Core Viewpoint - The article discusses a non-traditional approach to investing, focusing on dividend stocks while also exploring a new position in Netflix, Inc. Group 1: Investment Strategy - The investment strategy emphasizes owning dividend stocks as a means to supplement retirement income over the next 5-7 years [1] - The investor aims to build portfolios of high-quality, dividend-paying companies for lower and middle-class workers [1] Group 2: Personal Background - The investor is a U.S. Navy veteran with a preference for quality over quantity in investments, specifically in blue-chip stocks, BDCs, and REITs [1] - The investor identifies as a buy-and-hold investor, focusing on long-term financial independence [1]

Core Viewpoint - The article presents a list of 26 top dividend stocks for 2026, highlighting both established companies and new entrants in the dividend space [1]. Dividend Kings - AbbVie (NYSE: ABBV): A pharmaceutical company with a market cap of $405 billion and a forward dividend yield of 3%. It has successfully navigated a patent cliff with its drug Humira [3][4]. - The Coca-Cola Company (NYSE: KO): A multinational beverage maker with a market cap of $301 billion and a forward dividend yield of 2.9% [3]. - Walmart (NASDAQ: WMT): A large retailer with a market cap of $888 billion and a forward dividend yield of 0.8% [3]. High-Yield Dividend Stocks - Ares Capital (NASDAQ: ARCC): A leading publicly traded business development company (BDC) with a market cap of $14 billion and a forward dividend yield of 9.5% [6]. - Realty Income (NYSE: O): A large real estate investment trust (REIT) with a market cap of $52 billion and a forward dividend yield of 5.7%. It is noted for paying dividends monthly and has increased its dividend for 30 consecutive years [6][7]. Growth-Oriented Dividend Stocks - The article mentions the "Magnificent Seven" stocks, which are primarily recognized for their growth potential rather than dividends. However, some members of this group do offer dividends [8].

Core Insights - RWX and HAUZ provide different approaches to international real estate exposure, with RWX having a higher expense ratio and fewer holdings compared to HAUZ, which offers lower fees and higher yields [1][2] Cost and Size Comparison - HAUZ has an expense ratio of 0.10%, significantly lower than RWX's 0.59%, which is six times higher [3][4] - HAUZ's one-year return is 22.7%, while RWX's is 26.9%, indicating RWX's better short-term performance [3] - HAUZ offers a dividend yield of 3.91%, compared to RWX's 3.36% [3] Performance and Risk Analysis - Over five years, HAUZ experienced a maximum drawdown of -34.5%, while RWX had a slightly higher drawdown of -35.9% [5] - A $1,000 investment in HAUZ would have grown to $1,056 over five years, compared to $1,014 for RWX, indicating HAUZ's superior long-term performance [5][8] Portfolio Composition - RWX tracks the Dow Jones Global ex-U.S. Select Real Estate Securities Index with 120 holdings, focusing on major companies like Mitsui Fudosan Co. [6] - HAUZ has a broader portfolio with 408 holdings, including significant positions in Goodman Group and Mitsubishi Estate Company, appealing for diversification [7] Historical Performance - Since 2013, HAUZ has achieved an annual total return growth of 3.3%, while RWX's growth was only 1.4% [8] - HAUZ's better performance is attributed to its lower expense ratio and higher dividend yield, alongside a smaller five-year drawdown [8] Investment Considerations - Both ETFs have overlapping holdings, with five of the top ten positions being the same, but HAUZ is favored for its cost efficiency and broader diversification [9] - Investors should be aware of the geographical focus, with both funds having significant allocations to Japanese REITs and other countries like Australia and the U.K. [9]

