{"id":443696,"date":"2022-11-16T00:03:56","date_gmt":"2022-11-16T08:03:56","guid":{"rendered":"https:\/\/nai500.com\/?p=443696"},"modified":"2022-11-16T00:03:56","modified_gmt":"2022-11-16T08:03:56","slug":"%e8%82%a1%e6%81%af-%e6%8a%95%e8%b3%87%e8%80%85-%e6%88%bf%e5%9c%b0%e7%94%a2-%e6%8a%95%e8%b3%87-%e4%bf%a1%e6%89%98-%e5%9f%ba%e9%87%91","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2022\/11\/%e8%82%a1%e6%81%af-%e6%8a%95%e8%b3%87%e8%80%85-%e6%88%bf%e5%9c%b0%e7%94%a2-%e6%8a%95%e8%b3%87-%e4%bf%a1%e6%89%98-%e5%9f%ba%e9%87%91\/","title":{"rendered":"\u80a1\u606f\u6295\u8cc7\u8005\uff0c\u9019\u4e9b\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d111\u6708\u503c\u5f97\u95dc\u6ce8"},"content":{"rendered":"

\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1\uff08REITs\uff09\u662f\u516c\u958b\u4ea4\u6613\u7684\u4e0a\u5e02\u516c\u53f8\uff0c\u500b\u4eba\u6295\u8cc7\u8005\u53ef\u4ee5\u8cfc\u8cb7\u623f\u5730\u7522\u6295\u8cc7\u7d44\u5408\u7684\u80a1\u4efd\uff0c\u5f9e\u5404\u7a2e\u623f\u5730\u7522\u4e2d\u7372\u5f97\u6536\u5165\uff0c\u4e5f\u4f7f\u6295\u8cc7\u8005\u80fd\u5920\u8f15\u677e\u5730\u6295\u8cc7\u623f\u5730\u7522\u884c\u696d\uff0c\u5305\u62ec\u90a3\u4e9b\u64c1\u6709\u3001\u958b\u767c\u548c\u7ba1\u7406\u4f4f\u5b85\u3001\u5546\u696d\u548c\u5de5\u696d\u7269\u696d\u7684\u516c\u53f8\u3002\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1\u9084\u6709\u4e00\u9805\u8981\u6c42\uff0c\u5c31\u662f\u81f3\u5c11\u5c07\u5176\u61c9\u7a05\u6536\u5165\u768490%\u4f5c\u70ba\u80a1\u606f\u652f\u4ed8\u3002\u8861\u91cf\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1\u7684\u4e00\u500b\u95dc\u9375\u6307\u6a19\u662f\u4f86\u81ea\u904b\u71df\u7684\u8cc7\u91d1\uff08FFO\uff09\uff0c\u9019\u662f\u8a72\u884c\u696d\u7279\u6709\u7684\u6536\u76ca\u8861\u91cf\u6a19\u51c6\u3002American Tower Corp. (AMT<\/u><\/a>)\u3001Crown Castle International Corp. (CCI<\/u><\/a>)\u548cPrologis Inc. (PLD<\/u><\/a>)\u90fd\u662f\u9019\u500b\u884c\u696d\u7684\u4f7c\u4f7c\u8005\u3002<\/p>\n

\u622a\u81f32022\u5e7410\u670827\u65e5\u7684\u904e\u53bb12\u500b\u6708\uff0c\u4ee5Real Estate Select Sector SPDR ETF (XLRE<\/u><\/a>)\u70ba\u4ee3\u8868\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1\u8868\u73fe\u4e0d\u53ca\u5927\u76e4\u3002XLRE\u904e\u53bb\u4e00\u5e74\u7684\u7e3d\u56de\u5831\u7387\u70ba-22.2%\uff0cRussell 1000 ETF\u6307\u6578\u540c\u671f\u7684\u7e3d\u56de\u5831\u7387\u70ba-16.7%\u3002<\/p>\n

