The Motley Fool·2026-01-05 11:05分组1: Realty Income - Realty Income is one of the largest equity REITs globally, focusing on acquiring properties and leasing them out under triple-net leases, where tenants cover maintenance, insurance, and taxes [4][5] - The company owns over 15,500 commercial properties, primarily leasing to recession-resistant retailers, with major tenants including 7-Eleven, Dollar General, and Walgreens [5] - Realty Income has maintained an occupancy rate above 96% since its IPO in 1994, with a current rate of 98.7% as of Q3 2025 [7] - The company has raised its dividend 132 times since going public, with a forward dividend rate of $3.22, translating to a yield of 5.6% [7][8] - At a stock price of $57, Realty Income is valued at 13 times its estimated AFFO per share for 2025, making it attractive for income investors as interest rates decline [8] 分组2: Energy Transfer - Energy Transfer operates over 140,000 miles of pipeline across 44 states, providing services for natural gas, LNG, and crude oil [9][10] - The company uses a midstream "toll road" model, generating stable revenues by charging fees to upstream and downstream companies, insulated from price volatility [10] - Energy Transfer's adjusted distributable cash flow increased from $5.74 billion in 2020 to $8.36 billion in 2024, with annual distributions rising from $2.47 billion to $4.39 billion during the same period [13] - Analysts expect Energy Transfer's earnings per unit to rise 4% to $1.34 in 2025, covering a forward distribution rate of $1.33 per share, resulting in a yield of 8% [14] - The stock is currently priced at $17, valued at 13 times its projected earnings per unit for 2025, indicating it remains a strong option for value-oriented income investors [14]