DIGITAL REALTY TRUST, INC. — Director's Dealing 2012

Feb 17, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Digital Realty Trust, Inc. (DLR)
CIK: 0001297996
Period of Report: 2012-02-14

Reporting Person: Smith James M. (Chief Technology Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-14	Common Stock	A	3389	—	Acquired	17497	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-14	Long-Term Incentive Units	$	A	2513	Acquired		Common Stock (2513)	Direct

Footnotes

F1: Long-term incentive units are membership interests in Digital Realty Trust, L.P., a Maryland limited partnership (the "Operating Partnership"), of which Digital Realty Trust, Inc. (the "Issuer") is the general partner. Long-term incentive units receive the same quarterly distributions as common limited partnership units of the Operating Partnership ("Common Units"). Long-term incentive units may initially not have full parity with Common Units with respect to liquidating distributions; however, upon the occurrence of specified events, long-term incentive units may achieve full parity with Common Units for all purposes, and thereafter vested long-term incentive units may be converted into an equal number of Common Units on a one-for-one basis at any time. Common Units will be redeemable for cash based on the fair market value of an equivalent number of shares of the Issuer's common stock, or, at the election of the Issuer, for an equal number of shares of the Issuer's common stock.

F2: 1 for 1.

F3: Twenty percent (20%) of these units will vest on February 27, 2013, an additional 20% will vest on February 27, 2014, an additional 30% will vest on February 27, 2015 and the remaining 30% will vest on February 27, 2016.

F4: N/A

F5: Reflects restricted stock initially granted on February 10, 2011 that was subject to a performance-based vesting condition, which performance-based vesting condition was satisfied in full on February 14, 2012.