ASX Dividend Stocks Today: ARF, HDN, WPR, CLW, HVN and More

A Lease is a promise of rent, and for income investors watching names like Arena REIT (ASX:ARF) and Charter Hall Long WALE REIT (ASX:CLW), that promise can look almost as dependable as a fixed payment., and for income investors that promise can look almost as dependable as a fixed payment. Landlords hold four of the top five spots among ten ASX 200 names with indicative yields above 5%, based on prices at the close on Wednesday 23 September 2026. Yet the name at the very top shows the limits of that promise: a childcare landlord with leases averaging about 17.5 years has just lost rent from a major tenant. This article looks closely at the five leading names, four property trusts and one retailer with a sizeable property portfolio, then turns more briefly to the other five, asking the same question of each: how good are the tenants, customers and Earnings behind the 2026 payout?

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 are leases and yields in focus?

Full-year results are in, so the payouts behind these yields are declared rather than forecast. Each yield is our own calculation, the latest confirmed full-year payout divided by the 23 September reference price, and ASX does not publish them. Because price is the divisor, the same payout translates into a smaller yield when the price rises and a larger one when it falls. For property trusts, a long weighted average lease expiry (WALE) and high occupancy can give that payout some visibility. Visibility, however, is not the same as certainty.

The five leading names

Arena REIT (ASX:ARF)

On paper, Arena has the longest disclosed lease profile in this group: a WALE of about 17.5 years across 274 early learning centres and 10 healthcare properties, with 100% occupancy and gearing of 24.5%. It paid 19.25c per security in FY2026, four quarterly instalments of 4.8125c, up 5.5%, for a yield of 8.95% at A$2.15.

Tenant quality is now the issue. In August 2026 Edge Early Learning, about 14% of income across 31 leases, failed to pay rent and entered voluntary administration. Arena has guided to an FY2027 distribution of at least 18.0c, below FY2026, assuming no Edge rent from 1 August 2026. The 8.95% is therefore based on a payout the trust does not currently expect to repeat, a reminder that lease length counts only while tenants can pay.

HomeCo Daily Needs REIT (ASX:HDN)

HDN's tenants are supermarkets and everyday services, tied to convenience-based daily needs rather than discretionary shopping. Occupancy is 99%. The trust distributed 8.60c per security, yielding 7.85% at A$1.095, from Funds From Operations (FFO) of 9.0c. Guidance for FY2027 is FFO of 8.8c and a distribution held at 8.6c despite higher finance costs. Gearing of 35.7% sits within its 30–40% target, though it is the highest gearing figure disclosed among these trusts.

Waypoint REIT (ASX:WPR)

Waypoint owns about 395 service station and convenience properties worth about $2.86bn, with Viva Energy as its major tenant. That concentration cuts both ways: one large tenant, but a lot riding on one relationship. The WALE is 6.4 years and occupancy 99.9%. Because its financial year is the calendar year, the yield of 7.53% at A$2.21 uses the FY2025 distribution of 16.64c, paid in quarterly amounts of 4.12c, 4.12c, 4.20c and 4.20c and equal to distributable earnings. Calendar-2026 guidance is for distributable earnings of 17.14c, which is not a distribution forecast. The trust released its 1H26 result on 27 August 2026.

Charter Hall Long WALE REIT (ASX:CLW)

CLW takes the opposite approach to tenant risk: breadth. About 505 properties worth about $6.1bn span convenience retail, industrial and logistics, data centres, social infrastructure and office, with a WALE of 9.2 years and occupancy of 99.9%. It distributed 25.50c per security, equal to operating earnings, for a yield of 7.52% at A$3.39, and guides to 25.5c again in FY2027. Gearing is 27.5% against a 25–35% target. Paying out all earnings, however, leaves no retained buffer.

Harvey Norman Holdings Limited (ASX:HVN)

The only company in the highest five is not a landlord in the REIT sense, but it owns a large property portfolio alongside its Australian franchising operations and overseas retail. Franchisee sales reached $6.584bn across 195 Australian complexes. Profit after tax and minority interests rose 2.0% to $528.46m, and fully franked dividends lifted to 27.5c per share (14.5c interim, 13.0c final) from 26.5c, for a 6.58% yield at A$4.18. Shareholders on the register at 7 October will receive the final on 12 November 2026.

And more: five other ASX 200 income names

Fortescue Ltd (ASX:FMG)

No leases here. Fortescue's A$1.08 fully franked dividend, a 6.41% yield, was 65% of underlying net profit after tax (NPAT) of US$3.5bn and depends on iron ore prices and Chinese steel demand.

Metcash Limited (ASX:MTS)

The supplier to independent supermarkets including IGA paid 18.0c per share fully franked for the year to 30 April 2026, yielding 6.34%. That was 73.6% of underlying NPAT.

AGL Energy Limited (ASX:AGL)

AGL's 50c fully Franked Dividend yields 6.09%. FY2027 profit guidance of $470m–$670m and a 55–60% target payout will shape the next one.

Stockland (ASX:SGP)

Stockland distributed 25.2c, 69% of FFO, for 6.00%, and guides to the same distribution in FY2027 with FFO of 38.0–39.0c.

BWP Group (ASX:BWP)

With Bunnings Warehouse properties and a 7.3-year WALE, BWP paid 19.41c, yielding 5.41%, slightly above FFO of 19.29c. It guides to 20.00c in FY2027.

What makes a payout durable?

Lease length, occupancy and gearing set the base for trusts, but the gap between earnings and payout decides how much slack exists. CLW and Waypoint paid out what they earned; Stockland retained part of its FFO. For companies, payout ratios link dividends directly to profit.

Which risks could interrupt the income?

Tenant failure, tenant concentration, rising finance costs, weaker consumer spending, Commodity prices and profit Volatility at AGL are the main threats across the ten.

Why a longer lease or higher yield isn't the whole story

A high yield often reflects a lower share price, and a long WALE does not protect against a tenant that cannot pay. Arena has both, and its guidance has moved lower. The cash yields shown also exclude franking credits, which may matter for eligible Australian investors depending on individual circumstances.

What should investors monitor next?

Investors may want to monitor the Edge administration and any guidance update from Arena, Viva Energy's position within Waypoint's portfolio, HDN's finance costs, and whether AGL's profit lands high or low in its range.