Category Monthly Dividend

In 1913, John D. Rockefeller’s fortune peaked at an estimated $900 million (about $29.3 billion in today’s dollars). In 2024, the Rockefeller family’s estimated net worth was $10.3 billion. What has happened to the money?

Family Trusts

In 1934, John D. Rockefeller Jr. set up irrevocable trusts for his children and then did the same for his grandchildren in 1952. These trusts allowed the largely tax-free transfer of wealth through the generations.

Now, the Rockefeller fortune is divided among about 200 family members. Some of the family’s wealth is also managed by Rockefeller Capital Management, where John D. Rockefeller’s great-grandson, David Rockefeller Jr., is a former chairperson and current board member.

Over the generations, much of the family’s wealth has been contributed to philanthropic causes.

A Philanthropic Legacy

Philanthropy has always been a major part of the Rockefeller legacy. For example, John D. Rockefeller helped establish the University of Chicago by providing a large portion of the initial endowment. Between 1890 and 1910, he contributed $35 million to the university.

From 1901 to 1909, Rockefeller established various institutions and initiatives relating to medicine, education, and public health. In 1901, he founded the Rockefeller Institute for Medical Research (which would eventually become Rockefeller University). By the 1930s, his gifts to the Institute totaled $50 million.

In 1902, he created the General Education Board to promote national education “without the distinction of race, sex or creed.” In 1919, he donated $50 million to the cause to raise academic salaries, which were very low then.

In 1909, he established the Rockefeller Sanitary Commission for the Eradication of Hookworm Disease, which launched a public health campaign across 11 states.

In 1913, Rockefeller incorporated the Rockefeller Foundation with the following statement of purpose: “To promote the well-being of mankind throughout the world.”

Shortly after, he made gifts to the Foundation totaling $35 million. A year later, he did so again, but this time, totaling $65 million. Today, the foundation has a worldwide impact, focusing on energy, food, health, and innovation efforts.

Rockefeller’s commitment to philanthropy was such that, when he died in 1937, his estate was worth $26,410,837. However, he also passed much of his wealth to his son and other heirs.

Rockefeller’s last surviving grandson, David Rockefeller, continued his commitment to philanthropy in many different ways during his lifetime, including signing the Giving Pledge to give away more than half of his wealth. His son, David Rockefeller Jr., is currently heavily involved in the family’s wealth management and philanthropic giving. He served as chairperson for four different Rockefeller foundations over the years.

The Bottom Line

Many of the foundations established by Rockefeller family members are still going strong today. For example, the Rockefeller Foundation, the Rockefeller Brothers Fund, and the David Rockefeller fund have a combined endowment of over $5 billion. 

David Rockefeller Jr. attributes the family’s philanthropic impact to their commitment to shared values and practices. As he told CNBC, “I think the family has tried its best to live those values, to whom much is given, much is expected.”

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Next Rate for Existing I Bonds Can Now Be Calculated

I bonds are so named because they’re calibrated to inflation. Whenever inflation rises, I bonds pay more. If you now own I bonds, there’s a good chance you bought them within the last two to three years, when decades-high U.S. inflation pushed I bond returns to their highest levels.

The annual rate of inflation as tracked by the Consumer Price Index (CPI) has cooled from a high of 9.1% in June 2022 to 2.4% in the March 2025 reading, which was released this morning. As inflation has decreased, I bond rates have also fallen, making them a less competitive savings option.

With the latest CPI reading, Investopedia can now calculate what the next 6-month interest rate will be for existing I bonds, due for release by the U.S. Treasury on May 1. Each year on May 1 and Nov. 1, the Treasury announces new rates for the following six months.

To understand how this works, here’s a quick primer on I bond rates, which consist of two components:

1. The first component is a fixed rate, which is assigned to every I bond based on its issue date. This rate is permanently fixed for the life of your I bond, up to its 30-year maturity date.
2. The second component is the inflation rate, which is adjusted twice a year based on the last six monthly CPI readings.

Adding these two components together gives you a close estimate (within a few basis points) of the 6-month composite rate the Treasury will announce in three weeks.

To calculate your particular I bond’s upcoming composite rate, you’ll need to know your fixed rate, and what the latest inflation component is. In this article, we’ve done the math for you. See below for all I bonds issued since November 2021. By finding your bond’s issue date in the first column, you can see in the last column what your next 6-month rate will be.

Note that while the Treasury is set to announce these new rates on May 1, the month the new rate will begin for you is based on the month your I bond was issued. Only people with I bonds purchased in May or November (of any year) will earn the new rate indicated above on May 1. For other issue dates, the start of the new rate will be delayed according to this schedule.

How Much Will Your New Rate Increase vs. Your Existing Rate?

Because inflation has persisted over the last six months, we calculate that the new inflation component of I bond rates will rise almost a percentage point. So for anyone who bought during the particularly popular I bond period of May through October 2022, their current rate of 1.90% will climb to about 2.84%. You can see how the new rate compares to the current rate for several issue dates below.

Want to know how the upcoming rate compares to past periods? The table below lays out the various 6-month rates each I bond has earned through its life cycle.

Consider Moving Your Money to a CD to Earn More

With new I bond rates for recent issues ranging from 2.84% to 4.14%, you can earn more on your savings elsewhere. For example, dozens of nationally available certificates of deposit (CDs) are paying rates in the mid-4% range, with the nationwide leader offering as much as 4.65% APY.

This means cashing out your I bonds (which you can do after owning them for at least 12 months) and moving the money into a top-paying CD could boost your interest rate by 1 to 2 percentage points, or more, though you’ll incur a penalty if your I bond is younger than five years old. The penalty is equal to three months of your latest interest earnings.

