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

Jan 8, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Digital Realty Trust, Inc. (DLR)
CIK: 0001297996
Period of Report: 2018-01-04

Reporting Person: Power Andrew (Chief Financial Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-01-04	Long-Term Incentive Units	$	A	41400	Acquired		Common Stock (41400.0)	Direct

Footnotes

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 May 1, 2015 that was subject to a performance-based vesting condition which was determined to be satisfied on January 4, 2018. The number of units reported herein includes 4,143 distribution equivalent units, which vested effective as of December 31, 2017. The remaining 37,257 units are subject to an additional time-based vesting condition, pursuant to which 50% will vest on February 27, 2018 and 50% will vest on February 27, 2019. The vested profits interest units have no expiration date.