Does DLR or O pay a bigger dividend?

DLR yields 2.63% and O yields 5.44% based on trailing dividends and the latest price.

How have DLR and O total returns compared?

Over the past 10 years, DLR delivered 10.50% and O delivered 4.46% annualized total return. Past performance doesn't predict future results.

Digital Realty Trust, Inc. (DLR) vs Realty Income Corporation (O)

A side-by-side comparison of Digital Realty Trust, Inc. and Realty Income Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 11, 2026. Differences are shown without an overall score or investment verdict.

DLR

Digital Realty Trust, Inc.

$69.77B

$188.58Real EstateDelayed quote: Sep 11, 2026, 4:00 PM EDT

Realty Income Corporation

$55.48B

$59.50Real EstateDelayed quote: Sep 11, 2026, 4:00 PM EDT

Total return — DLR vs O

growth of $100 · dividends reinvested · last 10y

DLR +178.3% (+10.8%/yr)O +46.2% (+3.9%/yr)DLR compounded faster over this window

DLR O

DLR vs O: by the numbers

•DLR is the larger company ($69.77B vs $55.48B market cap).
•O pays the higher dividend yield (5.44% vs 2.63%).

Metrics side by side

Valuation

Metric	DLR	O
P/E ratio	91.10	43.43
Forward P/E	69.63	39.13
P/S ratio	10.19	N/A
P/B ratio	2.54	1.40
EV / EBITDA	26.75	N/A
FCF yield	1.96%	3.93%

For REITs like Digital Realty Trust, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.

For REITs like Realty Income Corporation, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.

Profitability

Metric	DLR	O
Gross margin	55.39%	N/A
Operating margin	17.87%	N/A
Net margin	11.67%	N/A
ROE	2.91%	N/A
ROIC	2.25%	N/A

Dividends

Metric	DLR	O
Dividend yield	2.63%	5.44%
Payout ratio	235.75%	236.57%

Digital Realty Trust, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.

Realty Income Corporation's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.

Growth (annualized)

Metric	DLR	O
Revenue CAGR (5Y)	9.91%	N/A
EPS CAGR (5Y)	29.87%	0.35%
FCF CAGR (5Y)	12.36%	13.20%
Total return CAGR (5Y)	7.20%	3.31%

Frequently asked

Does DLR or O pay a bigger dividend?: DLR yields 2.63% and O yields 5.44% based on trailing dividends and the latest price.
How have DLR and O total returns compared?: Over the past 10 years, DLR delivered 10.50% and O delivered 4.46% annualized total return. Past performance doesn't predict future results.

Go deeper

Full DLR analysis Full O analysis Interactive comparison tool

Dig into the metrics

Digital Realty Trust P/E ratio Realty Income P/E ratio Digital Realty Trust dividend yield Realty Income dividend yield Digital Realty Trust ROE Realty Income ROE Digital Realty Trust operating margin Realty Income operating margin Digital Realty Trust revenue growth Realty Income revenue growth Digital Realty Trust free cash flow Realty Income free cash flow

Digital Realty Trust & Realty Income appear in these rankings

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Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 11, 2026.