Another reason to swap I bond money for a CD is that it adds more certainty to your future returns. Unlike an I bond, with its rate that changes twice a year, a CD you open today will lock in its APY for the full duration of the certificate term. So if you open a multi-year CD, you’ll know your rate is guaranteed for two, three, or even five years down the road.

The Best Day of the Month to Cash Out I Bonds

Monthly I bond interest payments from the U.S. Treasury are paid right away on the first day of the month, and not again until the first of the next month. So once you’ve collected interest for a particular calendar month, say on the upcoming May 1, there are no additional earnings to be gained by holding the funds any longer during November.

Also, if you’re going to move your I bond funds elsewhere, withdrawing on May 1 allows you to receive the May interest payment and then start earning interest as quickly as possible on that money elsewhere, such as a CD or high-yield savings account.

Even if you simply want to cash out and use your I bond funds, there’s no financial gain from waiting beyond the first of the month for your withdrawal.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.

Analysts lowered targets for Tesla on Thursday amid concerns that tariffs will weaken the broader auto industry.

UBS cut its target price for Tesla (TSLA) to $190, estimating that the electric car manufacturer’s vehicle deliveries will fall 11% in 2025. Mizuho analysts said tariffs will increase Tesla prices and erode an already-weakening demand, lowering its target price to $375. A consensus analyst estimate puts Tesla shares somewhere in the middle, at around $327, or nearly 30% above Thursday’s closing price, according to Visible Alpha.

“While lower estimates for 2025 are now more broadly expected, we believe the whole trajectory of earnings for [Tesla] remains too high…” UBS wrote in a note Thursday, adding that shares will likely “be volatile but downward sloping.”

Tesla shares and the broader market have oscillated in recent days amid shifts in U.S. trade policy. CEO Elon Musk’s work slashing government spending has also influenced the car maker’s stock prices. Shares finished down more than 7% on Thursday but were still up more than 40% from a year earlier.

Although the Trump administration scaled back tariffs this week on a number of U.S. trading partners, goods from China, including car batteries and their components, are subject to tariffs of more than 100%. Import taxes of 25% remain in effect on cars, which will drive up prices, deter consumers, and potentially reduce Tesla’s 2025 U.S. revenue by 3.5%, Mizuho estimated.

“While a reduction in reciprocal tariffs helps reduce recession/demand destruction risk, we point out that the auto tariffs are sector specific, not subject to individual country trade negotiations,” UBS said. “In our view, they are likely to remain for the foreseeable future.”

Trade Policies May Usher in ‘New Era’ for Auto Industry

Sector-specific tariffs will likely add an average of $5,000 to car costs and depress domestic demand by 9%, according to UBS analysts, who factored in the current 25% tariff on cars and the 25% import tax on parts slated to go into effect early next month. The trade policies may usher in “a new era” for the U.S. auto industry, UBS said.

“Production disruptions are likely…and supply chains that were set up to be optimized over decades may need to be reimagined,” said UBS.

Tariffs may also reduce General Motors’ (GM) domestic annual revenue by 4% and Rivian Automotive’s (RIVN) by 3.5%, Mizuho estimated. Both Mizuho and UBS lowered their price targets for GM and Rivian’s stock, along with several auto suppliers.

General Motors fell 4%, and Rivian shares declined 2.6% on Thursday.

Published on April 9th, 2025 by Felix Martinez

That said, just 76 companies currently offer monthly dividend payments, which can severely limit an investor’s options. You can see all 76 monthly dividend-paying names here.

You can download our full Excel spreadsheet of all monthly dividend stocks (along with metrics that matter, like dividend yield and payout ratio) by clicking on the link below:

One stock we have yet to review is Sienna Senior Living (LWSCF), a Canada-based company focused on senior living and long-term care (LTC) services. Shares currently offer a substantial yield of 5.7%, which is about 4 times the average yield of the S&P 500 Index.

With such a notable yield and the fact that Sienna’s dividends are paid monthly, the stock appears rather appealing for income-oriented investors who seek a regular stream of substantial payments—especially given that Sienna has never cut its dividend.

This article will evaluate the company, its business model, and its dividend to see if Sienna Senior Living could be a good candidate for purchase. While Sienna reports in CAD, all figures in this article have been converted to USD unless stated otherwise.

Business Overview

Sienna Senior Living provides senior housing and long-term care (LTC) services in Canada. The company offers a range of senior living options, including independent and assisted living, memory care, long-term care, specialized programs and services, and management services.

As of its latest filings, Sienna owned and operated a total of 94 properties, including 40 retirement residences, 42 LTC communities, and eight senior living residences. The company also manages only an additional 12 senior living residences. Sienna generates around $621 million in annual revenues.

Source: Investor Presentation

Although Sienna Senior Living primarily deals in real estate, its performance is not as closely linked to the real estate market as one might assume. Unlike other types of real estate properties, such as retail, commercial, or industrial, Sienna’s tenants are mainly seniors who allocate a portion of their pensions for assisted living services. This results in a more stable and durable stream of income for the company, as seniors require long-term care and are less likely to move out of their homes quickly. There is a sense of community as well, which also contributes to this concept.

Furthermore, assisted living properties like those provided by Sienna Senior Living are more critical from a socio-economic standpoint. These properties provide essential care and support to seniors who may not be able to live independently due to their health or other factors. As a result, the government is more likely to provide support to these types of properties during times of crisis.

