There are not too many ASX dividend shares left that are currently offering investors a yield anything close to 6%.
Certainly not Wesfarmers Ltd (ASX: WES), Coles Group Ltd (ASX: COL) or Woolworths Group Ltd (ASX: WOW).
ASX banks National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) are both currently in the 4% range, so they're out too. ANZ Group Holdings Ltd (ASX: ANZ) is pretty close. But many investors are starting to worry that the bank is poised to cut its payouts.
And Commonwealth Bank of Australia (ASX: CBA) would need to see its share price nearly halve from its current price just to get to 5%.
But today, Rural Funds Group (ASX: RFF) has a trailing dividend yield of 5.99% on the table.
Rural Funds Group is a real estate investment trust (REIT) that specialises in owning productive farmland. It currently has assets like cattle farms, vineyards, and almond and macadamia orchards in its portfolio. As well as other crops.
Despite what its high yield suggests, this ASX dividend share has an impressive track record when it comes to paying income. It doles out a dividend distribution every three months. These payments have come in at 2.93 cents per unit for the past few years. Since listing back in 2013, Rural Funds Group has never cut its dividend.
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Why ASX income investors shouldn't ignore this 6% dividend share
Drawing all of this together, I think Rural Funds Group is a great option for income investors looking for meaningful dividends today. Yes, the Rural Funds share price has struggled in recent years. But this is not unusual for a REIT. REITs are perhaps the ASX's most sensitive investments when it comes to interest rates. That's thanks to their relatively heavy use of borrowings.
However, with the Reserve Bank of Australia (RBA) predicted to cut interest rates several more times in 2025, this headwind is quickly turning into a tailwind.
As a REIT, Rural Funds' dividend distributions usually don't come with franking credits attached. Investors, particularly retirees, should keep that in mind. But even so, demand for food and farmland is almost invulnerable to economic shocks, making Rural Funds, at least in my view, a relatively safe income investment.
I wouldn't be surprised at all if the current Rural Funds unit price of $1.81 meaningfully appreciated over the rest of 2025. With that in mind, I think income investors might want to consider buying this ASX dividend share today before it's too late to bag a potential 6% yield.
