Power Andrew 4

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.