Digital Realty (NYSE: DLR) EVP gets 4,598 long-term units award disclosed

Rhea-AI Filing Summary

Digital Realty Trust executive Jeannie Lee, EVP and General Counsel, reported an equity award of 4,598 Long-Term Incentive Units on January 15, 2026. These derivative securities were granted at a price of $0 and increase her directly held derivative securities to 57,163 units.

The units relate to an award initially granted on January 1, 2023 that was subject to a performance-based vesting condition, which was determined to be satisfied on January 15, 2026. The reported 4,598 units include 440 distribution equivalent units that vested as of December 31, 2025, while the remaining 4,158 units will vest 50% annually over two years beginning on February 27, 2026. The Long-Term Incentive Units are profits interest units in Digital Realty Trust, L.P. that can, once fully vested and at parity, convert 1-for-1 into common units, which are redeemable for cash or, at the issuer’s election, an equal number of shares of Digital Realty common stock.

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)
01/15/2026

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)	01/15/2026		A		4,598(2)		(2)	(2)	Common Stock	4,598	$0	57,163	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 January 1, 2023 that was subject to a performance-based vesting condition which was determined to be satisfied on January 15, 2026. The number of units reported herein includes 440 distribution equivalent units, which vested effective as of December 31, 2025. The remaining 4,158 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	01/16/2026
	** 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 insider transaction did Digital Realty (DLR) report for Jeannie Lee?

Jeannie Lee, EVP and General Counsel of Digital Realty Trust, Inc., reported the grant of 4,598 Long-Term Incentive Units on January 15, 2026. These derivative securities were awarded at a price of $0 and are held directly.

What are Long-Term Incentive Units at Digital Realty (DLR)?

Long-Term Incentive Units are profits interest units in Digital Realty Trust, L.P., the operating partnership. After certain conditions, they may reach full parity with common units and can 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, at the issuer’s election, for an equal number of common shares.

How many Long-Term Incentive Units does Jeannie Lee hold after this Form 4 filing?

Following the reported transaction, Jeannie Lee beneficially owns 57,163 derivative securities in the form of Long-Term Incentive Units, held in direct ownership.

What vesting conditions apply to Jeannie Lee’s 4,598 Long-Term Incentive Units?

The 4,598 units reflect an award initially granted on January 1, 2023 that was subject to a performance-based vesting condition, determined to be satisfied on January 15, 2026. The total includes 440 distribution equivalent units that vested as of December 31, 2025, while the remaining 4,158 units are subject to time-based vesting.

When will the remaining 4,158 Long-Term Incentive Units vest for Jeannie Lee at Digital Realty?

The remaining 4,158 Long-Term Incentive Units are subject to a time-based vesting schedule under which 50% of the units will vest annually over two years, beginning on February 27, 2026.

Do Jeannie Lee’s Long-Term Incentive Units have an expiration date?

The disclosure states that the vested profits interest units have no expiration date, meaning once they are vested, they remain outstanding without a set expiry.

How can Long-Term Incentive Units ultimately relate to Digital Realty common stock?

Once Long-Term Incentive Units achieve full parity and are vested, they may be converted into common units of the operating partnership on a 1-for-1 basis. Those common units are redeemable for cash based on the fair market value of an equivalent number of Digital Realty common shares, or, at the issuer’s election, for an equal number of shares of Digital Realty common stock, subject to customary adjustments.