Financial Data and Key Metrics Changes - The company has maintained a consistent dividend payout ratio of about 60%, supported by strong financial discipline and a solid balance sheet, indicating a secure dividend growth strategy [17] - The company has paid dividends continuously since 1952 and has increased them for over 30 consecutive years, reflecting a commitment to shareholder returns [17] Business Line Data and Key Metrics Changes - New Jersey Natural Gas remains the largest business and foundation of the company, with growth supported by complementary non-utility businesses that leverage market expertise and operational flexibility [18][19] - The company’s solar and midstream businesses are expected to play a significant role in long-term strategy, with a projected increase in service capacity by over 50% in the next two years for CEV and more than double the NFE for storage and transport [19] Market Data and Key Metrics Changes - Natural gas is highlighted as the most affordable energy source, being four times cheaper than electricity and nearly 30% less expensive than national averages for residential customers in New Jersey [15] - Increased demand for energy is noted, particularly due to colder weather, which is expected to lead to higher consumption and bills, although the company has programs to mitigate these costs for customers [15][16] Company Strategy and Development Direction - The company’s growth strategy is focused on providing affordable and reliable energy while addressing infrastructure needs and clean energy solutions [18] - The management emphasizes the importance of balancing shareholder returns with reinvestment for growth, which is fundamental to the company's long-term strategy [17] Management Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by increased demand and colder weather but expresses confidence in the company’s ability to support economic growth and customer needs through new supply initiatives [15][16] - The company is well-positioned to capitalize on growth opportunities in the energy market, particularly in clean energy solutions and infrastructure [18][19] Other Important Information - The company recognized the contributions of retiring board chair Don Correll and welcomed new directors Amy Mansue and Bill Yardley, indicating a focus on strong leadership and governance [9][10] Q&A Session Summary Question: How are you managing energy costs for your customers? - Management highlighted that natural gas is the most affordable heating option and mentioned energy efficiency programs that can reduce bills by up to 30% for participating customers [15][16] Question: Is NJR's dividend growth safe and sustainable? - Management confirmed the security of dividends, citing a long history of continuous payments and annual increases, supported by strong financial metrics [17] Question: What role do NJR's solar and midstream businesses play in the company's long-term strategy? - Management explained that these businesses complement the utility operations and are essential for meeting growing energy needs, with significant growth expected in service capacity [18][19] Question: When will the roads in Brick Township be repaved? - Management stated they would follow up on the specific timing for road repaving, emphasizing their commitment to customer care and service area maintenance [20][21]

Financial Data and Key Metrics Changes - The company has maintained a consistent dividend payout ratio of about 60%, supported by strong financial discipline and a solid balance sheet [17] - NJR has paid dividends continuously since 1952 and has increased them for over 30 consecutive years [17] Business Line Data and Key Metrics Changes - The natural gas segment remains the largest business and foundation of the company, with a focus on affordability as natural gas is four times cheaper than electricity [14][15] - The company is experiencing increased demand for natural gas due to colder weather, which is expected to reflect in higher bills, but energy efficiency programs are in place to help mitigate costs for customers [15][16] - The solar and midstream businesses are integral to the company's growth strategy, leveraging core strengths to provide energy solutions [18][19] Market Data and Key Metrics Changes - Residential natural gas prices in New Jersey are nearly 30% less expensive than national averages, highlighting the company's competitive position in the market [15] Company Strategy and Development Direction - NJR's growth strategy is supported by a diverse portfolio of complementary businesses, which are expected to drive long-term sustainable growth [18][19] - The company is focused on meeting the growing demand for clean energy solutions and infrastructure needs [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by increased demand and colder weather but emphasizes the company's readiness to support economic growth and reliability for customers [16] - The company is optimistic about the prospects for growth in the energy market, particularly in clean energy solutions [18][19] Other Important Information - The board of directors has been re-elected, and the appointment of Deloitte and Touche LLP as the independent registered accounting firm has been ratified [8] Q&A Session Summary Question: How is the company managing energy costs for customers? - The company highlighted that natural gas remains the most affordable heating option, with programs in place to help customers reduce their bills by up to 30% [14][15][16] Question: Is NJR's dividend growth safe and sustainable? - Management confirmed that dividends are secure, with a long history of continuous payments and increases, supported by strong financial metrics [17] Question: What role do NJR's solar and midstream businesses play in the long-term strategy? - The company stated that these businesses complement the utility operations and are essential for meeting growing energy needs [18][19] Question: When will the roads in Brick Township be repaved? - Management indicated they would follow up on the specific timing for road repaving, emphasizing their commitment to customer care [20]