For example, during the pandemic, the Canadian government fully funded vacancies for Sienna’s Ontario and British Columbia residents, who make up the majority of the company’s rental revenue. This government assistance helped the company weather the pandemic and continue to provide essential care to its residents while retaining robust financials.

Growth Prospects

Sienna Senior Living has identified three key growth drivers: expanding its property portfolio, increasing rental rates, and optimizing occupancy rates. In line with this strategy, Sienna is currently developing a 147-suite retirement residence as part of a campus of care project in Brantford, Ontario. Additionally, a 150-suite retirement residence in Niagara Falls is scheduled to be completed at the end of 2023. As Canada’s senior population continues to grow, Sienna is well-positioned to meet the rising demand for assisted-living properties.

With over 861,000 people aged 85 and older recorded in the 2021 census and this age group growing at a rate of 12% since 2016, Sienna enjoys a long runway of highly predictable demand growth. In fact, by 2050, the 85-and-older population is expected to surpass 2.7 million people, providing Sienna with an excellent opportunity to capitalize on this growing market.

Source: Investor Presentation

Published on April 9th, 2025 by Felix Martinez

Flagship Communities Real Estate Investment Trust (MHCUF) has two appealing investment characteristics:

#1: It is a REIT so it has a favorable tax structure and pays out the majority of its earnings as dividends.
Related:  List of publicly traded REITs

#2: It pays dividends monthly instead of quarterly.
Related: List of monthly dividend stocks

You can download our full Excel spreadsheet of all 76 monthly dividend stocks (along with metrics that matter, like dividend yield and payout ratio) by clicking on the link below:

Flagship Communities REIT’s combination of favorable tax status as a REIT and a monthly dividend make it appealing to individual investors.

But there is more to the company than just these two factors. Keep reading this article to learn more about Flagship Communities REIT.

Business Overview

Flagship Communities REIT is one of the Midwest region’s most prominent developers of residential manufactured housing communities. Its communities are located throughout Kentucky, Ohio, Indiana, Tennessee, Arkansas, Illinois, and Missouri. With 28 years of experience developing and managing manufactured housing communities, Flagship has developed expertise in real estate, financing, and community management.

The manufactured housing industry has generated consistent performance over the last 25 years.

Source: Investor Presentation

Flagship Communities REIT reported solid growth in both Q4 and full-year 2024. Q4 rental revenue rose 26.6% to $23.8 million, with same-community revenue up 15.5%. Net income surged to $25.2 million from a $1.5 million loss a year earlier. Funds from operations (FFO) per unit increased 30.6% to $0.384, while adjusted funds from operations (AFFO) per unit rose 45.3% to $0.375. Same-community NOI margin improved to 68.8%.

For the full year, rental revenue grew 24% to $88.1 million, and net income jumped 59% to $103.5 million. FFO per unit was $1.29, up 8.9%, and AFFO per unit reached $1.167, a 12.4% increase. Same-community occupancy remained stable at 84.8%. Flagship ended the year with a net asset value (NAV) of $670.8 million and reduced its debt-to-gross book value to 38.1%.

Operationally, Flagship expanded its portfolio with seven new communities and added 112 lots, with the potential for 638 more in coming years. Post year-end, it refinanced $45 million of debt with two new 10-year, interest-only loans. Flagship remains well-positioned for future growth with $14.3 million in liquidity and no major debt maturities until 2030.

Thanks to its solid business model, Flagship Communities REIT has enjoyed consistent rent and occupancy growth in recent years.

Source: Investor Presentation

Growth Prospects

Flagship Communities REIT has three growth drivers in place. It tries to grow its funds from operations (FFO) per unit by raising its rental rates every year, increasing its occupancy rate, and reducing its operating expenses.

Flagship Communities REIT added seven communities and 112 lots to its asset portfolio during 2024. It thus grew its revenue, net operating income, and FFO over the prior year.

It is also worth noting that Flagship Communities REIT operates in a highly fragmented market with great opportunities for consolidation. The top 50 investors are estimated to control about 17% of manufactured housing lots for rent. Therefore, there is ample room for future growth.

Given the solid business model of Flagship Communities REIT but also the sensitivity of its results to the gyrations of the exchange rate between the Canadian dollar and the USD, we expect the REIT to grow its FFO per unit by about 2.0% per year on average over the next five years.

Dividend & Valuation Analysis

Flagship Communities REIT currently offers a dividend yield of only 3.8%.  In fact, most REIT unitholders own stakes in these companies primarily because of their attractive dividends. Therefore, the dividend yield of Flagship Communities REIT is likely to render this stock suitable for most investors.

Investors should also be aware that Flagship Communities REIT’s dividend may fluctuate significantly over time due to the fluctuation of the exchange rates between the Canadian dollar and the USD.

Flagship Communities REIT’s dividend yield has resulted primarily from the company’s exceptionally low payout ratio, currently at 45%. The trust could offer a more generous dividend to its unitholders, but it prefers to preserve funds for acquiring and developing new properties.

We also note that Flagship Communities REIT has a material debt load on its balance sheet. Its net debt is currently $299 million, which is 78% of the stock’s market capitalization.

Considering the 3.8% dividend and assuming that Flagship Communities REIT will grow its FFO per unit by 2.0% per year on average over the next five years, the stock could offer a 5.8% average annual total return over the next five years. This is an unattractive expected return; hence, we recommend waiting for a much lower entry point before purchasing the stock.

Final Thoughts

Flagship Communities REIT has a solid business model and ample room for future growth. However, the stock offers a dividend yield of 3.8%. While Flagship Communities REIT seems to have promising growth prospects thanks to the highly fragmented structure of its markets, the stock seems fully valued right now. Therefore, investors should wait for a significant correction before purchasing it.

