A Monthly-Paying TSX Stock With a 6.1% Dividend Yield

This monthly-paying TSX stock has a solid history of reliable distributions and offers a well-protected yield of 6.1%.

Sneha Nahata

Author Bio

Sneha Nahata has been fascinated by the stock market for as long as she can remember. Growing up in a family of investors and stock brokers, conversations about businesses, markets, and investing were part of everyday life. What started as curiosity soon became a lifelong passion and, ultimately, a career. She began her professional journey at Zacks Investment Research, where she developed her analytical skills and gained experience evaluating investment opportunities. Sneha has been writing for The Motley Fool Canada since 2020, helping investors look beyond the headlines to identify long-term investment opportunities. Her work is also featured on Barchart. Sneha’s investing philosophy combines growth and dividend investing, with a focus on finding businesses that can build wealth over the long term. Outside of finance, Sneha enjoys sketching, exploring new creative ideas, and spending time with her family.

Education

Master of Science (M.Sc.) in Finance

Areas of Expertise

Technology stocks, media and telecommunications, banking and financial services, energy stocks, consumer stocks, dividend investing, growth stocks, fundamental analysis, company valuation, and long-term investing.

Social Media Profiles

Barchart author profile

Favorite Investment Quote

"Know what you own, and know why you own it." — Peter Lynch

Published June 29, 9:15 pm EDT

Dividend stocks with high yields and monthly payouts are compelling investments. Monthly payouts provide a steady income stream that can help cover living expenses, while also allowing investors to reinvest dividends more frequently and accelerate long-term wealth creation.

However, selecting stocks based on high yield or payout frequency can be a risky bet. Instead, look for monthly-paying TSX stocks with a reliable distribution history and strong fundamentals. Businesses that can deliver profitable long-term growth, generate healthy cash flow, and sustain payouts across market conditions are better positioned to keep paying a steady dividend.

Against this backdrop, here is a top monthly paying TSX stock with a 6.1% dividend yield.

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SmartCentres REIT: A high-yield monthly income stock

Investors seeking a reliable monthly income could add SmartCentres REIT (TSX: SRU.UN) to their portfolios. The real estate investment trust offers an attractive yield and dependable cash flows.

SmartCentres REIT distributes $0.15 per unit each month, yielding about 6.1%. Further, its dividend payments are backed by its stable business model and a portfolio of high-quality properties.

SmartCentres owns a diversified portfolio of retail and mixed-use properties located in some of Canada’s busiest markets. These strategically positioned assets continue to attract tenants, support strong occupancy levels, and enable the REIT to generate steady net operating income (NOI), supporting its distributions.

Its high-quality tenant base adds to the resilience of its operations. By leasing to established, financially sound tenants, SmartCentres reduces rent-collection risk and benefits from consistent cash flow. This stability has helped support its monthly distributions through various market environments.

For Canadians focused on building a reliable stream of passive income, SmartCentres REIT offers an appealing mix of reliable yield and monthly cash distributions.

SmartCentres REIT started 2026 on a solid note

SmartCentres REIT kicked off 2026 on a strong footing, supported by rising rental rates, robust tenant demand, and consistently high occupancy levels across its portfolio.

The REIT’s in-place and committed occupancy rate stood at an impressive 97.6% as of March 31, 2026, reflecting the continued appeal of its retail properties. Strong leasing fundamentals translated into steady operating growth, with same-property NOI increasing 1.4% year over year. Excluding anchor tenants, same-property NOI growth accelerated to 3.4%, highlighting healthy performance across the broader portfolio.

One of the quarter’s biggest highlights was SmartCentres’ leasing activity. The company has already completed approximately 80% of its 2026 lease renewals, capturing higher rental rates in the process. Excluding anchor tenants, renewal rents surged 11.5%, reflecting strong pricing power and sustained demand for well-located retail space.

Tenant retention remained exceptionally high, while rent collections stayed near 99%, providing further evidence of the portfolio’s stability. Meanwhile, demand for newly developed retail space continued to strengthen, positioning SmartCentres to benefit from ongoing growth opportunities throughout the year.

SmartCentres is built to keep paying investors

SmartCentres REIT appears well-positioned to maintain its attractive monthly distributions for years to come. The retail-focused REIT continues to benefit from strong leasing demand, a high-quality tenant base, and healthy rental rate growth across its portfolio. These factors provide a solid foundation for steady dividend payments.

Beyond its existing properties, SmartCentres’ large underutilized land bank and focus on steadily expanding into mixed-use developments augur well for future growth.

At the same time, the REIT’s ongoing portfolio optimization initiatives and a robust development pipeline are expected to drive higher funds from operations (FFO), strengthen net asset value, and support future distributions.

Overall, SmartCentres REIT is a dependable monthly-paying stock offering an attractive yield of 6.1%.