The FTSE100 boasts some of the most generous dividend-generating companies in the world. Today, 15 of them bring yields exceeding 5% annually. That’s significantly more than the best instant access savings accounts, with the added bonus of potential share price growth.

Yield is calculated by dividing the dividend per share by the share price. So when stock prices fall, yields rise. This makes market declines an especially attractive time to buy income stocks. With the war in Iran unfortunately continuing, are we looking at an opportunity today?

Top FTSE 100 dividend options

The FTSE 100 index has already entered correction territory, defined as a decline of 10% or more. This resulted in a noticeable augment in profitability in many sectors. Life insurer Legal and General Group offers the highest yield of all at a staggering 8.55%. Policyholder Standard life gives a profitability of 7.85%, while the asset manager M&G profitability 7.2%. Another insurer, Avivagives 6.3%.

Real estate investment trusts, called REITs, are also an excellent source of dividends. Earth Security Group (LSE: LAND) gives a yield of 7.2%, while London property profitability 6.6% i British soil 6.3%.

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Land Securities, or Landsec, is one of the largest commercial property owners and developers in the UK, with an extensive portfolio of offices, centers and retail parks. Like much of the industry, it has had a tough few years.

The pandemic dealt a double blow, crushing retail traffic while accelerating the shift to online shopping. At the same time, the augment in the number of people working from home has reduced the need for office space. The subsequent cost of living crisis added to the pressure, putting pressure on consumers, increasing borrowing costs and reducing profits from property sales.

Despite this, underlying rental income remained relatively resilient and tenant occupancy levels remained good.

These stocks are cheaper than they were ten years ago

There are hopes for a recovery this year due to the expected reduction in interest rates. This should both lower the cost of capital and support both businesses and consumers. The conflict in Iran has thwarted that for now. In the last month alone, Landsec shares are down about 11%. They increased by only 3% in 12 months.

In fact, at 586p the stock is roughly half its value from a full decade ago. This explains the high profitability and low valuation. The price-to-earnings ratio is a modest 11.3.

This may represent a buying opportunity worth considering, but the risk remains. This will be especially true if the conflict drags on, hampering economic growth and causing inflation and interest rates to rise. Real estate companies like Landsec are particularly sensitive to borrowing costs and demand. However, I think this may be a good time to consider Landsec. The short-term situation is likely to remain lumpy, but investors who take a long-term view will potentially benefit. Not only in terms of income, but also in terms of growth. If and when stocks will finally rebound.

This is not the only time when shares of profitable companies on the FTSE 100 index are at their lowest levels in 10 years. I see a few more worth mentioning. A sensible approach may be to drip-inject money to take advantage of today’s depressed valuations. If stocks fall further, be prepared to invest even more.