Richard Drury Get ready to drink from the firehose. Lots of data and charts to absorb this week. I hope you'll find it insightful and thought-provoking. Here's the agenda: Disinflation continues and is spreading across the CPI basket, which will open the door to rate cuts and a potentially massive rally in REITs. More signs are showing up that the consumer is weakening. A new stock exchange is coming to Texas in 2026; an ode to the economic strength of Texas. My buy list going into the third week of J ...

文章核心观点 - 构建稳健的退休投资组合需要关注收入可靠性、股息增长和高收益率 [1] 关键股息股票推荐 - Altria (MO) - 美国最大的烟草公司，连续54年支付股息并每年增加，过去十年股息复合年增长率（CAGR）为7%，自由现金流（FCF）增长率为7.9%，股息支付率为74%，目标为80%，股息收益率为8.6% [3] - Realty Income (O) - 房地产投资信托（REIT），自1994年上市以来连续支付647次月度股息，过去十年股息增长率为9.2%，FCF增长率为19%，股息收益率为5.7% [6] - Exxon Mobil (XOM) - 石油和天然气巨头，连续41年增加股息，过去十年股息增长率为3.5%，FCF增长率为11%，股息支付率为44%，股息收益率为3.4% [8] - VICI Properties (VICI) - 赌场REIT，过去五年股息增长率为7.3%，FCF增长率为43%，调整后资金流（AFFO）增长率为8.3%，股息收益率为5.8% [10] - Johnson & Johnson (JNJ) - 制药巨头，面临多项诉讼，过去十年股息增长率为6%，FCF增长率为2.8%，股息支付率为64%，股息收益率为2.8% [12][14] - Agree Realty (ADC) - 专注于轮胎和汽车中心、家居改善零售商和杂货的REIT，过去十年股息增长率为6%，AFFO增长率为5%，股息支付率为76%，股息收益率为4.9% [15] - Schwab U.S. Dividend Equity ETF (SCHD) - 股息ETF，过去13年股息增长率为12%，总回报率为357%，股息收益率为3.4%，管理资产超过540亿美元，费用比率为0.06% [17]

Love Employee/iStock via Getty Images Antibody-drug conjugates (or ADCs) are enjoying a renaissance today, and as one of the leading independent developers of ADCs, Japan’s Daiichi Sankyo (OTCPK:DSKYF)(OTCPK:DSNKY)(4568.T) stands to benefit tremendously in the coming decade as lead drugs like Enhertu and Dato-DXd target $15B or more in annual potential revenue and fund a robust pipeline of next-gen assets that could offer even better efficacy and tolerability data. With celebrated clinical data and majo ...

ROYAL OAK, Mich., June 11, 2024 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced that its Board of Directors has authorized, and the Company has declared, a monthly cash dividend of $0.250 per common share. The monthly dividend reflects an annualized dividend amount of $3.00 per common share, representing a 2.9% increase over the annualized dividend amount of $2.916 per common share from the second quarter of 2023. The dividend is payable July 15, 2024 to stockholders of ...

This high-yield stock is still down 20% or so from its 2022 highs, but its long-term growth opportunity is still intact.Agree Realty (ADC -1.70%) is a large net lease real estate investment trust (REIT) with a 4.9% dividend yield. For reference, that's well above the 1.3% you would get from the S&P 500 index and the 4.1% of the average REIT, using the Vanguard Real Estate Index ETF (VNQ 0.34%) as an industry proxy. There is a good reason for Agree's high yield, but there's also a long-term growth story here ...

If you are trying to find dividend stocks, you'll want to take a closer look at Scotiabank and Agree Realty today.A dividend yield is a simple math equation that divides the annualized dividend by the current stock price. If the price of a stock is falling, the yield has to rise if the dividend hasn't changed.That's what makes Bank of Nova Scotia (BNS -0.78%) and Agree Realty (ADC -1.29%) so interesting. If you are trying to find good high-yield dividend stocks, here's why you'll want to look at these two c ...

文章核心观点 - 6月寻找股息增长股票，阿格瑞房地产、联邦房地产投资信托和普信集团值得深入研究，它们适合青睐高收益和稳定性的投资者 [1] 阿格瑞房地产（Agree Realty） - 作为净租赁房地产投资信托，虽规模不如 Realty Income，但股息增长速度更快 [2] - 过去十年股息增长远超 Realty Income，因其资产组合约2100处房产，比拥有超15400处资产的 Realty Income 更易增长 [3] - 股息收益率达4.8%，高于REIT行业平均的4.3%，且近十年每年都提高股息 [3] 联邦房地产投资信托（Federal Realty） - 专注于拥有购物中心和混合用途开发项目，连续57年每年提高股息，是REIT行业唯一的股息之王 [4][5] - 注重质量而非数量，仅拥有约100处房产，但都是所在地区优质资产，专注高净值和高进入壁垒地区 [5] - 股息收益率约4.3%，与REIT行业平均水平一致，其股息增长连贯性无其他REIT能及 [5] 普信集团（T. Rowe Price） - 股息收益率约4.2%，远高于金融股平均的1.6%，股价较2021年高点下跌近50%，连续38年每年提高股息 [6] - 作为资产管理公司，收益受市场波动和客户资金流入流出影响，但资产负债表无长期债务，有财务缓冲 [6] - 面临ETF蚕食核心共同基金业务问题，但投资者资产粘性高，且公司正提供ETF和另类投资等服务，还在股价低时回购股票 [7] 三家公司特点总结 - 它们是基础性股息增长投资，可搭配高增长低收益股息股票，各自优势不同 [8] - 阿格瑞房地产在REIT安全细分领域能带来比知名股票更多股息增长 [8] - 联邦房地产投资信托超五十年的股息增长记录受追求股息连贯性投资者喜爱 [8] - 普信集团是不受青睐但可靠的股息增长股票，公司回购股份受逆向投资者欣赏 [8]

