Mercier Matt 4

What Happened

• Matt Mercier, Chief Financial Officer of Digital Realty Trust, was awarded 9,139 long‑term incentive units (profits interest units) on February 20, 2026. The award was reported as an acquisition at $0.00 (no cash paid). The filing treats these as derivative units tied to the Operating Partnership rather than direct shares of DLR common stock.

Key Details

• Transaction date: February 20, 2026; Form 4 filed February 23, 2026 (timely within the SEC two‑business‑day window).
• Amount: 9,139 profits interest units acquired at $0.00.
• Vesting: The award stems from a 2023 grant with a performance condition satisfied on Feb 20, 2026. The reported 9,139 includes 891 distribution equivalent units that vested effective Dec 31, 2025; the remaining 8,248 units are subject to time‑based vesting (50% vests annually over two years beginning Feb 27, 2026). Vested profits interest units have no expiration and can convert 1:1 into Operating Partnership common units once they achieve parity.
• Economic conversion/redemption: Common Units can be redeemed for cash based on fair market value of an equivalent number of DLR shares or, at the issuer’s election, converted into DLR common stock.
• Shares owned after transaction: Not disclosed in the provided filing excerpt.
• Filing note: This Form 4 was filed to report transactions that are also reported on a concurrent Form 4 for the Operating Partnership.

Context

• This was an award (A) of profits interest units, not an open‑market purchase or sale. Because the units were awarded (not bought), there was no cash outlay by the insider at grant. Profits interest units are a form of equity compensation tied to the Operating Partnership and may convert into interests that track DLR stock value; they are different from an immediate stock purchase or sale and can include future vesting conditions.