者的一半。
逐段跳播
这样，投资组合的收益率将达到约6.35%，加权5年股息增长率将超过4%。现在，如果我们看过去一年的股价，并不太令人印象深刻。实际上，人们对过去5年股价下跌20%有很多抱怨。
So, this would bring the portfolio's yield to around 6.35% and the weighted 5-year dividend growth rate to above 4%. Now, if we look at the share price over the past year, it's not very impressive.
In reality, people have many complaints about the 20% decline in stock prices in the last 5 years.
然而，我们需要理解一些基本的东西。再次，正如我之前所说，股价下跌的原因并不是公司基本面疲软。事实上，公司持续增长其每股调整后营运资金（AFFO），这是 REITs 的一个关键指标。
However, we need to understand some basic things. Again, as I said before, the reason for the share price decline is not the company's fundamental weakness. In fact, the company continued to grow its Adjusted Funds from Operations (AFFO) per share, which is a key indicator for REITs.
在此期间，正如我提到的，Realty Income 每年都在持续增加其每股调整后营运资金。预计他们未来也将以良好的速度保持这一点。记住，这正是支付股息所依据的指标。所以，如果它增加，那么股息也会同时增加。
During this period, as I mentioned, Realty Income continued to increase their adjusted funds from operations per share each year. They are expected to maintain this at a good rate in the future as well.
And remember, this is the index on which dividends are paid. So, if it increases, then the dividend also increases at the same time.
此外，如果每股调整后营运资金增加，而股价同时下跌，这意味着什么？这意味着我们能够以更具吸引力的估值进行投资。而 realty income 目前的交易估值是过去5年中最低的之一。
所以自然，这也是他们能以如此高且有吸引力的收益率交易的原因之一。
Additionally, if adjusted funds from operations per share increases and the share price decreases at the same time, what does this mean? This means we are able to invest at more attractive valuations.
And realty income is currently trading at one of the lowest valuations in the last 5 years. So naturally, this is one of the reasons why they are trading at such high and attractive yields.
尽管股价一直停滞不前，他们却持续增加股息。有趣的是，从历史上看，real estate income 至少自其公开上市以来，表现远远超过标普500指数。这固然令人印象深刻，但更令人印象深刻的是，他们实现这一点时的波动率还不到市场的一半。
They have continued to increase their dividends even though the share price has remained stagnant. And the interesting thing is, historically real estate income, at least since it became publicly traded, has far outperformed the S&P 500.
While this is certainly impressive, what's even more impressive is that they achieved this with less than half the volatility of the market.
高质量 REITs 的好处在于，它们的现金流非常可预测，这自然直接转化为不断增加的股息支付。它们的整体投资组合出租率约为99%，并且拥有非常强劲的投资级信用评级。这些正是我们在向投资组合添加新投资时所寻找的品质。
The good thing about high-quality REITs is that their cash flows are very predictable, which naturally translates directly into increasing dividend payments. Their total portfolio occupancy rate is approximately 99% and they have a very strong investment-grade credit rating.
These are exactly the kinds of qualities we look for when adding new investments to our portfolio.
例如，如果我们从房地产开始，有一个名字相当受欢迎，而且是有原因的，那就是 realty income。我们可以将投资组合的约7%配置给它，目前 realty income 的收益率约为5.95%，略低于6%，而历史上他们的股息增长率约为3.5%。
For example, if we start with real estate, there is one name that is quite popular and for a reason, and that is realty income. We can allocate about 7% of the portfolio, and currently the realty income yield is about 5.95%, just under 6%, and historically they have grown dividends at about 3.5%.
这个频道对 $O 的历次判断
Dividendology 在这只股票上共 4 条判断，这里只列相邻的几条。