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Worked out in public

What 100k CAD in dividends would have paid here

100,000 CAD in ten companies, measured against the rent I saw in the Mall of Asia area.

This is arithmetic on past numbers, not a plan I am recommending.

1. The rent, and the idea

One-year lease, MOA Shore Towers (Mall of Asia, Pasay), October 2026: 12,000 to 18,000 PHP a month. Rates 2026-10-06: 1 CAD = 44.0420 PHP, 1 USD = 62.7410 PHP, 1 EUR = 70.6200 PHP.

The rent band, in four currencies, and the yield a 100,000 CAD position had to produce to pay it.
Rent level PHP a month PHP a year CAD a month CAD a year USD a month USD a year EUR a month EUR a year Yield on 100,000 CAD needed
Low12,000144,0002723,2701912,2951702,0393.27%
Mid15,000180,0003414,0872392,8692122,5494.09%
High18,000216,0004094,9042873,4432553,0594.90%

The table scrolls sideways on a phone; the page itself does not.

Source: the rents I saw in long-term listings in the Shore Residences Facebook pages, October 2026. The band again, with the posts I read

Source of the rent band

My own going prices, October 2026. The one number here without a public link yet.

2. How I read the numbers

Dividends here would have been paid after 15% US withholding. A cut would mean the declared rate fell. Method and every source.

3. Ten companies, and how many years each one would have covered the rent

Had I bought 100,000 CAD on 4 January 2016 in each name, dividends not reinvested, against the 15,000 PHP rent, this is what the numbers would have said. Prices and yields 2026-10-06.

The ten names: today's price and yield, the 2025 dividends after tax, the years the 15,000 PHP rent would have been covered, and what the 2016 position would be worth today.
Ticker Name Country Price Yield Dividends in 2025 (PHP/month, after tax) Years the 15k rent was covered (of 10) Years the 18k rent was covered (of 10) The 2016 position today (CAD)
MAINMain Street Capital CorporationUnited States54.89 USD7.87%42,4361010193,392 (+93.4%)
PPL.TOPembina Pipeline CorporationCanada66.04 CAD4.38%32,3751010219,621 (+119.6%)
BNS.TOThe Bank of Nova ScotiaCanada128.60 CAD3.45%26,364108231,545 (+131.5%)
CM.TOCanadian Imperial Bank of CommerceCanada158.40 CAD2.70%30,015109345,388 (+245.4%)
NA.TONational Bank of CanadaCanada203.97 CAD2.51%41,124109511,331 (+411.3%)
VZVerizon Communications Inc.United States45.41 USD6.16%17,45940101,784 (+1.8%)
ENB.TOEnbridge Inc.Canada65.70 CAD5.87%28,07098143,200 (+43.2%)
EMA.TOEmera IncorporatedCanada66.23 CAD4.43%23,30296154,599 (+54.6%)
POW.TOPower Corporation of CanadaCanada89.82 CAD2.91%29,61296313,398 (+213.4%)
RY.TORoyal Bank of CanadaCanada280.11 CAD2.35%28,36597383,502 (+283.5%)

Scroll the table sideways.

The same ten names in more detail: where they started, the worst year, the years the literal calendar total would have fallen, and how many years the declared dividend was never cut.
Ticker Dividends in 2016 (PHP/month, after tax) Worst year after tax Calendar-year totals that fell (the literal test) Years without a cut (of 10)
MAIN22,526131.3% (2020)none10
PPL.TO18,825125.5% (2016)none10
BNS.TO15,855103.6% (2019)2016, 2019, 202210
CM.TO15,964106.4% (2016)none10
NA.TO16,611110.7% (2016)none10
VZ11,91279.4% (2016)none10
ENB.TO13,67091.1% (2016)none10
EMA.TO13,90792.7% (2016)202510
POW.TO13,83592.2% (2016)202110
RY.TO13,13687.6% (2016)none10

"Worst year": the lowest after-tax coverage.

From 56 candidates; nine of the 56 failed the no-cut test.

4. Exchange rates moved

The peso fell from 33.7 to 43.9 PHP per CAD. Years the 15,000 PHP rent would have been covered, of 10:

The same ten names, counted twice: each dividend at its own payment date, and all of them at the 2016-01-04 rate of 33.7279 PHP per CAD.
Ticker Each payment date, before tax Each payment date, after tax At the 2016-01-04 rate, before tax At the 2016-01-04 rate, after tax Regular dividends only, after tax
MAIN1010101010
PPL.TO1010101010
BNS.TO10108810
CM.TO10109910
NA.TO1010101010
VZ94604
ENB.TO99889
EMA.TO99779
POW.TO99779
RY.TO99779

2016-01-04: 33.7279 PHP per CAD (46.762 PHP per USD; 1.3865 CAD per USD).

