3隻非常便宜的房地產股票非常適合這個策略

關鍵是在房地產低迷時購買優質房地產資產，收集收益，直到基礎股票復甦，然後轉向下一項。

Brookfield Asset Management, one of Canada’s top asset managers, employs an interesting strategy when it comes to its real estate portfolio.

布魯克菲爾德資產管理公司是加拿大頂級資產管理公司之一，在房地產投資組合方面採用了有趣的策略。

The majority of its assets are what you’d expect. They’re high-quality buildings located in the downtown core of major cities — the kind of locations that can’t be beat. After all, as the old mantra goes, real estate is all about location, location, location.

它的大部分資產都是您所期望的。它們是位於主要城市市中心的高品質建築，是無與倫比的位置。畢竟，正如一句老話所說，房地產就是地點、地點、地點。

But the company also owns a significant amount of what it calls distressed real estate. These are assets that the market doesn’t love for whatever reason, but still have solid cash flows. They end up making money two ways — first collecting the rent and then selling the property for a profit later.

但該公司也擁有大量所謂的不良房地產。這些資產無論出於何種原因都不被市場所青睞，但仍擁有穩定的現金流。他們最終透過兩種方式賺錢——首先收取租金，然後出售房產以獲取利潤。

I believe individual investors can borrow such an attitude for their own portfolio. The key is to buy good real estate assets when they’re depressed, collect the yield until the underlying stock recovers, and then move onto the next one. Brookfield targets a 15-20% annual return with this strategy — something I think is very possible if you’re a savvy investor.

我相信個人投資者可以藉用這樣的態度來進行自己的投資組合。關鍵是在房地產低迷時購買優質房地產資產，收集收益，直到基礎股票復甦，然後轉向下一項。布魯克菲爾德的目標是透過這項策略實現 15-20% 的年回報率——我認為如果你是一位精明的投資者，這是很有可能的。

Let’s take a closer look at three dirt-cheap real estate stocks that would fit this strategy nicely.

讓我們仔細看看三隻非常便宜的房地產股票，它們非常適合這個策略。

Invesque (TSX:IVQ) owns income-producing medical real estate in the United States, with a few properties in Canada. The 124-property portfolio includes medical office buildings, skilled nursing facilities, and seniors housing facilities. In total, the company owns close to US$2 billion worth of property.

Invesque (TSX:IVQ) 在美國擁有創收醫療地產，並在加拿大擁有一些房產。 124 處房產組合包括醫療辦公大樓、專業照護設施和老年人住房設施。該公司總共擁有價值近 20 億美元的財產。

The company doesn’t operate any of its facilities; they’re all leased out to operating companies that take all that risk. These leases also have rent escalators built in, which ensures steady top-line growth. Management have also shown us they’re skillful acquirers, putting a significant amount of capital to work since the stock’s IPO just a few years ago.

該公司不經營任何設施；它們全部出租給承擔所有風險的營運公司。這些租賃還內建了租金自動扶梯，確保了收入的穩定成長。管理層也向我們展示了他們是熟練的收購者，自幾年前股票首次公開募股以來，他們投入了大量資金。

Invesque shares are quite cheap, trading at just over seven times 2020’s projected funds from operations. The stock also trades right around book value, while most of its peers trade for a premium to book. And, perhaps most importantly, the company’s 11.1% dividend appears to be well covered, with a payout ratio in the 75-80% range.

Invesque 的股價相當便宜，交易價格僅是 2020 年預計營運資金的七倍多一點。該股票的交易價格也恰好在帳面價值附近，而大多數同業的交易價格均高於帳面價值。也許最重要的是，該公司 11.1% 的股息似乎得到了很好的支付，股息率在 75-80% 範圍內。

Slate Office REIT (TSX:SOT.UN) did the unthinkable in 2019 and slashed its dividend. Because of this, many investors are avoiding the stock, afraid the payout will be slashed again. But once we dig a little deeper, an interesting opportunity emerges.

Slate Office REIT (TSX:SOT.UN) 在 2019 年做了一件不可思議的事，大幅削減了股息。因此，許多投資者都迴避該股票，擔心派息會再次大幅削減。但一旦我們深入挖掘，就會發現一個有趣的機會。

The company’s portfolio consists of 37 different office buildings, spanning 7.1 million square feet of gross leasable area. The portfolio is spread out across Canada, and it owns a couple of properties in Chicago. Slate takes a value investing approach to real estate, pledging to buy unwanted assets for less than their replacement costs.

該公司的投資組合包括 37 棟不同的辦公大樓，總可出租面積達 710 萬平方英尺。該投資組合遍布加拿大各地，並在芝加哥擁有幾處房產。 Slate 對房地產採取價值投資方法，承諾以低於重置成本的價格購買不需要的資產。

No matter how you slice it, Slate Office shares are really cheap. The firm will earn approximately $0.76 per share in funds from operations in 2019, while the stock trades below $6 per share. That puts the stock at just 7.8 times funds from operations. It also trades at 35% below its net asset value.

無論你如何劃分，Slate Office 的股票都非常便宜。該公司 2019 年的營運資金每股收益約為 0.76 美元，而該股的交易價格低於每股 6 美元。這使得該股的股價僅為營運資金的 7.8 倍。它的交易價格也比其資產淨值低 35%。

Finally, Slate Office REIT’s new 6.8% dividend is quite sustainable, checking in with a payout ratio of about half funds from operations.

最後，Slate Office REIT 的新 6.8% 股息相當可持續，股息率約為營運資金的一半。

Morguard (TSX:MRC) is another dirt-cheap real estate stock that trades at a low price-to-book value ratio. It trades for just over $200 per share, despite having a net asset value of more than $310 per share.

Morguard (TSX:MRC) 是另一隻非常便宜的房地產股票，其市淨率較低。儘管其每股資產淨值超過 310 美元，但其每股交易價格略高於 200 美元。

One of the reasons for this is because Morguard doesn’t pay out a dividend. CEO and Chairman K Rai Sahi prefers to reinvest the cash flow, creating a pretty compelling opportunity for investors who don’t like to pay any taxes. You can buy today and patiently hold for a long time. The strategy is obviously working pretty well for him; his position in Morguard alone is worth well over $1 billion.

原因之一是 Morguard 不支付股息。執行長兼董事長 K Rai Sahi 更喜歡將現金流進行再投資，這為不喜歡繳稅的投資者創造了一個相當有吸引力的機會。今天可以買入並耐心長期持有。顯然，這個策略對他來說非常有效。光是他在 Morguard 的職位價值就遠遠超過 10 億美元。

Morguard is also cheap on a price-to-funds from operations perspective, trading at under 10 times 2019’s funds from operations.

從營運角度來看，Morguard 的本益比也很便宜，其交易價格不到 2019 年營運資金的 10 倍。

Unlike some of the other stocks listed, which have destroyed shareholder value over the medium term, Morguard has consistently grown the business. So, investors have two options — they can flip shares when they get a nice gain, or they can buy and hold this one for a long time.

與其他一些在中期內損害股東價值的上市股票不同，Morguard 的業務持續成長。因此，投資者有兩種選擇——當他們獲得不錯的收益時可以轉售股票，或者他們可以購買並長期持有這隻股票。