This Beaten-Down Dividend Stock Sees Unstoppable Growth Ahead
Digital Realty's (NYSE: DLR) stock price has cratered this year. The data center operator has lost more than 40% of its value, driven down by interest rates and recessionary fears. That sell-off pushed the real estate investment trust's (REIT) dividend yield up to 4.9%.
While the data center REIT is facing some headwinds, the long-term tailwinds that have driven its growth over the years remain firmly in place. Because of that, the sell-off in its share price makes it look like an attractive buy these days, especially for those seeking a data-driven passive income stream.
Digital Realty continued to grow in the third quarter. The data center operator's revenue rose 5% year over year to $1.2 billion, while its core funds from operations (FFO) nudged higher, rising from $1.65 per share in last year's Q3 to $1.67 per share.
Source Fool.com