\u5373\u4fbf\u5982\u6b64\uff0c\u4e0b\u9762\u9019\u4e9b\u904e\u53bb12\u500b\u6708\u6700\u6709\u50f9\u503c\u3001\u589e\u9577\u6700\u5feb\u4ee5\u53ca\u6700\u5177\u4e0a\u6f32\u52e2\u982d\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1(REITs)\uff0c\u6295\u8cc7\u8005\u4ecd\u53ef\u4ee5\u572811\u6708\u91cd\u9ede\u95dc\u6ce8\uff0c\u5c24\u5176\u662f\u80a1\u606f\u6295\u8cc7\u8005\u3002<\/p>\n

\u6700\u5177\u50f9\u503c\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1<\/b><\/strong><\/h2>\n

\u4ee5\u4e0b\u662f12\u500b\u6708\u8ffd\u8e64\u5e02\u76c8\u7387\uff08P\/E\uff09\u6700\u4f4e\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1(REITs)\u3002\u56e0\u70ba\u5229\u6f64\u53ef\u4ee5\u901a\u904e\u5206\u7d05\u548c\u56de\u8cfc\u7684\u5f62\u5f0f\u8fd4\u9084\u7d66\u80a1\u6771\uff0c\u4f4e\u5e02\u76c8\u7387\u8868\u660e\u6295\u8cc7\u8005\u70ba\u6bcf\u4e00\u7f8e\u5143\u7684\u5229\u6f64\u6240\u652f\u4ed8\u7684\u8cbb\u7528\u8f03\u5c11\u3002<\/p>\n\n\n\n\n\n\n\n
\u6700\u5177\u50f9\u503c\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1<\/b><\/strong><\/td>\n<\/tr>\n
<\/td>\n\u80a1\u50f9\u00a0($)<\/td>\n\u5e02\u503c\u00a0($10\u5104)<\/td>\n12\u500b\u6708\u8ffd\u8e64\u5e02\u76c8\u7387<\/td>\n<\/tr>\n
Annaly Capital Management Inc. (NLY)<\/td>\n18.11<\/td>\n8.5<\/td>\n2.3<\/td>\n<\/tr>\n
Rithm Capital Corp. (RITM)<\/td>\n8.10<\/td>\n3.8<\/td>\n4.1<\/td>\n<\/tr>\n
Medical Properties Trust Inc. (MPW)<\/td>\n11.68<\/td>\n7.0<\/td>\n5.8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u4f86\u6e90\uff1a<\/sup>YCharts<\/sup><\/u><\/p>\n

    \n
  • Annaly Capital Management Inc.:\u00a0<\/strong>Annaly Capital\u6295\u8cc7\u65bc\u623f\u5730\u7522\u548c\u76f8\u95dc\u8cc7\u7522\uff0c\u5305\u62ec\u6a5f\u69cb\u62b5\u62bc\u8cb8\u6b3e\u652f\u6301\u8b49\u5238\uff08MBS\uff09\uff0c\u4f4f\u5b85\u548c\u5546\u696d\u623f\u5730\u7522\uff0c\u4ee5\u53ca\u4e2d\u9593\u5e02\u5834\u8cb8\u6b3e\u3002\u8a72\u516c\u53f810\u670826\u65e5\u767c\u5e03\u4e862022\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8ca1\u5831\uff0c\u6de8\u5229\u6f64\u589e\u95771%\u3002<\/li>\n
  • Rithm Capital Corp.:\u00a0<\/strong>Rithm Capital\u7684\u524d\u8eab\u662fNew Residential Investment Corp.\uff0c\u662f\u4e00\u5bb6\u6295\u8cc7\u65bc\u4f4f\u5b85\u623f\u5c4b\u9818\u57df\u7684\u516c\u5171\u623f\u5730\u7522\u4fe1\u6258\u57fa\u91d1\u3002\u8a72\u516c\u53f8\u7684\u6295\u8cc7\u7d44\u5408\u5305\u62ec\u8207\u62b5\u62bc\u8cb8\u6b3e\u670d\u52d9\u6709\u95dc\u7684\u8cc7\u7522\u3001\u4f4f\u5b85\u8cb8\u6b3e\u3001\u975e\u6a5f\u69cb\u8b49\u5238\u548c\u985e\u4f3c\u6295\u8cc7\u30029\u670822\u65e5\uff0cRithm Capital\u5ba3\u5e03\u7d93\u8463\u4e8b\u6703\u6279\u51c6\uff0c\u5b63\u5ea6\u80a1\u606f\u70ba\u6bcf\u80a125\u7f8e\u5143\u3002\u80a1\u606f\u5c07\u65bc10\u670828\u65e5\u652f\u4ed8\u7d66\u622a\u6b6210\u67084\u65e5\u5728\u518a\u7684\u80a1\u6771\u3002<\/li>\n
  • Medical Properties Trust Inc.:\u00a0<\/strong>Medical Properties Trust\u662f\u4e00\u5bb6\u6295\u8cc7\u3001\u64c1\u6709\u548c\u79df\u8cc3\u91ab\u7642\u548c\u4fdd\u5065\u7269\u696d\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1\uff0c\u9084\u63d0\u4f9b\u62b5\u62bc\u8cb8\u6b3e\u3002<\/li>\n<\/ul>\n

