Monthly Dividend Stock In Focus: Crombie Real Estate Investment Trust

Published on January 22nd, 2026 by Bob Ciura

Monthly dividend stocks have instant appeal for many income investors. Stocks that pay their dividends each month offer more frequent payouts than traditional quarterly or semi-annual dividend payers.

For this reason, we created a full list of over 100 monthly dividend stocks.

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

Monthly Dividend Stock In Focus: Crombie Real Estate Investment Trust

Crombie Real Estate Investment Trust (CROMF) is a monthly dividend stock with a high yield. This potentially makes the stock more attractive for income investors looking for more frequent dividend payouts.

This article will analyze Crombie in greater detail.

Business Overview

Crombie Real Estate Investment Trust is a publicly traded Canadian REIT that owns, manages, and develops a diversified portfolio of commercial real estate assets across Canada, with a heavy focus on grocery-anchored retail, retail-related industrial, and mixed-use residential properties.

At the end of September, Crombie’s portfolio included 297 investment properties with a gross leaseable area of about 18.2 million square feet (about 306 properties total when including joint ventures and residential assets) and very high occupancy rates (about 97.5% committed and 97.2% economic).

The REIT recorded $330 million in revenues last year. All figures in this report have been converted in USD unless otherwise noted.

On November 5th, 2025, Crombie reported its Q3 results, with property revenue of $89.1 million, up 4.9% year over year, driven by renewals, new leasing, and the acquisition of the remaining 50% interest in the Davie Street residential property.

Net property income increased 6.0% to $59.0 million, while same asset property cash NOI grew 4.6%, reflecting contractual rent step-ups and strong renewal activity.

Portfolio fundamentals strengthened, with committed occupancy improving to 97.5% (up 140 bps YoY) and renewal rent spreads of 10.6%, underscoring the defensive, necessity-based nature of the portfolio.

Higher financing costs partially offset operating gains, but AFFO per share increased 11.1% year over year to about $0.22, reflecting solid top-line growth and operating leverage.

Growth Prospects

Crombie’s AFFO per share has been more or less stable over the past decade. The increase in AFFO per share from 2015 through 2017 was driven by stable grocery-anchored retail fundamentals, high occupancy, and incremental NOI growth from renewals and re-leasing activity.

The decline in 2020 was primarily driven by COVID-19 impacts, including temporary rent deferrals, abatements, and increased uncertainty across retail tenants, even within Crombie’s necessity-based portfolio.

AFFO per share rebounded in 2021 as rent collections normalized, deferred rents were largely recovered, and leasing activity strengthened.

The company’s focus on grocery-anchored properties and strong tenant credit quality supported cash flow stability, while operating efficiencies helped offset rising costs.

AFFO per share remained relatively stable through 2022 and 2023, supported by same-asset NOI growth, positive renewal spreads, and contributions from completed developments and acquisitions.

These gains were largely offset by rising interest rates, higher maintenance reserves, and increased general operating costs, resulting in limited net growth at the per-share level.

Moving forward, we expect AFFO per share growth of 1% to be powered by same-asset NOI growth, strong occupancy, positive renewal rent spreads, and contributions from completed developments, offset by higher interest expense, ongoing maintenance capital requirements, and a still-restrictive financing environment.

Dividend & Valuation Analysis

We forecast the same growth for the dividend, which the company raised for the first time this past summer. Prior to this increased, the company’s monthly dividend stood at a rate of C$0.0742 since 2008.

The company has never cut its dividend since the first payout in 2006.

Crombie REIT benefits from a high-quality, necessity-based retail portfolio, anchored by grocery and pharmacy tenants, which supports stable occupancy, long lease terms, and predictable cash flow.

The REIT’s strong tenant relationships and community-based locations provide a durable competitive advantage and meaningful resilience in economic downturns.

However, while leverage is more moderate than many peers, interest rates remain elevated and ongoing maintenance and development capital needs pose risks to near-term cash flow growth.

Regardless, we believe the monthly dividend is safe today, with the payout ratio at a healthy 81% this year’s expected AFFO.

Crombie has historically traded at a P/AFFO in the mid-teens. Today, the stock trades at 14.3x this year’s expected AFFO.

We believe this multiple more or less fairly values. It reflects both the stability of profitability and the lack of significant growth prospects.

Final Thoughts

Crombie REIT offers a defensive, high-quality platform anchored by necessity-based retail and stable cash flows, with modest growth potential constrained by interest costs and capital requirements but supported by strong operating fundamentals.

It can be a solid vehicle for those seeking safe monthly and a somewhat sizeable dividend yield. We forecast annualized returns of 5.7% through 2030 to be powered mainly by the dividend yield, the soft growth forecast, and a slight valuation tailwind.

CROMF shares earn a hold rating.