A 7% Dividend Stock Paying Cash Every Single Month

If you’re looking to boost your portfolio’s income, high-yield dividend stocks that pay out monthly can be a compelling choice. Unlike quarterly dividends, monthly payouts provide a more frequent stream of income for reinvestment and meeting short-term financial needs.

With income rolling in every 30 days, investors have the chance to reinvest sooner and grow their capital more efficiently over time.

Still, it’s not just about chasing high yields. Investors must evaluate the company’s financial health, its history of consistently paying dividends, and its ability to maintain those payments into the future.

With that in mind, here is a top TSX stock that pays cash every single month and offers a high yield of over 7%.

The 7% dividend stock offering monthly payouts

Investors seeking a top monthly dividend stock may consider SmartCentres REIT (TSX:SRU.UN). The REIT’s monthly payouts are supported by its high-quality underlying real estate portfolio, generating solid same-property net operating income (NOI).

SmartCentres owns 195 well-located properties across Canada, strategically focused on income-generating, value-oriented retail, along with a growing presence in mixed-use developments. These include office spaces and self-storage units, areas that contribute to a stable and diversified revenue stream.

Retail remains the core of the business, serving as a reliable anchor for cash flow and supporting its payouts.

Thanks to its solid NOI, this Canadian REIT offers a payout of $0.154 per unit every month. That adds up to roughly $1.85 per share annually. Moreover, with the stock recently trading around $25.60, that translates into a high yield of over 7%, which is highly attractive.

SmartCentres to maintain its payouts

SmartCentres has consistently maintained its monthly payouts despite market volatility and macro challenges. Moreover, it is likely to maintain its payouts in the coming years, led by steady tenant demand, rental growth, high occupancy, and a growing mixed-use portfolio.  

The REIT’s properties benefit from strong national retail tenants that drive heavy foot traffic and high in-store sales. These high-performing locations support the REIT’s dominance and long-term leasing strength.

For instance, in Q1, SmartCentres leased 178,000 square feet of vacant space, pushing occupancy to an impressive 98.4%. The same property’s net operating income rose 4.1% overall and 6.7% excluding anchor tenants. With 5.3 million square feet of leases maturing in 2025, the REIT has already secured extensions on nearly 70% of that space, with rental spreads up 8.4% (excluding anchors).

SmartCentres’ cash collection exceeded 99%, reflecting the high quality of its tenants. Moreover, easing grocery restrictions is also set to drive more foot traffic, enhancing the appeal of its large-format retail properties.

Beyond retail, SmartCentres is diversifying by adding services such as medical, fitness, and daycare, enhancing its appeal and cash flow durability. Furthermore, its premium outlets continue to be a bright spot, delivering strong sales and earnings growth.

With a vast underutilized landbank and a strong development pipeline, SmartCentres is well-positioned to deliver and grow its NOI and funds from operations, which will support future distribution growth.

The table below shows that owning 1,000 shares of SmartCentres REIT would generate $154 in monthly income.