SPDR® Dow Jones REIT ETF

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  • uploads///marcin jozwiak ohDITWoHi unsplash
    Real Estate

    Real Estate Stocks: Look beyond Buying Property

    Real estate stocks have outperformed this year, and there’s room for growth in a particular subsector. Here’s why investors should look beyond property.

    By Emily Andrews
  • uploads///Valuation
    Earnings Report

    Is Simon Property’s Premium Valuation Justified?

    Simon Property Group (SPG) can be best evaluated by its price-to-FFO (price-to-funds from operations) multiple.

    By Anirudha Bhagat
  • uploads///US Retail Sales
    Consumer

    Simon Property to Gain from Improving Economy, Trump’s Policies

    The favorable consumer environment should boost the hopes of retailers, the benefits of which are likely to pass on to operators such as Simon Property Group.

    By Anirudha Bhagat
  • uploads///HCN DIV
    Miscellaneous

    Welltower’s Dividend Yield Falls despite Higher Dividend

    Revenue and earnings In this part, we’ll look at Welltower (HCN), a US healthcare REIT. Welltower’s revenue growth slowed from 15% in 2015 to 11% in 2016. The growth was driven by all of its segments, through rental income, resident fees and services, interest income, and other income. Its operating costs and other expenses (including interest expenses) […]

    By Amanda Lawrence
  • uploads///Rating
    Company & Industry Overviews

    What Industrial REITs Analysts Think after 2Q17

    Prologis (PLD) has been assigned a target price of $62.75, which is 0.8% higher than its current price level.

    By Jennifer Mathews
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    Company & Industry Overviews

    How Capital Deployment Strategies Helped Boost Industrial REIT Sales in 2Q17

    Industrial REITs (real estate investment trusts) tend to carry on many development and redevelopment projects simultaneously in order to maintain leadership.

    By Jennifer Mathews
  • uploads///Revenue
    Company & Industry Overviews

    Industrial REITs and the Year Ahead

    Industrial REITs (real estate investment trusts) appear to have a bright future backed by a growing economy and industrial growth.

    By Jennifer Mathews
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    Company & Industry Overviews

    Inside 3 Key Industrial REITs in 2Q17: Top- and Bottom-Line Results

    Industrial REITs (real estate investment trusts) reported robust top-line and bottom-line results in 2Q17 backed by industrial growth,

    By Jennifer Mathews
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    Company & Industry Overviews

    Top 3 Industrial REITs: An Overview of the 2Q17 Results

    Industrial REITs (real estate investment trusts) are currently experiencing a boom, and many investors and analysts anticipate future growth.

    By Jennifer Mathews
  • uploads///PFFO
    Earnings Report

    How AvalonBay Compares after 2Q17

    Price-to-funds from operations multiple AvalonBay Communities’ (AVB) performance in 2Q17 can be best evaluated by looking at its price-to-FFO (funds from operations) multiple. The multiple, widely used for REITs, gives an idea of how much an investor pays for a particular stock per unit of its profit. The multiple, which has the same implications as the price-to-earnings […]

    By Jennifer Mathews
  • uploads///Debt
    Earnings Report

    Financing Activities Leverage AvalonBay’s Balance Sheet in 2Q17

    Performance in 2Q17 AvalonBay Communities (AVB) has undertaken several development, redevelopment, and expansion projects to maintain its share in the market. It invested $400 million in new developments during the quarter. REITs such as UDR (UDR), Essex Property Trust (ESS), and Equity Residential (EQR) fund these activities with the help of debt and equity. Therefore, […]

    By Jennifer Mathews
  • uploads///NOI
    Earnings Report

    Income Rises in 2Q17, AvalonBay Expects Higher Expenses

    Income generated in 2Q17 AvalonBay Communities (AVB) reported NOI (net operating income) of $367.1 million, compared with $339.6 million in 2Q16. The Northern California region reported the highest NOI of $64.6 million, followed by the New York metropolitan area, which reported NOI of $61.5 million. Development and redevelopment communities reported NOI growth of $40.1 million, […]

