Editor's note: This Data Dispatch is updated monthly. This analysis includes publicly traded real estate investment trusts covered by S&P Global Market Intelligence that are based in the U.S. or Canada and trade on the NYSE, Nasdaq, NYSE American, Toronto Stock Exchange or Toronto Venture Exchange.

Ninety-nine U.S.-based publicly traded real estate investment trusts announced increases to their regular dividend payments in 2022, about 61.5% of the entire U.S. REIT industry, according to data compiled by S&P Global Market Intelligence.

In 2022, the self-storage segment reported the highest percentage of dividend hikes relative to the sector's total, with five out of six self-storage REITs, or 83.3%, announcing dividend increases during the year. The industrial sector came in second, with nine dividend hikes during the year, or roughly 81.8% of the sector's total.

The retail segment had the biggest number of REITs that announced dividend gains in 2022 at 25, or over 80% of all retail REITs.

A total of 16 Canadian REITs announced dividend increases in 2022, seven of which came from the residential sector and five from retail. The industrial segment had two dividend hike announcements, while the office and diversified sectors each have one announced dividend increase.

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Almost 70% of US REIT dividend hikes in 2022 surpass pre-COVID payouts

Sixty-eight out of 99 U.S. REITs that announced dividend hikes in 2022 posted higher regular dividend payouts by year-end compared to their respective dividends in 2019. On the other hand, 27 REITs were still paying lower dividends relative to their 2019-end dividend payments, including four hotel REITs that only reinstated their dividends in 2022 after suspending payouts in 2020 and 2021. Meanwhile, the remaining four REITs had not started trading yet on a major public exchange in 2019.

On the Canada side, 12 out of 16 REITs had higher payouts by the end of 2022 than their 2019-end dividends, while diversified REIT H&R Real Estate Investment Trust and shopping center-focused RioCan Real Estate Investment Trust had lower dividends by the end of 2022 compared to their corresponding payouts in 2019. Manufactured home REIT Flagship Communities REIT and shopping center-focused Primaris REIT were not trading in 2019.

3 massive hikes, 4 dividend restorations on hotel REITs

Hotel-focused Service Properties Trust led the list of US REITs with year-over-year dividend payout hikes in 2022, as the company immensely raised its quarterly cash distribution to 20 cents per share on Oct. 13, from a 1-cent-per-share dividend paid during the fourth quarter of 2021. However, Service Properties Trust's current dividend is still below its pre-pandemic level of 54 cents per share.

Another hotel landlord that reported a strong raise was Apple Hospitality REIT Inc., which increased its monthly dividend to 8 cents per share on Oct. 20, from 1 cent per share announced in December 2021. Ranking third is hotel REIT RLJ Lodging Trust, with a 5-cent-per-share quarterly dividend announced Aug. 4, up from 1 cent per share announced during the fourth quarter of 2021. In comparison to their pre-pandemic levels, however, the current dividends from both companies were down by 20.0% and 84.8%, respectively.

Four hotel REITs also reinstated their dividends in 2022 after being suspended due to the pandemic: Ryman Hospitality Properties Inc., Braemar Hotels & Resorts Inc., Park Hotels & Resorts Inc., and Host Hotels & Resorts Inc.

Within Canada, shopping center-focused First Capital REIT announced the largest dividend increase during the year, upping its monthly payment to 7.2 Canadian cents per share compared to a 3.6 cents-per-share dividend at the end of 2021.