Moreover, Flagship Communities REIT is characterized by extremely low trading volume. This means that it is hard to establish or sell a large position in this stock.

Don’t miss the resources below for more monthly dividend stock investing research.

And see the resources below for more compelling investment ideas for dividend growth stocks and/or high-yield investment securities.

Updated on April 10th, 2025 by Nathan Parsh

Real Estate Investment Trusts – or REITs, for short – can be a fantastic source of yield, safety, and growth for dividend investors. For example, Choice Properties Real Estate Investment Trust (PPRQF) has a 5.4% dividend yield.

Choice Properties also pays its dividends monthly, which is rare in a world where the vast majority of dividend stocks make quarterly payouts.

We currently cover only 76 monthly dividend stocks. You can see our full list of monthly dividend stocks (along with price-to-earnings ratios, dividend yields, and payout ratios) by clicking on the link below:

Choice Properties’ high dividend yield and monthly dividend payments make it an intriguing stock for dividend investors, even though its dividend payment has been largely stagnant in recent years.

This article will analyze the investment prospects of Choice Properties.

Business Overview

Choice Properties is a Canadian REIT with concentrated operations in many of Canada’s largest markets. Given its size and scale and the fact that its operations are solely focused in Canada, it is one of Canada’s premier REITs. The trust has bet big on Canada’s real estate market, and thus far, the strategy has worked.

The company has a high-quality real estate portfolio of over 700 properties, which make up more than 67 million square feet of gross leasable area (GLA).

Source: Investor Presentation

Properties include retail, industrial, office, multi-family, and development assets. Over 500 of Choice Properties’ investments are to their largest tenant, Canada’s largest retailer, Loblaw.

From an investment perspective, Choice Properties has some interesting characteristics, not the least of which is its yield. However, it also has an unusual dependency on one tenant, a lack of diversification that we find somewhat troubling.

While grocery stores are generally quite stable, this level of concentration on what amounts to one tenant is very rare. This lack of diversification is a significant consideration for investors that are looking at Choice Properties.

While it would be preferable for the company to diversify to fix its concentration, that is a slow process. In addition, since the tenant is so dependent upon is generally stable, we don’t necessarily see a huge risk due to the industry struggling. However, this sort of concentration on one tenant is extremely unusual for a REIT, and it is worth noting.

Growth Prospects

Choice Properties has struggled with growth since it came public in 2013. Since 2015,  the trust has compounded adjusted funds-from-operations per share at a rate of just 2.6% per year.

The trust has grown steadily in terms of portfolio size and revenue, but relatively high operating costs and dilution from share issuances have kept a lid on shareholder returns. History has shown Choice Properties can exhibit strong growth characteristics on a dollar basis, but investors have been left wanting once translated to a per-share basis.

Source: Investor Presentation

Dividend Analysis

In addition to its growth woes, Choice Properties’ dividend appears to be shaky for the time being. The expected dividend payout ratio for 2025 is 79%.

While even that payout ratio is high, it is also true that REITs generally distribute close to all of their income, so it is hardly unusual that Choice’s payout ratio is close to 80%. Choice Properties’ current distribution gives the stock a 5.4% yield, which is an attractive dividend yield.

Note: As a Canadian stock, a 15% dividend tax will be imposed on US investors investing in the company outside of a retirement account. See our guide on Canadian taxes for US investors here.

Investors should not expect Choice Properties to be a dividend growth stock, as the distribution has remained relatively flat since May 2017. With the payout ratio as high as it is, and FFO-per-share growth muted, investors should not expect the payout to see a massive raise anytime soon.

Choice Properties has also not cut the distribution, and we don’t see an imminent threat of that right now. But it is worth mentioning that if FFO-per-share deteriorates significantly going forward, the trust will likely have to cut the distribution due to its high payout ratio.

This is particularly true because we see Choice Properties’ borrowing capacity as limited, given its already high leverage. Choice Properties has a debt-to-equity ratio of almost 1.4, which, according to the company, is below that of its industry peers.

In addition, it has large amounts of debt coming due in stages in the coming years, so we see the trust’s debt financing as near capacity today. Choice has steady debt maturities in the coming years, and while they are spread out, the amounts are significant. Choice has no ability to pay these off as they mature, so refinancing appears to be the only viable option.

Should it experience a downturn in earnings, Choice Properties would have to turn to more dilution for additional capital. While we don’t see a dividend cut in the near future, the combination of a lack of adjusted FFO-per-share growth, the high payout ratio, and a high level of debt appears risky.

Final Thoughts

Choice Properties is a high dividend stock and its monthly dividend payments make it stand out to income investors. However, a number of factors make us cautious about Choice Properties today, such as its lack of diversification within its property portfolio and its alarmingly high level of debt.

We view the stock with a somewhat risky dividend as unattractive for risk-averse income investors. Investors looking for a REIT that pays monthly dividends have better choices with more favorable growth prospects, higher yields, and safer dividends.

Don’t miss the resources below for more monthly dividend stock investing research.

And see the resources below for more compelling investment ideas for dividend growth stocks and/or high-yield investment securities.

Updated on April 9th, 2025 by Felix Martinez

Mullen Group (MLLGF) has two appealing investment characteristics:

#1: It is offering an above-average dividend yield of 6.7%.
#2: It pays dividends monthly instead of quarterly.
Related: List of monthly dividend stocks

You can download our full Excel spreadsheet of all monthly dividend stocks (along with metrics that matter, like dividend yield and payout ratio) by clicking on the link below:

The combination of an above-average dividend yield and a monthly dividend makes Mullen Group appealing to income-oriented investors. In addition, the company is one of the largest logistics providers in Canada, with an immense network and strong business momentum. In this article, we will discuss Mullen Group’s prospects.

