DIGITAL REALTY TRUST, INC. vs REALTY INCOME CORP, two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Realty Income is the income investor's REIT, a triple-net retail landlord paying a 5.10% monthly dividend; Digital Realty is a data-center landlord priced for capacity growth. Realty Income yields the fattest free cash on the page at 6.92% and trades at the lowest price-to-book, 1.43, close to the value of its buildings; Digital Realty at 2.87 times book carries the data-center premium. Both show inflated P/Es near 51 that reflect REIT depreciation more than expense. Realty Income's model is boring on purpose: long leases, tenants covering taxes and upkeep, a steadily rising payout. Digital Realty's is growth-inflected, leasing megawatts to hyperscalers as AI demand builds. The pair splits REIT investing into its two moods, Realty Income the yield-and-safety anchor, Digital Realty the secular-growth bet, and the dividend gap of nearly four points says which is which.
Comparison updated 2026-07-11.
| Metric | DLR | O |
|---|---|---|
| Price | $193.23 | $63.09 |
| Market cap | $68.3B | $59.0B |
| Sector | REIT | REIT |
| Stage | Mature | Mature |
| P/E | 51.3 | 51.7 |
| P/B | 2.87 | 1.43 |
| P/S | 10.77 | 9.96 |
| EV/EBITDA | 24.6 | 23.2 |
| Revenue growth | +12.6% | +9.8% |
| Operating margin | 16.4% | — |
| Net margin | 9.3% | 19.1% |
| Return on equity | 2.5% | 2.7% |
| Return on assets | 1.2% | 1.5% |
| Return on invested capital | 2.4% | — |
| FCF yield | 3.7% | 6.9% |
| Dividend yield | — | 5.1% |
| Debt / equity | 0.00 | 0.01 |
| Altman Z (solvency) | 1.69 | 1.14 |
| Piotroski F (quality) | 8 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.