SmartCentres Real Estate Investment Trust
SmartCentres Real Estate Investment Trust (TSX:SRU.UN) is one of Canada’s leading integrated REITs, owning and operating 197 strategically located mixed-use properties. About 90% of Canadians have at least one SmartCentres shopping center within 10 kilometers of where they live. The REIT also benefits from a high-quality tenant base, with 95% of tenants having a regional or national footprint and approximately 60% offering essential services. Supported by these favorable factors, the Toronto-based REIT maintains healthy occupancy rates, delivers stable and predictable financial performance and rewards shareholders with an attractive monthly dividend. As of the January 12 closing price, the forward dividend yield is a healthy 6.86%.
Additionally, SmartCentres continues to expand its self-storage platform, growing its portfolio to 14 properties after opening three new facilities last year. The REIT expects to add two additional facilities in Quebec this year and two more in British Columbia in 2027. It is also pursuing municipal approvals for a newly acquired storage site in Edmonton, Alberta. In addition to these initiatives, SmartCentres has a robust and diversified development pipeline totaling 86.2 million square feet, of which 0.8 million square feet is currently under construction. Given its expansion strategy and strong occupancy rates, I believe SmartCentres is well positioned to continue rewarding shareholders with stable monthly payouts.
Whitecap Resources
Another top monthly dividend stock that I’m bullish on is Whitecap Resources (TSX:WCP), which currently offers an attractive forward dividend yield of 6.51%. Following the merger with Veren in May last year, the oil and natural gas producer has strengthened its production base, achieved meaningful cost synergies and further improved its balance sheet and overall financial position. At the end of the most recently reported third quarter, Whitecap had $1.6 billion in available liquidity, while its net debt to annual cash flow ratio remained at healthy levels.
Thanks to strong performance in the first three quarters, Whitecap management has increased 2025 production guidance from the previous range of 295,000 to 300,000 barrels of oil equivalent per day (boe/d) to approximately 305,000 boe/d. In addition, the company plans to invest approximately $2.0 to $2.1 billion this year to improve its manufacturing capabilities. Whitecap also expects average production this year to be 370,000 to 375,000 boe/d, which represents a meaningful increase compared to the previous year. Given its solid balance sheet, improving financial profile and favorable outlook, I believe Whitecap is well positioned to continue rewarding shareholders with attractive monthly dividends.
Sienna Senior Living
My final choice is Sienna Senior Living (TSX:SIA), which offers an extensive range of senior living options. As Canada’s aging population continues to grow, demand for the company’s services continues to rise. At the same time, Sienna is actively expanding its asset base through acquisitions and development initiatives, adding $812.7 million in assets last year alone.
Operational performance has also improved. In the third quarter, the company’s occupancy rate increased 230 basis points year-over-year to 94.1%, with momentum continuing in the fourth quarter, reaching 94.7% in October. Supported by these favorable demographic and operating trends, I expect Sienna to continue to deliver solid financial results, which should support both share price appreciation and dividend sustainability. Currently, the company pays a monthly dividend of $0.078 per share, which yields approximately 4.4% over time.
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