Table of Contents

You can instantly jump to any specific section of the article by using the links below:

Business Overview

Mullen Group is one of the largest logistics providers in Canada.  It started with just one truck in 1949 and has become an immense logistics provider with 40 business units. It is headquartered in Okotoks, Alberta, Canada.

Its network of independently operated businesses provides a wide range of service offerings, including less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics and specialized hauling transportation.  In addition, the company provides diverse specialized services related to the energy, mining, forestry, and construction industries in western Canada, including water management, fluid hauling and environmental reclamation.

Mullen Group operates in four business segments: Less Than Truckload, Logistics & Warehousing, Specialized & Industrial Services, and the U.S. & International Logistics segment.

The Less Than Truckload segment is the largest first and final-mile network in western Canada and Ontario.

Source: Investor Presentation

This segment is tied to consumer needs and offers delivery services with controlled temperatures throughout the delivery. It has 11 business units, more than 168 terminals, and more than 5400 points of service. This segment performs more than 3 million deliveries every year.

The Logistics and Warehousing segment has 11 business units and is focused on North America.

Source: Investor Presentation

This segment has approximately 20,000 subcontract trucks and operates under an integrated technology platform.

As a logistics company, Mullen Group is sensitive to the underlying economic conditions and, hence, vulnerable to recessions. The company incurred a 22% decrease in its earnings per share in 2020 due to the fierce recession and the supply chain disruptions caused by the coronavirus crisis.

However, thanks to the massive distribution of vaccines worldwide, the pandemic has subsided, and the economy has recovered. As a result, Mullen Group has fully recovered from the pandemic. It exceeded its pre-pandemic profits in 2021 and posted 9-year high earnings per share of $1.20 in 2022.

Mullen reported flat revenue of $1.99 billion for 2024, down 0.3% from 2023, while OIBDA rose 1.2% to $332.2 million. In Q4, revenue was $499.1 million (up 0.1%) and OIBDA increased 7.3% to $85.0 million. Net income for the quarter dropped 35.7% to $18.9 million ($0.21 per share), mainly due to a $9.5 million foreign exchange loss and higher depreciation costs.

By segment, Logistics & Warehousing revenue rose 14.3% to $160.9 million, driven by acquisitions. LTL dipped 0.3% to $189.4 million, and Specialized & Industrial Services dropped 15.3% to $103.8 million due to completed pipeline projects. U.S. 3PL remained nearly flat at $47.5 million. Operating margins improved to 17.0% from 15.9%.

Mullen ended 2024 with $281.5 million in working capital, $126.3 million in cash, and $525 million in undrawn credit. The company repaid $217.2 million in debt and maintains a net debt-to-operating cash flow ratio of 2.24x—well below its 3.5x covenant. Management expects weak freight demand in 2025 but remains focused on disciplined acquisitions and financial stability.

Growth Prospects

Mullen Group tries to grow its earnings in many ways. It seeks opportunities to expand its network, optimize its existing operations, and minimize costs to enhance its operating margins. Overall, management has preferred enhancing operating margins instead of gaining market share at all costs.

On the other hand, the company has failed to grow its earnings per share over the last nine years. In fact, it has incurred an 18% decrease in its earnings per share over this period, primarily due to the depreciation of the Canadian dollar vs. the USD. Investors should also be aware that the company will likely face a fading tailwind from the strong economic recovery from the pandemic, as the aggressive interest rate hikes of central banks in response to sky-high inflation have caused an economic slowdown. Overall, given the solid business model of Mullen Group, its lackluster performance record, and the economic slowdown, we expect approximately flat earnings per share five years from now.

Considering the flat earnings per share, the 6.7% dividend yield, and a -0.5% annualized compression of valuation level, Mullen Group could offer a 6.2% average annual total return over the next five years. This is a modestly expected total return; hence, we recommend waiting for a significantly lower entry point to enhance the margin of safety and increase the expected return from the stock.

Updated on April 10th, 2025 by Nathan Parsh

Primaris Real Estate Investment Trust (PMREF) has three appealing investment characteristics:

#1: It is a REIT so it has a favorable tax structure and pays out the majority of its earnings as dividends.
Related:  List of publicly traded REITs

#2: It is a high-yield stock based on its 6.2% dividend yield.
Related: List of 5%+ yielding stocks

#3: It pays dividends monthly instead of quarterly.
Related: List of monthly dividend stocks

You can download our full list of monthly dividend stocks (along with relevant financial metrics like dividend yields and payout ratios), which you can access below:

Primaris Real Estate Investment Trust’s trifecta of favorable tax status as a REIT, a high dividend yield, and a monthly dividend make it appealing to individual investors.

But there’s more to the company than just these factors. Keep reading this article to learn more about Primaris Real Estate Investment Trust.

Business Overview

Primaris Real Estate Investment Trust is the only enclosed shopping center-focused REIT in Canada. Its ownership interests are primarily in dominant enclosed shopping centers in growing markets. Its asset portfolio totals 15 million square feet and has a value of approximately C$4.6 billion.

Source: Investor Presentation

Like most mall REITs, Primaris REIT is facing a strong secular headwind, namely the shift of consumers from traditional shopping to online purchases. This trend has driven numerous brick-and-mortar stores out of business in recent years and has markedly accelerated since the onset of the coronavirus crisis.

