Digital Realty (DLR) EVP, General Counsel granted 5,324 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, received a grant of 5,324 Long-Term Incentive Units on March 13, 2026. These are derivative awards linked to the company’s common stock through its operating partnership structure.

Each Long-Term Incentive Unit represents a profits interest unit in Digital Realty Trust, L.P. that can, after specified events and vesting, reach parity with common partnership units and then be convertible into an equal number of common units on a 1-for-1 basis. Those common units are redeemable for cash based on the fair market value of the issuer’s common stock or, at the issuer’s election, for an equal number of common shares. Following this grant, Lee holds 68,579 Long-Term Incentive Units in total.

The newly granted units will vest in two equal annual installments beginning on March 15, 2027, and vested units have no expiration date, making this a long-term, compensation-related equity award rather than an open-market purchase.

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^*

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)
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		5,324(2)		(2)	(2)	Common Stock	5,324	$0	68,579	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 two equal annual installments beginning on March 15, 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	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 Jeannie Lee report in the latest Form 4 for DLR?

Jeannie Lee, EVP and General Counsel of Digital Realty Trust, reported receiving a grant of 5,324 Long-Term Incentive Units. These derivative awards increase her total Long-Term Incentive Units to 68,579, aligning her compensation with the company’s long‑term performance.

Are the Digital Realty (DLR) Long-Term Incentive Units an open-market stock purchase?

No, the 5,324 Long-Term Incentive Units granted to Jeannie Lee are a compensation-related award, not an open-market stock purchase. They are profits interest units in the operating partnership rather than directly bought common stock on the market.

When do Jeannie Lee’s new Long-Term Incentive Units in DLR vest?

The 5,324 Long-Term Incentive Units granted to Jeannie Lee vest in two equal annual installments beginning on March 15, 2027. After vesting and reaching full parity, they may be converted into common units and indirectly tied to Digital Realty common stock.

How can Digital Realty’s Long-Term Incentive Units become common stock exposure?

Long-Term Incentive Units are profits interest units that, after specified events and vesting, may achieve full parity with common units. Vested units at full parity can be converted 1-for-1 into common units, which are redeemable for cash or an equivalent number of Digital Realty common shares.

How many Long-Term Incentive Units does Jeannie Lee hold after this DLR grant?

After the March 13, 2026 grant, Jeannie Lee holds a total of 68,579 Long-Term Incentive Units. This total reflects her accumulated derivative compensation awards tied to Digital Realty’s operating partnership rather than direct common stock holdings.