Monthly Dividend Stock In Focus: Allied Properties Real Estate Investment Trust

Revealed on January thirteenth, 2026 by Bob Ciura

Month-to-month dividend shares have instantaneous attraction for a lot of revenue traders. Shares that pay their dividends every month provide extra frequent payouts than conventional quarterly or semi-annual dividend payers.

For that reason, 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:

Monthly Dividend Stock In Focus: Allied Properties Real Estate Investment Trust

Allied Properties Actual Property Funding Belief (APYRF) is a month-to-month dividend inventory based mostly in Canada. This probably makes the inventory extra engaging for revenue traders in search of extra frequent dividend payouts.

This text will analyze Allied Properties Actual Property Funding Belief in higher element.

Enterprise Overview

Allied Properties REIT is a Canadian actual property funding belief targeted on proudly owning, working, and growing city workspace properties in main cities equivalent to Toronto, Montréal, Vancouver, Calgary, and Kitchener.

Based mostly on the most recent 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 steady at 87.4% leased (flat year-over-year) and 84.0% occupied (down ~160 bps YoY), with common in-place web lease of $18.10 per occupied sq. foot (down ~0.4%) and +1.5% lease development on renewals versus damaging spreads within the prior yr.

Nevertheless, larger 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.

Consequently, money stream weakened yr over yr, with AFFO per-share of $0.315 (down ~6%) for the interval. For FY2025, we count on AFFO/share of $1.20.

On December 1st, 2025, Allied Properties slashed its dividend by 60% to a month-to-month charge of C$0.06.

Development Prospects

Allied Properties REIT’s AFFO per share has did not 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 had 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 steady, with stable efficiency and managed capital spending offsetting the early results of upper rates of interest.

Nevertheless, the decline in 2024 displays a transparent shift within the macro and capital construction surroundings, as a result of larger curiosity expense, lowered revenue following asset disposals and mortgage repayments, transaction-related impacts from improvement monetizations, and elevated leasing expenditures.

This stuff shall be solely partly offset by decrease straight-line lease amortization.

Shifting ahead, we don’t forecast any development in AFFO per share, as the corporate’s excessive leverage (web 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 ultimately 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 danger profile.

The portfolio’s concentrate on distinctive, amenity-rich properties in main Canadian cities provides a sturdy aggressive benefit and helps comparatively steady leasing and renewal exercise.

Nevertheless, 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 appears to be like protected with room for will increase.

Allied Properties’ valuation has compressed considerably currently given its underwhelming efficiency and dividend lower.

We don’t count on 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.

Remaining Ideas

Allied’s asset high quality and aggressive positioning stay robust, however excessive leverage and curiosity prices constrain close to time period money stream development.

We forecast annualized returns of 4.9% over the medium time period, primarily powered by the beginning dividend yield and a tender valuation enlargement.

Nevertheless, because of the REIT’s dividend lower earlier this month, we charge the inventory a promote.