Most dividend stocks only pay investors four times a year. But a small group of dividend stocks sends cash 12 times a year instead. That consistent stream of monthly income can make your budgeting easier, help smooth out market ups and downs, and boost long-term returns if you reinvest the payouts.
Right now, one TSX-listed real estate investment trust (REIT) is offering a 7.3% annualized yield, and it pays that dividend monthly. The trust owns U.S. grocery-anchored properties that continue to generate steady cash flow. Let’s take a closer look.
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A top TSX monthly dividend stock to buy
Slate Grocery REIT (TSX:SGR.UN) owns and operates grocery-anchored real estate across major U.S. cities. In simple terms, most of its properties are built around supermarkets and other stores people rely on for everyday essentials. Because people always need groceries, this type of real estate tends to hold up well, even when the economy slows down.
The REIT currently trades at $15.68 per share, giving it a market capitalization of $927.4 million. At that price, investors get a 7.3% annualized dividend yield, paid monthly. For anyone building passive income, that mix of a high yield and frequent payments can be really appealing.
In the fourth quarter of 2025, Slate Grocery REIT delivered strong results with its rental revenue rising to US$54.6 million. Meanwhile, its net operating income (NOI) also increased, to US$42.2 million.
During the quarter, the firm’s occupancy stayed solid at 94.4%, highlighting the stability of its grocery-focused retail properties.
Leasing spreads show room to grow
One of the most encouraging facts about Slate Grocery REIT is the ongoing momentum in its leasing activity. In the latest quarter, the REIT completed more than 680,000 square feet of leasing at a 12.3% total leasing spread. It also signed renewal leases at rents 14.9% higher than the previous rates. Similarly, new leases were signed at rents 45.7% higher than comparable in-place rents.
There is also a noticeable gap between the rents Slate currently charges and broader market rates. The REIT’s average in-place rent is US$12.86 per square foot, while the market average is US$24.34. That difference gives it huge room to raise rents over time as leases expire and renew, which could support future income growth.
Balance sheet strength supports its monthly dividends
We shouldn’t forget that a high yield only matters if it can be maintained. In Slate’s case, its balance sheet adds some comfort. The REIT has a weighted average interest rate of 5%, and 87.8% of its debt is fixed-rate. That means most of its borrowing costs are predictable and protected from sudden interest rate changes.
Also, the REIT’s weighted average capitalization rate is well above its borrowing costs, which helps it benefit from positive leverage. With about US$2.4 billion in assets across 115 properties and continued growth in NOI, this structure could very well support long-term value creation.
The overall idea is simple. This grocery-anchored real estate is tied to essential spending, not optional purchases. Even during uncertain times, people still buy food and household basics. That steady demand supports tenants and helps keep rent payments flowing. That’s why, for investors who want dependable monthly income, Slate Grocery REIT’s 7.3% yield paid every single month looks really attractive.
