Month-to-month Dividend Inventory In Focus: Morguard North American Residential REIT

Printed on February thirteenth, 2026 by Bob Ciura

Month-to-month dividend shares have prompt 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.

Because of this, we created a full record of over 100 month-to-month dividend shares.

You possibly can 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:

 

Morguard North American Residential REIT (MNARF) 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 Morguard North American Residential REIT in higher element.

Enterprise Overview

Morguard North American Residential Actual Property Funding Belief (MNARF) is a Canadian-listed multi-family residential REIT that owns and operates a diversified portfolio of rental condo communities throughout Canada and the U.S.

As of September thirtieth, 2025, the REIT owned pursuits in 43 residential properties comprising about 13,100 suites, with about 41% of suites situated in Canada and 59% within the U.S., offering geographic and financial diversification.

The Canadian portfolio is closely weighted towards Ontario, significantly Toronto and Mississauga, whereas the U.S. portfolio spans high-population-growth states reminiscent of Illinois, Florida, Texas, Georgia, and Colorado.

MNARF focuses on mid-market, necessity-based rental housing. The REIT generated $243 million in income final yr.

On October twenty seventh, 2025, MNARF reported its Q3 outcomes for the quarter ended September thirtieth, 2025, with income from actual property properties of $63.0 million, up 2.2% yr over yr, pushed by rental charge will increase and favorable international alternate actions.

Internet working revenue elevated about 4.0% yr over yr to $33.4 million, supported by stronger U.S. working efficiency and resilient rental demand, partially offset by softer Canadian occupancy associated to new provide and ongoing capital tasks.

Portfolio fundamentals had been stable, with common month-to-month hire up 4.7% in Canada and 1.5% within the U.S., whereas occupancy averaged 94.3% in Canada and 92.5% within the U.S.

FFO per share elevated two cents yr over yr to about $0.31. For FY2025, we forecast FFO per share of $1.30.

Progress Prospects

MNARF achieved average FFO per share development of 4.5% per yr between 2015 and 2024. The REIT benefited from portfolio growth, enhancing rental fundamentals, and operational efficiencies throughout each Canada and the U.S.

There was rising occupancy, regular hire will increase on turnover, and contributions from acquisitions, significantly in U.S. markets with favorable demographic tendencies.

Within the years 2018 by means of 2021, FFO/share turned extra uneven, as a result of a mixture of stable property-level efficiency and exterior pressures.

Whereas same-property NOI continued to develop by means of hire will increase and disciplined price management, outcomes had been periodically weighed down by greater curiosity expense, FX actions, and excessive working prices, particularly through the pandemic.

In 2020 and 2021, administration famous that COVID-related prices, momentary hire reduction, and slower turnover exercise moderated development, at the same time as residential demand proved resilient and occupancy remained excessive.

From 2022 by means of 2024, FFO /share grew sharply earlier than moderating, pushed primarily by sturdy post-pandemic hire development, greater turnover rents, and tight housing provide in each Canadian and U.S. markets.

The step-up in 2022 and 2023 displays distinctive same-property NOI development, significantly in U.S. Sunbelt and concrete Canadian markets.

The pullback in 2024 displays a normalization section, with greater curiosity expense, slower hire development, and rising working and property tax prices partially offsetting still-healthy rental fundamentals.

Shifting ahead, we anticipate FFO per share development of three% to be pushed by hire development and excessive occupancy, partially offset by greater curiosity and working prices.

We forecast the identical development for the dividend, which the corporate has grown for 4 consecutive years in CAD phrases. The REIT has by no means minimize its month-to-month dividend because it began paying it in 2012.

Dividend & Valuation Evaluation

MNARF has a well-diversified North American residential portfolio, persistently excessive occupancy, and a wholesome dividend payout ratio at 44%, which offers significant buffer to money circulation volatility.

The REIT’s low leverage of 39.5% relative to friends reduces refinancing danger, whereas its give attention to mid-market rental housing helps secure demand throughout cycles.

Additionally, MNARF has by no means minimize its dividend since 2012, proving its resilience by means of numerous financial environments. That mentioned, a protracted down flip in residential actual property ought to nonetheless negatively affect the REIT’s outcomes.

MNARF has traded inside a really slim valuation vary over the previous decade, averaging simply over 12x FFO.

At present, the REIT trades at 10.6x this yr’s anticipated FFO. We imagine a modest low cost is honest, on condition that buyers ought to require a better yield to pair low-single digit FFO/share development expectations.

That is why we’ve set our honest a number of at a fair decrease 9x.

A declining P/FFO a number of may scale back annual returns by 3.3% over the following 5 years. Together with 3% anticipated FFO-per-share development and the 4.1% dividend yield, whole returns are estimated at 3.8% per yr over the following 5 years.

Remaining Ideas

MNARF gives a defensively positioned residential portfolio with conservative leverage and a robust distribution monitor report, making it a stable income-oriented holding with average development potential.

We forecast annualized returns of three.8% over the following 5 years, to be powered by the beginning dividend yield and our development estimate, offset by potential valuation headwinds. MNARF earns a maintain score.

Extra 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 development shares and/or high-yield funding securities.