14 Monthly Paying Canadian Dividend Growers for 2022

The 15th and last day of the month are special to me as I receive dividends from some companies in my portfolio that pay monthly. On the 15th, I receive dividends from Granite REIT, Canadian Apartment REIT, CT REIT and Realty Income. On the last day of the month, A&W Revenue Royalties Income Fund pays me my monthly distribution. If you get pleasure from seeing regular dividends coming into your portfolio each month, and you especially enjoy seeing them grow over time, the following table might be of interest to you. 

Using the Canadian Dividend All-Star list from December 31, 2021, I determined the monthly dividend growers for 2022. To be included, companies had to pay a monthly dividend, increase their distribution at least once in the last 12 months, and have a minimum 5-year history of annually increasing their payouts. From the 93 companies appearing on the initial Canadian Dividend All-Star list, there were only 15 who paid dividends monthly (the rest are quarterly payers). Sadly, I had to remove Chartwell Retirement Residences who had not raised their distributions in almost two years <- probably a good thing given the pandemic they have been navigating. The resulting 14 companies included nine real estate investment trusts (REITs). As the payout ratios and valuations of REITs are usually calculated based on funds from operations (FFO) or adjusted funds from operations (AFFO), looking at the EPS payout is not particularly relevant for these companies. For your browsing pleasure, here are the 14 monthly dividend payers heading into 2022:

Company	Dividend Growth Streak	1-Yr Stock Price Return	Div Yield % (CAD) [USD Ex = 1.2641]	1-yr DGR '21	3-yr DGR '19-'21	5-yr DGR '17-'21	TTM EPS Payout Ratio %
Granite REIT	11	35.30%	2.94%	3.30%	3.30%	4.40%	23%
Allied Properties REIT	10	16.20%	3.87%	3.10%	2.80%	2.50%	59%
Canadian Apartment REIT	10	19.90%	2.42%	2.10%	2.40%	2.60%	20%
Canadian Net REIT	10	20.00%	4.25%	17.40%	14.20%	13.30%	35%
Firm Capital Property Trust REIT	10	25.20%	6.55%	1.90%	3.50%	3.80%	26%
First National Financial Corp	10	0.20%	5.65%	14.80%	6.80%	6.60%	64%
InterRent REIT	10	26.40%	1.98%	5.00%	6.30%	7.10%	15%
CT REIT	9	10.50%	4.85%	3.80%	4.10%	3.90%	169%
Parkland Corporation	9	-13.90%	3.55%	1.70%	1.70%	1.80%	135%
Savaria Corporation	9	32.50%	2.61%	4.40%	9.10%	17.80%	105%
Global Water Resources Inc.	8	13.80%	1.72%	1.00%	1.00%	2.50%	225%
Badger Infrastructure Solutions Ltd	6	-16.40%	1.98%	5.00%	6.40%	10.10%	n/a
Killam Apartment REIT	5	37.90%	2.97%	1.70%	2.60%	2.80%	29%
Summit Industrial Income REIT	5	72.20%	2.40%	3.00%	2.50%	2.00%	9%
Averages:	8.71	19.99%	3.41%	4.86%	4.77%	5.79%	70.35%

As with any other screen, the above list is simply a starting point for further research. Clearly, a deeper dive is required based on the average EPS payout ratio over 70%. That said, the above list had an average return of 20% in 2021, including a 3.4% dividend payout and appears to be growing distributions by about 5% yearly, all very impressive figures.

As always, if you know of any other Canadian monthly dividend payers with a history of boosting their payouts, please reach out to me so that I can correct the above list.