At a glance

  • Peet paid 13.0c per share in fully franked dividends over the last 12 months, a trailing Yield of 7.83% at $1.66.
  • FY26 dividends were up 68% on the FY25 total of 7.75c, even as the share price slipped 11.70% over the past year.
  • On 26 August 2026, Ingenia (ASX: INA) agreed to acquire Peet for $0.68 cash plus 0.3367 INA securities per share.
  • If the scheme completes, Peet shareholders receive no further Peet dividends, so the trailing yield cannot continue.

Peet (ASX:PPC) is a residential land developer best known for master-planned communities: large estates where it secures land, gets it approved and serviced, then sells lots over many years. It is a cyclical Business with lumpy profits --- not the usual profile of a dependable income stock.

So why does Peet pop up on a high-yield scan? A much bigger dividend and a softer share price. Peet declared 13.0c per share in fully franked dividends across FY26, up 68% on the FY25 total of 7.75c.66 --- which is also where they closed on 23 September 2026, according to Google Finance.

The real twist: Peet has agreed to be taken over, and that changes how an income investor should read the headline number.

What dividends has Peet paid in the last 12 months?

Peet's trailing yield rests on its FY26 interim and final dividends:

FY26 interim: 6.5c per share, fully franked, ex-dividend 11 March 2026.

FY26 final: 6.5c per share, fully franked, ex-dividend 8 September 2026, paid 22 September 2026.

Timing matters here. The final dividend went ex on 8 September 2026, so anyone buying at $1.66 on 24 September 2026 has already missed it. A trailing yield is a backward-looking measure: it describes what was paid, not what a new buyer will collect.

Be careful with the size of the increase, too. A 68% lift is a big step, and development Earnings can be uneven from year to year. Assuming a jump like that becomes the new baseline is a classic income-investor trap.

How does the Ingenia Takeover change the picture?

On 26 August 2026, Ingenia (ASX: INA) agreed to acquire Peet via a scheme. Peet shareholders would receive $0.68 in cash plus 0.3367 INA securities for each Peet share, a package worth $2.12 at announcement.

Because a large part of the consideration is paid in Ingenia securities, the value of the offer moves with Ingenia's share price. With INA trading around $4.42 on 21 September 2026, the scheme was worth about $2.17 per Peet share. The Peet price used here, $1.66, sits well below both of those figures --- a gap that suggests the market has real doubts about whether the deal will complete on these terms.

The indicative timetable is:

Scheme booklet: early November 2026.

Scheme meeting: early December 2026.

Implementation: late December 2026.

For income investors, the key point is simple. If the scheme completes, Peet shareholders receive no further Peet dividends; any future income would depend on Ingenia's distributions instead. The 7.83% trailing yield is a record of the past, not something a buyer today can expect to lock in.

What could change --- and what are the risks?

The biggest wildcard sits on the other side of the deal. Private Equity firm Warburg Pincus has bid for Ingenia itself: $4.75 around 5 September 2026, then $5.05 on 21 September 2026. Both proposals were conditional on Ingenia dropping the Peet deal, and Ingenia's board rejected both.

That creates an unusual tension. If Ingenia's own investors warm to Warburg Pincus, pressure could build for Ingenia to walk away from Peet. Peet would then revert to being a standalone developer, with its share price and dividends again depending on its own uneven trading.

Other risks to keep in mind:

Scrip value: the offer's worth rises and falls with INA's share price, so the figures quoted above can change daily.

Approval and timing: a scheme needs Shareholder approval at the scheme meeting and can be delayed or blocked.

Tax: receiving cash and scrip can have tax consequences that differ between investors; the scheme booklet, expected in early November, is the place to look.

Franking value: the 11.19% grossed-up yield is only relevant to investors who can make use of franking credits.