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

Apr 25, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Digital Realty Trust, Inc. (DLR)
CIK: 0001297996
Period of Report: 2012-04-23

Reporting Person: EARLEY KATHLEEN (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-23	Long-Term Incentive Units	$	A	1372	Acquired		Common Stock (1372)	Direct

Footnotes

F1: Long-term incentive units are partnership interests in Digital Realty Trust, L.P., a Maryland limited partnership of which Digital Realty Trust, Inc. (the "Issuer") is the general partner (the "Operating Partnership"). These units were fully vested on the grant date. Long-term incentive units receive the same quarterly distributions as common limited partnership units of the Operating Partnership ("Common Units"). Upon vesting, 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. (Continued in Footnote 2)

F2: 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, in each case, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions or similar events.

F3: N/A