Andrew Power - Apr 21, 2023 Form 4 Insider Report for DIGITAL REALTY TRUST, INC. (DLR)

Role: PRESIDENT AND CEO, Director
Signature: /s/ Salini Nandipati, Attorney-in-Fact
Stock symbol: DLR
Transactions as of: Apr 21, 2023
Transactions value $: $0
Form type: 4
Date filed: 4/25/2023, 09:34 PM
Previous filing: Mar 7, 2023
Next filing: May 17, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	DLR	Long-Term Incentive Units	Award	$0	+10K	+3.83%	$0.00	272K	Apr 21, 2023	Common Stock	10K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.
F2	Reflects an award initially granted on March 17, 2020 that was subject to a performance-based vesting condition which was determined to be satisfied on March 31, 2023. The number of units reported herein includes 995 distribution equivalent units, which vested effective as of March 31, 2023. The number of shares reported herein are fully vested.

Content

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.

Reflects an award initially granted on March 17, 2020 that was subject to a performance-based vesting condition which was determined to be satisfied on March 31, 2023. The number of units reported herein includes 995 distribution equivalent units, which vested effective as of March 31, 2023. The number of shares reported herein are fully vested.

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 Operating Partnership.