Digital Realty (DLR) director receives 743 long-term incentive units with conversion rights

Rhea-AI Filing Summary

A director of Digital Realty Trust, Inc. reported receiving 743 Long-Term Incentive Units as of 01/01/2026. These units are profits interests in Digital Realty Trust, L.P., the company’s operating partnership, where the company is the general partner.

The profits interest units may not initially match common limited partnership units for liquidating distributions but can reach full parity after specified events. Once vested and at full parity, each unit can be converted into one Common Unit, and each Common Unit is redeemable for cash based on the fair market value of an equivalent share of Digital Realty common stock or, at the company’s election, for an equal number of common shares, subject to standard anti-dilution adjustments.

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, and vested profits interest units have no expiration date.

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

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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^*

Bolze Stephen R.

(Last) (First) (Middle)

2323 BRYAN STREET

SUITE 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
	Officer (give title below)		Other (specify below)

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

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)	01/01/2026		A		743(2)		(1)	(2)	Common Units	743	$0	743	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 being filed to report transactions that are being reported concurrently on a Form 4 for the Operating Partnership.

	/s/ Salini Nandipati, Attorney-in-Fact	01/05/2026
	** 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 insider transaction did Digital Realty Trust (DLR) report in this filing?

A director of Digital Realty Trust, Inc. reported an award of 743 Long-Term Incentive Units effective 01/01/2026, reflected as derivative securities beneficially owned directly.

How many Long-Term Incentive Units were granted to the Digital Realty (DLR) director?

The director was granted 743 Long-Term Incentive Units, which are listed as derivative securities with direct (D) ownership after the reported transaction.

What are Long-Term Incentive Units in Digital Realty’s operating partnership?

Long-Term Incentive Units are profits interest units in Digital Realty Trust, L.P. that may initially have less than full parity with common limited partnership units for liquidating distributions but can reach full parity after specified events.

Can Digital Realty Long-Term Incentive Units be converted into other securities?

Once vested and at full parity, each Long-Term Incentive Unit may be converted into one Common Unit, and each Common Unit is redeemable for cash based on the fair market value of an equivalent Digital Realty common share or, at the issuer’s election, for an equal number of common shares.

When do the Long-Term Incentive Unit awards for the Digital Realty director vest?

The awards vest on the earlier of the first anniversary of the grant date or the day before the date of the next annual meeting of stockholders of the company following the grant date.

Do the vested Long-Term Incentive Units at Digital Realty have an expiration date?

The filing states that the vested profits interest units have no expiration date, meaning they do not lapse based on a fixed term once vested.