Monthly dividend-paying stocks continue to appeal to income-focused investors, especially as the economic environment and interest rate expectations remain uncertain in 2026. That’s exactly why income-focused investors continue to keep an eye on high-quality real estate investment trusts (REITs). These businesses are built to generate recurring rental income, and some of them pass a large portion of that cash flow directly back to investors through consistent monthly distributions.
One TSX stock that stands out right now for its reliable monthly dividends is Primaris Real Estate Investment Trust (TSX:PMZ.UN). With a strong retail property portfolio, solid recent performance, and a dividend yield of 4.6%, this REIT could be an attractive option for investors looking to combine income with long-term growth potential. Let me explain what makes this monthly-paying TSX stock worth considering right now.
Source: Getty Images
A retail REIT built around high-quality shopping centres
To put it simply, Primaris Real Estate Investment Trust focuses on owning, managing, leasing, and developing enclosed shopping centres across Canada. Its portfolio spans roughly 15.1 million square feet and includes major retail destinations such as Lime Ridge Mall in Hamilton and Marlborough Mall in Calgary.
With a market cap of $2.2 billion and a stock price of $19.03 per share, Primaris has climbed by nearly 32% over the last year, reflecting improving investor confidence in well-managed retail real estate assets.
Even more appealing for income investors is its 4.6% annualized dividend yield, which is distributed monthly instead of quarterly. That means investors receive a more consistent stream of passive income throughout the year.
What’s driving Primaris REIT’s momentum?
Several factors seem to be supporting the recent momentum in Primaris REIT stock. For starters, the REIT continues to see strong leasing activity across its retail portfolio. In the first quarter of 2026 alone, Primaris completed 193 leasing deals covering 565,000 square feet, including 154 commercial retail unit leases at average net rents of $53.60 per square foot. Renewing lease spreads also improved by 5.5% year over year, reflecting healthy tenant demand.
Primaris is also making progress in repositioning former Hudson’s Bay Company (HBC) spaces. The company said around 70% of the former HBC space is already in advanced negotiations, with roughly 35% committed or conditionally leased. These redevelopment and re-leasing efforts could support stronger long-term growth.
Another encouraging sign is the REIT’s solid financial flexibility. Primaris ended the March quarter with $626.8 million in liquidity, a net asset value of $21.50 per share, and a very conservative payout ratio of 51.8%.
Strong financial positioning supports future growth
Primaris REIT’s portfolio is currently valued at about $5.2 billion. Despite temporary occupancy pressure tied to former HBC locations, the company continues to maintain healthy leasing momentum and expects occupancy to gradually improve as redevelopment projects move forward.
Last week, the REIT also reaffirmed its 2026 guidance, including funds from operations (FFO) of $1.85 to $1.90 per share and same-property cash net operating income growth of 1% to 3%. Combined with its fully integrated operating platform and disciplined capital allocation strategy, Primaris appears well-positioned to fund future redevelopment opportunities and create long-term value for investors in the years to come.
Why this TSX monthly dividend stock looks attractive right now
Primaris Real Estate Investment Trust offers a great mix of dependable monthly income and long-term growth potential that many investors look for in a TSX dividend stock.
Its 4.6% yield with monthly payouts provides steady cash flow, while its improving leasing activity, redevelopment pipeline, and strong liquidity position could support future growth as well. For anyone aiming to turn their portfolio into a consistent income generator, this TSX stock could be worth a closer look today.
