Monthly Dividend Stock In Focus: BTB Real Estate Investment Trust

Printed on January twentieth, 2026 by Bob Ciura

Month-to-month dividend shares have prompt enchantment for a lot of earnings 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 listing of over 100 month-to-month dividend shares.

You may 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:

BTB Actual Property Funding Belief (BTBIF) is a month-to-month dividend inventory based mostly in Canada. This probably makes the inventory extra engaging for earnings buyers on the lookout for extra frequent dividend payouts.

This text will analyze BTB Actual Property Funding Belief in better element.

Enterprise Overview

BTB Actual Property Funding Belief is a Canadian REIT that owns, operates, and actively manages a portfolio of business, suburban workplace, and necessity-based retail properties, with a powerful focus in Québec and Japanese Ontario and a rising presence in Western Canada.

As of September thirtieth, 2025, BTB owned 73 income-producing properties totaling 6.0 million sq. toes and a gross asset worth of about C$1.2 billion, with the portfolio weighted 41% suburban workplace, 36% industrial, and 23% necessity-based retail by honest worth.

It studies its financials in CAD and pays dividends on a month-to-month foundation. All figures on this report have been transformed to USD until in any other case famous.

On November third, 2025, BTB REIT reported its Q3 outcomes for the quarter ended September thirtieth, 2025, with income from actual property properties of $23.6 million, up 1% 12 months over 12 months, pushed by working enhancements, new leasing, and better renewal rents.

Web working earnings elevated about 6% 12 months over 12 months to $14.3 million, whereas money NOI rose roughly 4%, reflecting sturdy same-property efficiency and lease cancellation earnings on house already re-leased.

Portfolio occupancy was 91.5%, modestly decrease 12 months over 12 months as a consequence of a deliberate industrial tenant departure, offset by strong leasing exercise and common renewal lease progress of 14.5%. FFO per unit was $0.083, up 7% in comparison with final 12 months.

For FY2025, we count on FFO per share of $0.29.

Progress Prospects

BTB’s FFO per share trajectory has been considerably underwhelming over the previous decade. From 2015 by way of 2017, the modest enchancment in FFO per share was as a consequence of a mixture of portfolio growth and regular property-level execution.

The Belief spent these years including property and stabilizing money circulate through leasing and occupancy administration, whereas maintaining trust-level prices comparatively contained, so incremental NOI translated into per-unit money circulate regardless of a steadily rising unit depend.

The downshift between 2018 and 2020 was largely about portfolio repositioning friction and a difficult working surroundings, with per-unit money circulate pressured by a mixture of tendencies/non-core pruning, greater financing prices, and heavier leasing/capital exercise to guard occupancy.

These points have been amplified by COVID-era disruption in 2020 (particularly for workplace leasing velocity and tenant-related measures).

Even the place income held up, the Belief was managing by way of a interval the place “clear” NOI-to-FFO translation was much less favorable as a result of extra {dollars} have been being absorbed under NOI and in capital/leasing depth.

From 2021 by way of 2024, we noticed operational enhancements. Nonetheless, these have been offset by greater price of capital. Identical-property efficiency and leasing improved by way of tilting the combo towards industrial (higher-quality money flows and higher leasing momentum), which supported the rebound into 2022–2023.

Nonetheless, by 2024 the per-unit decline was as a consequence of curiosity expense and refinancing/carry prices in a higher-rate surroundings, plus incremental dilution from DRIP participation.

Dividend & Valuation Evaluation

Shifting ahead, we count on no FFO per share progress as greater curiosity prices and capital recycling is more likely to offset
incremental NOI from its rising industrial portfolio.

We additionally count on no progress within the dividend. The corporate slashed month-to-month payouts in 2020 from C$0.0350 monthly to C$0.0250 monthly. It has since been unchanged.

BTB has traditionally traded at 10x its FFO per share. As we speak, the REIT trades at 10.3x this 12 months’s anticipated FFO. Our honest worth is 10x, as its previous decade-average precisely displays the dangers concerned in its funding case.

The dividend yield now stands at 7.3%, and we count on it to be the first driver of BTB’s whole return prospects within the coming years.

BTB exhibits a blended danger profile. On the optimistic aspect, the REIT has been actively bettering portfolio high quality by rising its publicity to industrial property and necessity-based retail, which provide considerably steady demand and higher long-term fundamentals than workplace.

Nonetheless, monetary security is weaker, as a consequence of elevated leverage (56.8%). The choice to chop the distribution in 2020 additionally exhibits vulnerability during times of stress.

The portfolio’s suburban workplace publicity additional limits recession resilience, as workplace leasing demand stays structurally challenged.

The payout ratio of 76% is more healthy than in earlier years, when it usually exceeded 100%, so we imagine the REIT can maintain its present dividend. Nonetheless, a protracted downturn in the actual property sector wouldn’t exclude the potential of one other dividend lower.

Last Ideas

BTB REIT is making progress bettering its asset combine, however elevated leverage, significant workplace publicity, and a historical past of a dividend lower restrict its security and near-term risk-adjusted enchantment.

We forecast an annualized whole return potential of seven.1% over the medium time period to be powered primarily by the beginning dividend yield.

Nonetheless, because of the lack of dividend progress lately, we price the inventory a promote.