IIPR优先股因高收益率和强劲的覆盖倍数而具有吸引力；IIPR普通股则因现金流不足以支撑股息而存在风险。
逐段跳播
本月榜单的第一只股票是“Innovative Industrial Properties”。然而，上榜的并不是普通股。
The first stock to enter this month's list is " Innovative Industrial Properties". However, it wasn't the ordinary stock that made the list.
这确实是一只优秀的股票。这是一只我一直密切关注的股票。我们今年新增的标的之一是Innovative Industrial Properties的优先股，当时我们开始看到它跌至22至23美元的价格区间。
It is indeed an excellent stock. This is a stock I've been watching closely. One of the additions we made this year was the preferred stock of Innovative Industrial Properties when we started to see it drop to a price range of $22 to $23.
在该区间内，我们可以看到这只优先股的初始回报率超过10%。我们在其收益率约为10.02%时加仓。是的，我们已经建立了10%的回报，并且自那以来股价出现了非常强劲的上涨。
Within that range, we can see that the initial return for this premium stock was over 10%. We added it when its yield was around 10.02%. Yes, we have established a 10% return and have seen a very strong rise in the share price since then .
所以，让我们先退一步，谈谈这个房地产投资信托基金（REIT）是什么。为什么要买优先股？为什么它仍然代表一个潜在的机会？这是一个专业化的房地产投资基金，拥有用于农业和加工的设施。
So, let's take a step back for a moment and talk about what this Real Estate Investment Trust (REIT) is. Why buy preferred stocks? And why does it still represent a potential opportunity ?
Well, this is a specialized real estate investment fund that owns facilities for agriculture and processing.
有趣的是，普通股实际上提供了非常高的回报。这就是我们现在看到的普通股箭头。你可以看到，未来的收益率约为13.59%。
What is interesting is that ordinary stocks actually offer a very high return. This is the ordinary arrow we are looking at now. You can see that the future yield is approximately 13.59%.
然而，这里有一个潜在的问题。我们可以看到估值；是的，它看起来很有趣，因为调整后的AFFO价格与资金倍数仅为7.8。然而，我们也可以看到，调整后的每股运营现金流目前并不覆盖现金分派。
它在2025年没有覆盖分派。预计在2026年也不会覆盖。它在2027年开始接近覆盖。所以，突然之间，这无疑成了一个警示信号。我们已经看到该公司产生的调整后运营现金流下降，而且它目前并不覆盖股息支付。
However, here's a potential problem. We can see the valuation; yes, it looks interesting , as the adjusted AFFO price-to-money multiple is only 7.8. However, we can also see that adjusted cash flow from per-share operations does not currently cover cash distributions.
It was not covering the distributions in 2025. It is not expected to cover them in 2026. It starts to approach coverage in 2027. So, suddenly this has undoubtedly become a warning sign.
We have seen a decrease in adjusted cash flow from the operations produced by this company, and it does not currently cover dividend payouts.
然而，优先股的情况并非如此。优先股目前的收益率约为9%。现在，优先股也有一些优势。通常，你当然不会看到很多波动性，但请记住，也不会有太多向上移动的机会。优先股在股息分配和清算时也享有优先权。
However, this is not the case for the preferred stock. Preferred shares currently yield a return of approximately 9%. Now, there are also some advantages to preferred stocks. Typically, you certainly won't see a lot of volatility, but keep in mind that there aren't many opportunities for upward movement either.
Preferred shares also receive priority in dividend distributions and in the event of liquidation.
但以下几点正是当前优先股比普通股更具吸引力的原因。那就是当我们从风险回报比的角度来审视这两个机会时。
But here's what makes premium stock far more attractive than regular stock right now. It is when we look at these two opportunities from the perspective of the risk- to-reward ratio.
IIPR 在上季度末的净债务与调整后 EBITDA 之比仅为 1.7 倍，对于一只房地产基金而言，这是一个非常合理的杠杆率。
IIPR ended the last quarter with a net debt to adjusted EBITDA ratio of just 1.7 times, a very reasonable leverage ratio for a real estate fund.
不过，我们也可以看到，优先股股息由约 16.6 倍的年度运营调整后资金覆盖。因此，这与普通股有着根本性的差异，后者实际上很难通过运营产生的调整后现金流来覆盖其成本。事实是，优先股股息得到了非常好的覆盖，而且尽管杠杆更低，其覆盖程度仍远强于同类。
However, we can also see that the premium dividends are covered by approximately 16.6 times adjusted funds from annual operations. So, this is a radical difference from ordinary stock, which really struggles to cover its costs through adjusted cash flow from operations.
The truth is that preferred dividends are very well covered , and this coverage is much stronger than their counterparts despite having less leverage.
该板块显然存在一些与租户相关的问题，但这类股息覆盖已足以弥补这些问题而有余。现在请记住，这只备受青睐的股票可按 25 美元赎回。这是许多优先股的特性，但我们必须记住，如果管理层准备在不久的将来赎回该证券，那么公司同时维持一个允许其发行更多同类型优先股的活跃机制就会很不寻常。
因此，从我个人的角度来看，这使得赎回的可能性看起来要小得多，这对我们这些希望获取高回报的人来说是个好消息。
There are clearly some tenant-related problems in this sector, but these are more than compensated for by this type of dividend coverage . Now, keep in mind that this favorite stock is callable at $25.
This is the nature of many preferred shares, but we must remember that if management is preparing to redeem the security in the near future, it would be unusual for the company to simultaneously maintain an active mechanism that allows it to issue more shares of the same preferred type.
So, from my personal point of view, this makes a payback seem much less likely, which is good news for those of us looking to collect a high return.
当然，代价是每增加一份优先股都会增加 IIPR 的固定股息义务。所以，请记住这一点。
Of course, the trade-off is that each additional preferred share increases the IIPR's fixed dividend obligations. So , keep that in mind.
所以，这是一只收益率为 10% 的股票，它一直是 Dividendology 高收益投资组合中的大赢家。
So, this is a 10% yield stock and it has been a big winner in Dividendology's high-yield portfolio.
这个频道对 $IIPR 的历次判断
Dividendology 在这只股票上只有这一条判断。