Monthly Dividend Stock In Focus: Plaza Retail REIT

Revealed on February nineteenth, 2026 by Bob Ciura

Month-to-month dividend shares have prompt enchantment for a lot of earnings traders. Shares that pay their dividends every month supply 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: Plaza Retail REIT

Plaza Retail REIT (PAZRF) is a month-to-month dividend inventory with a excessive yield. This doubtlessly makes the inventory extra engaging for earnings traders in search of extra frequent dividend payouts.

This text will analyze Plaza Retail REIT in higher element.

Enterprise Overview

Plaza Retail REIT is a Canadian open-ended retail actual property funding belief targeted on the possession, growth, redevelopment, and administration of essential-needs, comfort, and value-oriented retail properties throughout Canada, with a core focus in Ontario, Quebec, and Atlantic Canada.

As of September thirtieth, 2025, the Belief had pursuits in 197 properties totaling 8.8 million sq. ft of gross leasable space, predominantly open-air facilities and single-use retail belongings leased primarily to nationwide tenants.

The portfolio has very excessive occupancy (97.5% same-asset dedicated), lengthy common lease phrases, and robust publicity to grocery, pharmacy, and each day-needs retailers. Plaza Retail posted $86.6 million in revenues final yr.

On November twelfth, 2025, Plaza Retail REIT reported its Q3 outcomes for the quarter ended September thirtieth, 2025. Rental income was $22.8 million, up about 4% yr over yr, pushed by hire escalations, leasing exercise, and contributions from developments and properties transferred to income-producing standing.

Web property working earnings elevated to $14.7 million, supported by 1.7% same-asset NOI progress and same-asset dedicated occupancy of 97.5%, up 60 foundation factors yr over yr. Under the working line, larger leasing and upkeep capital expenditures associated to asset optimization weighed on money movement.

Consequently, AFFO declined 10% yr over yr, with AFFO per share of about $0.055, regardless of continued power in underlying property operations. For FY2025, we see AFFO per share of $0.20.

Progress Prospects

Plaza Retail REIT has posted comparatively secure AFFO per share over the previous decade. Plaza supported modest AFFO progress by way of same-asset NOI will increase from leasing hire escalations, excessive occupancy, and contributions from developments and redevelopments transferred to income-producing standing.

However this was tempered by periodic fairness issuances to fund progress, which expanded the unit rely and exerted dilution stress on per-unit metrics.

The pandemic interval (2020) noticed softness in money movement associated to transitional leasing and market circumstances, with working efficiency resilient however AFFO per unit nonetheless pressured by ongoing bills and capital necessities.

Publish pandemic, Plaza once more delivered same-asset NOI progress and stabilized occupancy, supported by hire escalations and developments reaching stabilized NOI, however these good points had been steadily offset by larger upkeep and leasing prices, and a weaker CAD towards USD.

Extra just lately, from 2022–2024, AFFO per share tendencies remained subdued as incremental NOI good points from leasing and growth absorption had been largely offset by larger working bills, expanded administrative prices, and curiosity prices, in addition to the affect of unit issuances in prior intervals.

Whereas property efficiency and occupancy remained sturdy, the continuing capital depth of optimizing retail belongings restricted progress on a per-unit foundation.

Shifting ahead, we see no progress in AFFO per share as a result of incremental NOI from hire escalations and growth completions is prone to be offset by elevated upkeep and leasing capital necessities, excessive payout ranges.

We additionally forecast no progress within the dividend, which the corporate has maintained at C$0.0233 per thirty days since 2018, when the newest hike passed off.

Dividend & Valuation Evaluation

Plaza Retail REIT has a considerably quick historical past buying and selling in its OTC itemizing. Throughout this era, its P/AFFO has hovered within the high-single digits to low-teens.

At this time, the a number of has expanded to a richer 15.3x AFFO. We imagine this a number of probably overvalues the inventory given the dearth of significant progress. We’ve set our honest a number of at a extra cheap 13.0x.

A declining P/FFO ratio might cut back annual returns by 3.2% per yr over the subsequent 5 years.

Within the meantime, the inventory provides a dividend yield of 6.5%, under the common of its newer years. Nonetheless, with a 2025 anticipated dividend payout ratio of 100%, the dividend isn’t sufficiently coated and might be prone to a future reduce, significantly in a recession.

Together with no anticipated FFO progress, whole returns are estimated at 3.3% per yr going ahead.

Last Ideas

Plaza Retail REIT provides resilient, necessity-based retail belongings and a confirmed report of sustaining its distribution, however excessive payout ratios and capital depth ought to constrain long-term AFFO per unit progress.

Shifting ahead, we forecast annualized returns of simply 3.3%, as returns from the dividend might be offset by a valuation headwind.

Due to that and the dearth of dividend progress, we charge the inventory a promote.