Passive income is characterized by its ability to generate revenue without requiring the earner’s continuous active effort, making it a desirable financial strategy for those seeking to diversify their income streams or achieve financial independence. The more passive income can help cover rising costs, the better, making it easier for investors to set aside money for future needs as they prepare to enjoy retirement. Dependable recurring dividends from quality, high-yield stocks are a recipe for success, especially when those dividends are paid monthly.

A monthly check from a stock portfolio makes sense for most people with bills and expenses due every 30 days, especially in a world where prices are consistently rising. Items like mortgage payments or rent, utility bills, cell phone and internet bills, trash collection, and even grocery bills are always due each month, and a steady stream of passive monthly income can be a huge help in meeting those obligations.

We screened our 24/7 Wall Street research database for quality stocks rated Buy at major Wall Street firms that come with monthly dividends. Five seem like great ideas for baby boomer passive income-oriented investors seeking upside appreciation.

Why do we cover monthly dividend stocks?

Since 1926, dividends have contributed approximately 32% of the total return for the S&P 500, while capital appreciation has contributed 68%. Therefore, sustainable dividend income and capital appreciation potential are essential for total return expectations. A study by Hartford Funds, in collaboration with Ned Davis Research, found that dividend stocks delivered an annualized return of 9.18% over the 50 years from 1973 to 2023. Over the same timeline, this was more than double the annualized return for non-payers (3.95%).

Agree Realty

Agree Realty Corp. (NYSE: ADC) is a $8 billion+ industry leader in the acquisition and development of properties net leased to retailers. This mid-cap stock offers a reliable dividend and strong upside potential. It is a publicly traded real estate investment trust (REIT) that acquires and develops properties net leased to industry-leading, omnichannel retail tenants.

The company’s assets are held by, and all of its operations are conducted directly or indirectly through, the operating partnership of which the company is the sole general partner.

Its portfolio comprises over 2,370 properties in 50 states, totaling approximately 48.8 million square feet of gross leasable area. The company’s portfolio of properties is located in:

• Texas
• Ohio
• Florida
• Michigan
• Illinois
• North Carolina
• New Jersey
• Pennsylvania
• California
• New York
• Georgia
• Virginia
• Connecticut
• Wisconsin

Agree Realty tenants include these companies and more:

• Walmart
• Dollar General
• Tractor Supply
• Best Buy
• Dollar Tree
• TJX Companies,
• O’Reilly Auto Parts
• CVS
• Kroger
• Lowe’s
• Hobby Lobby
• Burlington
• Sherwin-Williams
• Sunbelt Rentals
• Wawa
• Home Depot
• TBC Corporation
• Gerber Collision

Apple Hospitality REIT

This REIT owns one of the largest portfolios of upscale, select-service hotels in the United States. Apple Hospitality REIT Inc. (NYSE: APLE) is a publicly traded real estate investment trust that pays a solid monthly dividend and stands out in the market with its unique offering.

The company comprises 224 hotels with more than 30,066 guest rooms in 87 markets throughout 37 states and one property leased to third parties.

Its hotel portfolio comprises 100 Marriott-branded hotels, 119 Hilton-branded hotels, and five Hyatt-branded hotels.

Its hotels operate primarily under Marriott or Hilton brands. They are operated and managed under separate management agreements with 16 hotel management companies, including:

• Hilton Garden Inn
• Hampton
• Courtyard
• Residence Inn
• Homewood Suites
• SpringHill Suites
• Fairfield
• Home2 Suites
• TownePlace Suites
• AC Hotels
• Hyatt Place
• Marriott
• Embassy Suites
• Aloft
• Hyatt House

Apple Hospitality hotels are in various states, including Alaska, Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, and Michigan.

EPR Properties

This REIT invests in some of the most popular entertainment companies. EPR Properties (NYSE: EPR) is a leading experiential net-lease REIT, specializing in select enduring experiential properties within the real estate industry.

The Experiential segment consists of approximately:

• 157 theater properties
• 58 eat and play properties
• 24 attraction properties
• 11 ski properties
• Four experiential lodging properties
• One gaming property
• One cultural property
• 22 fitness and wellness properties

The Education segment consists of property types, including 59 early childhood education center properties and nine private school properties.

The company’s investment portfolio includes ownership of and long-term mortgages on experiential and educational properties. It has investments in approximately 44 states. All the company’s owned single-tenant properties are leased under long-term, triple-net leases.

Main Street Capital

Main Street Capital Corp. (NASDAQ: MAIN) has helped over 200 private companies grow or transition by providing flexible private equity and debt capital solutions. This company is a favorite across Wall Street and offers a substantial dividend. This private equity firm provides equity capital to lower-middle market companies.

The firm also provides debt capital to middle-market companies for:

• Acquisitions
• Management buyouts
• Growth financings
• Recapitalizations
• Refinancing

The firm seeks to partner with entrepreneurs, business owners, and management teams and generally provides “one-stop” financing alternatives within its lower middle market portfolio.

Main Street Capital typically invests in lower middle market companies with annual revenues between $10 million and $150 million.

The firm’s middle market debt investments are in businesses generally more significant in size than its lower middle market portfolio companies. It also creates majority and minority equity.

Realty Income

Realty Income Corp. (NYSE: O) is a REIT that invests in free-standing, single-tenant commercial properties. This is an ideal stock for growth and income investors looking for a safer contrarian idea for the rest of 2025. This S&P 500 company provides stockholders with dependable monthly income.

The company acquires and manages freestanding commercial properties that generate rental revenue under long-term net lease agreements with its commercial clients.

It is engaged in a single business activity: leasing property to clients, generally on a net basis. That business activity spans various geographic boundaries and includes property types and clients engaged in multiple industries.

The company owns or holds interests in approximately 15,621 properties in:

• All 50 U.S. states
• the United Kingdom
• France
• Germany
• Ireland
• Ital
• Portugal
• Spain

With clients doing business in 89 industries its property types include: retail, industrial, gaming, and others, such as agriculture and office.

Its primary industry concentrations include:

• Grocery stores
• Convenience stores
• Dollar stores
• Drug stores
• Home improvement stores
• Quick-service restaurants

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