    By Jennifer Mathews
  • uploads///Regional
    Earnings Report

    How Geography Affected AvalonBay’s 2Q17 Results

    Wide geographical diversity AvalonBay Communities (AVB) has its assets well placed in high-demand Class A cities. These cities have soaring job growth, a high barrier to entry for competitors, and proximity to premium infrastructure. REIT peers UDR (UDR), Equity Residential (EQR), and Essex Property Trust (ESS) are repositioning their properties to Class A cities and […]

    By Jennifer Mathews
  • uploads///Development
    Earnings Report

    AvalonBay Maintains Profit with Strategic Capital Deployment

    Demographic shift American demographics are shifting towards Class A cities with high-income growth and demand for residential apartments. These cities offer job prospects and proximity to offices, schools, and other necessities for premium social living. Although these cities also have high barriers to entry, more residential apartment owners are repositioning their properties in these areas. […]

    By Jennifer Mathews
  • uploads///Revenue
    Earnings Report

    AvalonBay Revenue Climbs in 2Q17, Backed by Rent Growth

    Robust 2Q17 driven by rent growth AvalonBay Communities’ (AVB) total revenue of $530.5 million marginally surpassed Wall Street estimates by 0.3%. However, revenue rose by almost 6% from the year prior. Upbeat top-line growth reflected growth in development communities and stabilized operating communities. Same-store revenue rose 2.5% year-over-year. Including revenue from redeveloped communities, same-store revenue […]

    By Jennifer Mathews
  • uploads///FFO
    Earnings Report

    What Lies Ahead for AvalonBay

    Robust 2Q17 results AvalonBay Communities’ (AVB) top and bottom lines exceeded expectations, backed by higher net operating income growth of 8.1%.   Factors affecting profit during 2Q17 Higher occupancy and rent growth in development communities and stabilized operating communities led to upbeat results during the quarter. Higher funds from operations expected for 3Q17 AvalonBay expects […]

    By Jennifer Mathews
  • uploads///Intro
    Earnings Report

    Where AvalonBay Stands after Its 2Q17 Earnings Release

    AvalonBay Communities (AVB) reported core FFO (funds from operations) of $2.09 per share, in line with Wall Street estimates.

    By Jennifer Mathews
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    Real Insights

    What Investors Should Consider before Investing in REITs

    A REIT (or real estate investment trust) is a company that owns and manages income-producing real estate.

    By Edward J. Perkin, CFA
  • uploads///Real Estates Edgy Performance Due to High Interest Rate Expectations
    Company & Industry Overviews

    The Real Estate Reaction: Gauging the Impact of the Fed’s Rate Hikes

    The rising interest rate is expected to boost the economy in the long run, but it could severely impact sectors like real estate.

    By Mary Sadler
  • uploads///Economic impact of REITs
    Macroeconomic Analysis

    Why Look to REITs for Opportunities?

    HEDGING AGAINST INFLATION  Property stocks and REITs have often been viewed as inflation hedges because expected inflation will affect prices of real estate, and rental income tends to rise along with generalized inflation. However, other factors may mitigate the impact of inflationary forces. Some of these additional factors may include real estate supply and demand […]

    By Michael Orzano
  • uploads///dividend yields
    Macroeconomic Analysis

    Why REITs Tend to Offer High Dividend Yield

    COMPARING DIVIDEND YIELDS ACROSS ASSET CLASSES  Since 1999, approximately half of the total return of the Dow Jones U.S. Select REIT Index has come from dividends. During periods of heightened volatility, this income could act as a buffer and may mitigate negative price movements. Historically, the Dow Jones U.S. Select REIT Index has produced higher […]

    By Michael Orzano
  • uploads///REIT returns
    Macroeconomic Analysis

    The REIT Advantage: High Return, Low Correlation

    RETURNS AND RISKS OF REITS  REIT and property stock performance has been relatively strong over the long term, especially when compared with traditional bond and equity indices. Since 1992, the Dow Jones Global Ex-U.S. Select RESI has had an average total return close to 9%, while the Dow Jones U.S. Select REIT Index has had […]

    By Michael Orzano
  • uploads///Evolution of REITs
    Macroeconomic Analysis

    The Evolution of the REIT

    The Evolution of REITs  The basic concept of REITs originated with the business trusts that were formed in Massachusetts in the mid-19th century, when the wealth created by the industrial revolution led to a demand for real estate investment. The first REIT was set up in 1961, but it took several decades before REITs were […]

