Printed on January thirteenth, 2026 by Bob Ciura
Month-to-month dividend shares have on the spot enchantment for a lot of revenue buyers. Shares that pay their dividends every month provide extra frequent payouts than conventional quarterly or semi-annual dividend payers.
Because of this, we created a full checklist 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 beneath:
Allied Properties Actual Property Funding Belief (APYRF) is a month-to-month dividend inventory primarily based in Canada. This doubtlessly makes the inventory extra engaging for revenue buyers in search of extra frequent dividend payouts.
This text will analyze Allied Properties Actual Property Funding Belief in better element.
Enterprise Overview
Allied Properties REIT is a Canadian actual property funding belief targeted on proudly owning, working, and creating city workspace properties in main cities comparable to Toronto, Montréal, Vancouver, Calgary, and Kitchener.
Based mostly on the newest filings, the REIT’s portfolio consists of 191 rental properties totaling 14.4 million sq. ft., primarily composed of Class I and mixed-use city workplace belongings.
On the finish of September, its portfolio was 87.4% leased and 84.0% occupied, supported by a modest 1.5% lease enhance on renewals. The REIT generated income of $413.4 million final yr.
All figures on this report have been transformed to USD except in any other case famous. The inventory trades at a market cap of ~$1.3 billion.
On October twenty ninth, 2025, Allied reported its Q3 outcomes for the quarter ended September thirtieth, 2025, Rental income got here in at $106.3 million (up ~1% yr over yr), property working prices got here in at $48.3 million (up ~5%), and working revenue got here in at $58.0 million (down ~3%).
Portfolio fundamentals remained comparatively secure at 87.4% leased (flat year-over-year) and 84.0% occupied (down ~160 bps YoY), with common in-place internet lease of $18.10 per occupied sq. foot (down ~0.4%) and +1.5% lease development on renewals versus detrimental spreads within the prior yr.
Nonetheless, greater borrowing prices continued to weigh on outcomes, with curiosity expense of $25.5 million (up ~13%) and SG&A bills of $5.4 million (up ~2%) for the quarter.
Because of this, money move weakened yr over yr, with AFFO per-share of $0.315 (down ~6%) for the interval. For FY2025, we anticipate AFFO/share of $1.20.
On December 1st, 2025, Allied Properties slashed its dividend by 60% to a month-to-month fee of C$0.06.
Development Prospects
Allied Properties REIT’s AFFO per share has didn’t develop meaningfully over the previous decade. AFFO per share peaked at $1.72 in 2019 and has since been fairly underwhelming.
In 2020, AFFO softened because of the pandemic, however outcomes have been shielded by decrease leasing and upkeep expenditures, adopted by a restoration in 2021 as operations normalized and leasing exercise strengthened.
Throughout 2022 and 2023, AFFO remained comparatively secure, with stable efficiency and managed capital spending offsetting the early results of upper rates of interest.
Nonetheless, the decline in 2024 displays a transparent shift within the macro and capital construction surroundings, attributable to greater curiosity expense, decreased revenue following asset disposals and mortgage repayments, transaction-related impacts from growth monetizations, and elevated leasing expenditures.
These things can be solely partly offset by decrease straight-line lease amortization.
Transferring ahead, we don’t forecast any development in AFFO per share, as the corporate’s excessive leverage (internet debt at ~12.3x annualized adjusted EBITDA) and elevated curiosity expense are more likely to take in working enhancements from leasing and lease development.
We do forecast the dividend develop at a CAGR of 10%, as finally the corporate ought to be capable to resume to its prior ranges after this yr’s dividend discount.
Dividend & Valuation Evaluation
Allied Properties combines high-quality, well-located city workspace belongings with a difficult monetary threat profile.
The portfolio’s deal with distinctive, amenity-rich properties in main Canadian cities provides a sturdy aggressive benefit and helps comparatively secure leasing and renewal exercise.
Nonetheless, excessive leverage and elevated curiosity prices materially weaken balance-sheet security and scale back flexibility. Whereas prime areas and knowledge-based tenants provide some recession resilience, workplace publicity and ongoing leasing capital wants restrict draw back safety in a recession.
With a 2025 forecast dividend payout ratio of 43%, the present payout seems to be protected with room for will increase.
Allied Properties’ valuation has compressed considerably currently given its underwhelming efficiency and dividend lower.
We don’t anticipate a valuation enlargement towards to the low to mid-teens anytime quickly because the REIT stays extremely levered.
Shares commerce for a 2025 price-to-FFO ratio of 8.7, above our truthful worth estimate of 8.0. Due to this fact, the inventory appears barely overvalued, which may weigh on future returns.
Last Ideas
Allied’s asset high quality and aggressive positioning stay robust, however excessive leverage and curiosity prices constrain close to time period money move development.
We forecast annualized returns of 4.9% over the medium time period, primarily powered by the beginning dividend yield and a comfortable valuation enlargement.
Nonetheless, because of the REIT’s dividend lower earlier this month, we fee the inventory a promote.
Extra Studying
Don’t miss the assets beneath for extra month-to-month dividend inventory investing analysis.
And see the assets beneath for extra compelling funding concepts for dividend development shares and/or high-yield funding securities.
Thanks for studying this text. Please ship any suggestions, corrections, or inquiries to [email protected].
