DIGITAL REALTY TRUST, INC. — Director's Dealing 2021

Jan 5, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DIGITAL REALTY TRUST, INC. (DLR)
CIK: 0001297996
Period of Report: 2021-01-01

Reporting Person: Mills Joshua A. (N/A)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-01-01	Long-Term Incentive Units	$	A	2365	Acquired		Common Stock (2365)	Direct
2021-01-03	Long-Term Incentive Units	$	A	9597	Acquired		Common Stock (9597)	Direct
2021-01-03	Long-Term Incentive Units	$	A	1339	Acquired		Common Stock (1339)	Direct
2021-01-04	Long-Term Incentive Units	$	G	54	Disposed		Common Stock (54)	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: The units will vest in four equal annual installments beginning on February 27, 2022. The vested profits interest units have no expiration date.

F3: Reflects an award initially granted on January 1, 2018 that was subject to a performance-based vesting condition which was determined to be satisfied on January 3, 2021. The number of units reported herein includes 835 distribution equivalent units, which vested effective as of December 31, 2020. The remaining 8762 units are subject to an additional time-based vesting condition, pursuant to which 50% of the units will vest annually over two years, beginning on February 27, 2021. The vested profits interest units have no expiration date.

F4: Reflects an award initially granted on March 9, 2018 that was subject to a performance-based vesting condition which was determined to be satisfied on January 3, 2021. The number of units reported herein includes 117 distribution equivalent units, which vested effective as of December 31, 2020. The remaining 1222 units are subject to an additional time-based vesting condition, pursuant to which 50% of the units will vest annually over two years, beginning on February 27, 2021. The vested profits interest units have no expiration date.

F5: In accordance with the requirements of the Limited Partnership Agreement of the Operating Partnership, the Long-Term Incentive Units were converted into Common Units in connection with the Reporting Person's charitable gift.

F6: N/A