    By Michael Orzano
  • uploads///REIT explained
    Macroeconomic Analysis

    REITs 101: Understanding this Vehicle

    By Michael Orzano, Director, Global Equity Indices Publicly traded property stocks, including real estate investment trusts (or REITs) and real estate operating companies (or REOCs), allow investors to gain exposure to real estate, which is generally an illiquid asset class, without sacrificing the liquidity benefits of listed equities. They also typically offer higher yields than […]

    By Michael Orzano
  • uploads///Economic impact of REITs
    Macroeconomic Analysis

    Why Look to the REIT Sector for Opportunities?

    Not only do REITs (RWR)(ICF) help diversify a portfolio, but they also bolster portfolio income with their steady dividends and their long-term capital appreciation.

    By Michael Orzano
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    Healthcare

    Why REITs Tend to Offer High Dividend Yields

    REITs (IYR)(VNQ) are known for their high dividend yields, outclassing almost all other broad market indices.

    By Michael Orzano
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    Macroeconomic Analysis

    The REIT Advantage: High Returns, Low Correlation

    Not only do REITs tend to provide steady and stable returns over the long term, but they also help in diversifying investor portfolios effectively.

    By Michael Orzano
  • uploads///Evolution of REITs
    Macroeconomic Analysis

    The Evolution of REITs

    The REITs (IYR) sector has shown phenomenal growth over the years. In the past five decades, REITs have grown to a market cap of nearly $1 trillion.

    By Michael Orzano
  • uploads///REIT explained
    Healthcare

    REITs 101: Understanding this Investment Vehicle

    In this series, we’ll get down to the brass tacks of investing in the REIT sector, the market’s current landscape, and the benefits you can expect from this type of investment.

    By Michael Orzano
  • uploads///REITs and interest rates
    Macroeconomic Analysis

    How Would Negative Interest Rates Impact REITs?

    A fall in interest rates makes REITs more attractive dividend-yielding investments compared to bonds. This is because REITs have been traditionally viewed as dividend-yielding investments.

    By Rebecca Keats
  • uploads/// HUD
    Macroeconomic Analysis

    What Is Housing Affordability?

    HUD considers a house to be affordable if the cost of the total rent or mortgage plus utilities are ~30% or lower of the household’s annual income. This relates to a family of four earning at or below 80% of the area median income.

    By Peter Barnes
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    Company & Industry Overviews

    Higher Demand Likely to Drive BioMed Realty’s Occupancy in 2016

    The improving economy, favorable business fundamentals, and a focus on life science companies have led to strong demand for BioMed Realty’s properties.

    By Peter Barnes
  • uploads///C BLACKSTONE
    Company & Industry Overviews

    So Why Is Blackstone Acquiring BioMed Realty?

    In October 2015, Blackstone agreed to acquire all BioMed Realty’s outstanding shares of common stock for $23.75 per share—an $8 billion transaction.

    By Peter Barnes
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    Company & Industry Overviews

    BioMed Realty’s Other Strategy: Generating Sustainable Growth

    BioMed Realty’s growth strategy aims to meet demands for specialized office and laboratory space by leveraging its local knowledge and management expertise.

    By Peter Barnes
  • uploads///C Dev
    Company & Industry Overviews

    BioMed Realty’s Strategy: Adding Value through Property Development and Redevelopment

    BioMed Realty focuses on value creation through development and redevelopment of old and new properties, aiming to develop space on all land it acquires.

    By Peter Barnes
  • uploads///C PROP
    Company & Industry Overviews

    An Overview of BioMed Realty’s Specialized Property Portfolio

    BioMed Realty’s total property portfolio witnessed increased from 12.2 million square feet in 2010 to 17.5 million square feet in 2014.

    By Peter Barnes
  • uploads///C PICS
    Company & Industry Overviews

    An Investor’s Introduction to BioMed Realty Trust

    BioMed Realty is now the fifth-largest publicly traded office REIT in the United States and is a part of the S&P 400 Index.

