Power Andrew 4

What Happened
Andrew Power, President and CEO of Digital Realty Trust, Inc. (DLR), received a grant of 25,750 long-term incentive units (reported as a derivative award) on March 13, 2026. The units were granted at $0.00 (no cash paid). These are profits interest units in Digital Realty Trust, L.P. (the Operating Partnership) and were reported on Form 4 as an award (transaction code A).

Key Details

• Transaction date: 2026-03-13 (reported on Form 4 filed 2026-03-17).
• Grant amount and price: 25,750 units @ $0.00 (derivative award).
• Vesting: Units vest in two equal annual installments beginning March 15, 2027; vested profits interest units have no expiration.
• Conversion/redeemability (footnote): Profits interest units may initially lack full parity with common partnership units but can achieve parity on specified events; once vested and at parity, they can convert 1-for-1 into common units. Common units are redeemable for cash based on FMV of equivalent shares or, at the issuer’s election, for shares of common stock.
• Ownership after transaction: Not specified in this Form 4.
• Timeliness: Filing appears timely (transaction 3/13; Form 4 filed 3/17).
• Remarks: This Form 4 was filed to report the same transactions also reported on a Form 4 for the Operating Partnership.

Context
This was an equity award (compensation), not a market purchase or sale. Profits interest units are a partnership-style long-term incentive that may only provide full economic parity with common units after certain events or vesting; they do not necessarily represent immediate cash value. Awards are common executive compensation and should be viewed as part of pay alignment rather than a direct buy/sell signal.