Core Viewpoint - Johnson & Johnson (J&J) plans to separate its Orthopaedics business into a standalone company named DePuy Synthes, expected to be completed within 18 to 24 months, to focus on higher-growth markets in MedTech [1][9]. MedTech Developments - J&J's MedTech sector is emphasizing its commitment to complex surgeries, with a new robotic surgical system, OTTAVA, designed to support multi-specialty soft-tissue surgery [2][4]. - The OTTAVA system integrates surgical instrumentation with future connectivity to the Polyphonic digital ecosystem, and has received FDA approval for a second clinical trial in inguinal hernia procedures [3][5]. - The company aims for OTTAVA to impact growth starting in 2028, allowing time for FDA approval and market adoption [19]. Financial Performance - J&J generated $14 billion in free cash flow through the first nine months of 2025, with forecasts suggesting an increase to $18.54 billion for the year [15]. - The company has a dividend payout ratio of 68%, with expectations to increase its annual dividend from $5.16 per share in 2025 to $6.32 per share in 2029 [15]. - CFO Joe Wolk indicated that the separation of Orthopaedics could improve MedTech's top-line revenue growth and operating margin by at least 75 basis points [7]. Strategic Focus - The separation of the Orthopaedics business allows J&J to concentrate resources on three core focus areas: cardiovascular, surgery, and vision [8]. - The company is committed to continuous portfolio optimization and value creation, with the separation seen as a step towards faster growth in MedTech [9][22]. - J&J's management has stated that large acquisitions are not necessary to achieve growth targets, focusing instead on smaller deals that leverage scientific expertise [20][21]. Product Launches and Growth - J&J's pharmaceutical business continues to show strong growth, with new product launches expected to position the company well for 2026 and beyond [23]. - The company has launched new products like INLEXZO for bladder cancer and CAPLYTA for major depressive disorder, both with peak sales estimates exceeding $5 billion annually [15]. - The cardiovascular portfolio showed strong performance in Q3, with operational sales growth of over 20% from the acquired Shockwave technology [16][14].

Group 1 - The core focus of iREIT+HOYA Capital is on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1][2] - The investment group targets high-yield, dividend growth opportunities, aiming for dividend yields up to 10% across various asset classes including REITs, ETFs, closed-end funds, and preferred stocks [2] - The service offers a free two-week trial for potential investors to explore its exclusive income-focused portfolios [1] Group 2 - The investment philosophy emphasizes defensive stocks with a medium- to long-term horizon, catering to investors seeking dependable monthly income [2] - The group provides comprehensive investment research to assist investors in making informed decisions regarding income-focused investments [2]

分组1 - The article discusses the differences between dividend growth stocks and high-yield stocks, highlighting that long-term dividend growers are stable, mature companies with solid cash flows but limited growth, while high-yielders are more cyclical and depend on strong cash flow generation to support larger dividend payments [1] - The Schwab U.S. Dividend Equity ETF (SCHD) is assessed as a popular high-yield option, while the ProShares S&P 500 Dividend Aristocrats ETF (NOBL) represents a long-term dividend growth strategy [2] - The Schwab U.S. Dividend Equity ETF is benchmarked to the Dow Jones U.S. Dividend 100 Index, focusing on stocks that have paid dividends for at least 10 consecutive years, evaluating fundamental metrics and dividend history to select stocks [4] 分组2 - The Schwab U.S. Dividend Equity ETF has underperformed over the last three years due to a market preference for tech and AI stocks, with a portfolio allocation of 19% to energy stocks, 18% to consumer staples, and only 8% to technology, indicating a potential for turnaround if market conditions shift [5] - The ProShares S&P 500 Dividend Aristocrats ETF targets companies that have increased dividends annually for at least 25 consecutive years, typically consisting of mature companies that do not need to reinvest heavily in their business [6][7] - The ProShares S&P 500 Dividend Aristocrats ETF is characterized as a classic dividend growth strategy, while the Schwab U.S. Dividend Equity ETF combines elements of dividend growth, quality, and high yield, suggesting that SCHD may be better positioned as the market rotates away from tech [8]

Core Viewpoint - ProShares Russell 2000 Dividend Growers ETF (SMDV) offers a systematic approach to invest in U.S. small-cap companies with a strong history of increasing cash dividends, focusing on quality and income within a volatile market segment [1] Group 1: Investment Strategy - SMDV selects dividend-growth companies and applies systematic constraints to enhance diversification, prioritizing profitability, balance-sheet discipline, and shareholder return policies over maximum yield [1] - The fund typically exhibits lower leverage and higher quality compared to the broader small-cap universe, which can help mitigate drawdowns while limiting upside during speculative market phases [1] Group 2: Target Audience - Likely users of SMDV include income-oriented multi-asset investors seeking sustainable dividend growth and allocators looking to combine quality with small-cap exposure [1] Group 3: Market Conditions - Favorable conditions for dividend growers include balance-sheet prudence, earnings resilience, and stable policy rates, while early-cycle surges and rapid rotations towards unprofitable growth may hinder performance [1] Group 4: Fund-Specific Risks - A specific risk associated with SMDV is the potential for increased turnover and sector skews due to rules-based reconstitution effects if dividend policies of the underlying companies change, which may lead to greater tracking dispersion compared to broader small-cap exposures [1]

