Here’s a TSX Stock That Pays Monthly and Yields 4%

For income-focused investors, dividend stocks that pay monthly can be an attractive way to generate steady cash. Monthly distributions can help investors cover regular expenses or put their dividend income back to work more frequently through reinvestment.

The TSX has several fundamentally strong companies that provide monthly dividends, with some also increasing their payouts over time. This combination of regular income and potential dividend growth can make such stocks appealing to long-term income investors.

For investors seeking monthly income, here is a TSX stock offering a dividend yield of around 4%.

Monthly dividend stock offering a 4% yield

For investors seeking reliable income, Granite REIT (TSX: GRT.UN) stands out as a monthly dividend payer with a track record of maintaining and increasing its distributions.

Granite owns and operates a diversified portfolio of logistics, warehouse, distribution, and industrial properties across North America and Europe. Its portfolio focuses on e-commerce, logistics, distribution, and light and heavy industrial manufacturing.

The REIT benefits from steady demand for these property types, driving occupancy rates, strong tenant retention, and attractive leasing spreads. These factors provide a solid foundation for growing rental income and higher distributions over time.

Granite currently pays a monthly distribution of $0.30 per unit, yielding about 4%, based on its August 18 closing price of $89.78.

For income-focused investors, Granite offers monthly cash, exposure to industrial real estate, and the potential for distribution growth.

Into Granite’s recent financial performance

Granite has sustained positive momentum in 2026. The REIT’s net operating income (NOI) increased 10% year-over-year to $135.4 million in the second quarter of 2026. New and renewal leasing activity in Canada and the U.S., contractual rent adjustments, and CPI-linked rent increases across the portfolio primarily drove the increase. Recent acquisitions also contributed to growth, with eight income-producing properties acquired in the U.S. and U.K. since the second quarter of 2025.

Granite’s funds from operations (FFO) also increased meaningfully, rising to $95.2 million, or $1.56 per unit, compared with $85.4 million, or $1.39 per unit, a year earlier.

Its portfolio’s occupancy metrics remained solid. The REIT reported in-place occupancy of 98% as of June 30, 2026, up 50 basis points from March 31 and an impressive 220 basis points from the same period last year. Higher occupancy reflects continued demand for Granite’s properties and strong retention.

Leasing performance was solid. During the quarter, Granite achieved average rental rate spreads of 7% over expiring rents.

Overall, high occupancy, positive leasing spreads, and focus on acquisitions position Granite well to deliver steady NOI and FFO growth, supporting its distributions.

The bottom line

Granite REIT is a reliable income investment, offering investors consistent monthly distributions and the potential for future payout growth. The REIT continues to strengthen its income-producing portfolio by focusing on leasing activity, maintaining high occupancy levels, and achieving steady rental rate growth.

At the same time, Granite REIT is actively redeploying capital to support long-term growth. Its focus on acquiring income-producing and development properties in targeted markets and selectively selling non-core assets to optimize the portfolio augurs well for growth.

In addition, the REIT’s emphasis on value-enhancing expansion, build-to-suit development opportunities, and a strong balance sheet provides a solid base for future growth.