Printed on March sixth, 2026 by Bob Ciura
Month-to-month dividend shares have instantaneous enchantment for a lot of revenue buyers. Shares that pay their dividends every month supply extra frequent payouts than conventional quarterly or semi-annual dividend payers.
For that reason, we created a full listing of over 100 month-to-month dividend shares.
You’ll be able to obtain our full Excel spreadsheet of all month-to-month dividend shares (together with metrics that matter like dividend yields and payout ratios) by clicking on the hyperlink under:
True North Business REIT (TUERF) is a month-to-month dividend inventory with a excessive yield.
This doubtlessly makes the inventory extra engaging for revenue buyers in search of extra frequent dividend payouts.
This text will analyze Trinity Capital in higher element.
Enterprise Overview
True North Business REIT is a Canadian workplace REIT that owns and operates a portfolio of single-tenant and choose multi-tenant workplace properties throughout 5 provinces.
As of September thirtieth, 2025, the Belief owned 38 workplace properties totaling 4.5 million sq. toes, with 94% occupancy and a weighted common lease time period of 4.3 years.
Roughly 72% of income is generated from authorities and credit-rated tenants, offering extremely contractual and defensive money move regardless of structural challenges within the workplace sector.
The portfolio is concentrated in Ontario (notably the GTA and Ottawa), with extra publicity to Alberta, Atlantic Canada, and British Columbia. The REIT generated $88.3 million in rental income final yr.
On November eleventh, 2025, True North Business REIT reported its Q3 outcomes for the quarter ended September thirtieth, 2025. Income from actual property properties was $22.0 million, barely up yr over yr, pushed primarily by termination revenue from a GTA tenant, partially offset by asset tendencies and decrease occupancy at properties held on the market.
Web working revenue declined 5% yr over yr to about $11.1 million, reflecting weaker same-property efficiency in Alberta and British Columbia and the impression of tendencies, regardless of contractual hire steps elsewhere within the portfolio.
Portfolio occupancy remained secure at 94% (excluding belongings held on the market), with a 4.3-year weighted common lease time period, supported by a tenant base dominated by authorities and credit-rated customers. FFO per share of $0.40 was down from $0.45 final yr regardless of ongoing unit repurchases.
Development Prospects
True North’s FFO per share trajectory has been fairly disappointing over the previous decade. From 2015 to 2017, the REIT’s per-unit FFO was roughly secure.
In 2018, nevertheless, FFO per unit was pressured by timing differential dilution, which suggests fairness issuance occurred earlier than proceeds have been absolutely deployed into acquisitions, so extra models have been excellent with out the speedy NOI contribution.
By 2019, NOI and scale grew with acquisitions, however administration additionally pointed to greater G&A and rising finance prices tied to incremental debt because the portfolio expanded, protecting per-unit progress extra muted than the top-line/NOI progress would possibly suggest.
In 2020, the REIT posted 99% contractual hire assortment and sustained sturdy hire collections regardless of the pandemic, which helped preserve money move comparatively resilient.
In 2021, outcomes have been secure, with the important thing bridge being tendencies earlier within the yr offset by an acquisition and modest same-property NOI progress (supported by renewals and a few termination funds).
In 2022, NOI benefited from same-property NOI uplift plus acquisitions, however was offset by occupancy decline and better leasing-cost amortization/straight-line hire results.
The sharp step-down into 2023–2024 was pushed by an actual combine shift and earnings headwinds. 2023 noticed the lap of huge prior-year termination revenue, significant lease expiries/emptiness, tendencies, and better financing prices from materially greater mortgage refi charges and credit score facility curiosity.
In 2024, income and NOI have been once more down year-over-year primarily due to disposition exercise in an try and stabilize its extremely leveraged stability sheet.
Transferring ahead, we count on no FFO per share progress as excessive indebtedness, elevated curiosity expense, ongoing asset tendencies, and restricted leasing upside within the workplace portfolio are prone to offset the soundness offered by authorities anchored tenants.
Dividend & Valuation Evaluation
True North Business REIT advantages from excessive tenant credit score high quality, with a portfolio closely leased to authorities and government-related tenants, which offers contractual money move stability and predictable hire assortment even in weak financial environments.
The payout ratio additionally has improved materially and is now a extra conservative 38% of anticipated 2025 FFO, providing some buffer on the distribution stage.
Nonetheless, total security stays constrained by excessive indebtedness, with leverage nonetheless elevated at roughly ~59% of gross e-book worth, leaving the Belief extremely delicate to rates of interest, refinancing threat, and asset valuations.
TUERF trades for a P/FFO ratio of 4.8, under our honest worth estimate of 6. Due to this fact, the inventory is undervalued. An increasing valuation a number of may raise annual returns by 4.5% per yr.
Together with no anticipated FFO progress and the 8% dividend, complete returns are estimated at 10.5% per yr over the subsequent 5 years.
Closing Ideas
True North has secure, government-backed money flows and an improved payout profile, however excessive leverage and structural workplace market dangers preserve the funding firmly within the higher-risk class.
We see the chance for annualized complete returns of 9.8% via 2030, to be pushed by the dividend and the opportunity of a valuation tailwind.
Nonetheless, we stress that this return forecast is very speculative. Regardless, we fee the inventory a promote as a result of lack of dividend progress.
Further Studying
Don’t miss the sources under for extra month-to-month dividend inventory investing analysis.
And see the sources under for extra compelling funding concepts for dividend progress shares and/or high-yield funding securities.
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