DIGITAL REALTY TRUST, INC. — Director's Dealing 2020

Feb 20, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DIGITAL REALTY TRUST, INC. (DLR)
CIK: 0001297996
Period of Report: 2020-02-18

Reporting Person: Sharp Christopher (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-02-18	Common Stock	M	3668	—	Acquired	5000	Direct
2020-02-18	Common Stock	S	3668	$131.54	Disposed	1332	Direct
2020-02-18	Common Stock	S	983	$131.54	Disposed	349	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-02-18	Long-Term Incentive Units	$	M	3668	Disposed		Common Stock (3668)	Direct

Footnotes

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 the Operating Partnership, of which the Issuer is the general partner. Profits interest units may initially not have full parity with 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 Mr. Sharp.

F4: N/A

F5: Includes 3,367 long-term incentive units inadvertently omitted form previous filings.