Primaris REIT is doing its best to adjust to the changing business landscape. To this end, the company tries to achieve economies of scale while also enabling and supporting omnichannel integration.

Moreover, Primaris REIT owns and operates shopping centers that constitute the primary retail mode in its markets. The REIT also targets shopping centers with annual sales of at least C$80 million to achieve the critical mass needed to achieve significant economies of scale.

Source: Investor Presentation

Furthermore, Primaris REIT tries to build multi-location tenant relationships to create deeper relationships with its tenants and benefit from such relationships in the long run.

On February 12th, 2025, the company reported fourth-quarter results for the period ending December 31st, 2024.

The trust’s total rental revenue reached $100 million, which was supported by stable occupancy levels and contributions from recently acquired assets.

Same Properties Cash Net Operating Income (NOI) grew 9.1%. Committed occupancy stood at 94.5%, with in-place occupancy at 90.4%. Primaris also saw a 14.5% increase in funds from operations (FFO) per average diluted unit, reaching $0.42, and maintained a solid financial position with $590 million in liquidity and $4.1 billion in unencumbered assets.

Growth Prospects

Thanks to the characteristics of its core markets, Primaris REIT has some significant growth drivers. In its markets, the population and average household income are expected to grow by a low to mid-single-digit growth rate going forward. This means higher revenues for the shopping centers and, hence, higher revenues for Primaris REIT.

Moreover, as occupancy is currently standing below historical average levels, there is ample room for future growth for this REIT. Management is confident in sustained growth in the upcoming years.

On the other hand, investors should never forget the strong secular headwind from the shift of consumers toward online shopping. While Primaris REIT is doing its best to adjust to the new business environment, the secular shift of consumers will almost certainly continue exerting a substantial drag on the business of the REIT. Overall, we find it prudent to assume just a 1.0% average annual growth of FFO per unit over the next five years to be safe.

Dividend & Valuation Analysis

Primaris REIT is currently offering a 6.2% dividend yield. It is thus an interesting candidate for income-oriented investors but the latter should be aware that the dividend may fluctuate significantly over time due to the gyrations of the exchange rate between the Canadian dollar and the USD. Thanks to its decent business model, solid payout ratio of 50%, the trust is not likely to cut its dividend in the absence of a severe recession.

Notably, Primaris REIT has maintained a stronger balance sheet than most REITs to have sufficient financial strength to endure the secular decline of malls and the effect of a potential recession on its business. The company has a decent balance sheet, with a leverage ratio (Net Debt to EBITDA) of 5.8x.

On the other hand, due to the aggressive interest rate hikes and few rate cuts implemented by the Fed in response to high inflation, interest expense is likely to rise significantly in the upcoming years. This is a headwind for the vast majority of REITs, including Primaris REIT. If high inflation persists for much longer than currently anticipated, high interest rates will probably take their toll on Primaris REIT’s bottom line.

Regarding valuation, Primaris REIT is currently trading for only 8.1 times its expected FFO for this year.

Given the headwind from online shopping, we assume a fair price-to-FFO ratio of 9.0 for the stock. Therefore, the current FFO multiple is slightly lower than our assumed fair price-to-FFO ratio. If the stock trades at its fair valuation level in five years, then valuation would add a small amount to total returns.

Considering the 1% annual FFO-per-share growth, the 6.2% dividend, and a slight tailwind from multiple expansions, Primaris REIT could offer a high single-digit average annual total return over the next five years. While not enough to warrant a buy recommendation at this time, investors who prioritize safe income might find Primaris REIT to be an attractive investment option.

Final Thoughts

Primaris REIT is the only REIT in Canada focused on enclosed shopping centers. With a 6%+ dividend yield and a solid payout ratio of 50%, it is an attractive candidate for income-oriented investors’ portfolios.

On the other hand, investors should be aware of the risks of this REIT. Due to its focus on malls, Primaris REIT is vulnerable to recessions, while it also faces a strong headwind due to the shift of consumers from brick-and-mortar shops to online purchases. Only investors who are comfortable with these risks should consider purchasing this stock.

Moreover, Primaris REIT is characterized by exceptionally low trading volume. It is hard to establish or sell a prominent position in this stock.

Don’t miss the resources below for more monthly dividend stock investing research.

And see the resources below for more compelling investment ideas for dividend growth stocks and/or high-yield investment securities.

Updated on April 9th, 2025 by Felix Martinez

Northland Power (NPIFF) has two appealing investment characteristics:

#1: It is offering an above-average dividend yield of 6.3%, which is more than four times the 1.5% dividend yield of the S&P 500.
#2: It pays dividends monthly instead of quarterly.
Related: List of monthly dividend stocks

You can download our full Excel spreadsheet of all monthly dividend stocks (along with metrics that matter, like dividend yield and payout ratio) by clicking on the link below:

Northland Power’s combination of an above-average and monthly dividend yield makes it appealing to individual investors.

But there’s more to the company than just these factors. Keep reading this article to learn more about Northland Power.

Business Overview

Northland Power is an independent power producer that develops, builds, owns, and operates green power projects in North America, Europe, Latin America, and Asia. The company produces electricity from renewable resources, such as wind, solar, hydroelectric power, and clean-burning natural gas and biomass for sale under power purchase agreements and other revenue arrangements. Northland Power owns or has an economic interest in 3.2 gigawatts of generating capacity. The company was founded in 1987 and is headquartered in Toronto, Canada.

Northland Power greatly benefits from a strong secular trend, namely the shift of the entire world from fossil fuels to clean energy sources. This shift has dramatically accelerated since the onset of the coronavirus crisis about three years ago.

The tailwind from this secular trend is clearly reflected in Northland Power’s growth trajectory.

