WPC 的股息比 Realty Income 更具可持续性：其派息低于 AFFO，仅用 67% 的 AFFO 支付股息，且在连续 37 年增长之后，不断上升的 AFFO 使股息得到充分覆盖且可预测。股价随美国国债收益率上升而回落，但基本面依然非常强劲。
逐段跳播
我们可以给 realty income 7%的等权重配置，它目前的初始收益率为6.11%，提供4277美元的股息，过去几年股息增长略高于3%。
We can give realty income an equal weighting of 7%, which has a current initial yield of 6.11% and offers a dividend yield of $4,277, with dividend growth of just over 3% over the past few years.
现在，有趣的是他们实际上派息并增加股息已经持续了多久。他们连续37年增加年度股息的记录。所以，当我们看股价时，和大多数 REITs 一样，是的，它们已经回落，尤其是在过去几个月，过去一年也有所下跌，这同样是由于那些国债收益率上升。但基本面仍然非常强劲。
Now, the interesting thing is how long they have actually been paying and increasing dividends. They have a record of increasing their annual dividend for 37 consecutive years.
So, when we look at share prices, like most REITs, yes, they have pulled back, especially in the last few months, and have also declined in the last year, again due to the increase in those Treasury yields. But, the fundamentals remain very strong.
事实上，这是一只股息支付可能比 realty income 更具可持续性的 REIT。为什么我这么说？因为他们支付的股息低于其调整后营运现金流（AFFO），这同样是 REIT 最重要的指标，而且它在持续增长。
事实上，他们目前只用了67%的 AFFO 来支付股息。所以，这是一份覆盖得非常好的股息，非常可预测，并且已经连续37年增长。
In fact, this is a writ where dividend payments can be more sustainable than realty income. Why am I saying this? Because they are paying out less dividends than their Adjusted Funds from Operations (AFFO), which, again, is the most important metric for a REIT and it is constantly increasing.
In fact, they are currently using only 67% of their AFFO to pay dividends. So, it's a very well-covered dividend, which is very predictable and has increased for 37 consecutive years.