    \u589e\u9577\u6700\u5feb\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1<\/b><\/strong><\/h2>\n

    \u4ee5\u4e0b\u662f\u6839\u64da\u4e00\u500b\u589e\u9577\u6a21\u578b\u6392\u540d\u9078\u51fa\u7684\u6700\u597d\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1\uff0c\u8a72\u6a21\u578b\u6839\u64da\u516c\u53f8\u6700\u8fd1\u4e00\u500b\u5b63\u5ea6\u7684\u767e\u5206\u6bd4\u6536\u5165\u540c\u6bd4\u589e\u9577\u548c\u6700\u8fd1\u4e00\u500b\u5b63\u5ea6\u7684\u5e74\u540c\u6bd4\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\u589e\u9577\uff0c\u4ee550\/50\u7684\u6b0a\u91cd\u9032\u884c\u8a55\u5206\u3002\u92b7\u552e\u548c\u76c8\u5229\u90fd\u662f\u516c\u53f8\u6210\u529f\u7684\u95dc\u9375\u56e0\u7d20\u3002\u56e0\u6b64\uff0c\u53ea\u7528\u4e00\u500b\u589e\u9577\u6307\u6a19\u5c0d\u516c\u53f8\u9032\u884c\u6392\u540d\uff0c\u4f7f\u6392\u540d\u5bb9\u6613\u53d7\u5230\u8a72\u5b63\u5ea6\u7684\u6703\u8a08\u7570\u5e38\u60c5\u6cc1\uff08\u5982\u7a05\u6cd5\u7684\u8b8a\u5316\u6216\u91cd\u7d44\u6210\u672c\uff09\u7684\u5f71\u97ff\uff0c\u53ef\u80fd\u4f7f\u4e00\u500b\u6216\u53e6\u4e00\u500b\u6578\u5b57\u4e0d\u80fd\u4ee3\u8868\u4f01\u696d\u7684\u7e3d\u9ad4\u60c5\u6cc1\u3002\u5b63\u5ea6EPS\u6216\u6536\u5165\u589e\u9577\u8d85\u904e2500%\u7684\u516c\u53f8\u88ab\u4f5c\u70ba\u7570\u5e38\u503c\u6392\u9664\u5728\u5916\u3002<\/p>\n\n\n\n\n\n\n\n
    \u589e\u9577\u6700\u5feb\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1<\/b><\/strong><\/td>\n<\/tr>\n
    <\/td>\n\u80a1\u50f9\u00a0($)<\/td>\n\u5e02\u503c\u00a0($10\u5104)<\/td>\nEPS\u589e\u9577\u00a0(%)<\/td>\n\u6536\u5165\u589e\u9577\u00a0(%)<\/td>\n<\/tr>\n
    Realty Income Corp. (O)<\/td>\n61.14<\/td>\n37.8<\/td>\n12.1<\/td>\n74.9<\/td>\n<\/tr>\n
    The Howard Hughes Corp. (HHC)<\/td>\n59.76<\/td>\n3.0<\/td>\n366.7<\/td>\n30.2<\/td>\n<\/tr>\n
    Starwood Property Trust Inc. (STWD)<\/td>\n20.21<\/td>\n6.2<\/td>\n67.5<\/td>\n11.9<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \u4f86\u6e90\uff1a<\/sup>YCharts<\/sup><\/u><\/p>\n

