Digital Realty (DLR) EVP awarded 6,092 long-term incentive units

Rhea-AI Filing Summary

Lee Jeannie reported acquisition or exercise transactions in this Form 4 filing.

Digital Realty Trust, Inc. executive Jeannie Lee, EVP and General Counsel, reported an award of 6,092 Long-Term Incentive Units as of February 20, 2026. These are profits interest units in Digital Realty Trust, L.P., which may become equivalent to common partnership units and ultimately exchangeable for cash or common stock of the company.

The award reflects a grant initially made on April 8, 2023 that was subject to a performance-based vesting condition, determined to be satisfied on February 20, 2026. The reported amount includes 594 distribution equivalent units that vested effective December 31, 2025. The remaining 5,498 units vest based on time, with 50% vesting annually over two years beginning on February 27, 2026. Following this transaction, Lee holds 63,255 Long-Term Incentive Units directly.

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^*

Lee Jeannie

(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)
	EVP, GENERAL COUNSEL

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

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)	02/20/2026		A		6,092(2)		(2)	(2)	Common Stock	6,092	$0	63,255	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 April 8, 2023 that was subject to a performance-based vesting condition which was determined to be satisfied on February 20, 2026. The number of units reported herein includes 594 distribution equivalent units, which vested effective as of December 31, 2025. The remaining 5,498 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	02/23/2026
	** 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 did Digital Realty (DLR) report in Jeannie Lee’s latest Form 4?

Digital Realty reported that EVP and General Counsel Jeannie Lee acquired 6,092 Long-Term Incentive Units on February 20, 2026. These units stem from a prior award that met its performance condition and now follow a time-based vesting schedule.

How many Long-Term Incentive Units did Jeannie Lee receive and hold after the transaction?

Jeannie Lee received 6,092 Long-Term Incentive Units in this transaction. After the award, she directly holds a total of 63,255 Long-Term Incentive Units, according to the Form 4, reflecting her accumulated long-term equity-based incentives in Digital Realty’s operating partnership.

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., the operating partnership. They may initially lack full parity with common units but can, upon specified events, reach full parity and then be convertible 1-for-1 into common units, which are redeemable for cash or common stock.

When was Jeannie Lee’s Long-Term Incentive Unit award originally granted and when did it meet performance conditions?

The award was originally granted on April 8, 2023 and was subject to a performance-based vesting condition. That condition was determined to be satisfied on February 20, 2026, triggering the recognition of the units and associated distribution equivalent units.

How are the 6,092 Long-Term Incentive Units for Jeannie Lee structured for vesting?

The 6,092 units include 594 distribution equivalent units that vested as of December 31, 2025. The remaining 5,498 units are subject to time-based vesting, with 50% vesting annually over two years beginning on February 27, 2026.

Can Jeannie Lee’s Long-Term Incentive Units eventually convert into Digital Realty common stock?

Yes. Once vested profits interest units reach full parity with Common Units, they may be converted 1-for-1 into Common Units. Those Common Units are redeemable for cash based on the fair market value of an equivalent number of Digital Realty common shares, or for shares at the issuer’s election.