Growth stocks have gotten pummeled this year. Because of that, valuations have come down considerably, with some growth stocks trading at bargain prices.

Three growth stocks that are now a lot cheaper are Crown Castle International (CCI 0.67%)Digital Realty (DLR -0.39%), and Prologis (PLD -0.17%). Because of that, they look like enticing buys right now.

Years of growth await

Shares of Crown Castle International have slumped more than 17% so far this year. As a result, the infrastructure-focused real estate investment trust (REIT) trades at a much cheaper valuation. It currently sells for around 25 times its forward price-to-funds from operations (P/FFO) metric, down from 30 at the end of last year.

That cheaper price comes even though the company's outlook hasn't changed. The infrastructure REIT sees a decade-long investment cycle ahead to support the rollout of 5G networks for mobile carriers. Because of that, Crown Castle expects to be able to grow its dividend at a 7% to 8% annual rate for the foreseeable future. With its sell-off pushing its dividend yield to 3.4%, Crown Castle should be able to deliver double-digit total returns from here even if its valuation multiple doesn't recover. Meanwhile, there's plenty of upside potential from multiple expansion and Crown Castle's ability to grow faster by making accretive acquisitions.

The outlook remains bright

Digital Realty's stock price has tumbled more than 25% this year. That has caused the data center REIT's forward P/FFO ratio to fall from 27 at the end of last year to around 21 these days. As a result, the REIT's dividend yield is now up over 3.7%.

That's an attractive price and yield for a company with Digital Realty's growth prospects. The REIT has grown its FFO per share at a 10% compound annual rate since 2005, enabling it to increase its dividend each year. The data center operator isn't showing any signs of slowing down. 

"Digital Realty delivered record bookings in the first quarter," said CEO William Stein in the first-quarter earnings release, "driven by strong demand for data center solutions." Because of that, the company continues to purchase land to support additional data center developments. The company also continues to acquire data center platforms. Earlier this year, it bought a majority stake in Teraco, a leading data center provider in Africa. That deal will boost its earnings in the near term while enhancing its long-term growth prospects. The company has the financial strength to continue making deals, which should allow it to keep growing at an attractive rate.

Adding to its growth drivers

Shares of Prologis have plunged nearly 30% this year. Because of that, the industrial REIT's forward P/FFO ratio has tumbled from over 36 at the end of last year to around 31. That decline has also pushed its dividend yield up over 2%.

That slumping valuation comes even though the company has significant growth ahead. For starters, the rental rates on its existing leases are 47% below current market rates. That implies $1.6 billion of additional net operating income potential as its existing leases roll off and it signs new ones at current market rates. Meanwhile, the company continues to start new developments. Prologis began construction on $1 billion of projects during the first quarter, which it expects will create $400 million in shareholder value. It has enough land to support another $28 billion of developments in the future. 

Prologis is also enhancing its growth prospects with plans to acquire fellow industrial REIT Duke Realty. The $26 billion deal will be immediately accretive to its FFO per share. Meanwhile, it will add to its rent growth potential and development pipeline. Because of that deal, Prologis should be able to continue growing its FFO per share at an above-average rate in the coming years as it works to meet the nearly insatiable demand for warehouse space worldwide.

A trio of growth drivers

Crown Castle, Digital Realty, and Prologis are trading at much cheaper valuations following their stock price slides this year. Because of that, they now offer even more attractive total return potential in the form of higher dividend yields and the possibility for multiple expansion as the stock market recovers. Add that to their growing FFO per share and dividends, and these REITs could be star performers over the coming years.