Source: Investor Presentation

The company has expanded from just one country in 2015 to seven countries now. During this period, Northland Power has essentially tripled its generating capacity.

Thanks to its essential nature and high-growth mode of business, Northland Power proved essentially immune to the coronavirus crisis. In addition, thanks to its ability to pass on its increased costs to its customers, the company has proved resilient in the highly inflationary environment prevailing right now.

Growth Prospects

As mentioned above, Northland Power has a major growth driver in place, namely the global shift from fossil fuels to renewable energy sources. This shift has greatly accelerated in the last three years and has decades to run.

It is also important to note that most renewable energy sources had high production costs in the past, and thus, they needed government subsidies to become economically viable. However, thanks to major technological advances, this is not the case anymore. The production cost of solar and wind energy has pronouncedly decreased, and hence, renewable energy sources can easily replace fossil fuels nowadays. To provide a perspective, the cost of solar power has decreased from more than $4 per watt to less than $1 per watt over the last decade.

The primary growth drivers of Northland Power are depicted in the chart below.

Source: Investor Presentation

The company has several growth projects under development right now, with a total capacity of 2.4 GW. As the company’s current generating capacity is only 3.4 GW, it is evident that Northland Power has immense growth potential over the next several years.

Northland Power ended 2024 strong, hitting the high end of its financial guidance. Annual revenue rose to $2.35 billion and net income hit $371 million, reversing a loss in 2023. Adjusted EBITDA increased to $1.26 billion, though Free Cash Flow per share declined to $1.27 from $1.68. Christine Healy officially became CEO in January 2025.

The company advanced key projects, including Hai Long, Baltic Power, and Oneida. Hai Long is over 50% complete and expected to deliver power in late 2025. Baltic Power began offshore construction, targeting full operations in 2026. Oneida is nearly ready and set to go live in early 2025. Northland also completed a 23 MW upgrade to its Thorold facility and expanded its EBSA credit facility.

Northland updated its Dividend Reinvestment Plan, removing the 3% discount and moving to market share purchases. With $1.1 billion in liquidity and strong project execution, the company is well-positioned for continued growth in the clean energy space.

Dividend & Valuation Analysis

Northland Power currently offers an above-average dividend yield of 6.3%, more than four times the 1.5% yield of the S&P 500. The stock is thus an interesting candidate for income-oriented investors, but the latter should be aware that the dividend is affected by the fluctuation of the exchange rate between the Canadian dollar and the USD.

Northland Power has a payout ratio of over 100% but a healthy balance sheet, with a stable BBB credit rating from S&P. Given its promising growth prospects and resilience to recessions, its dividend (in CAD) should be considered safe with some risk if earnings do not improve.

On the other hand, investors should note that Northland Power has failed to grow its dividend meaningfully over the last decade, primarily due to the devaluation of the Canadian dollar vs. the USD. As a result, it is prudent not to expect meaningful dividend growth going forward.

Final Thoughts

Northland Power is thriving right now, with record earnings in 2022. Even better, the company has ample room to continue growing for decades. Moreover, the stock offers an above-average dividend yield of 6.3% and a high payout ratio. It thus combines many positive features suitable not only for income-oriented investors but also for growth-oriented investors.

However, investors should be aware that the stock is highly volatile during periods when its growth decelerates. Therefore, only patient investors, who can ignore short-term pressure and remain focused on the long run, should consider purchasing this stock.

Moreover, Northland Power is characterized by exceptionally low trading volume. This means that it is hard to establish or sell a large position in this stock.

Don’t miss the resources below for more monthly dividend stock investing research.

And see the resources below for more compelling investment ideas for dividend growth stocks and/or high-yield investment securities.

Updated on April 9th, 2025 by Felix Martinez

Income investors often find high-yielding stocks attractive due to the income they can produce. But sometimes, the need for income can blind investors to the company’s issues. If this is the case, investors can be blindsided when the company cuts its dividend.

The same can be said for monthly dividend-paying companies. Investors might overlook a company’s weak fundamentals when obtaining monthly dividend payments. Monthly dividend stocks can be appealing as they create more regular cash flow for investors.

We cover all 76 monthly dividend stocks. You can download our full Excel spreadsheet of all monthly dividend stocks (along with metrics that matter like dividend yield and payout ratio) by clicking on the link below:

But investors shouldn’t buy a high-yield monthly dividend-paying stock simply because of its monthly payments. This is particularly true for oil and gas royalty trusts.

Permian Basin Royalty Trust (PBT) fits the description of a dividend stock with a questionable outlook. Distributions vary on a month-to-month basis based on profitability. Shares yield 5.1% based on its dividends over the past twelve months. We note, however, that dividends are highly volatile and subject to change.

This article will look at Permian Basin’s business, growth prospects and dividend to show why investors should avoid this stock.

Business Overview

Permian Basin holds overriding royalty interests in several oil and gas properties in the United States. The trust is a small-cap stock with a market capitalization of $419 million. The trust has oil and gas-producing properties in Texas.

The trust was established in 1980 and has a 75% net profit royalty interest in the Waddell Ranch properties. These properties consist of over 300 net-productive oil wells, over 100 net-producing gas wells, and 120 net injection wells.

Permian Basin also holds a 95% net profit royalty interest in the Texas Royalty Properties, which consist of approximately 125 separate royalty interests across 33 counties in Texas covering 51,000 net producing acres.

The trust’s assets are static, so it cannot add new properties to its portfolio.

