2 ASX shares with dividend yields above 8%

Dividend investing is often less about excitement and more about consistency, patience and income stability. Companies like Centuria Office REIT and WAM Capital are not typically bought for rapid growth but for regular income and long-term wealth creation through dividends and reinvestment. 

Centuria Office REIT (ASX: COF) 

is one of those companies that investors usually look at for income rather than growth. The company owns office buildings across Australia and earns rental income from tenant, and that rental income is what ultimately funds distributions to investors. The portfolio is diversified across different Australian states and includes government tenants and large corporates which makes the income relatively stable compared to many other property investments. 

Occupancy remains healthy and lease terms are spread across multiple years, which provides visibility of future rental income and supports stable distributions.

Centuria Office REIT continues to pay regular quarterly distributions and remains an income focused investment. The latest distribution announced was around $0.02525 per unit for March 2026 quarter. 

On a trailing basis, the REIT is currently offering dividend yield of around 10.77% with DPS of about $0.101 and payout ratio of around 194%which indicates that REIT distributes most of its earnings as income to investors. 

The company also offers Dividend Reinvestment Plan (DRP) allowing investors to reinvest distributions into additional units instead of receiving the cash. 

COF is typically suited for investors who are looking for the steady income rather than high growth and the main factors to track remain occupancy, lease expiries, property valuations and interest costs.

WAM Capital Limited (ASX: WAM) 

is a listed investment company that invests in small and midcap Australian companies with objective of generating capital growth and paying regular dividends to shareholders. 

Over many years the company has built its reputation mainly on consistent dividend payment and long-term portfolio performance rather than short-term earnings growth. 
The company follows an active investment strategy where it looks for undervalued growth companies and market mispricing opportunities and over the long term it has delivered strong portfolio returns since inception.

WAM Capital is an income focused stock. It recently maintained its interim dividend at 7.75 cents per share, partially franked and it continues to use its profit reserve to maintain stable dividends over time. 

The company has DPS of around $0.155 and gross DPS of about $0.1949 with a dividend yield of around 9.20% and a gross yield of about 11.56%. The payout ratio is around 79% which is relatively sustainable compared to many high dividend stocks. It also offers Dividend Reinvestment Plan (DRP) allowing investors to reinvest dividends into additional shares. 

WAM Capital is typically considered a dividend income stock where investors focus on dividends, NTA performance and long-term portfolio returns rather than short-term profit movements.

(Source: Company Announcements)