    By Peter Barnes
  • uploads///C COST
    Company & Industry Overviews

    Alexandria: Earnings Margin to Remain at an Elevated Level

    Alexandria (ARE) recorded an EBITDA margin of 62.5% in 2014, the lowest earnings margin recorded by the company in the last five years.

    By Peter Barnes
  • uploads///C OCCU
    Company & Industry Overviews

    Alexandria: Flying High with Higher Occupancy Levels

    Occupancy rate is the number of units that are rented out to residents by a company in proportion to the total number of units in the building or community.

    By Peter Barnes
  • uploads///C STRATEGY
    Company & Industry Overviews

    Alexandria’s Strategy to Generate Sustainable Growth

    Alexandria’s strategy is to acquire, develop, and redevelop properties in target cluster markets.

    By Peter Barnes
  • uploads///C PROP
    Company & Industry Overviews

    An Overview of Alexandria’s Property Portfolio

    Alexandria Real Estate Equities’ total property portfolio has witnessed healthy growth during the past five years.

    By Peter Barnes
  • uploads///C COST
    Company & Industry Overviews

    Kilroy Realty: Standing Tall with Highest Earnings Margin

    Kilroy Realty’s earnings margin is much higher than the industry average of 52.3% and those recorded by its peers.

    By Peter Barnes
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    Company & Industry Overviews

    What Is Kilroy Realty’s Value Creation Strategy?

    Kilroy Realty expects its strategy to generate higher rental income and higher occupancy levels in the years to come.

    By Peter Barnes
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    Company & Industry Overviews

    A Look at Kilroy Realty’s Property Portfolio

    The increase in Kilroy Realty’s office property portfolio was due to the acquisition of properties to create long-term value.

    By Peter Barnes
  • uploads///C COST
    Company & Industry Overviews

    Boston Properties’ Cost Structure, EBITDA Margin, and Other Must-Knows

    Boston Properties (BXP) consolidated costs were $1.6 billion for fiscal 2014—up by 12.1% over 2013—on the heels of a 25.7% total cost rise in 2013.

    By Peter Barnes
  • uploads///C STRATEGY
    Company & Industry Overviews

    Breaking Down Boston Properties’ Value Creation Strategy

    Boston Properties aims for high growth by managing properties, recycling capital, and operating in supply-constrained markets with high entry barriers.

    By Peter Barnes
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    Macroeconomic Analysis

    How Would a Rate Hike Impact REITs?

    If rates do rise in December, as most experts are expecting, a mass selloff in REITs will likely occur.

    By Rebecca Keats
  • uploads///C COST
    Company & Industry Overviews

    Comparing Post Properties’ EBITDA Margin with Industry Average

    Post Properties recorded an EBITDA margin of 51.3% in 2014, which is lower than the industry average of 57.7%.

    By Peter Barnes
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    Company & Industry Overviews

    Property Acquisitions Add Value to American Campus Communities

    American Campus Communities believes in generating consistent earnings growth through property development and acquisitions.

    By Peter Barnes
  • uploads///C COST
    Company & Industry Overviews

    MAA’s EBITDA Margin: Lower than Industry Average

    MAA’s EBITDA margin is lower than the industry average of 57.7%, as well as the margins reported by some of the company’s peers.

    By Peter Barnes
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    Company & Industry Overviews

    Investing in MAA: A Must-Know Company Overview

    MAA is the sixth largest apartment REIT company in the United States, with a market capitalization of $6.4 billion.

    By Peter Barnes
  • uploads///C EV EBITDA
    Company & Industry Overviews

    What Does AIMCO’s Lower EV-EBITDA Multiple Mean to Investors?

    AIMCO’s (AIV) EV-EBITDA multiple shows that it’s in line with its historical valuation. Over the last seven years, its EV-EBITDA was 10.5 to 18.2x, with a current EV-EBITDA multiple of 16.9x.

    By Peter Barnes
  • uploads///C FFO
    Company & Industry Overviews

    AIMCO Reported Highest Funds from Operations in 2014

    AIMCO’s (AIV) funds from operations have increased consistently over the past five years, from $177 million in fiscal 2010 to $301.8 million in fiscal 2014. That’s the highest FFO in seven years.