Investment Rating - The report maintains an "Increase" rating for the industry [6] Core Insights - The C-REITs market is experiencing a transition between bull and bear phases, with a policy package at the end of 2025 aimed at supporting the new journey in 2026 [1] - The overall performance of the C-REITs secondary market has shown a downward trend, with specific sectors like warehousing logistics performing better compared to municipal water conservancy and affordable housing, which faced larger declines [2][12] - The report highlights the importance of policy themes and the timing of investments in high-quality, undervalued projects, particularly in high-energy cities and professional operations [5] Summary by Sections REITs Index Performance - The CSI REITs total return index decreased by 0.49% this week, closing at 1009.8 points, while the CSI REITs index fell by 0.67% to 778.6 points [1][10] - In 2025, the CSI REITs total return index increased by 4.34%, while the CSI REITs index saw a decline of 1.39% [10] C-REITs Secondary Market Performance - The total market capitalization of listed REITs is approximately 218.46 billion yuan, with an average market value of about 2.8 billion yuan per REIT [2][12] - This week, 23 REITs increased in value while 55 decreased, resulting in an average weekly decline of 0.47% [12] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Ping An Guangzhou Guanghe REIT (10.9%), Huaxia China Communications Construction REIT (10%), and E Fund Guangkai Industrial Park REIT (8.8%) [4] - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.8, with the highest being Huaxia Anbo Warehousing REIT (1.8) and the lowest being Huaxia China Communications Construction REIT (0.7) [4] Investment Recommendations - The report suggests focusing on policy themes and timing for investments in resilient and high-quality undervalued projects, particularly in high-energy cities [5] - It also emphasizes the importance of asset resilience and market prices when considering investments in affordable housing and other weak-cycle assets [5]

Core Insights - The REITs market is expected to enter a phase of "strong supply and demand," highlighting its medium to long-term investment value, focusing on quality operators to share in market growth [1][5]. Supply Side Summary - Continuous expansion efforts are underway, including broadening the range of original rights holders to include well-governed financial institutions with asset management experience [2][8]. - Encouragement for asset diversification is emphasized, promoting REITs to hold complementary or synergistic asset combinations and facilitating cross-sector asset integration [2][8]. - The establishment of more flexible yield requirements linked to risk-free rates is being researched, with guidelines suggesting that net cash flow distribution rates for real estate projects primarily relying on rental income should not be less than 150 basis points above the 10-year government bond yield [2][8]. Demand Side Summary - The investor structure is anticipated to diversify further, including REIT index funds, public funds, and REIT ETFs, with a push to attract long-term capital from insurance, social security, and pension funds [5][9]. - The market is expected to benefit from significant incremental capital, which may enhance market valuation and mitigate risks [5][10]. Market Performance Summary - The REITs index experienced a decline of 0.49% in the week ending December 31, 2025, with notable drops in consumer and municipal environmental REITs [7][14]. - Specific sector performance varied, with storage REITs declining by 0.07%, while municipal environmental REITs saw a drop of 1.40% [7][14].

Group 1 - The analyst has over a decade of experience researching various industries, including commodities like oil, natural gas, gold, and copper, as well as technology companies such as Google and Nokia [1] - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, where extensive research on hundreds of companies has been conducted [1] - The analyst expresses a particular interest in covering metals and mining stocks, while also being comfortable with sectors like consumer discretionary/staples, REITs, and utilities [1]

Core Viewpoint - Real estate has been out of favor compared to tech stocks and commodities, but quality investments in this sector should not be overlooked [2]. Group 1: Investment Focus - iREIT+HOYA Capital specializes in income-producing asset classes, aiming for sustainable portfolio income, diversification, and inflation hedging [1][2]. - The investment group provides research on various financial instruments including REITs, ETFs, closed-end funds, preferred stocks, and dividend champions, targeting dividend yields up to 10% [2]. Group 2: Market Context - The current market has favored high-flying tech stocks in the AI sector and commodities like gold, silver, and copper, leading to a decline in interest in real estate [2].

