There was no "real" dividend increase.

PW is a REIT, PW pays no Federal Income Tax and has to distribute 90% of it's income, for IRS tax reasons. PW has constant income, and relatively constant expenses. Thus the dividend may move between .50 and .52. You can generally count on it being no more than .52 [.13x4]

That said, there is no upside to the dividend, because the annual gross income cannot possibly increase in our lifetime, [read the 10K], and expenses, however minor will not decrease. Consequently, the irrational increase in excess of $11 guarantees that recent buyers will at some point discover that they have in essence traded current interest income [not qualified dividends] for a future Capital Loss.

Additionally, anyone buying PW with the expectation of being able to treat the dividend as "qualified dividend" for the reduced cap gains tax rate will be disappointed, as a REIT the dividend does not qualify.