    By Peter Barnes
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    Company & Industry Overviews

    A Look at AIMCO’s Diversified Renter Base

    AIMCO has a diversified renter base. The average age of AIMCO’s residents is 36 years. Around 38% of AIMCO’s renters are between the ages of 18 and 30 years.

    By Peter Barnes
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    Company & Industry Overviews

    An Overview of AIMCO’s Geographic Coverage

    AIMCO’s main aim of its geographic coverage strategy is to maintain diversification while moving to a higher average price point.

    By Peter Barnes
  • uploads///C PICS
    Company & Industry Overviews

    Investing in Apartment Investment & Management Company

    Apartment Investment & Management Company (or AIMCO) (AIV) is a self-administered, self-managed REIT. It’s one of the largest owners and operators of apartment communities in the United States.

    By Peter Barnes
  • uploads/// STOCK
    Earnings Report

    Essex Property Trust Stock Fell despite Robust 3Q15 Earnings

    The market reacted negatively to Essex Property Trust’s 3Q15 earnings. Soon after the earnings release, the stock dipped by 3.6% over the previous day’s close.

    By Peter Barnes
  • uploads///C GUIDANCE
    Earnings Report

    Why CBL’s Managemnet Was Optimisitc in 3Q15 Earnings Call

    CBL & Associates’ management scheduled a conference call to discuss its 3Q15 earnings. The company’s FFO per share was below analyst estimates.

    By Peter Barnes
  • uploads///C FFO
    Earnings Report

    Simon Property Group Reported Higher FFO and NOI Growth in 3Q15

    Simon Property Group’s (SPG) FFO (funds from operations) per diluted share increased to $2.54 in 3Q15 compared to $1.90 in 3Q14, representing a huge growth of 33.7%.

    By Peter Barnes
  • uploads///C REV
    Earnings Report

    Will Simon Property Group Repeat Its Stellar 3Q15 Performance?

    Simon Property Group’s healthy revenue growth in 3Q15 was primarily driven by the rise in total sales per square foot and the base minimum rent.

    By Peter Barnes
  • uploads///C STOCK
    Earnings Report

    Simon Property Group in 3Q15: Healthy Earnings Boost Stock

    Simon Property Group (SPG), the largest US retail REIT, reported its 3Q15 earnings on October 27, 2015. The company’s EPS for 3Q15 was $1.36, much higher than the consensus estimate of $1.20.

    By Peter Barnes
  • uploads///C STARWOOD
    Earnings Report

    Equity Residential Plans to Sell Apartment Units to Starwood Capital

    On October 26, Equity Residential announced its plans to sell 72 properties in five markets to Starwood Capital. This includes 23,262 apartment units.

    By Peter Barnes
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    Earnings Report

    Equity Residential’s 3Q15 Earnings Boost the Stock Performance

    Equity Residential (EQR) is the largest US residential REIT. It reported its 3Q15 earnings on October 26. The company’s EPS was $0.53 for 3Q15.

    By Peter Barnes
  • uploads///C P FFO
    Company & Industry Overviews

    CBL versus Peers: Price-to-Funds from Operations Multiples

    The most common way to calculate the relative value of an REIT is the price-to-funds from operations multiple.

    By Peter Barnes
  • uploads///C DEV REDEV
    Company & Industry Overviews

    CBL & Associates: Its Development and Redevelopment Projects

    Through property redevelopment, companies aim to add incremental square footage or increase the productivity of previously-occupied space.

    By Peter Barnes
  • uploads///C MAP
    Company & Industry Overviews

    An Overview of CBL’s Geographic Coverage

    As of fiscal 2014, CBL had wide geographic coverage, with properties located in 27 states, primarily in the southeastern and midwestern United States.

    By Peter Barnes
  • uploads///C PROPERTY PORT
    Company & Industry Overviews

    A Look Into CBL & Associates’ Retail Mall Business

    CBL & Associates’ retail mall business comprises four main property portfolios—shopping malls, associated centers, community centers, and office buildings.

    By Peter Barnes
  • uploads///C PICS
    Company & Industry Overviews

    CBL & Associates Properties: A Must-Know Company Overview

    CBL & Associates Properties is the fifth-largest retail mall REIT (real estate investment trust) in the United States.

