Cindy Fiedelman - Jul 28, 2023 Form 4 Insider Report for DIGITAL REALTY TRUST, INC. (DLR)

Role: CHIEF HUMAN RESOURCES OFFICER
Signature: /s/ Salini Nandipati, Attorney-in-Fact
Stock symbol: DLR
Transactions as of: Jul 28, 2023
Transactions value $: -$346,250
Form type: 4
Date filed: 8/1/2023, 07:23 PM
Previous filing: Apr 25, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	DLR	Common Stock	Options Exercise	$0	+2.77K		$0.00	2.77K	Jul 28, 2023	Direct	F1, F2
transaction	DLR	Common Stock	Sale	-$346K	-2.77K	-100%	$125.00	0	Jul 28, 2023	Direct	F2

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	Options Exercise	$0	-2.77K	-4.66%	$0.00	56.7K	Jul 28, 2023	Common Stock	2.77K		Direct	F2, F3, F4

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

Explanation of Responses:

Id	Content
F1	The reporting person converted long-term incentive units into common limited partnership units ("Common Units") of Digital Realty Trust, L.P . (the "Operating Partnership"), of which the Issuer is the general partner, and subsequently redeemed the Common Units for shares of the common stock of the Issuer, all in accordance with the requirements of the Limited Partnership Agreement of the Operating Partnership.
F2	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.
F3	The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 plan previously adopted by Ms. Fiedelman.
F4	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.