ASX 200 Dividend Stocks Yielding More Than 5% at Current Prices

Every Yield figure carries a hidden timestamp — and on closing prices from Wednesday 23 September 2026, ten members of the S&P/ASX 200 including Arena REIT (ASX:ARF) and BWP Group (ASX:BWP) produced indicative yields above 5% on their latest confirmed full-year payouts. The payout was set by a board weeks or months ago; the price underneath it changes with every trade. That is why "at current prices" deserves more attention than it gets. On closing prices from Wednesday 23 September 2026, ten members of the S&P/ASX 200 produced indicative yields above 5% on their latest confirmed full-year payouts. With August's reporting season digested and income back on the agenda for many investors in 2026, this piece works through the list from the bottom up, and explains why the same payout can produce a different yield tomorrow.

Each figure below is our own calculation: the latest full-year payout divided by the 23 September reference price.

Source note: Dividend and distribution amounts are the latest confirmed full-year payouts from official ASX company announcements. Reference prices are from an S&P/ASX 200 component snapshot after the close on 23 September 2026. Indicative yield = annual payout ÷ reference price (our calculation, not an ASX-published figure); cash yields exclude franking credits.

*Waypoint REIT reports on a calendar-year basis; FY2025 (year to 31 December 2025) is its latest completed full year.

Why is the share price doing the work?

A yield is a simple fraction. The numerator is the cash paid over a full year; the denominator is the price of one share or security. The numerator changes only when a board declares something new. The denominator moves all day. If the price rises while the payout stays put, the yield shrinks; if it falls, the yield grows, without the Business paying an extra cent.

That mechanic helps explain why dividend yields are drawing attention. A figure above 5% can reflect a generous payout, a price the market has marked down, or both. None of these percentages is published by ASX, and each is frozen at the 23 September close.

How do the ten names look from the bottom up?

Starting at the lower end makes it easier to see how price, payout and outlook interact.

BWP Group (ASX:BWP)

BWP Group owns Bunnings Warehouse properties plus some large-format retail. Its FY2026 distribution of 19.41c per security rose 4.1%, giving a 5.41% indicative distribution yield at A$3.59. The distribution sat slightly above Funds From Operations (FFO) of 19.29c, and FY2027 guidance is 20.00c.

Stockland (ASX:SGP)

Stockland's 25.2c distribution against A$4.20 works out at exactly 6.00%. The diversified group spans residential and land Lease communities, town centres, logistics and workplace assets. The payout was 69% of FFO of 36.9c, inside a 60–80% policy. FY2027 guidance holds the distribution at 25.2c with FFO of 38.0–39.0c. Gearing is 22.7%, within a 20–30% target.

AGL Energy Limited (ASX:AGL)

AGL paid 50c per share fully franked for FY2026, a 6.09% Dividend Yield at A$8.21. Underlying net profit after tax (NPAT) slipped 2% to $631m and the Payout Ratio was 53.3%. FY2027 guidance for underlying NPAT of $470m–$670m, with a 55–60% target payout ratio, leaves a wide range of outcomes for shareholders.

Metcash Limited (ASX:MTS)

Metcash, which supplies IGA and other independent supermarkets alongside liquor and hardware, paid 18.0c fully franked for the year to 30 April 2026 (8.5c interim, 9.5c final). At A$2.84 that equals 6.34%. The dividend was 73.6% of underlying NPAT of $268.8m, close to a target of about 74%.

Fortescue Ltd (ASX:FMG)

Fortescue's A$1.08 fully Franked Dividend is the largest cash amount per share here, yet a A$16.85 price holds the yield to 6.41%, a reminder that the denominator matters as much as the payout. The total was slightly below FY2025's A$1.10 and represented 65% of underlying NPAT of US$3.5bn. The final dividend is due on 29 September 2026.

Harvey Norman Holdings Limited (ASX:HVN)

Harvey Norman paid 27.5c per share fully franked (14.5c interim, 13.0c final), up from 26.5c. At A$4.18 that equates to 6.58%. Profit after tax and minority interests rose 2.0% to $528.46m, drawing on franchising, property and overseas retail. The final dividend's Record Date is 7 October, with payment on 12 November 2026.

Charter Hall Long WALE REIT (ASX:CLW)

CLW's 25.5c distribution matched operating earnings, and FY2027 guidance repeats 25.5c for both. At A$3.39 the indicative yield is 7.52%. The REIT holds about 505 properties worth roughly $6.1bn across five sectors, with a weighted average lease expiry (WALE) of 9.2 years and gearing of 27.5% against a 25–35% target.

Waypoint REIT (ASX:WPR)

Waypoint's figure uses calendar 2025, its latest completed financial year. Quarterly payments totalling 16.64c against A$2.21 produce 7.53%, fractionally ahead of CLW. The service station landlord, whose major tenant is Viva Energy, guided to calendar-2026 distributable Earnings of 17.14c per security, an earnings forecast rather than a distribution figure.

HomeCo Daily Needs REIT (ASX:HDN)

HDN pays the smallest cents amount in the group, 8.60c, but a A$1.095 price lifts its yield to 7.85%. Its supermarket-anchored centres generated FY2026 FFO of 9.0c. FY2027 guidance holds the distribution at 8.6c despite higher finance costs. Gearing of 35.7% sits inside a 30–40% target.

Arena REIT (ASX:ARF)

In the limelight is Arena's FY2026 distribution of 19.25c against A$2.15 gives 8.95%. Here "current prices" collides with a changed outlook. In August 2026, childcare tenant Edge Early Learning, about 14% of income across 31 leases, failed to pay rent and entered voluntary administration. Arena now guides to at least 18.0c for FY2027, below FY2026, assuming no Edge rent from 1 August 2026. The 8.95% therefore rests on a payout the REIT does not currently expect to repeat.

What makes a payout more or less sustainable?

Coverage is the first test. CLW's distribution equalled operating earnings; Stockland paid out 69% of FFO; Fortescue 65% of NPAT; Metcash 73.6%; AGL 53.3%. BWP's distribution edged above FFO, worth noting even with higher guidance ahead. Balance sheets matter too, and each REIT with a stated gearing target currently sits inside it.

Which risks could change the numerator?

Tenant failure is the most visible, as Arena shows. Fortescue's dividends depend heavily on iron ore prices and Chinese steel demand, and it earns in US dollars but pays in Australian dollars. AGL's guidance spans outcomes above and below FY2026 profit. HDN has flagged higher finance costs.

What should investors monitor next?

Investors may want to monitor price moves, which reshape every yield daily; the Edge administration; Fortescue's 29 September payment; Harvey Norman's 7 October record date; Waypoint's quarterly distributions; and where AGL's FY2027 profit lands.

Key Insights / Key Takeaways

"At current prices" is a snapshot, not a promise. The ten figures above describe past payouts against one evening's closing prices. Announced payouts, the yields calculated from them, and guidance for the year ahead are three different things, and the gaps between them are where most of the research lies.