Core Viewpoint - Realty Income has underperformed compared to the S&P 500 over the past decade, with a total return of 93% versus the S&P 500's 337% [1] Group 1: Performance and Market Conditions - Realty Income's underperformance can be attributed to rising interest rates and the impact of the global pandemic, which temporarily closed many of its properties [2] - The company has averaged a total return of 13.7% throughout its 32-year history, with better performance typically occurring when interest rates decline [5] Group 2: Predictions for 2026 - Realty Income is predicted to outperform the S&P 500 in 2026 due to anticipated significant declines in interest rates, including the 10-year Treasury yield [4] - The company is expected to report $5.5 billion in investments for 2025, with an even larger volume of acquisitions anticipated in 2026 as capital costs become more favorable [6] - A 5% increase in dividends is predicted for Realty Income by the end of 2026, improving from a slower growth rate of 3.5% over the past decade [9]

Core Viewpoint - The ALPS Active REIT ETF is highlighted as a strong investment option due to its focus on dependable dividend growth within the real estate sector, which is known for above-average dividends [1]. Group 1: Dividend Growth in Real Estate - Real estate dividends are on the rise, with 73 landlords increasing distributions in the previous year, including 11 in December [3]. - Host Hotels & Resorts (HST), part of the REIT portfolio, announced a special dividend of 15 cents per share in December, alongside its unchanged regular dividend of 20 cents per share, resulting in total payouts of 95 cents per share for 2025, a 5.6% increase from the previous year [4]. Group 2: Management Style and Sector Trends - The ALPS ETF is actively managed, allowing for quicker identification of potential dividend offenders and REITs with favorable long-term payout growth prospects [2]. - The ETF's portfolio is tilted towards retail and residential REITs, which together make up 28.51% of the fund, sectors that are currently showing strong dividend increase trends [5]. Group 3: Comparative Dividend Analysis - In 2025, 21 retail REITs declared higher dividends, representing 80.8% of the subsector, while 14 residential REITs increased their dividends, accounting for 70% of that subsector [6]. - A total of 48 US REITs, or 65.8% of the total, recorded higher dividends in 2025 compared to their 2019 payouts, while 20 US REITs, or 27.4%, declared lower dividends compared to pre-pandemic levels [7].

Core Viewpoint - The article highlights three companies known as "Dividend Champions," which have a long history of increasing dividends, making them attractive for income investors as interest rates are expected to decline in the future [3]. Group 1: Royal Gold - Royal Gold, based in Denver, Colorado, has a dividend yield of 0.77% and has raised its dividend every year since July 2000, with a total increase of 58.3% since 2021, outpacing the 19% inflation during the same period [4][5][6]. - The company has maintained its dividend growth even during periods of declining gold prices, such as from 2012 to 2020, when its dividend increased by 87% despite gold prices falling [6][8]. - Royal Gold's business model involves acquiring royalty interests in various metals, allowing it to sustain dividend increases regardless of gold price fluctuations [7][8]. Group 2: York Water - York Water, a Pennsylvania-based water utility, has announced its 29th annual dividend hike, maintaining a record of 620 consecutive payouts since 1816, which is believed to be a record for American companies [9][10]. - The company's recent dividend increase of 4% in 2025 is above the 2.7% inflation rate, and since 2021, it has raised its dividend by 22%, demonstrating its ability to keep pace with inflation [10]. - With a payout ratio of just 63%, York Water's dividend appears sustainable, as its earnings are growing faster than its payouts [12]. Group 3: Caterpillar - Caterpillar, a leading manufacturer of construction and mining equipment, has increased its dividend for 31 consecutive years, including a 7% increase announced last June [13][14]. - The company's dividend has grown by 46.6% since 2021, significantly outpacing inflation, and its long-term track record shows that payouts have tripled over the last 25 years [14][16]. - Caterpillar's resilience is evident as it continued to increase dividends during economic downturns, such as the Financial Crisis and the pandemic, showcasing management's commitment to rewarding shareholders [16][17].

Core Viewpoint - The article emphasizes the potential for investors to capitalize on the growth of technology through various ETFs, particularly highlighting the BlackRock Science and Technology Trust as a viable option for investment [1]. Group 1: Investment Strategies - The article discusses the importance of a diversified investment approach, combining classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance income while achieving total returns comparable to traditional index funds [1]. - A hybrid investment system that balances growth and income is presented as an effective strategy for maximizing investment income [1]. Group 2: Market Trends - The expansion of technology over the next twelve months is identified as a significant opportunity for investors, suggesting a positive momentum in the sector [1].