![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABJMAAAYNCAIAAADx4o3JAAAACXBIWXMAABYlAAAWJQFJUiTwAAAfSUlEQVR42uzasW3CUBCAYb/gBio2iK2YBmWHbBQxCspGmYHgBkswAgugywSkIZbO5vtamtM9N7+OEhEVAAAAib1YAQAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAACg3AAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAoNwAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABAuQEAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAzFtX3l4bawAAAEhruCzc3AAAALJTbgAAAMoNAACAhwwlIqwBAAAgMzc3AAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABAuQEAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAGCWrvX1/SPDIOuf73s/dU3roWDGhsvZEgAA/ubmBgAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAgJlZl4iwBgAAgMzc3AAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAPgPdf4Rv/Z77wQAAIzkc7fLP2SJCE8FAACQmX9LAgAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAQLkBAACg3AAAAFBuAAAAyg0AAADlBgAAgHIDAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAEC5AQAAoNwAAACUGwAAAMoNAAAA5QYAAKDcAAAAUG4AAADKDQAAAOUGAACAcgMAAFBuAAAAKDcAAACUGwAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAFBuAAAAyg0AAADlBgAAoNwAAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAAoNwAAAJQbAACAcgMAAEC5AQAAoNwAAACUGwAAAMoNAADgedX5R+ya1jsBAAAjGS7n/EO6uQEAACg3AAAAlBsAAIByAwAAQLkBAABwX4kIWwAAAMjMzQ0AAEC5AQAAoNwAAACUGwAAAMoNAAAA5QYAAKDcAAAAUG4AAADKDQAAAOUGAACAcgMAAFBuAAAAKDcAAACUGwAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAFBuAAAAyg0AAADlBgAAoNwAAABQbgAAACg3AAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAoNwAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAADKDQAAAOUGAACAcgMAAFBuAAAAKDcAAADlBgAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAyg0AAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAQLkBAACg3AAAAFBuAAAAyg0AAADlBgAAgHIDAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAEC5AQAAoNwAAACUGwAAAMoNAAAA5QYAAKDcAAAAUG4AAADKDQAAAOUGAACAcgMAAFBuAAAAKDcAAACUGwAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAFBuAAAAyg0AAADlBgAAoNwAAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAAoNwAAAJQbAACAcgMAAEC5AQAAoNwAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAADKDQAAAOUGAACAcgMAAFBuAAAAKDcAAADlBgAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABAuQEAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAQLkBAACg3AAAAFBuAAAAyg0AAADlBgAAgHIDAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAEC5AQAAoNwAAACUGwAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAFBuAAAAKDcAAACUGwAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAFBuAAAAyg0AAADlBgAAoNwAAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAAoNwAAAJQbAACAcgMAAEC5AQAAoNwAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAADKDQAAAOUGAACAcgMAAFBuAAAAKDcAAADlBgAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAACg3AAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABAuQEAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAyg0AAADlBgAAgHIDAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAEC5AQAAoNwAAACUGwAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAFBuAAAAKDcAAACUGwAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAFBuAAAAyg0AAADlBgAAoNwAAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAAoNwAAAJQbAACAcgMAAEC5AQAAoNwAAACUGwAAAMoNAAAA5QYAAKDcAAAAUG4AAADKDQAAAOUGAACAcgMAAFBuAAAAKDcAAADlBgAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAACg3AAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAoNwAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABAuQEAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAyg0AAADlBgAAgHIDAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAEC5AQAAoNwAAACUGwAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAFBuAAAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAQLkBAACg3AAAAFBuAAAAyg0AAADlBgAAoNwAAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAAoNwAAAJQbAACAcgMAAEC5AQAAoNwAAACUGwAAAMoNAAAA5QYAAKDcAAAAUG4AAADKDQAAAOUGAACAcgMAAFBuAAAAKDcAAACUGwAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAACg3AAