3只非常便宜的房地产股票非常适合这一策略

关键是在房地产低迷时购买优质房地产资产，收集收益，直到基础股票复苏，然后转向下一项。

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

布鲁克菲尔德资产管理公司是加拿大顶级资产管理公司之一，在房地产投资组合方面采用了有趣的策略。

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.

它的大部分资产都是您所期望的。它们是位于主要城市市中心的高品质建筑，是无与伦比的位置。毕竟，正如一句老话所说，房地产就是位置、位置、位置。

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.

但该公司还拥有大量所谓的不良房地产。这些资产无论出于何种原因都不被市场所青睐，但仍然拥有稳定的现金流。他们最终通过两种方式赚钱——首先收取租金，然后出售房产以获取利润。

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.

我相信个人投资者可以借用这样的态度来进行自己的投资组合。关键是在房地产低迷时购买优质房地产资产，收集收益，直到基础股票复苏，然后转向下一项。布鲁克菲尔德的目标是通过这一策略实现 15-20% 的年回报率——我认为如果你是一位精明的投资者，这是很有可能的。

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

让我们仔细看看三只非常便宜的房地产股票，它们非常适合这一策略。

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) 在美国拥有创收医疗地产，并在加拿大拥有一些房产。 124 处房产组合包括医疗办公楼、专业护理设施和老年人住房设施。该公司总共拥有价值近 20 亿美元的财产。

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.

该公司不经营任何设施；它们全部出租给承担所有风险的运营公司。这些租赁还内置了租金自动扶梯，确保了收入的稳定增长。管理层还向我们展示了他们是熟练的收购者，自几年前股票首次公开募股以来，他们投入了大量资金。

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 的股价相当便宜，交易价格仅是 2020 年预计运营资金的七倍多一点。该股票的交易价格也恰好在账面价值附近，而大多数同行的交易价格均高于账面价值。也许最重要的是，该公司 11.1% 的股息似乎得到了很好的支付，派息率在 75-80% 范围内。

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 年做了一件不可思议的事，大幅削减了股息。因此，许多投资者都回避该股票，担心派息会再次大幅削减。但一旦我们深入挖掘，就会发现一个有趣的机会。

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.

该公司的投资组合包括 37 栋不同的办公楼，总可出租面积达 710 万平方英尺。该投资组合遍布加拿大各地，并在芝加哥拥有几处房产。 Slate 对房地产采取价值投资方法，承诺以低于重置成本的价格购买不需要的资产。

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.

无论你如何划分，Slate Office 的股票都非常便宜。该公司 2019 年的运营资金每股收益约为 0.76 美元，而该股的交易价格低于每股 6 美元。这使得该股的股价仅为运营资金的 7.8 倍。它的交易价格也比其资产净值低 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.

最后，Slate Office REIT 的新 6.8% 股息相当可持续，派息率约为运营资金的一半。

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) 是另一只非常便宜的房地产股票，其市净率较低。尽管其每股资产净值超过 310 美元，但其每股交易价格略高于 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。首席执行官兼董事长 K Rai Sahi 更喜欢将现金流进行再投资，这为不喜欢缴税的投资者创造了一个相当有吸引力的机会。今天可以买入并耐心长期持有。显然，这个策略对他来说非常有效。仅他在 Morguard 的职位就价值超过 10 亿美元。

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

从运营角度来看，Morguard 的市盈率也很便宜，其交易价格不到 2019 年运营资金的 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.

与其他一些在中期内损害股东价值的上市股票不同，Morguard 的业务持续增长。因此，投资者有两种选择——当他们获得不错的收益时可以转售股票，或者他们可以购买并长期持有这只股票。