A Monthly-Paying TSX Stock With a 6.6% Dividend Yield

Investing in dividend stocks could generate steady income. Moreover, among these Canadian stocks, some offer relatively high dividend yields and monthly cash payments. For investors who rely on regular income, these stocks can feel similar to receiving a paycheque. The steady cash flow can help cover living expenses or be reinvested.

That said, dividend stocks should not be judged by yield or payment frequency. Dividends are never guaranteed, and a very high yield can sometimes be a warning sign. In many cases, unusually high yields occur because the company’s share price has fallen. A declining share price may reflect operational challenges, weakening financial performance, or a dividend payout that the company may struggle to maintain.

For this reason, investors should look for companies with dependable dividend payouts, supported by strong fundamentals. Businesses that can deliver profitable growth, maintain healthy cash flow, and maintain or increase dividends are better positioned to sustain payouts over time.

Against this background, here is a monthly paying stock with a 6.6% dividend yield worth considering.

A reliable monthly-paying stock with 6.6% dividend yield

SmartCentres REIT (TSX: SRU.UN) is a dependable option for investors seeking consistent monthly income. The real estate investment trust pays $0.154 per share each month, yielding approximately 6.6% annually. This relatively high yield and steady distribution history make the REIT an attractive dividend stock.

SmartCentres’s monthly distributions are well-protected. Its high-quality real estate portfolio continues to generate solid net operating income (NOI), supporting its payouts. Many of its properties are situated in prime retail locations, which helps sustain strong leasing demand and maintain high lease renewal rates. These factors support stable rental revenue growth over time and contribute to the REIT’s consistent and resilient cash flows.

SmartCentres’s recent performance

SmartCentres ended 2025 on a solid note, driven by strong tenant demand across its portfolio and high occupancy. The REIT ended the year with an occupancy rate of 98.6%, reflecting the continued appeal of its properties. Its same-property NOI increased 3.7% year over year, driven by leasing and renewal activity in its retail assets, along with stabilization in occupancy levels in its self-storage and apartment rental segments.

The company witnesses strong leasing activity throughout the year. In the fourth quarter alone, approximately 35,500 square feet of previously vacant space was leased, bringing total leasing for 2025 to roughly 430,000 square feet. Demand for its newly developed retail space also remained strong. Lease renewals generated rent growth of 8.4%, excluding anchor tenants, while the REIT collected more than 99% of its rental revenue. This high collection rate shows the stability of SmartCentres’s tenant base and the reliability of its cash flow.

Strong customer traffic across the REIT’s retail centers has further supported tenant performance and encouraged SmartCentres to diversify its property mix. Its premium outlet locations continue to attract significant visitor volumes, helping drive tenant sales and improve the value of its retail portfolio.

Looking ahead, SmartCentres is expanding beyond retail through a growing pipeline of mixed-use developments. This strategy is intended to diversify revenue sources while leveraging the REIT’s substantial land holdings and strong balance sheet to support long-term growth.

Earn $154 in monthly passive income with SmartCentres REIT

SmartCentres REIT is a reliable income-generating investment known for its consistent monthly dividend payments and attractive yield. At the current market price, buying 1,000 shares of SmartCentres REIT can generate approximately $154 in monthly dividend income. On an annual basis, this equates to more than $1,848 in dividend earnings.