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Real Estate Investment Trusts (REITs) are alternative financial investment vehicles. Most of the REITs pay high dividends but they are also packed with debt or have a real estate-based portfolios with decreasing value.

I screened the diversified REIT industry for companies with a dividend yield of more than 6 percent. 64 percent of the REITs fulfilled this criterion. In order to avoid a decreasing real estate portfolio value, which is anticipated by stock market participants, I decided to screen only REITs that are trading close to their 52-week highs (a value of 10 percent below the 52-week high). Finally, 4 remained.

Here are the 3 best REITs from the screening results:

1. Cypress Sharpridge Investments (NYSE:CYS)has a market capitalization of $1.1 billion, generates revenues in an amount of $148.0 million and a net loss of $8.1 million. Its P/E ratio is not calculable, and forward P/E ratio amounts to 5.8, Price/Sales 7.3 and Price/Book ratio 1.1. Dividend Yield: 18.3 percent. Years of Consecutive Dividend Increasing: 1 Year. 5-Year Dividend Growth: 0 percent. The company paid dividends since 2009. The expected growth for next year amounts to 8.2 and 5.0 percent for the upcoming 5 years. The stock is 4.8 percent below 52-week high.

2. Annaly Capital Management (NYSE:NLY) has a market capitalization of $17.1 billion, generates revenues in an amount of $3.2 billion and a net income of $2.0 billion. Its P/E ratio is 6.2 and forward P/E ratio 6.9, Price/Sales 5.4 and Price/Book ratio 1.1. Dividend Yield: 14.8 percent. Years of Consecutive Dividend Increasing: 4 Years. 5-Year Dividend Growth: 46.0 percent. The company paid dividends since 1997. The expected growth for next year amounts to -3.0 and 0.8 percent for the upcoming 5 years. The stock is 5.3 percent below 52-week high.

3. Anworth Mortgage Asset Corporation (NYSE:ANH)has a market capitalization of $919.6 million, generates revenues in an amount of $220.2 million and a net income of $109.5 million. Its Price/Earnings ratio is 7.9 and forward P/E ratio 7.3, Price/Sales 4.2 and Price/Book ratio 0.9. Dividend Yield: 14.4 percent. Years of Consecutive Dividend Increasing: 0 Years. 5-Year Dividend Growth: 85.2 percent. The company paid dividends since 1998. The expected growth for next year amounts to -2.1 and 5.0 percent for the upcoming 5 years. The stock is 7.8 percent below 52-week high.

Take a closer look at the full table of diversified REITs with a dividend yield of more than 6 percent. The average P/E ratio amounts to 23.7, while the average forward P/E ratio is 17.7. The dividend yield has an average value of 8.6 percent. Price-to-book ratio is 1.3 and price-to-sales ratio 5.5. The average debt-to-equity ratio is 2.3.

Source: 3 Healthy REITs With Double-Digit Yields