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Monthly dividend stocks have instant appeal for many income investors. Stocks that pay their dividends each month offer more frequent payouts than traditional quarterly or semi-annual dividend payers.

For this reason, we created a full list of over 100 monthly dividend stocks. You can download our full Excel spreadsheet of all monthly dividend stocks (along with metrics that matter like dividend yields and payout ratios) by clicking on the link provided.

Canadian Net Real Estate Investment Trust (CNNRF) is a monthly dividend stock with a high yield. This potentially makes the stock more attractive for income investors looking for more frequent dividend payouts. This article will analyze Canadian Net Real Estate Investment Trust in greater detail.

Business Overview

Canadian Net Real Estate Investment Trust is a Canadian commercial REIT specializing in necessity-based, single-tenant, and small-format retail properties that are mainly leased on a triple-net, management-free basis.

As of Sept. 30, 2025, the Trust owned 97 income-producing properties, predominantly located in Quebec, with additional exposure to Ontario, Nova Scotia, and New Brunswick.

The portfolio is heavily weighted toward national and regional tenants, such as grocery-anchored retailers, quick-service restaurants, gas stations, and convenience stores, often resulting in a 100% occupancy rate and highly predictable cash flows.

It reports its financials in Canadian dollars. All figures in this report have been converted to US dollars unless otherwise noted. On Nov. 18, 2025, Canadian Net Real Estate reported its Q3 results. Revenue from real estate properties was $5.0 million, up 11% year-over-year, driven by recent acquisitions and contractual rent escalations across the portfolio.

Net operating income increased to $3.6 million, also up 11% year-over-year, reflecting the trust’s 100% occupancy, triple-net lease structure, and minimal operating cost exposure.

Interest expense increased modestly year-over-year, reflecting financing related to acquisitions and mortgage renewals, but remained manageable. As a result, FFO increased roughly 20% year-over-year, with FFO per share of $0.12, up from $0.10 last year.

Growth Prospects

Canadian Net Real Estate grew its FFO per share at strong CAGR of 10.6% over the past decade. From 2015 through 2017, FFO per unit rose as the Trust executed its core strategy of acquiring single-tenant, triple-net, management-free retail properties, primarily in Québec.

The trust’s necessity-based tenants (grocery, gas, convenience, QSR) continued paying rent throughout the COVID-19 pandemic period, with virtually no leasing costs or capital disruption. Low interest rates during this period further supported cash flow growth, allowing FFO per unit to rise consistently even as broader retail REITs faced pressure.

From 2022 through 2024, FFO per unit largely plateaued before declining in 2024. This was mainly due to higher interest expense in a rising-rate environment, combined with slower acquisition activity, which reduced Canadian Net Real Estate's ability to offset financing costs through external growth.

While occupancy remained at or near 100% and rental income stayed stable, incremental FFO growth became constrained once acquisition volumes slowed, resulting in softer per-unit results in 2024 despite continued portfolio stability.

Moving forward, we expect FFO growth of 4% to be driven by contractual rent escalations, a fully occupied triple-net portfolio, and incremental contributions from recent and pipeline acquisitions, partially offset by higher interest expense in the current rate environment.

We have set the same growth to our dividend growth estimate. The REIT hasn’t cut its dividend since 2013, when it was paying out semi-annually. It switched to quarterly payouts in 2015 and then to monthly payouts in 2018. In 2024, the REIT maintained a stable dividend, resetting its dividend growth streak.

Dividend & Valuation Analysis

Canadian Net Real Estate benefits from a highly defensive, triple-net retail portfolio with 100% occupancy, long lease terms, and minimal operating complexity, which supports very stable and predictable cash flow.

Its focus on necessity-based tenants and an internalized, management-free structure provides a durable competitive advantage and strong resilience in economic downturns.

While growth is sensitive to financing conditions as a result of its acquisition-driven model, the Trust’s low operating risk and tenant stability meaningfully mitigate downside risk, making it one of the more resilient small-cap Canadian retail REITs. The payout ratio also stands at a very healthy 54%.

The REIT has recently been seen trading at 9.5x this year’s expected FFO. We believe this is more or less a fair valuation for the stock, reflecting both our growth estimates while offering notable yield at such levels. We have set our fair P/FFO at 9x.

Final Thoughts

Canadian Net Real Estate offers highly stable, necessity-based cash flows with strong downside protection, making it a defensive income vehicle with measured growth potential.

We forecast annualized returns of 7.9% through 2030, powered by the starting dividend yield, our growth estimate, and a soft valuation tailwind.

Additional Reading

Don’t miss the resources below for more monthly dividend stock investing research:

• 20 Highest Yielding Monthly Dividend Stocks
• 10 Cheapest Monthly Dividend Stocks
• 10 Safest Monthly Dividend Stocks

And see the resources below for more compelling investment ideas for dividend growth stocks and/or high-yield investment securities:

• Dividend Kings: 50+ years of rising dividends
• Dividend Champions: 25+ years of rising dividends
• Dividend Aristocrats: 25+ years of rising dividends and in the S&P 500
• High Dividend Stocks: 5%+ dividend yields
• Blue Chip Stocks: Kings, Aristocrats, and Achievers
• MLPs: List of MLPs and more
• REITs: List of REITs and more
• BDCs: List of BDCs and more

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