DLR vs. DOC: Digital Realty Trust vs. Healthpeak Properties Stock Comparison

Company Profile

Digital Realty Trust (DLR) and Healthpeak Properties (DOC) both fall under the Equity Real Estate Investment Trusts (REITs) industry group, but DLR is classified in Specialized REITs while DOC is classified in Health Care REITs.

Both Digital Realty Trust (DLR) and Healthpeak Properties (DOC) are REITs — read their payout ratios and P/E alongside FFO (funds from operations) rather than at face value.

Price Performance

Cumulative Growth

Trailing Returns

Calendar-Year Returns

Performance Metrics

Risk Profile

Drawdown History

Return Distribution

Risk Metrics

Risk-Adjusted Performance

Risk-Return Positioning

Risk-Adjusted Metrics

Profitability

Both Digital Realty Trust (DLR) at 3.34% and Healthpeak Properties (DOC) at 4.42% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

Neither Digital Realty Trust (DLR) in Equity Real Estate Investment Trusts (REITs) nor Healthpeak Properties (DOC) in Equity Real Estate Investment Trusts (REITs) is well served by net margin: heavy depreciation makes net income a poor profitability proxy in their businesses, where FFO-based measures are the standard read.

Neither side reports a meaningful operating margin: for Digital Realty Trust (DLR) in Equity Real Estate Investment Trusts (REITs) and Healthpeak Properties (DOC) in Equity Real Estate Investment Trusts (REITs), funding costs are part of the core business, so net margin and ROE are the cleaner profitability reads.

Profitability Metrics

Growth

Digital Realty Trust (DLR) at 10.04% sits in the top revenue growth quartile, while Healthpeak Properties (DOC) at 4.52% is closer to the peer norm — faster top-line expansion for DLR.

EPS growth isn't a meaningful figure for either Digital Realty Trust (DLR) in Equity Real Estate Investment Trusts (REITs) or Healthpeak Properties (DOC) in Equity Real Estate Investment Trusts (REITs) under our convention.

Growth Metrics

Financial Strength

Healthpeak Properties (DOC) at 1.48 keeps current ratio within its industry’s typical mid-range, while Digital Realty Trust (DLR) at 0.58 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for DLR.

Digital Realty Trust (DLR) at 0.69 keeps leverage in the lower industry quartile, while Healthpeak Properties (DOC) at 0.90 runs a more typical debt-to-equity mix.

Financial Strength Metrics

Dividends

Healthpeak Properties (DOC) at 6.06% offers top-quartile income, while Digital Realty Trust (DLR) at 2.79% sits in the bottom quartile — a wide gap in cash returned to shareholders.

An earnings-based payout ratio fits neither Digital Realty Trust (DLR) in Equity Real Estate Investment Trusts (REITs) nor Healthpeak Properties (DOC) in Equity Real Estate Investment Trusts (REITs): their distributions are mandated and conventionally measured against FFO, so the accounting-earnings ratio overstates both.

Dividend Metrics

Valuation

P/E ratio is not a meaningful valuation yardstick for either Digital Realty Trust (DLR) in Equity Real Estate Investment Trusts (REITs) or Healthpeak Properties (DOC) in Equity Real Estate Investment Trusts (REITs): depreciation suppresses reported earnings in their businesses, and price-to-FFO is the conventional yardstick instead.

Healthpeak Properties (DOC) at 4.80 is priced about in line with its industry on P/S ratio, while Digital Realty Trust (DLR) at 9.47 sits in the pricier quartile — DLR costs more per dollar of sales.

On P/B ratio, both Digital Realty Trust (DLR) at 2.39 and Healthpeak Properties (DOC) at 1.78 are valued close to their industries’ norm against book — neither stands out from peers.

Valuation Metrics