ASX dividend stocks can be a great source of passive income if we buy them at the right price.

Share price changes can dramatically affect dividend yields. For example, if a business has a dividend yield of 5% and the share price falls 10%, the yield would become 5.5%. However, if the share price rose 10%, the yield on offer would be 4.5%.

I should note that a company isn't a buy just because its share price has dropped. Sometimes, there's an issue that makes the business less attractive despite the decline.

But, with the decline of the two below ASX dividend stocks and the likely impending interest rate cut(s), it could be a good time to consider these stocks.

Centuria Industrial REIT(ASX: CIP)

This real estate investment trust (REIT) owns a portfolio of quality industrial buildings around Australian cities.

I like this business (and own it) because it's exposed to several growth tailwinds, including the growth of e-commerce, data centres, cold storage (food and pharmaceutical), and overall population growth. Each additional Aussie in the country means the country needs a few more square metres of industrial space.

These various pillars of demand support are helping increase the rental potential of the land that the ASX dividend stock owns.

Despite the headwinds of high interest rates, the business is expecting to grow its funds from operations (FFO – rental profit) per unit by 1.7% and grow the distribution by 1.9% to 16.3 cents per unit.

Amid the interest rate pain, the Centuria Industrial REIT share price has dropped more than 30% since December 2021. It now offers an FY25 distribution yield of 5.6%.

Rural Funds Group (ASX: RFF)

Rural Funds is another REIT that I think is undervalued in the current environment. The RBA official cash rate is high today, but it may not always be this high. In 12 months from now, the Australian interest rate could be noticeably lower.

The ASX dividend stock owns a sizeable portfolio of farms across Australia, which I think is a useful diversification strategy when most of the REITs on the ASX are focused on areas like retail, industrial or office spaces. Rural Funds owns farms like cattle, vineyards and almonds.

One of the most appealing aspects of this business is the combination of regular rental growth and long-term contracts. This means a lot of rent has been locked in for many years with quality tenants. The vast majority of the rental contracts have fixed annual increases or are linked to inflation, with the occasional market review.

At the end of FY24, Rural Funds' weighted average lease expiry (WALE) was 13.5 years, one of the longest in the REIT sector.

In FY25, the business expects to grow its adjusted funds from operations (AFFO) by 3.6% to 11.4 cents and pay a distribution of 11.73 cents. That translates into an FY25 distribution yield of around 7.25% after the close to 50% decline from early January 2022.