Before You Buy AGNC, Here's a More Reliable Dividend Stock I'd Buy First
在買 AGNC 之前，我會先買一支更可靠的股息股票

Income investors pay a lot of attention to dividend yield, which makes a fair amount of sense. However, very often, the stocks with the highest yields aren't the best investment choices. That disparity has been on clear display with AGNC Investment (AGNC 2.96%). If you need reliable dividends to help you pay for living expenses, a lower-yielding but steadier dividend payer like Federal Realty (FRT 1.31%) will likely be a better choice.
收益投資者非常關注股息收益率，這是有道理的。然而，很多時候，收益率最高的股票並不是最好的投資選擇。 AGNC Investment（AGNC 2.96%）清楚地反映了這種差異。如果您需要可靠的股息來幫助您支付生活費用，像聯邦房地產（FRT 1.31%）這樣的收益率較低但較穩定的股息支付者可能是更好的選擇。

The number that counts
重要的數字

Since real estate investment trusts (REITs) such as AGNC and Federal Realty must by law pass on to shareholders almost all their taxable income, the perfect place to start a discussion about their investment theses is with their dividends. At its current share price, AGNC has a towering 15% dividend yield. That's a figure that would catch the eye of almost any investor, but considering how much higher it is than the average for the broader market (an S&P 500 index ETF only yields about 1.7% now), it should probably make you question what's going on. If that isn't the first question on your mind when you see a yield that high, you might end up buying a yield trap.
由於 AGNC 和 Federal Realty 等房地產投資信託基金 (REIT) 必須依法將幾乎所有應稅收入轉嫁給股東，因此開始討論其投資主題的最佳場所就是股息。以目前股價計算，AGNC 的股息殖利率高達 15%。這個數字幾乎會吸引所有投資者的眼球，但考慮到它比大盤平均水平高出多少（標準普爾 500 指數 ETF 目前的收益率僅為 1.7% 左右），它可能會讓您質疑到底發生了什麼。如果當您看到如此高的收益率時，這不是您想到的第一個問題，那麼您最終可能會購買收益率陷阱。

AGNC data by YCharts.
AGNC 資料由 YCHARTS 提供。

A yield trap is a stock with a high yield that is unsustainable, and which will eventually fall because the dividend gets cut. During the past decade, AGNC's payouts have, in fact, steadily declined. Investors have reacted by pushing the share price steadily lower, too. But dividend yields and stock prices move in opposite directions. So the yield, despite the dividend cuts, has remained at eye-catching levels as the shares declined. If you had gotten lured into that yield trap, you would have suffered both a decline in the income you collected and a loss of capital. Not many dividend investors would want to sign up for that.
收益率陷阱是一種不可持續的高收益率股票，最終會因為股息被削減而下跌。事實上，在過去十年中，AGNC 的支出一直在穩步下降。投資人的反應也是不斷壓低股價。但股息殖利率和股價走勢相反。因此，儘管股息削減，但隨著股價下跌，殖利率仍保持在引人注目的水平。如果你被引誘進入收益陷阱，你將遭受收入下降和資本損失。沒有多少股息投資者願意簽署這項協議。

One of the important factors here is that AGNC is a mortgage REIT. That means it owns loans, not physical properties. It is a specialized business model that often uses leverage to enhance returns, owns tradable assets such as collateralized mortgage obligations (CMOs) that are often volatile, with valuations that fluctuate with interest rate changes, housing market conditions, and general investor sentiment. Before investing in the mortgage REIT sector, you really need to do a lot of homework.
這裡的重要因素之一是 AGNC 是抵押房地產投資信託基金。這意味著它擁有貸款，而不是實體財產。它是一種專門的商業模式，經常利用槓桿來提高回報，擁有可交易資產，例如抵押貸款抵押債券（CMO），這些資產通常波動較大，估值會隨著利率變化、房地產市場狀況和一般投資者情緒而波動。在投資抵押房地產投資信託行業之前，你確實需要做很多功課。