      \n
    • Realty Income Corp.:\u00a0<\/strong>Realty Income\u662f\u4e00\u652f\u64c1\u6709\u548c\u7ba1\u7406\u7f8e\u570b\u548c\u6b50\u6d32\u5546\u696d\u7269\u696d\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1\uff0c\u5176\u6708\u5ea6\u80a1\u606f\u662f\u7531\u6839\u64da\u9577\u671f\u5354\u8b70\u64c1\u6709\u768411,400\u591a\u8655\u5546\u696d\u623f\u5730\u7522\u7684\u73fe\u91d1\u6d41\u63d0\u4f9b\u7684\u3002\u8a72\u516c\u53f8\u57288\u67083\u65e5\u516c\u5e03\u4e86\u622a\u81f36\u670830\u65e5\u7684\u5b63\u5ea6\u696d\u7e3e\uff0c\u7531\u65bc\u6536\u5165\u589e\u52a0\uff0c\u6b78\u5c6c\u65bc\u666e\u901a\u80a1\u80a1\u6771\u7684\u6de8\u6536\u5165\u540c\u6bd4\u589e\u9577\u4e863%\u3002<\/li>\n
    • The Howard Hughes Corp.:\u00a0<\/strong>The Howard Hughes Corp.\u662f\u4e00\u652f\u64c1\u6709\u3001\u7ba1\u7406\u548c\u958b\u767c\u7f8e\u570b\u5404\u5730\u5546\u696d\u3001\u4f4f\u5b85\u548c\u7d9c\u5408\u623f\u5730\u7522\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1\uff0c\u5c08\u6ce8\u65bc\u7d10\u7d04\u5dde\u3001\u99ac\u88cf\u862d\u5dde\u3001\u5fb7\u514b\u85a9\u65af\u5dde\u3001\u5167\u83ef\u9054\u5dde\u548c\u5176\u4ed6\u5730\u5340\u7684\u7e3d\u9ad4\u898f\u5283\u793e\u5340\u3002<\/li>\n
    • Starwood Property Trust Inc.:\u00a0<\/strong>Starwood Property Trust\u662f\u4e00\u5bb6\u63d0\u4f9b\u623f\u5730\u7522\u548c\u57fa\u790e\u8a2d\u65bd\u8cb8\u6b3e\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1\uff0c\u7ba1\u7406\uff08MBS\uff09\u548c\u57fa\u790e\u8a2d\u65bd\u50b5\u52d9\u6295\u8cc7\uff0c\u9084\u6536\u8cfc\u5546\u696d\u623f\u5730\u7522\u7269\u696d\u30029\u670816\u65e5\uff0c\u8a72\u516c\u53f8\u5ba3\u5e032022\u5e74\u7b2c\u4e09\u5b63\u5ea6\u7684\u80a1\u606f\u70ba\u6bcf\u80a148\u7f8e\u5143\u3002\u80a1\u606f\u65bc10\u670814\u65e5\u652f\u4ed8\u7d66\u622a\u6b629\u670830\u65e5\u5728\u518a\u7684\u80a1\u6771\u3002<\/li>\n<\/ul>\n

      \u6f32\u52e2\u6700\u597d\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1<\/b><\/strong><\/h2>\n