    By Peter Barnes
  • uploads///C EV EBITDA
    Company & Industry Overviews

    Macerich’s Highest EV-to-EBITDA Multiple Compared to Peers

    Over the past eight years, Macerich’s EV-to-EBITDA has ranged between 11.9x–27.2x, with a current EV-to-EBITDA multiple of around 21.8x.

    By Peter Barnes
  • uploads///C P FFO
    Company & Industry Overviews

    Macerich’s Higher Price-to-FFO Multiple Compared to Peers

    Over the last five years, Macerich’s price ranged between 13.3x–26.7x of its FFO, with a current price-to-FFO multiple of around 21x.

    By Peter Barnes
  • uploads///C DIV
    Company & Industry Overviews

    A Macerich Must-Know: Steady Dividends to Shareholders

    Bolstered by a higher FFO, Macerich increased its dividend by 6.4% to a total of $2.51 per common share in fiscal 2014 compared to $2.36 per share in 2013.

    By Peter Barnes
  • uploads///C OCCUPANCY
    Company & Industry Overviews

    Why Macerich’s Occupancy Rate Is Steadily Improving

    The higher the occupancy rate, the higher the rental income for the company. Macerich knows this rule well and continues to acquire more tenants.

    By Peter Barnes
  • uploads///C DEV AND REDEV
    Company & Industry Overviews

    Macerich’s Development and Redevelopment Projects

    A major goal an retail REIT’s growth strategy is to redevelop acquired properties. Macerich is focused on identifying these redevelopment opportunities.

    By Peter Barnes
  • uploads///C ETF
    Company & Industry Overviews

    Investing in Essex Property Trust through ETFs

    ETFs are a convenient way for portfolio diversification across a number of asset classes. ETFs mirror the performance of an entire market in a single trade.

    By Peter Barnes
  • uploads///C MOMMU ACQ
    Company & Industry Overviews

    How Essex Property Trust Benefited from Portfolio Restructuring

    Acquisitions and dispositions are an important component of Essex Property Trust’s (ESS) business plan.

    By Peter Barnes
  • uploads///Chart  Div
    Company & Industry Overviews

    AvalonBay Communities Offers Steady Dividend to Shareholders

    REITs such as AvalonBay Communities must pay at least 90% of taxable income to investors as dividends. Dividends come from relatively stable rents paid by tenants.

    By Peter Barnes
  • uploads///Chart  Div
    Company & Industry Overviews

    Equity Residential Offers Steady Dividends to Shareholders

    REITs must pay at least 90% of the taxable income to investors as dividends. REIT dividends are protected from the long-term effects of rising prices.

    By Peter Barnes
  • uploads///Chart  Cost
    Company & Industry Overviews

    What Was Equity Residential’s Cost Structure?

    Equity Residential’s (EQR) consolidated cost was $1.69 billion for fiscal 2014—down by 9.70% over 2013. This came after a 52% rise in the total cost in 2013.

    By Peter Barnes
  • uploads///Chart  Rent
    Macroeconomic Analysis

    The Rise in Commercial Property Rent Is Beneficial to REITs

    Rent increased 0.4% for industrial properties in 2Q15, which was unchanged from the previous quarter, but lower than the 0.5% 2Q14 growth.

    By Peter Barnes
  • uploads///Chart  VR
    Macroeconomic Analysis

    Falling Vacancy Rates Bode Well for REITs

    According to the data from NAR (National Association of Realtors), the office vacancy rate declined to 15.9% in Q2 of fiscal 2015 compared to 16.5% in the same period year ago.

    By Peter Barnes
  • uploads///Chart  Lease expiration
    Company & Industry Overviews

    General Growth Properties’ Crucial Key Operating Metrics

    In 2015, General Growth Properties saw 12.3% of its total leases expire. Around 53.5% of the company’s total leases will be expiring in the next five years.

    By Peter Barnes
  • uploads///Chart  tenants
    Company & Industry Overviews

    General Growth Properties’ Top Tenants in Retail

    The malls in GGP’s portfolio receive a smaller percentage of their operating income from anchor tenants than from specialty retailers who lease space.

    By Peter Barnes
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