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Many undervalued equities have been performing significantly well in this, what appears to be, very optimistic month of January. I have, in this vein, continued to target high-yielding equities with strong returns, low price to book ratios; and those that otherwise appear undervalued.

Below is a list of six real estate investment trusts (REITs) with over 10% dividend yield selling for less than book, sorted by dividend yield:

1. Chimera Investment Corporation (NYSE:CIM), a diversified REIT, has a 14.67% dividend yield that is distributed to investors on a quarterly basis. The trust holds a $3.08 billion market cap with a 0.92 price to book ratio (P/B), 17.75% return on equity, 6.55% return on assets, and 90.53% operating margin.

2. MFA Financial, Inc. (NYSE:MFA), a diversified REIT, has a 13.79% dividend yield that is distributed to investors on a quarterly basis. The trust holds a $2.58 billion market cap with a 0.96 price to book ratio (P/B), 12.47% return on equity, 3.00% return on assets, and 90.88% operating margin.

3. Anworth Mortgage Asset Corporation (NYSE:ANH), a diversified REIT, has a 13.04% dividend yield that is distributed to investors on a quarterly basis. The trust holds an $862.75 million market cap with a 0.91 price to book ratio (P/B), 12.73% return on equity, 1.56% return on assets, and 89.87% operating margin.

4. PennyMac Mortgage Investment Trust (NYSE:PMT), a residential REIT, has an 11.27% dividend yield that is generally distributed to investors on a quarterly basis. (Please note: dividend payouts for the trust are listed as irregular, but were paid on a quarterly basis throughout 2011.) The trust holds a $494.48 million market cap with a 0.93 price to book ratio (P/B), 12.17% return on equity, 6.48% return on assets, and 70.99% operating margin.

5. Crexus Investment Corp. (NYSE:CXS), a diversified REIT, has a 10.82% dividend yield that is distributed to investors on a quarterly basis. The trust holds an $849.72 million market cap with a 0.93 price to book ratio (P/B), 11.96% return on equity, 10.17% return on assets, and 87.15% operating margin.

6. Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI), a diversified REIT, has a 10.75% dividend yield that is distributed to investors on a quarterly basis. The trust holds a $306.15 million market cap with a 0.92 price to book ratio (P/B), 6.64% return on equity, 2.50% return on assets, and 71.18% operating margin.

Disclaimer: All equities mentioned in this article are offered as speculation only. Any investment decisions made by the reader are, therefore, independent of this writing.

Continue to Part II: Closed-End Funds >>

Source: 15 Equities Yielding 10%+ And Selling Under Book Value, Part I: REITs