      \u4ee5\u4e0b\u662f\u904e\u53bb12\u500b\u6708\u4e2d\u7e3d\u56de\u5831\u7387\u6700\u9ad8\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1\u3002<\/p>\n\n\n\n\n\n\n\n\n\n
      \u6f32\u52e2\u6700\u597d\u7684\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1<\/b><\/strong><\/td>\n<\/tr>\n
      <\/td>\n\u80a1\u50f9\u00a0($)<\/td>\n\u5e02\u503c\u00a0($10\u5104)<\/td>\n12\u500b\u6708\u8ffd\u8e64\u7e3d\u56de\u5831\u7387\u00a0(%)<\/td>\n<\/tr>\n
      Omega Healthcare Investors Inc. (OHI)<\/td>\n31.87<\/td>\n7.5<\/td>\n16.9<\/td>\n<\/tr>\n
      Iron Mountain Inc. (IRM)<\/td>\n49.88<\/td>\n14.5<\/td>\n14.8<\/td>\n<\/tr>\n
      Host Hotels & Resorts Inc. (HST)<\/td>\n18.51<\/td>\n13.2<\/td>\n12.0<\/td>\n<\/tr>\n
      Russell 1000<\/td>\nN\/A<\/td>\nN\/A<\/td>\n-16.7<\/td>\n<\/tr>\n
      Real Estate Select Sector SPDR Fund (XLRE)<\/td>\nN\/A<\/td>\nN\/A<\/td>\n-22.2<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      \u4f86\u6e90\uff1a<\/sup>YCharts<\/sup><\/u><\/p>\n

        \n
      • Omega Healthcare Investors Inc.:\u00a0<\/strong>Omega Healthcare\u662f\u4e00\u5bb6\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1\u3002\u8a72\u516c\u53f8\u6295\u8cc7\u65bc\u9577\u671f\u91ab\u7642\u4fdd\u5065\u884c\u696d\uff0c\u5982\u8f14\u52a9\u751f\u6d3b\u3001\u5c08\u696d\u8b77\u7406\u548c\u5eb7\u8907\u8a2d\u65bd\u3002<\/li>\n
      • Iron Mountain Inc.:\u00a0<\/strong>Iron Mountain\u5c08\u6ce8\u65bc\u4fe1\u606f\u7ba1\u7406\u548c\u5b58\u5132\uff0c\u63d0\u4f9b\u6578\u64da\u4e2d\u5fc3\u3001\u5b89\u5168\u8a18\u9304\u5b58\u5132\u3001\u85dd\u8853\u54c1\u5b58\u5132\u548c\u985e\u4f3c\u670d\u52d9\u3002<\/li>\n
      • Host Hotels & Resorts Inc.:\u00a0<\/strong>Host Hotels & Resorts\u662f\u4e00\u652f\u4f4f\u5bbf\u696d\u623f\u5730\u7522\u6295\u8cc7\u4fe1\u6258\u57fa\u91d1\uff0c\u64c1\u670980\u5bb6\u8c6a\u83ef\u548c\u9ad8\u6a94\u9152\u5e97\uff0c\u5728\u5df4\u897f\u548c\u52a0\u62ff\u5927\u64c1\u6709\u4e94\u8655\u7269\u696d\uff0c\u8207\u5e0c\u723e\u9813\u3001\u842c\u8c6a\u548c\u9e97\u601d\u5361\u723e\u9813\u7b49\u54c1\u724c\u5408\u4f5c\u30028\u67083\u65e5\uff0c\u8a72\u516c\u53f8\u516c\u5e03\u4e86\u622a\u81f32022\u5e746\u670830\u65e5\u7684\u7b2c\u4e8c\u5b63\u5ea6\u6536\u76ca\uff0c\u6de8\u6536\u5165\u5f9e2021\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u7684\u6de8\u8667\u640d6100\u842c\u7f8e\u5143\u98c6\u5347\u81f36\u5104\u7f8e\u5143\uff0c\u6536\u5165\u589e\u9577112.8%\u3002\u63a8\u52d5\u696d\u7e3e\u589e\u9577\u7684\u539f\u56e0\u662f\u623f\u50f9\u548c\u5165\u4f4f\u7387\u5728\u672c\u5b63\u5ea6\u7e7c\u7e8c\u4fdd\u6301\u5f37\u52c1\u3002<\/li>\n<\/ul>\n

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