[Form 4] DIGITAL REALTY TRUST, INC. Insider Trading Activity

Rhea-AI Filing Summary

Andrew Power, President and CEO of Digital Realty Trust, Inc. (DLR), reported a non-cash internal conversion tied to a charitable gift. On 09/18/2025, 1,150 Long-Term Incentive Units (profits interest units in the issuer's operating partnership) were converted into 1,150 Common Units and reported as 1,150 shares of common stock at a $0 price. After the transaction, the reporting person beneficially owned 343,551 shares. The filing notes that profits interest units may attain parity with common units and be converted 1-for-1 when vested, and that the conversion was made in connection with the reporting person’s charitable gift.

Insights

Financial Analyst

TL;DR: A routine insider conversion reduced unit-class complexity but is immaterial to market valuation based on disclosed size.

The filing documents a conversion of 1,150 Long-Term Incentive Units into Common Units resulting in 1,150 shares and a total beneficial ownership of 343,551 shares for Andrew Power. The transaction is recorded at $0 and is tied to a charitable gift, indicating no cash proceeds and no immediate market impact. Given the small size relative to the issuer's outstanding equity, this transaction appears immaterial to DLR's capitalization and does not signal compensation-related dilution or cash fundraising.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 reporting; conversion for charity is documented and transparent.

The Form 4 discloses required details: reporting person identity, role as President/CEO and director, transaction date, instrument type, conversion mechanics, and resulting ownership. The note that the conversion was made in connection with a charitable gift provides context for the insider action and helps distinguish this from a sale or compensation event. From a governance perspective, the filing satisfies transparency expectations for insider beneficial ownership changes.

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)
09/18/2025

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)	09/18/2025		G(2)			1,150	(1)	(3)	Common Stock	1,150	$0	343,551	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. In accordance with the requirements of the Limited Partnership Agreement of the Operating Partnership, the Long-Term Incentive Units were converted into Common Units in connection with the Reporting Person's charitable gift.

3. N/A

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	09/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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