Growth Prospects

As an oil and gas trust, it goes without saying that Permian Basin will perform in direct relation to oil and natural gas prices. Investments like Permian Basin are designed as income vehicles. Higher energy prices will likely lead to higher royalty payments, driving up demand for units. In the same way, lower energy prices will lead to lower dividend payments.

Distributions are based on the prices of natural gas and crude oil. Permian Basin is impacted in two ways when the price of either declines. First, distributable income from royalties is reduced, lowering dividend payments. In addition, plans for exploration and development may be delayed or canceled, which could lead to future dividend cuts.

For the quarter ending September 30, 2024, the Trust reported $8.37 million in royalty income, up from $3.32 million in Q3 2023. This increase was due to the removal of a deficit at Waddell Ranch, which had previously halted royalty payments. The average realized oil prices for Waddell Ranch were $79.91 per barrel and gas prices were $1.19 per Mcf, while Texas Royalty properties saw oil at $79.06 per barrel and gas at $10.54 per Mcf. Delayed proceeds of $2.18 million from June and $267,781 from September were included in the Q3 distribution.

Interest income for Q3 2024 rose to $54,534 from $24,119, driven by longer investment periods. Expenses increased to $367,625 from $139,520 due to higher professional service costs. Distributable income for Q3 2024 was $8.05 million, or $0.17 per Unit, compared to $3.2 million, or $0.07 per Unit, in 2023. Blackbeard’s failure to provide timely production data has caused delays in royalty calculations.

For the nine months ended September 30, 2024, royalty income totaled $23.18 million, up from $14.6 million in 2023. Interest income more than doubled to $122,688, and expenses rose to $1.32 million. Distributable income for the nine months was $21.98 million, or $0.47 per Unit, compared to $13.7 million, or $0.29 per Unit, in 2023. Delays in data from Blackbeard continue to impact distributions.

Source: Investor presentation

Despite disappointing distributions in recent years, which were impacted by high operating expenses on the Waddell Ranch properties, PBT has often increased its distributions. The rally of the oil price has resulted from the recovery of global demand from the pandemic, tight global supply, and the invasion of Russia in Ukraine.

The rally of the price of natural gas has resulted from the sanctions of western countries on Russia. Europe, which generates 31% of its electricity from natural gas provided by Russia, is currently doing its best to diversify away from Russia. As a result, there has been a huge increase in the number of LNG cargos directed from the United States to Europe. As a result, the U.S. natural gas market has become exceptionally tight, and hence, the price of U.S. natural gas has rallied to a 13-year high lately. Overall, PBT cannot hope for a more favorable business environment than the current one.

Thanks to the recovery in commodity prices and ongoing geopolitical uncertainty, we expect PBT to continue generating solid results for the foreseeable future.

On the other hand, given the significant cyclicality of these prices, investors should keep conservative growth expectations from PBT. Moreover, PBT suffers from the natural decline of its fields in the long run. During the last six years, its oil and gas production has decreased at an average annual rate of 6% and 2%, respectively. The natural decline of output is a strong headwind for future results.

Dividend Analysis

Royalty trusts are usually owned for their dividends. These investments are not likely to have multiple decades of dividend growth like the more well-known dividend-paying companies such as Johnson & Johnson (JNJ) or Procter & Gamble (PG). That is because trusts like Permian Basin depend entirely on the prices of oil and gas to determine dividend payments.

Listed below are the trust’s dividends per share over the last seven years:

• 2014 dividends per share: $1.02
• 2015 dividends per share: $0.34 (67% decline)
• 2016 dividends per share: $0.42 (24% increase)
• 2017 dividends per share: $0.63 (50% increase)
• 2018 dividends per share: $0.66 (5% increase)
• 2019 dividends per share: $0.42 (36% decline)
• 2020 dividends per share: $0.235 (44% decline)
• 2021 dividends per share: $0.23 (2% decline)
• 2022 dividends per share: $1.1487 (399% increase)
• 2023 dividends per share: $.60 (48% decline)
• 2024 dividends per share: $.55 (8% decline)

Dividends come directly from royalties, so higher oil and gas prices will likely lead to distribution growth. Given this, it shouldn’t come as a surprise that Permian Basin shareholders saw a significant decline in dividends during the 2014 to 2016 oil market downturn.

As oil prices stabilized following this downturn, dividends returned to growth. As you can see, dividend growth was extremely high as energy prices improved.

Annualized, this would come out to a distribution of $0.55 per share for the full year. This would mark a decrease from the prior year, but it would still be significantly higher than the distribution in 2021.

Based on the recent share price, this expected dividend per share yields 5.1%. While the yield compares favorably to the 1.5% average yield of the S&P 500 Index, it is also a good yield for an oil and gas royalty trust, which carries much greater risk than the S&P 500.

Final Thoughts

Monthly dividend-paying stocks can help investors even out cash flows compared with stocks that follow the traditional quarterly payments. Monthly payments can also help investors compound income at a faster rate.

High-yield stocks can provide investors with more income, which is important to those investors living off dividends in retirement. Permian Basin does offer a yield higher than that of the market index.

Investors with a higher appetite for risk might feel that the large dividend raises expected amid favorable commodity prices and the 5.1% yield are a solid tradeoff for the steep declines that occur when energy prices fall.

That said, Permian Basin does offer a monthly dividend but doesn’t provide certainty of what the payment may look like. The dividend payments rely totally on the price of oil and gas. When one or both are down, so are dividend payments. Investors who need a steady, reliable income are strongly encouraged to invest elsewhere.

Don’t miss the resources below for more monthly dividend stock investing research.

And see the resources below for more compelling investment ideas for dividend growth stocks and/or high-yield investment securities.