Some ASX dividend shares can provide pleasing dividend yields, particularly when their share prices fall.

For example, if a business has a 6% dividend yield and then it falls 10%, the yield for new investors becomes 6.6%. If it fell by 20%, the yield would be 7.2%.

The two businesses I'm going to talk about have both seen share prices decline significantly, meaning they're both cheaper, and the yield is higher.

I believe both ASX dividend shares below can grow their payouts in the longer term, making them appealing contrarian ideas today.

Centuria Capital Group (ASX: CNI)

Centuria is a fund manager focused on real estate, with $21.1 billion of assets under management (AUM) as at 30 June 2024. It operates a number of unlisted real estate funds, investment bonds and real estate investment trusts (REITs) including Centuria Industrial REIT (ASX: CIP) and Centuria Office REIT (ASX: COF).

Higher interest rates have impacted the business in several ways, including higher debt costs, lower property values, and a headwind for client net flows to Centuria.

However, the ASX dividend share has sought to diversify its portfolio into areas like agriculture, healthcare, and real estate finance, which now account for more than $4 billion of AUM.

I'm excited by its recent purchase of 50% of ResetData, which provides edge data centres using underutilised real estate spaces, including office buildings. This can help improve the occupancy of Centuria's office buildings and can lead to future profits from ResetData itself.

It's expecting to pay a distribution of 10.4 cents per security in FY25, which translates into a distribution yield of 5.8% after a drop of around 50% in the Centuria share price from September 2021.

If the RBA cuts interest rates in 2025, this business could significantly benefit from higher property values and stronger operating profits.

APA Group (ASX: APA)

APA is a major Australian energy infrastructure business, with a national gas pipeline which transports half of the country's usage, as well as gas processing facilities, gas storage, gas energy generation, electricity transmission, wind farms, solar farms and batteries.

As the ASX dividend share's energy portfolio grows, cash flow will likely grow, which can then fund larger distributions.

The business has grown its distribution every year since 2004, which is one of the best records on the ASX in terms of consecutive years of growth. While passive income growth isn't guaranteed, I think that's an appealing attribute of the business, particularly if interest rates are cut.

APA is expecting to grow its distribution by 1.8% in FY25 to 57 cents per security, translating into a forward distribution yield of 8.4%, which I'd describe as very high. The APA share price has dropped more than 40% since August 2022, as the chart below shows. It looks very cheap to me.