5. MAIN: the regular dividend and the supplementals

A payment more than 5% above the year's regular rate counts as a supplemental.

Had I bought 100,000 CAD on 4 January 2016 at 29.18 USD a share (2,471.78 shares; 40.4566 CAD per share), this is what the numbers would have said:

MAIN year by year: the regular rate, the supplementals, the after-tax dividends in pesos against the 15,000 PHP rent, and the position at each year end.
Year Payments Regular (USD/share/month) Supplementals (USD/share) Total (USD/share) Dividends after tax (PHP) Rent at 15k (PHP) Covered Position at year end (CAD)
2016140.1800.5502.730270,311180,000yes122,499
2017140.1850.5502.790294,227180,000yes123,398
2018140.1900.5502.850316,132180,000yes113,840
2019140.2050.4902.915316,263180,000yes139,172
2020110.2050.0002.255236,305180,000yes101,674
2021130.2050.0002.575266,667180,000yes141,315
2022160.2150.0002.945335,533180,000yes123,774
2023160.2250.5503.695431,712180,000yes141,365
2024160.2401.2004.110493,016180,000yes207,781
2025160.2501.2004.230509,232180,000yes204,422

In 2020 the position would have fallen to 101,674 CAD and the dividends would still have covered the rent 1.31 times after tax. Ten years of after-tax dividends: 3,469,399 PHP. The 2016 position would be worth 193,392 CAD today, 93.4% more.

6. The four the literal calendar-total test flags

  • MAIN 2020. Total fell 22.6% (2.915 to 2.255 USD a share): 11 monthly payments in the record, not 12, and no supplemental, after 0.49 USD in 2019. The declared 0.205 USD rate was unchanged.
  • BNS.TO 2016, 2019, 2022. Payment dates drifted: 5 in 2015 against 4 in 2016, 3 in 2019, 3 in 2022. The declared rate rose, 0.70 CAD in 2015 to 1.14 in 2026.
  • EMA.TO 2025. 2024 carried five payments instead of four. The declared rate rose, 0.718 CAD at the end of 2023 to 0.733 at the end of 2025.
  • POW.TO 2021. 2020 carried five payments instead of four. The declared rate rose, 0.405 CAD at the end of 2019 to 0.495 at the end of 2021.

7. The companies the screen threw out, and the honest part

The named cuts the screen found among the 56 candidates, with the link that shows each one.
Company Year What happened The link that shows it
3M (MMM)2024The dividend was reset: 1.26254 USD declared in February against 0.70 in May.3M 8-K exhibit 99.1, filed 2024-04-30
AT&T (T)2022The dividend was cut as the media business was separated.AT&T common dividend history
Suncor (SU.TO)2020The dividend was cut in the oil crash.Suncor 6-K filings at the SEC
TC Energy (TRP.TO)2024The dividend growth was reset by the company's own plan.TC Energy stock information page
BCE (BCE.TO)2025The dividend was reduced with the new capital plan.BCE shares and dividends page
Arbor Realty Trust (ABR)2025 and again in 2026The dividend was reduced twice, and it still shows a double-digit yield today.Arbor 8-K filings at the SEC
TELUS (T.TO)2026The dividend was reset in September 2026: 0.418 CAD on 2026-06-10 against 0.188 on 2026-09-10.TELUS 6-K exhibit 99.1, filed 2026-07-31
Waste Connections (WCN.TO)2016Flagged by the record, not a clean cut: the price-to-dividend record changes shape at the merger with Progressive Waste.Waste Connections dividend history
Thomson Reuters (TRI.TO)2018Flagged by the record, not a clean cut: the record carries a large one-off payment, 6.1246 CAD on 2018-11-27.Thomson Reuters 6-K filings at the SEC

WCN.TO covered 1 year of 10, TRI.TO 4. Today ABR yields 26.6%, T.TO 12.9%, BCE.TO 6.3%.

8. Sources: every number, and its link

Every figure above comes from these pages, checked 2026-10-07.

The rent band

12,000 to 18,000 PHP: my own October 2026 prices, no public URL yet.

The exchange rates

The ten kept names

The names the screen threw out

Our check of all 86 source URLs on 2026-10-07: 72 answered, 14 flagged.

Where the numbers come from

Yahoo Finance via yfinance, fetched 2026-10-06: 600 dividend records (2015 to 2026), each converted at its ex-dividend date. The live CADPHP quote is 44.04; the daily history gives 43.87.

One thing to read

Dividends can be cut, exchange rates move, taxes apply. The rent here is held flat at today's 12,000 to 18,000 PHP, and rents rise.