文章核心观点 - 建议收入型投资者考虑投资净租赁房地产投资信托基金（REITs），并推荐6月可考虑买入的三家净租赁REITs [1] 净租赁REITs介绍 - 净租赁要求租户承担大部分物业运营成本，通常为单一租户，可降低房东成本和风险，但单个物业因租户单一存在风险，可通过大规模投资组合解决 [2] - 净租赁模式适用于多种物业类型，零售物业易买卖和再出租，办公物业升级成本高且难出售，工业物业成功与否受位置影响大 [2][3] 推荐的三家净租赁REITs Realty Income - 市值是其最接近同行W.P. Carey的三倍多，拥有超15400处物业，可抵消单个物业空置风险 [4] - 股票收益率约5.8%，股息连续三十年每年增长，投资组合以零售资产为主，也涉足工业市场和欧洲市场 [5] - 规模大、资产负债表评级为投资级，在资本市场融资有优势，适合偏好行业龙头的投资者 [5] Agree Realty - 市值60亿美元，拥有约2100处物业，专注美国国内净租赁零售领域 [6] - 相比Realty Income，可通过小交易实现增长，能挑选优质资产，过去十年股息增长超70%，高于Realty Income的40% [6][7] - 股息收益率4.9%，低于Realty Income，但股息增长潜力大，吸引投资者 [7] W.P. Carey - 市值约120亿美元，是第二大净租赁REIT，当前收益率约6.1% [8] - 2023年退出办公领域并削减股息，但该决策可能是明智的，目前投资组合涵盖工业、仓库、零售等，也投资欧洲 [8] - 已开始增加股息，但投资组合重置可能到2025年初完成，适合风险承受能力稍高的投资者，若管理层兑现承诺，可能成为有吸引力的转型选择 [9] 总结 - 净租赁REITs领域还有其他选择，这三家公司涵盖关键投资主题，Realty Income适合追求规模和稳定性的投资者，Agree适合偏好股息增长股的投资者，W.P. Carey是转型案例 [10][11]

文章核心观点 - 文章介绍两只支付月度股息且当前估值有吸引力的股票，EPR Properties和Agree Realty，股息收益率在5%至8%以上，适合寻求定期月度收入的投资者 [1][9] EPR Properties相关情况 公司概况 - EPR Properties是专注于体验式物业的净租赁房地产投资信托基金，总投资68亿美元，涵盖44个州的359处物业，体验式投资组合占总物业价值的93%，教育物业占7% [2] 业务表现 - 餐饮娱乐组合中的Top Golf等目的地增长，2024年第一季度EBITDARM增长6%；影院租金覆盖率恢复到2019年水平，整体投资组合租金覆盖率健康，过去12个月为2.2倍 [3] 发展计划 - 管理层预计今年投入2 - 3亿美元用于体验式开发和再开发项目，重申每股调整后基金营运资金（AFFO）指引为4.86美元，较2023年增长3.2% [3] 财务状况 - 净债务与年化EBITDAre比率为5.2倍，债务与总资产比率为49%，总流动性10.6亿美元，覆盖今年到期债务1.37亿美元 [3] 股息情况 - 今年股息提高3.6%，当前股息率8.4%，AFFO派息率75%，股价40.74美元，远期市盈率与FFO比率为8.4，低于历史水平 [3] Agree Realty相关情况 公司概况 - Agree Realty是净租赁房地产投资信托基金，拥有分布在49个州的2161处物业，减少对药店的敞口，增加对折扣零售商的敞口，投资级租户占投资组合基本租金的69% [4] 业务表现 - 2024年第一季度每股AFFO同比增长4.6%，得益于合同租金增长和1.4亿美元的投资活动，收购50处热门零售物业 [5] 资本管理 - 近期物业处置加权平均资本化率为6.2%，收购加权平均资本化率为7.7%，管理层认为今年可进行6亿美元增值收购，且对资产负债表无杠杆影响 [6] 开发项目 - 有建设部门，目前有20个开发项目，仅需3400万美元剩余资金，开发管道、收购和租金增长支持全年每股AFFO增长4.2%的指引 [6] 财务状况 - 净债务与EBITDA比率为4.7倍，固定费用覆盖率为5.0倍，资产负债表在净租赁行业中表现出色 [6] 股息情况 - 股息收益率4.9%，派息率74%，股价61.59美元，远期市盈率与FFO比率为15.1，与历史水平相当 [6] 投资预期 - 考虑到高利率市场压力，短期内不太可能有大幅资本增值，但基于当前股息收益率和中期FFO每股增长预期，长期总回报率有望达到10% [8]

FeverpitchedREITs (VNQ) are today priced at their lowest valuations since the great financial crisis: Principal Asset Management And historically, it has always been a good idea to buy REITs when they were so severely discounted. I don't think that this time will be any different. When you get to buy high-quality real estate at pennies on the dollar, it is hard to mess it up over the long run. But just because REITs are opportunistic does not mean that all of them are worth buying. This is a vast and v ...