DLR trades at a 52.6 P/E and an even richer 55.4 Forward P/E, which is aggressive for a REIT showing just 5.50% operating margins and 4.20% ROIC. The absence of a PEG metric removes growth clarity, but the valuation already implies premium expansion despite modest profitability. The Altman Z-Score of 1.8 places it in a cautionary zone, signaling balance sheet sensitivity rather than fortress safety. This is not statistically cheap; it is priced as a durable growth REIT while financially operating like a moderately leveraged yield vehicle. The market is not obviously mispricing distress, but it may be overpaying for stability and AI-adjacent narrative.