Digital Realty Trust (DLR) awards 8,079 long-term incentive units to EVP GC

Rhea-AI Filing Summary

Digital Realty Trust, Inc. granted its EVP and General Counsel a long-term equity award linked to company performance. On 01/01/2026, the executive received 8,079 Long-Term Incentive Units in Digital Realty Trust, L.P., the operating partnership controlled by the company.

These units are a type of profits interest that can, after certain conditions are met, reach full parity with common partnership units and then be converted on a 1-for-1 basis 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 the same number of common shares at the company’s election. The 8,079 units will vest in four equal annual installments beginning on February 27, 2027, tying the executive’s compensation to long-term company performance.

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)
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		8,079(2)		(2)	(2)	Common Stock	8,079	$0	52,565	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. The units will vest in four equal annual installments beginning on February 27, 2027. 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?

Digital Realty Trust reported that its EVP and General Counsel received an award of 8,079 Long-Term Incentive Units in its operating partnership effective 01/01/2026.

Who received the equity award disclosed for Digital Realty Trust (DLR)?

The award was granted to an officer of Digital Realty Trust who serves as EVP, General Counsel, as disclosed in the insider ownership report.

How many Long-Term Incentive Units were granted in the latest DLR insider report?

The officer received 8,079 Long-Term Incentive Units, which are structured as profits interest units in Digital Realty Trust, L.P., the company’s operating partnership.

When do the Long-Term Incentive Units for the DLR executive vest?

The 8,079 units will vest in four equal annual installments beginning on February 27, 2027, creating a multi-year vesting schedule.

What can the Long-Term Incentive Units become at Digital Realty Trust (DLR)?

Once certain conditions are met and the units reach full parity with common units, they may be converted 1-for-1 into Common Units, which are redeemable for cash or an equal number of Digital Realty common shares at the company’s election.

Are the Long-Term Incentive Units for DLR’s executive considered derivative securities?

Yes. The report lists the Long-Term Incentive Units in the derivative securities table, with the underlying security identified as Digital Realty common stock on a 1-for-1 basis.