Power Andrew 4
4 · DIGITAL REALTY TRUST, L.P. · Filed Feb 23, 2026
Research Summary
AI-generated summary of this filing
Digital Realty (DLR) CEO Andrew Power Receives 62,145-Unit Award
What Happened
- Andrew Power, President and CEO of Digital Realty Trust, L.P. (DLR), was awarded/vested 62,145 long-term incentive units (reported as a derivative award) effective February 20, 2026. The units were reported at $0.00 (no cash purchase price).
- These are "profits interest" units in the issuer’s operating partnership that can achieve parity with common limited partnership units and, once vested and pari passu, can be converted 1-for-1 into Common Units which are redeemable for cash based on fair market value or, at the issuer’s election, for shares of the issuer’s common stock.
Key Details
- Transaction date: 2026-02-20; transaction code: A (award/grant/acquisition of derivative security); reported price: $0.00.
- Total units reported: 62,145 (includes 6,059 distribution equivalent units that vested effective Dec 31, 2025).
- Vesting schedule: The award was originally granted Apr 8, 2023 with a performance condition satisfied on Feb 20, 2026. Of the 62,145 units, 56,086 remain subject to additional time-based vesting: 50% will vest annually over two years beginning Feb 27, 2026. Vested profits interest units have no expiration date.
- Shares/units owned after the transaction: Not specified in the filing.
- Filing note: This Form 4 reports transactions that are also being reported concurrently on a Form 4 for the General Partner.
Context
- This is an award/vesting event (not an open-market purchase or sale), so it reflects compensation/long-term incentives rather than a direct market bet by the insider. Such awards are common for executive compensation and do not, by themselves, indicate a buy/sell decision.
- Because these are derivative/profits interest units, their ultimate economic value depends on future conversion parity and the fair market value of the underlying common units or stock.
Insider Transaction Report
Form 4
Power Andrew
PRESIDENT AND CEO
Transactions
- Award
Long-Term Incentive Units
[F1][F2]2026-02-20+62,145→ 490,090 total→ Common Units (62,145 underlying)
Footnotes (2)
- [F1]Long-Term Incentive Units are profits interest units in the Issuer, of which the Digital Realty Trust, Inc. is the general partner (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 April 8, 2023 that was subject to a performance-based vesting condition which was determined to be satisfied on February 20, 2026. The number of units reported herein includes 6,059 distribution equivalent units, which vested effective as of December 31, 2025. The remaining 56,086 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, 2026. The vested profits interest units have no expiration date.
Signature
/s/ Salini Nandipati, Attorney-in-Fact|2026-02-23