Digital Realty (DLR) CFO receives 2,964 fully vested Long-Term Incentive Units

Rhea-AI Filing Summary

Digital Realty Trust, Inc. CFO Matt Mercier received a grant of 2,964 Long-Term Incentive Units on March 13, 2026. These are profit interest units in Digital Realty Trust, L.P. that are linked economically to the company’s common stock.

The units are fully vested and have no expiration date. Each vested unit represents the right to an equivalent number of partnership units that, once at full parity, can be converted 1-for-1 into Common Units and then redeemed for either cash or an equal number of Digital Realty common shares, at the issuer’s election. Following this award, Mercier holds 84,590 Long-Term Incentive Units.

Insights

Equity Compensation Analyst

CFO receives fully vested incentive units in routine equity grant.

The filing shows CFO Matt Mercier receiving 2,964 Long-Term Incentive Units as a grant with no cash paid. This is compensation-related, not an open-market trade, and therefore carries limited signaling value about his view of the stock.

The units are profit interests in the operating partnership that are already fully vested and have no expiration. Once they reach full parity with common partnership units, they can convert 1-for-1 and be redeemed for cash or Digital Realty common shares, giving Mercier additional long-term equity-linked exposure.

After this grant, his holdings rise to 84,590 Long-Term Incentive Units. As a standard equity incentive award to a senior executive, this is a routine element of compensation and does not, by itself, indicate a change in the company’s outlook or financial condition.

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^*

Mercier Matt

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026

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)	03/13/2026		A		2,964(2)		(2)	(2)	Common Stock	2,964	$0	84,590	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. Such units are fully vested. 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	03/17/2026
	** 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.

FAQ

What did Digital Realty (DLR) CFO Matt Mercier report in this Form 4?

CFO Matt Mercier reported receiving 2,964 Long-Term Incentive Units as an equity grant. These derivative units are tied to Digital Realty common stock and increase his total Long-Term Incentive Unit holdings to 84,590, aligning his compensation more closely with shareholder outcomes over time.

Are the Long-Term Incentive Units granted to the DLR CFO vested and do they expire?

The 2,964 Long-Term Incentive Units granted to the CFO are fully vested and have no expiration date. This means Mercier’s rights to these profit interest units are not subject to further service conditions and the incentive remains outstanding indefinitely unless converted or redeemed.

How are Digital Realty Long-Term Incentive Units economically linked to DLR common stock?

The Long-Term Incentive Units are profit interest units in Digital Realty Trust, L.P. that can, after achieving full parity with common partnership units, convert 1-for-1 into Common Units. Those Common Units are then redeemable for cash or an equal number of Digital Realty common shares, at the issuer’s election.

Did the DLR CFO buy or sell stock in the open market in this filing?

No open-market purchases or sales occurred in this filing. The CFO received an equity grant coded as a grant or award acquisition, with zero exercise price, reflecting compensation rather than a discretionary market trade, so it offers limited insight into his near-term trading intentions.

What is the total Long-Term Incentive Unit position of the DLR CFO after this grant?

After the 2,964-unit grant, CFO Matt Mercier holds 84,590 Long-Term Incentive Units. This figure reflects his aggregate position in this specific class of profit interest units, providing a view of his long-term, equity-linked stake via the operating partnership structure.

Can the Long-Term Incentive Units granted to the DLR CFO be converted into common stock?

Yes, once the profit interest units achieve full parity with common partnership units, they may be converted into an equal number of Common Units. Those Common Units are then redeemable for either cash or an equal number of Digital Realty common shares, subject to the issuer’s election and anti-dilution adjustments.