Collapse 坍塌

NASDAQ: AGNC  納斯達克股票代碼：AGNC

AGNC Investment Corp. AGNC 投資公司

Today's Change 今天的改變

(2.96%) $0.30

Current Price 時價

$10.45

YTD 年初至今1w1m3m 6m

+13.46%

1y 1年5y 5年

Price  價格 VS S&P  VS 標準普爾

AGNC

Key Data Points 關鍵數據點

Market Cap 市值

$8B

Day's Range 日間範圍

$10.15 - $10.53

52wk Range 52週範圍

$6.81 - $10.64

Volume 體積

29,189,895

Avg Vol 平均成交量

11,720,044

Gross Margin 毛利率

100.00%

Dividend Yield 股息率

13.78%

A record that's a record
記錄就是記錄

Things probably will turn out much better for dividend investors if they stick to property-owning REITs with proven track records. On that score, there is none better than Federal Realty. It has increased its dividend annually for 55 consecutive years. Not only is it a highly elite Dividend King, but it also lays claim to the longest streak of annual increases of any public REIT.
如果股息投資者堅持持有擁有良好業績記錄的房地產房地產投資信託基金，情況可能會好得多。在這一點上，沒有比聯邦地產更好的了。它連續55年每年增加股利。它不僅是一個高度精英的股息之王，而且還擁有所有公共房地產投資信託基金中最長的年度成長趨勢。

Think about the past 55 years. That time frame included the coronavirus pandemic, the Great Recession, and the 2000 dot-com bust, just to name some of the more recent periods of financial turmoil. Federal Realty also lived through the OPEC oil embargo, the shocking inflation of the 1970s, and the Black Monday stock market crash of 1987. Through it all, it never missed a beat on the dividend front, which shows an amazing level of consistency.
想想過去的 55 年。該時間範圍包括冠狀病毒大流行、經濟大衰退和 2000 年網路泡沫破滅，僅舉幾個最近的金融動盪時期的例子。聯邦房地產也經歷了歐佩克石油禁運、1970 年代令人震驚的通貨膨脹以及1987 年黑色星期一股市崩盤。性。

A key factor supporting that consistency is the simplicity of its business model, which focuses on location, location, location. Basically, Federal Realty wants to own retail and mixed-use assets in places where tenants want to be located. Although it only owns about 100 properties, the average size of the population in the three miles surrounding its portfolio properties is higher than any of its peers and -- here's the vital stat -- the population in those areas is wealthier. It looks very much like quality beats quantity when it comes to sustaining and increasing a dividend.
支持這種一致性的關鍵因素是其商業模式的簡單性，該模式專注於位置、位置、位置。基本上，聯邦地產希望在租戶想要居住的地方擁有零售和混合用途資產。儘管它只擁有大約 100 處房產，但其投資組合房產周圍三英里的平均人口規模高於任何同行，而且——這是重要的統計數據——這些地區的人口更加富裕。在維持和增加股息方面，看起來很像品質勝過數量。

The portfolio, however, isn't static. Federal Realty likes to buy assets that are well-located but need a little love. That generally leads to assets increasing in value once the REIT makes some upgrades. When there's little more that can be done to improve things, the company will sell those assets if it can get fair prices for them. The proceeds go toward repeating the process. Notably, Federal Realty used the coronavirus pandemic to expand into Arizona, adding a new market to its portfolio. So this is still an approach that is central to the REIT's long-term future. 
然而，投資組合並不是靜態的。聯邦地產喜歡購買位置優越但需要一點關懷的資產。一旦房地產投資信託基金進行一些升級，這通常會導致資產增值。當無法採取更多措施來改善情況時，如果能夠獲得公平的價格，公司將出售這些資產。收益將用於重複這個過程。值得注意的是，聯邦房地產利用冠狀病毒大流行將業務擴展到亞利桑那州，為其投資組合增加了一個新市場。因此，這仍然是房地產投資信託基金長期未來的核心方法。

Know what you own
知道你擁有什麼

AGNC isn't a bad REIT, but it's a mortgage REIT, and that makes it complex and inappropriate for many investors. Its dividend trends should be particularly troubling to you if you are relying on your dividend income to help pay your bills. Far better would be to focus on a simple REIT such as Federal Realty that has proven its mettle over time with an easy-to-understand business approach and a steadily increasing payout. Although at the current share price, the dividend yield on offer from Federal Realty is a comparatively modest 4.7%, the safety it offers is probably worth the yield difference.
AGNC 並不是一個糟糕的房地產投資信託基金，但它是一個抵押貸款房地產投資信託基金，這使得它變得複雜且不適合許多投資者。如果您依靠股息收入來支付帳單，那麼它的股息趨勢應該特別令您不安。更好的做法是專注於簡單的房地產投資信託基金（例如聯邦房地產），隨著時間的推移，它已經通過易於理解的業務方法和穩步增加的支出證明了其實力。儘管以目前的股價計算，聯邦房地產提供的股息收益率相對較低，為 4.7%，但其提供的安全性可能值得收益率差。