Most investors probably want to forget about 2022. Stocks sold off sharply as the Federal Reserve boosted interest rates to tame inflation.

There is a silver lining to last year's sell-off: Dividend yields are much higher. Several high-quality dividend stocks now offer yields above 4%, including Crown Castle (CCI -0.20%), Community Healthcare Trust (CHCT 0.78%), Digital Realty (DLR 2.02%), and Realty Income (O 0.61%). All four look like great buys right now. However, investors should act fast since their share prices have already started to recover.

Years of growth ahead

Shares of Crown Castle have tumbled 30% since the stock market peaked in early 2022. While that's an improvement from its bottom -- shares were down nearly 45% at one point -- the sell-off has pushed the infrastructure REIT's dividend yield to an attractive 4.3%. That's more than double the 1.7% dividend yield on an S&P 500 index fund. 

Crown Castle's sell-off comes even though the REIT continues to grow its funds from operations (FFO) per share and dividend. FFO increased by 6% last year despite some customer-related headwinds and is on track to grow by another 4% this year despite the impact of higher rates and ongoing customer issues. The company expects to continue growing at a healthy pace in the future, driven by the need for infrastructure to support faster 5G networks. 

The company sees a decades-long investment opportunity in 5G. That leads the REIT to believe it can grow its dividend at a 7% to 8% annual rate over the long term. While its latest raise was below that target range at 6.5%, growth should reaccelerate as its current headwinds fade. The REIT has grown its dividend at a 9% compound annual rate since 2016. 

A healthy dividend

Community Healthcare Trust has an exceptional dividend track record. The healthcare REIT has increased its payout every quarter since its initial public offering (IPO) in 2015. It currently offers an above-average yield of 4.3%. That yield is partly due to a 12% drop in its stock price from early last year, though it has staged a big recovery from its roughly 35% decline at one point. 

Community Healthcare Trust should be able to continue increasing its dividend in the future. The company generates steady rental income by owning a diversified portfolio of healthcare properties. The REIT also has a conservative balance sheet and dividend payout ratio. Those features give it the flexibility to continue acquiring income-producing healthcare real estate.

Data-driven dividend growth

Digital Realty's stock has tumbled nearly 40% since the start of last year, a notable improvement from its bottom in October. This sell-off has pushed the data center REIT's dividend yield up to 4.6%.

That's an attractive level for a company with its growth profile. Digital Realty has increased its payout every year since its IPO in 2004. It's in a select group of REITs that have raised their payouts each year since coming public. 

Digital Realty should be able to continue growing its dividend. The REIT has $3.8 billion of development projects underway and has already pre-leased 60% of that capacity. Meanwhile, the company has an excellent track record of completing value-enhancing acquisitions. It most recently spent $1.7 billion to buy a majority stake in leading South African data center operator Teraco. These drivers should enable Digital Realty to continue growing its FFO, which should support future dividend increases.   

The steady growth continues

Realty Income has experienced a modest decline since the bear market started last year. While shares have recovered from their lows last fall, -- they were down by more than 20% at one point -- the stock price is still off by about 6%. That has nudged its dividend yield up to 4.4%.

The company has done a splendid job of growing its dividend over the years. Realty Income's most recent dividend increase marked its 101st straight quarter of boosting its payout. The company has grown its dividend at a 4.3% compound annual rate since its public listing in 1994.   

Realty Income is in an excellent position to continue growing its dividend. It has a conservative payout ratio and a top-tier balance sheet. Those features give it the flexibility to continue acquiring income-producing real estate.

Still a good time to buy

While shares of Crown Castle, Community Healthcare Trust, Digital Realty, and Realty Income have bounced from their lows, they're still off their highs from last year, and their yields remain above 4%. That level might only be available for a bit longer, so income-focused investors should grab shares while they're still on sale.