DIGITAL REALTY TRUST, INC. — Director's Dealing 2018

Mar 5, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Digital Realty Trust, Inc. (DLR)
CIK: 0001297996
Period of Report: 2017-03-09

Reporting Person: Kenney Christopher (SVP,International,Acquisitions)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-03-09	Common Stock	M	10000	$41.73	Acquired	10000	Direct
2017-03-09	Common Stock	S	10000	$103.47	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-03-01	Long-Term Incentive Units	$	A	1334	Acquired		Common Stock (1334.0)	Direct
2017-03-09	Employee Stock Option (right to buy)	$	M	10000	Disposed		Common Stock (10000.0)	Direct

Footnotes

F1: Price shown above is an average, actual sale prices range from $103.43 to $103.49.

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: Twenty-five percent (25%) of these units will vest on February 27, 2019, an additional twenty-five percent (25%) will vest on February 27, 2020, an additional twenty-five percent (25%) will vest on February 27, 2021, and the remaining twenty-five percent (25%) will vest on February 27, 2022. The vested profits interest units have no expiration date.

F4: Exercise price of derivative security is $41.73.

F5: Date exercisable is 05/02/2008. The option vested as to 20% on 05/02/2008 and thereafter vested 1-2/3% monthly. The option became fully vested on 05/02/2012.

F6: Expiration date is 05/02/2017.