ASX High-Dividend Stocks: 10 Shares and REITs Offering Indicative Yields of Around 5% to 9%

Line up the highest-yielding members of the ASX 200 — from Arena REIT (ASX:ARF) at 8.95% to BWP Group (ASX:BWP) at 5.41% — and a pattern emerges. and a pattern emerges. The figures do not fall in a smooth slope from top to bottom. They gather in bands, and the band a stock or trust occupies can say something about how the market is weighing its income, its risks and its outlook for 2026 and beyond.

Ten names currently offer indicative yields between 5.41% and 8.95%, based on their latest confirmed full-year payouts and prices after the close on Wednesday 23 September 2026. Six are real estate Investment trusts paying distributions; four are companies paying fully franked dividends. Grouping them by Yield band, rather than simply ranking them, shows where the crowding is, where the outliers sit, and why a single percentage can hide very different stories.

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 yields in this range attracting attention?

After a reporting season in which most of these ten released full-year results between June and August 2026, income investors have a freshly confirmed set of payouts to compare. Each yield in the table is our calculation: the latest full-year payout divided by the reference price. It is not an ASX-published figure and it is not a forecast. It excludes franking credits, and because price is the denominator, it changes whenever the market moves.

How wide is the spread?

From 8.95% at the top of the table to 5.41% at the bottom, the range covers about 3.5 percentage points. That is a wide dispersion for ten names that all qualify as "high yield", and it reflects differences in Business models, payout policies and, in at least one case, a known threat to future income.

The 8–9% band: one name on its own

Arena REIT (ASX:ARF)

Arena sits alone at 8.95%, calculated from 19.25c per security paid in FY2026 as four quarterly distributions of 4.8125c. On paper, its portfolio of 274 early learning centres, 10 healthcare properties and 23 development sites carries a WALE of about 17.5 years, 100% occupancy and gearing of 24.5%. But in August 2026, tenant Edge Early Learning, accounting for about 14% of income across 31 leases, failed to pay rent and entered voluntary administration. Arena now guides to an FY2027 distribution of at least 18.0c, assuming no Edge rent from 1 August 2026. A trailing yield built on a payout the trust does not expect to repeat is one reason a name can end up isolated at the top of a list.

The 7–8% band: three property trusts

HomeCo Daily Needs REIT (ASX:HDN)

At 7.85%, HDN leads this band. It owns convenience-based retail centres anchored by supermarkets and everyday services, reported FFO of 9.0c and distributed 8.60c. FY2027 guidance holds the distribution at 8.6c even as FFO is guided to 8.8c on higher finance costs. Gearing is 35.7%, within a 30–40% target.

Waypoint REIT (ASX:WPR)

Waypoint's 7.53% reflects its calendar-year FY2025 distribution of 16.64c, which matched distributable earnings. Its roughly 395 service station and convenience properties, valued at about $2.86bn, have Viva Energy as the major tenant. Calendar-2026 guidance is for distributable Earnings of 17.14c per security, an earnings rather than distribution figure.

Charter Hall Long WALE REIT (ASX:CLW)

CLW, at 7.52%, is virtually level with Waypoint. It owns about 505 properties worth about $6.1bn across several sectors, paid 25.5c equal to operating earnings, and guides to 25.5c again for FY2027. WALE is 9.2 years; gearing is 27.5% against a 25–35% target.

What the band may signal: steady rent-backed payouts, with the market pricing in factors such as interest costs, tenant concentration or sector exposure.

The 6–7% band: the crowded middle

Harvey Norman Holdings Limited (ASX:HVN)

Harvey Norman leads the middle band at 6.58%, from 27.5c fully franked, up from 26.5c. The final dividend's Record Date is 7 October 2026, with payment on 12 November.

Fortescue Ltd (ASX:FMG)

At 6.41%, Fortescue's A$1.08 fully Franked Dividend was 65% of underlying NPAT, within its 50–80% policy. It is highly sensitive to iron ore prices, Chinese steel Demand and the Australian dollar.

Metcash Limited (ASX:MTS)

Metcash's 18.0c fully franked dividend gives 6.34%. Its FY2026 Payout Ratio of 73.6% sits close to its roughly 74% target.

AGL Energy Limited (ASX:AGL)

AGL's 50c fully franked dividend equals 6.09%. FY2027 profit guidance of $470m–$670m, with a 55–60% payout target, leaves the next dividend dependent on where earnings land.

Stockland (ASX:SGP)

Stockland sits exactly on the band's lower edge at 6.00%. Its 25.2c distribution was 69% of FFO, and FY2027 guidance holds it at 25.2c while FFO is guided up to 38.0–39.0c.

What the band may signal: this is where the four ordinary companies cluster, their dividends tied to profit through payout policies, so income here can rise or fall with the earnings cycle.

The 5–6% band: the lowest yield

BWP Group (ASX:BWP)

BWP, landlord to Bunnings Warehouse stores, sits at 5.41% on 19.41c, up 4.1%. It is the only name guiding to a higher payout, 20.00c for FY2027, though FY2026's distribution slightly exceeded FFO of 19.29c.

What keeps a name in its band?

Two things: the payout and the price. For the trusts, payouts rest on rent collection, occupancy and gearing relative to targets. For the companies, they rest on profit and payout ratios. If either the payout or the price moves, the band can change.

Which risks could push names between bands?

A lower payout at an unchanged price would lower a yield; a falling price at an unchanged payout would raise one. Arena's guided reduction, AGL's wide profit range, Fortescue's Commodity and currency exposure, and consumer conditions for Harvey Norman and Metcash are all live examples.

Why isn't the top band automatically the better one?

The highest band holds just one name, and it is the one facing a known income shortfall. A higher yield can reflect market caution rather than generosity. Franking also sits outside these numbers: it can affect after-tax value for eligible Australian investors, depending on individual circumstances.

What should investors monitor next?

Investors may want to track Edge's administration, Fortescue's 29 September payment, AGL's progress against guidance, Waypoint's quarterly distributions and any guidance updates across the trusts.

Key Insights / Key Takeaways

Reading these ten by band rather than by rank shows a clear shape: a lone outlier, a tight trio of trusts, a crowded middle of companies and one trust, and a single name at the bottom. The bands are a snapshot, not a verdict, and each name's position will shift as prices and payouts evolve through 2026.