Investors looking for ASX blue-chip shares are probably aiming for businesses that can provide stability, reliable earnings and a good dividend yield.
Share prices can go down and payouts are not guaranteed, but I believe some businesses are capable of being more resilient and consistent.
I think the two names below are leaders in their industry at what they do, offering pleasing passive income.
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Scentre Group (ASX: SCG)
This business is the owner of large shopping centres – it owns 42 Westfield locations across Australia and New Zealand, which includes more than 12,000 outlets.
One of the main reasons why I think it's such a stable investment is that rental income is contracted and reliable – it had a portfolio occupancy of 99.8% at 31 March 2026, showing it's maximising its rental potential.
It has evolved from just a retail centre to being a core destination for other experiences uses such as entertainment, dining and so on. I don't think it's as vulnerable to e-commerce adoption as other retail real estate investment trusts (REITs).
The business continues to report growth across a number of rental metrics.
In the three months to 31 March 2026, total business partner (tenant) sales across the portfolio were $7 billion (up 5%), with specialty sales growth of 5.3%.
It also noted that average specialty rent escalations were 5.3% in the three months to 31 March 2026. This is good organic rental growth.
The ASX blue-chip share completed 636 leasing deals, achieving average specialty releasing spreads of 3.3%. In other words, the new rental contracts are (on average) 3.3% higher than the old ones. That's also pleasing organic growth for the business.
Another way that Scentre can increase its rental potential is by investing in (re)developments at its locations. It's currently progressing a $240 million redevelopment at Westfield Bondi as a "world-leading lifestyle, entertainment and dining destination".
According to the forecast on Commsec, the business is projected to grow its annual payout to 19.1 cents per security in FY27. That translates into a forward distribution yield of 4.9%.
Telstra Group Ltd (ASX: TLS)
Another ASX blue-chip share I want to highlight is Telstra, the country's largest telco business.
Its scale means it's able to generate high profit margins and invest the most in its network, compared to other industries. Hopefully it continues investing in its resilience and reliability.
The company's market position and network coverage mean it's able to attract a lot of customers. Australia's ongoing digitalisation is a tailwind for demand for Telstra's services, with an increasing number of devices needing a connection.
Telstra's revenue and underlying earnings have been steadily growing in the last few years, giving the company the financial room to pay a rising dividend. In its latest result, it grew its interim dividend per share by 10.5% to 10.5 cents.
The projection on Commsec suggests the ASX blue-chip share could pay an annual dividend per share of 21.5 cents in FY27. That could translate into a grossed-up dividend yield of 6.1%, including franking credits.
