Digital Realty Trust (DLR) director reports 210 long-term incentive units on Form 4

Rhea-AI Filing Summary

Digital Realty Trust, Inc. reported an equity award to a director-level insider through a Form 4 filing. On 12/31/2025, the insider acquired 210 Long-Term Incentive Units of Digital Realty Trust, L.P., which are derivative securities linked to the company’s common stock.

These Long-Term Incentive Units are described as profits interest units in the operating partnership. Once vested and after achieving full parity with common partnership units, they may be converted into an equal number of common units on a 1-for-1 basis, and those common units are redeemable for cash or, at the issuer’s election, shares of Digital Realty Trust’s common stock. Following this transaction, the insider beneficially owns 13,480 derivative securities on a direct basis.

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^*

LAPERCH WILLIAM G

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

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)	12/31/2025		A		210		(1)	(2)	Common Stock	210	$0	13,480	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. N/A

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 Form 4?

The filing reports that a director-level insider acquired 210 Long-Term Incentive Units of Digital Realty Trust, L.P. on 12/31/2025. These are derivative securities tied to Digital Realty Trust, Inc.’s common stock.

What are Long-Term Incentive Units in relation to Digital Realty Trust (DLR)?

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 for liquidating distributions, but upon specified events can achieve full parity and then be converted into common units on a 1-for-1 basis.

How do Long-Term Incentive Units link to Digital Realty Trust (DLR) common stock?

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 one share of Digital Realty Trust, Inc. common stock or, at the issuer’s election, for one share of that common stock, subject to specified adjustments.

What was the price and amount of derivative securities after the DLR insider transaction?

The reported Long-Term Incentive Units have a listed price of $0 as a derivative security in the table. After the transaction, the insider beneficially owns 13,480 derivative securities directly.

What is the relationship of the reporting person to Digital Realty Trust (DLR)?

The Form 4 indicates that the reporting person is a Director of Digital Realty Trust, Inc., and the form is filed by one reporting person.

Are the Long-Term Incentive Units in DLR subject to adjustments?

Yes. The units and the related common stock amounts may be adjusted in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions or similar events, as described in the filing.