6% Monthly Passive Income! This Dividend Stock Works While You Sleep

If you’re aiming to build or strengthen your passive income, few options are as appealing as high-yield dividend stocks that pay out every month. These stocks offer steady cash flow, which is deposited into your account every 30 days, rather than every quarter. That more frequent payout schedule can make a meaningful difference, especially for those who want to reinvest dividends promptly or rely on them to cover regular expenses.

However, it’s crucial not to get lured in solely by high yields. Investors should carefully assess a company’s fundamentals, dividend payments, and its ability to sustain its payout in the long run.

Keeping these factors in mind, here is a top Canadian stock that works while you sleep and offers a high yield of about 6%.

6% monthly dividend stock for passive income

For Canadians looking to generate steady passive income, Dream Industrial REIT (TSX: DIR.UN) is a compelling option worth considering. While many TSX-listed stocks, particularly REITs, offer a monthly dividend and high yield, Dream Industrial stands out for both its income potential and the quality of its underlying assets.

Dream Industrial REIT specializes in owning and managing a diverse portfolio of industrial properties located in strategic urban markets. As of March 31, 2025, the REIT held an interest in 336 industrial assets comprising 549 buildings and approximately 72.6 million square feet of gross leasable area. These properties span across Canada, the U.S., and Europe, providing a geographically balanced and resilient income base.

What makes this REIT attractive is its ability to maintain high occupancy rates, driven by strong leasing demand in the industrial sector. This robust demand contributes to consistent growth in net operating income (NOI) and funds from operations (FFO), two key metrics that support the REIT’s ability to deliver regular monthly dividends.

Currently, Dream Industrial REIT pays a monthly dividend of $0.058 per share, resulting in an attractive annual yield of approximately 6%. For investors seeking reliable, long-term income, this REIT offers both stability and consistent cash.

Earn a passive income of $116 per month

Dream Industrial REIT’s recent performance reflects continued strength in its real estate portfolio. In the first quarter, it reported a 5.8% year-over-year increase in FFO per unit, supported by healthy leasing activity and a 3.1% rise in net operating income on a constant currency basis.

Demand remained robust across its urban-focused assets in Western Canada and Europe, including recently completed developments. Moreover, leasing activity remained healthy with 1.5 million square feet signed at an impressive 23.1% rental rate spread.

Its portfolio maintained a high occupancy rate of 95.4%, while the REIT continued its disciplined investment strategy. So far this year, it has completed $460 million in acquisitions through its private ventures, which have totaled over $1 billion in purchases over the past two years. Net property management and leasing margins rose nearly 19% year-over-year, driven by scale and organic growth. Moreover, it is divesting non-core assets.

Dream Industrial also advanced its strategy of unlocking additional value through sustainability initiatives. Its solar energy program gained momentum, with one project in the Netherlands completed at a 10% yield on cost and four more underway with expected yields above 8%. Twenty-eight additional solar projects are now in the feasibility pipeline.

To bolster financial stability, the REIT addressed about half of its 2025 debt maturities and ended Q1 with a net debt-to-assets ratio of 36.9% and liquidity of $751.3 million. With a focus on sustainability, operational growth, and prudent capital management, the REIT remains well-positioned amid ongoing economic uncertainty.

The table below shows that owning 2,000 shares of Dream Industrial REIT would generate $116 in monthly income.