ASX blue-chip shares can provide investors with an attractive level of passive income, if we choose the right ones. The best stocks can also offer reliable earnings.
I'm going to outline two businesses that could help investors sleep easy at night through providing solid dividends.
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Scentre Group (ASX: SCG)
Scentre Group is one of the largest property businesses in Australia, it owns Westfield shopping centres in Australia and New Zealand. It currently has 42 properties with over 12,000 outlets.
In a rising interest rate and inflation environment, it's understandable why some investors are feeling less optimistic about the business than last year. The Scentre share price is down by 11% in the year to date, which has boosted the distribution yield on offer.
The business expects to grow its annual distribution by 4% in 2026 to 18.43 cents per security, translating into a forward distribution yield of close to 5%.
It's growing rental earnings at a solid rate, with expectations of 4% growth of funds from operations (FFO), driven by strong rental performance, highlighted by the 2026 first quarter update.
In the three months to 31 March 2026, total business partner sales (tenant) sales across its portfolio rose 5% to $7 billion, with specialty sales growth of 5.3%.
The ASX blue-chip share noted that demand for space in Westfield destinations continued to be strong, with portfolio occupancy of 99.8% at March 2026, up 20 basis points (0.20%) since 31 March 2025.
It said that average specialty rent escalations came to 5.3%, while 636 leasing deals achieved average specialty releasing spreads of 3.3%.
I also like that the business continues to invest across its property portfolio, unlocking more potential rental growth. In the latest quarter, works continued on progressing its $240 million redevelopment at Westfield Bondi.
Australian Foundation Investment Co Ltd (ASX: AFI)
The other business I want to highlight is the listed investment company (LIC), which is one of the oldest and largest LICs in Australia.
Its portfolio is full of ASX blue-chip shares such as BHP Group Ltd (ASX: BHP), Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC), Macquarie Group Ltd (ASX: MQG), National Australia Bank Ltd (ASX: NAB), CSL Ltd (ASX: CSL) and Telstra Group Ltd (ASX: TLS).
It has provided investors with a pleasingly resilient (and sometimes growing) dividend this century.
Excluding special dividends, the last two half-year ordinary dividends have amounted to 26.5 cents per share. That translates into a grossed-up dividend yield of 5.7%, including franking credits.
This seems like a good time to invest because it's trading at close to the largest discount to its underlying value – the pre-tax net tangible assets (NTA) – in the last decade. At the time of writing, it's trading at a discount of close to 15% to the NTA as of 24 April 2026.