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAoNwAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABAuQEAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAyg0AAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAEC5AQAAoNwAAACUGwAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAFBuAAAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAQLkBAACg3AAAAFBuAAAAyg0AAADlBgAAgHIDAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAAoNwAAAJQbAACAcgMAAEC5AQAAoNwAAACUGwAAAMoNAAAA5QYAAKDcAAAAUG4AAADKDQAAAOUGAACAcgMAAFBuAAAAKDcAAACUGwAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAACg3AAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAoNwAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAADKDQAAAOUGAACAcgMAAFBuAAAAKDcAAADlBgAAgHIDAABAuQEAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAyg0AAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAACAx9TJ5+ua1iMBAAAjOfTH5WqVf043NwAA4HlNItuqqioRkXm+26n3MQEAACNZbLaTmNPNDQAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAADTUCIi83xd03okAABgJIf+uFyt8s/p5gYAADyvSWRblf/mdjv1PiYAAGAki812EnO6uQEAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAEC5AQAA8NueHaM2DkQBGH4Tu9FUW6WWQG7MXiWn2GvmFkJqDDlFqoCZLbIhJsXuFh4yg74PgnES2c8eNT9PuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAyg0AAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAEAfUiml5fnmcXJIAABAJcu2Djm3P6edGwAAsF9dZFu0v3MDAADAzg0AAEC5AQAAoNwAAACUGwAAAMoNAAAA5QYAAKDcAAAAUG4AAADKDQAAAOUGAACAcgMAAFBuAAAAKDcAAACUGwAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAFBuAAAAyg0AAIB7ODY+3zxODgkAAKhk2dYh5/bntHMDAAD2q4tsi4hUSnFaAAAALbNzAwAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAyg0AAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAEAfjo3PN4+TQwIAACpZtnXIuf057dwAAID96iLbIiKVUlqe73rZ3EwAAEAlh9O5iznt3AAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAADQh1RKaXm+eZwcEgAAUMmyrUPO7c9p5wYAAOxXF9kW7e/crpfNzQQAAFRyOJ27mNPODQAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAAB9SKWUluebx8khAQAAlSzbOuTc/px2bgAAwH51kW3R/s4NAAAAOzcAAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAADu4dj4fPM4OSQAAKCSZVuHnNuf084NAADYry6yLSJSKcVpAQAAtMzODQAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAAB9ODY+3zxODgkAAKhk2dYh5/bntHMDAAD2q4tsi4hUSml5vutlczMBAACVHE7nLua0cwMAAFBuAAAAKDcAAADlBgAAgHIDAABAuQEAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAJQbAABAH1IppeX55nFySAAAQCXLtg45tz+nnRsAALBfXWRbtL9zu142NxMAAFDJ4XTuYk47NwAAAOUGAACAcgMAAFBuAAAAKDcAAACUGwAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAACg3AAAAFBuAAAAyg0AAADlBgAAoNwAAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAD0IZVSWp5vHieHBAAAVLJs65Bz+3PauQEAAPvVRbZF+zs3AAAA7NwAAACUGwAAAMoNAABAuQEAAKDcAAAAUG4AAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABAuQEAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAADlBgAAoNwAAABQbgAAAMoNAAAA5QYAAIByAwAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAAMoNAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAKDcAAADlBgAAgHIDAABQbgAAACg3AAAAlBsAAIByAwAAQLkBAACg3AAAAJQbAAAAyg0AAEC5AQAAoNwAAABQbgAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAEC5AQAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAAOUGAACg3AAAAFBuAAAAyg0AAADlBgAAgHIDAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAAoNwAAAJQbAAAAyg0AAEC5AQAAoNwAAACUGwAAAMoNAAAA5QYAAKDcAAAAUG4AAAAoNwAAAOUGAACAcgMAAFBuAAAAKDcAAACUGwAAgHIDAABAuQEAAKDcAAAAlBsAAADKDQAAQLkBAACg3AAAAFBuAAAAyg0AAADlBgAAoNwAAABQbgAAACg3AAAA5QYAAIByAwAAQLkBAAAoNwAAAJQbAACAcgMAAEC5AQAAoNwAAACUGwAAAMoNAAAA5QYAAKDcAAAAUG4AAADKDQAAAOUGAACAcgMAAFBuAAAAKDcAAACUGwAAgHIDAABAuQEAACg3AAAAlBsAAADKDQAAQLkBAABQSfIVAADAHTz8OEZERPlmb/+Y4SlFPKXP/3mL9+cf172miL/9/M97/Xx4//3H41ePN6/zmiLyIeLXw/2+u+c/s94+Pt58hpebuV/i/f2/fr6nL9c93/ztOX3DOf8GyZZlZrf/JuEAAAAASUVORK5CYII=)
A A I I J o u r n A l S E P T E M B E R 2 0 2 1 2 3
A A I I . c o m / J o u r n A l
The First Cut is designed as a starting point, showing the top investments that pass relatively simple screens of interest to
individual investors.
