Digital Realty (NYSE: DLR) director Afshin Mohebbi receives 1,289 Long-Term Incentive Units

Rhea-AI Filing Summary

DIGITAL REALTY TRUST, INC. director Afshin Mohebbi received a grant of 1,289 Long-Term Incentive Units as compensation. These units are derivative interests tied to the company’s common stock and are structured as profits interest units in Digital Realty Trust, L.P., where the company is general partner.

The award vests on the earlier of the first anniversary of the grant date or the day before the next annual stockholders’ meeting following the grant date. After this grant, Mohebbi holds 15,013 Long-Term Incentive Units directly. Once vested and upon meeting specified conditions, these units may reach parity with common partnership units and can ultimately be converted on a 1-for-1 basis into units redeemable for cash or an equal number of company common shares, subject to standard anti-dilution adjustments.

Insights

Equity compensation and governance analyst

Routine director equity grant in the form of incentive units.

Director Afshin Mohebbi received 1,289 Long-Term Incentive Units as a grant, with no cash paid and a stated exercise/conversion price of $0.0000. This is a compensation-related acquisition rather than an open-market purchase or sale.

The units are profits interests in the operating partnership that can, after specified events, reach parity with common units and be converted 1-for-1 into securities ultimately redeemable for cash or common stock. Vesting occurs on the earlier of the first anniversary of grant or the day before the next stockholders’ meeting.

Because this is a routine equity award to a director and not a discretionary market trade, it generally carries limited signaling value about near-term views of DIGITAL REALTY TRUST, INC. stock. The filing also shows total holdings of 15,013 Long-Term Incentive Units following the grant, framing the grant’s scale within the director’s overall incentive position.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider MOHEBBI AFSHIN

Role null

Type	Security	Shares	Price	Value
Grant/Award	Long-Term Incentive Units	1,289	$0.00	--

Holdings After Transaction: Long-Term Incentive Units — 15,013 shares (Direct, null)

Footnotes (1)

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. Awards vest on the earlier of (i) the first anniversary of the grant date or (b) the day before the date of the next annual meeting of stockholders of the Company to occur following the grant date. The vested profits interest units have no expiration date.

Key Figures

Long-Term Incentive Units granted: 1,289 units Total Long-Term Incentive Units after grant: 15,013 units Conversion/exercise price: $0.0000 per unit +2 more

5 metrics

Long-Term Incentive Units granted 1,289 units Grant on 2026-05-29 coded as compensation award

Total Long-Term Incentive Units after grant 15,013 units Director holdings following reported transaction

Conversion/exercise price $0.0000 per unit Stated price for Long-Term Incentive Units

Underlying common stock equivalence 1,289 shares Each unit corresponds to one share of common stock

Derivative transactions in this filing 1 transaction DerivativeTransactionCount from transaction summary

Key Terms

Long-Term Incentive Units, profits interest units, Common Units, liquidating distributions, +1 more

5 terms

Long-Term Incentive Units financial

"Long-Term Incentive Units are profits interest units in Digital Realty Trust, L.P."

profits interest units financial

"Profits interest units may initially not have full parity with common limited partnership units"

Common Units financial

"Vested profits interest units that have achieved full parity with Common Units may be converted"

Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.

liquidating distributions financial

"may initially not have full parity with common limited partnership units with respect to liquidating distributions"

Payments made to shareholders from a company’s remaining cash or asset sale proceeds when the business is being wound up or reorganized. Like splitting the money after selling a shared house, these distributions return investors’ capital (often after creditors are paid) rather than representing regular profit payouts, so they matter because they determine how much investors recover and can affect tax treatment and final investment value.

stock splits financial

"subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights"

A stock split increases the number of a company’s shares by dividing existing shares into multiple smaller pieces, like slicing a pizza into more slices without adding more pizza. Each shareholder keeps the same overall ownership and value, but each share becomes cheaper and more plentiful, which can make the stock easier for everyday investors to buy, potentially boost trading activity and change how price movements look on charts.

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Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

MOHEBBI AFSHIN

(Last) (First) (Middle)

601 W. 2ND STREET

FLOOR 32

(Street)

AUSTIN TEXAS 78701

(City) (State) (Zip)

UNITED STATES

(Country)

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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/29/2026

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

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

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

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)	05/29/2026		A		1,289(2)		(1)	(2)	Common Stock	1,289	$0	15,013	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. Awards vest on the earlier of (i) the first anniversary of the grant date or (b) the day before the date of the next annual meeting of stockholders of the Company to occur following the grant date. 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 filed to report information that is also being reported concurrently on a Form 4 for the Operating Partnership.

	/s/ Salini Nandipati, Attorney-in-Fact	06/02/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Afshin Mohebbi report in this Form 4 for DIGITAL REALTY TRUST (DLR)?

Afshin Mohebbi reported receiving a grant of 1,289 Long-Term Incentive Units. These are equity-based awards linked to Digital Realty’s operating partnership, increasing his total Long-Term Incentive Unit holdings to 15,013 as of the transaction date.

Is the Afshin Mohebbi Form 4 for DLR a stock buy or sell?

The Form 4 does not show a stock buy or sell. It reports an acquisition coded as a grant or award of 1,289 Long-Term Incentive Units, a form of equity compensation rather than an open-market transaction in common shares.

How do the Long-Term Incentive Units in DLR’s filing relate to common stock?

The Long-Term Incentive Units are profits interest units in Digital Realty Trust, L.P. After specified events and once vested, they may reach parity with common units and can convert 1-for-1 into units redeemable for cash or an equal number of common shares.

When do Afshin Mohebbi’s Long-Term Incentive Units for DLR vest?

The award vests on the earlier of two dates: the first anniversary of the grant date, or the day before the date of the next annual meeting of Digital Realty’s stockholders that occurs after the grant date, according to the filing footnotes.

What is the exercise or conversion price of the DLR Long-Term Incentive Units granted?

The filing lists a conversion or exercise price of $0.0000 per Long-Term Incentive Unit. This reflects that the units are granted as compensation, not purchased for cash, and can later convert into partnership units and ultimately into cash or common stock.

How many Long-Term Incentive Units does Afshin Mohebbi hold after this DLR grant?

After receiving 1,289 additional Long-Term Incentive Units, Afshin Mohebbi’s total reported holdings of these units are 15,013. This total reflects his direct beneficial ownership of Long-Term Incentive Units following the reported grant transaction.