Core Insights - Investors are prioritizing income and stability as they look towards 2026, with REITs providing steady cash flows and attractive dividends tied to real assets [1] - The economic backdrop is improving, with recent rate cuts, cooling inflation, and strong GDP growth expected to enhance demand across various property types [2] REIT Sector Overview - Industrial real estate is experiencing strong demand, particularly from e-commerce and logistics, leading to high occupancy rates and steady rent growth [4] - The office sector is showing signs of recovery, with high-quality buildings attracting tenants as companies adapt to hybrid work strategies [5] - Retail real estate has stabilized, supported by limited supply growth and rising consumer incomes, positioning retail REITs for stable income and gradual growth [6] Company Highlights - Prologis, Inc. is the largest logistics real estate owner, with approximately 1.3 billion square feet of space across 20 countries, benefiting from strong leasing momentum and high occupancy rates [7][8] - Simon Property Group operates a diversified portfolio of malls and premium outlets, reporting a 96.4% occupancy rate and a 4.8% dividend increase in Q3 2025 [10][12] - Cousins Properties focuses on Class A office buildings in high-growth Sun Belt markets, showing robust leasing activity and raising its FFO guidance for 2025 [16][17] Financial Performance - Prologis has seen a core FFO growth that exceeded expectations, with a five-year annualized dividend growth rate of 12.66% [8] - Simon Property's FFO per share increased by 5.6% year-over-year, with a strong operational performance reflected in its dividend hike [12][13] - Cousins Properties has raised its FFO per share guidance to approximately $2.82-$2.86 for 2025, indicating improved cash flow expectations [17][18] Analyst Sentiment - Analysts are optimistic about Prologis, with upward revisions in FFO estimates for 2025 and 2026 [9] - Simon Property Group has also seen positive revisions in FFO estimates, reflecting a bullish outlook [13] - Cousins Properties is experiencing upward revisions in its FFO estimates, indicating strong growth potential [18]

Group 1 - The company High Yield Landlord is offering new members a promotion of $100 off and a 30-day money-back guarantee to encourage sign-ups at the beginning of 2026 [1] - High Yield Landlord has released its Top Picks for 2026, suggesting a strategic focus on identifying promising investment opportunities for the upcoming year [1] Group 2 - Jussi Askola, the President of Leonberg Capital, leads the investing group High Yield Landlord, which specializes in REIT investing and provides real-time updates on portfolio transactions [2] - The group offers features such as three distinct portfolios (core, retirement, international), buy/sell alerts, and a chat room for direct interaction with Jussi and his team of analysts [2]

Core Insights - REIT investment has significantly declined since the Federal Reserve began raising interest rates in March 2022, leading to a lack of investor interest in real estate [1][2] - The average REIT's Price to FFO (Funds From Operations) multiple has dropped from 20.7x in December 2021 to 13.7x in December 2025, with a corresponding increase in the discount to Net Asset Value (NAV) from 6.98% to 14.84% [2][3] REIT Market Dynamics - The current unpopularity of real estate investment is characterized by multiple compression and increased discounting, indicating potential opportunities for further analysis beyond average metrics [3] - Various operational issues have contributed to the decline in share prices for many REITs, with specific companies facing multiple challenges [4] Company-Specific Analysis - **Armada Hoffler (AHH)**: Shares are trading at approximately $6.58, representing about 52% of a $12.57 consensus NAV estimate. Analysts project a 2026 FFO/share of $1.08, suggesting a potential price range of $10.70 to $14.80 if it aligns with average REIT multiples [10] - **Easterly Government Properties (DEA)**: Currently priced at $21.20, which is 65% of the consensus NAV of $32.42/share. The FFO multiple stands at 6.86x, with potential pricing ranging from $27.60 to $42.33 if market multiples are achieved [13] - **Global Medical REIT (GMRE)**: Shares are trading at $33.40, about two-thirds of the $51.11 consensus NAV. The FFO estimate is $4.08/share, with potential pricing between $43.44 and $55.90 if it reaches average market multiples [15] Investment Opportunities - The current market presents extreme discounts on REITs, driven by a multi-year trend of stock market gains and the hype surrounding Artificial Intelligence, which has overshadowed real estate investments [17] - Increased interest from private equity firms in acquiring discounted REIT portfolios indicates a growing recognition of potential value in the sector [19]