F i r s t C u t : s t o C k s
The Stocks First Cut is designed as a starting point, showing the top stocks that pass relatively
simple screens of interest to individual investors.
Company Ticker
Share
Price
(8/11)
($)
Div
Yield
(%)
Div
Yield
5-Yr
(%)
Div
Growth
12-Mo
(%)
Div
Growth
5-Yr
(%)
Payout
Rao
12-Mo
(%)
Sales
Growth
5-Yr
(%) Industry
Arbor Realty Trust Inc. ABR 18.70 7.5 8.8 9.2 16.5 50.1 33.5 REITs - Specialized
Gey Realty Corp. GTY 31.70 4.9 4.9 5.5 10.0 89.1 5.9 REITs - Commercial
Kilroy Realty Corp. KRC 67.15 3.0 2.3 2.3 6.9 35.0 9.1 REITs - Commercial
AvalonBay Communies Inc. AVB 222.20 2.9 3.0 3.4 5.1 82.4 4.4 REITs - Residenal
Hannon Armstrong Sustnbl Infrs HASI 58.08 2.4 5.9 1.9 5.4 93.5 26.1 REITs - Commercial
Extra Space Storage, Inc. EXR 173.42 2.3 3.6 5.6 10.0 78.1 11.6 REITs - Specialized
Alexandria Real Estate Equies ARE 204.55 2.2 4.5 5.8 7.0 66.4 17.5 REITs - Commercial
Duke Realty Corp. DRE 50.39 2.0 3.1 8.7 6.8 75.6 4.6 REITs - Commercial
First Industrial Realty Trust FR 54.47 2.0 3.1 8.3 14.4 57.4 4.1 REITs - Commercial
American Tower Corp. AMT 277.22 1.8 2.1 18.4 20.6 94.3 11.0 REITs - Specialized
Source: AAII Stock Investor Pro, Refiniv I/B/E/S and iShares. Data as of 8/11/2021.
10 REITs With Growing Dividends and Sales
(Ranked by Dividend Yield)
Real estate investment trusts (REITs) are a popular way
for investors to own income-generating real estate without
having to purchase or manage property. Many investors
like REITs for the income distributions. Unlike traditional
corporations, REITs must invest in real estate and distrib-
ute 90% of their taxable income.
Compared to private real estate investments, public
investments in equity REITs are more liquid, have a lower
minimum investment, have more limited liability (and
therefore less risk), offer the same protections as publicly
traded securities, provide easy access to active professional
management and require less hands-on work.
There are a couple of notable investment characteris-
tics that you can expect REITs to bring to your portfolio,
such as relatively high yields, stable earnings and income
(due to the long-term contractual nature of many leases
and rental agreements), capital appreciation and diversifi-
cation (historically, REITs have had a low correlation with
other assets).
We can construct a universe of equity REITs to invest
in using AAII’sStock Investor Pro. The fundamental stock
screening and research database program contains a field
under the Company Information category labeled “Indus-
try.” From it, we choose commercial, diversified, residen-
tial and specialized REITs. By simply requiring stocks to
be exchange-listed, have a stock price above $4 and have
a current yield greater than the market yield of 1.2%, we
start to build our universe of equity REIT stocks.
The key cash flow and profitability measures for ana-
lyzing an equity REIT are net operating income (NOI),
which measures the net cash generated by an income-
producing property, and funds from operations (FFO),
which measures cash flow from operations to assess a
REIT’s operating performance. AAII’s Stock Investor Pro
tracks traditional valuation metrics like the price-earnings
ratio and the price-to-free-cash-flow ratio, but net income
and earnings per share don’t translate well to REITs. The
AAII database does not include NOI or FFO, so many REIT-
specific valuation metrics can’t be calculated.
The next step is to narrow this list down to an invest-
able universe. We chose to focus on a growth-oriented
strategy. Specifically, we required stocks to have realized
annual revenue growth greater than 3% over the past five
years. This narrows the results to REITs that have been able
to increase annual rent rates or occupancy levels. We then
require high-quality, dividend-paying companies that
have continuously grown their dividends for at least three
consecutive years. A minimum dividend growth rate over
the past five years of 5% was also chosen to ensure that the
REITs have growth in excess of the rate of inflation. The
list of First Cut equity REIT stocks are shown in the table. ▪
—Derek J. Hageman, AAII financial analyst
Real Estate Investing Without Purchasing or Managing Property
© 2021 by the American Association of Individual Investors, 625 N. Michigan Ave., Chicago, IL 60611; (312) 676-4300.