As a cash flow and income focused stock investor, I really don’t get the market valuation of Amazon.com, Inc. (NASDAQ: AMZN). The stock trades at close to 500 times earnings per share and has always had an extremely high share value compared to its net income. However, Amazon has become and continues to grow as a major force in retail sales.

I personally would not buy into the sky-high valuation that Amazon trades at, but I do want to participate in the market dominance of the business and earn a return through auxiliary investments. I have dug around and found a few options where investors can participate in the Amazon story and earn an attractive dividend income stream without overpaying.

I think we are all familiar with what Amazon does. It is the online marketer of a tremendous variety of products. The sales of those products require a robust Internet website and back end electronic services to process orders. The company then needs warehouses and shipping facilities to make sure the ordered items get quickly delivered to the buyers. Part of the issue with profitability at Amazon is the continued capital spending required to build the infrastructure needed to support an ever growing stream of orders and sales. Another growth offering is Amazon Web Services (AWS), which has become the largest public cloud solutions provider.

Income focused investors can participate in the Amazon story through real estate investment trusts (REITs) that provide facilities and services to Amazon or that help other companies work with the Amazon systems. Data center REITs own facilities where companies can either install their own data storage and communication platforms or they can have those services included in their lease agreements. This REIT subsector has been a hot place to invest compared to the entire group of stock market sectors and subsectors. The data center REITs can host AWS cloud service computers and they also provide global inter-connectivity for the companies that use AWS for their cloud storage needs. Two REITs have focused their offerings to support Amazon Web Services.