Digital Realty (NYSE: DLR) CEO awarded 46,905 long-term incentive units

Rhea-AI Filing Summary

Digital Realty Trust, Inc. reported that its President and CEO, Andrew Power, received an award of 46,905 Long-Term Incentive Units on January 15, 2026 at a price of $0 per unit. These are derivative securities tied to the company’s common stock, and following this award he held 427,945 derivative securities beneficially owned on a direct basis.

The units relate to an award originally granted on January 1, 2023 that was subject to a performance-based vesting condition, which was determined to be satisfied on January 15, 2026. The reported amount includes 4,491 distribution equivalent units that vested as of December 31, 2025. The remaining 42,414 units are subject to additional time-based vesting, with 50% vesting annually over two years beginning on February 27, 2026. The vested profits interest units have no expiration date and are structured as profits interests in Digital Realty Trust, L.P., which may be convertible into common units and ultimately redeemable in cash or common stock under specified conditions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Power Andrew

(Last) (First) (Middle)

2323 BRYAN STREET, STE. 1800

(Street)

DALLAS TX 75201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DIGITAL REALTY TRUST, INC. [ DLR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	PRESIDENT AND CEO

3. Date of Earliest Transaction (Month/Day/Year)
01/15/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Long-Term Incentive Units(1)	(1)	01/15/2026		A		46,905(2)		(2)	(2)	Common Stock	46,905	$0	427,945	D

Explanation of Responses:

1. Long-Term Incentive Units are profits interest units in Digital Realty Trust, L.P. ("Operating Partnership"), of which the Issuer is the general partner. Profits interest units may initially not have full parity with common limited partnership units of Operating Partnership ("Common Units") with respect to liquidating distributions; however upon the occurrence of specified events, profits interest units may achieve full parity with Common Units for all purposes. Vested profits interest units that have achieved full parity with Common Units may be converted into an equal number of Common Units on a 1-for-1 basis at any time. Common Units are redeemable for cash based on the FMV of an equivalent number of shares of common stock of the Issuer, or, at the election of the Issuer, for an equal number of shares of the Issuer's common stock, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions or similar events.

2. Reflects an award initially granted on January 1, 2023 that was subject to a performance-based vesting condition which was determined to be satisfied on January 15, 2026. The number of units reported herein includes 4,491 distribution equivalent units, which vested effective as of December 31, 2025. The remaining 42,414 units are subject to an additional time-based vesting condition, pursuant to which 50% of the units will vest annually over two years, beginning on February 27, 2026. The vested profits interest units have no expiration date.

Remarks:

This statement of changes in beneficial ownership of securities ("Form 4") of the Issuer is being filed to report transactions that are being reported concurrently on a Form 4 for the Operating Partnership.

	/s/ Salini Nandipati, Attorney-in-Fact	01/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did Digital Realty Trust (DLR) report for Andrew Power?

The company reported that President and CEO Andrew Power was awarded 46,905 Long-Term Incentive Units on January 15, 2026 at a price of $0 per unit.

How many derivative securities does Andrew Power hold after this Form 4 transaction for DLR?

After the reported award, Andrew Power beneficially owned 427,945 derivative securities on a direct basis.

What are Long-Term Incentive Units in Digital Realty Trust’s structure?

Long-Term Incentive Units are profits interest units in Digital Realty Trust, L.P., which may achieve parity with common units and can then be converted 1-for-1 into common units that are redeemable for cash or an equivalent number of shares of the issuer’s common stock under specified conditions.

What vesting conditions apply to the 46,905 Long-Term Incentive Units reported for DLR’s CEO?

The award was initially granted on January 1, 2023 with a performance-based vesting condition satisfied on January 15, 2026. It includes 4,491 distribution equivalent units that vested as of December 31, 2025, while the remaining 42,414 units vest 50% annually over two years starting on February 27, 2026.

Do the vested Long-Term Incentive Units for Digital Realty’s CEO have an expiration date?

According to the disclosure, the vested profits interest units have no expiration date.

Is Andrew Power a director as well as an officer of Digital Realty Trust (DLR)?

Yes. The filing states that Andrew Power is both a Director and an Officer, serving as President and CEO of Digital Realty Trust, Inc.