securities and exchange commission · 2019-06-10 · securities and exchange commission washington,...

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington,D.C.20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

FiledbytheRegistrant FiledbyapartyotherthantheRegistrant

Check the appropriate box:

PreliminaryProxyStatement

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

DefinitiveProxyStatement

DefinitiveAdditionalMaterials

SolicitingMaterialunder§240.14a-12

DIGITAL REALTY TRUST, INC.

(NameofRegistrantasSpecifiedInItsCharter)

(NameofPerson(s)FilingProxyStatement,ifotherthantheRegistrant)

Payment of Filing Fee (Check the appropriate box):No fee required.

Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11 (1) Titleofeachclassofsecuritiestowhichtransactionapplies: (2) Aggregatenumberofsecuritiestowhichtransactionapplies:

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Fee paid previously with preliminary materialsCheck box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee waspaid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

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Dear Stockholder:

Youarecordiallyinvitedtoattendthe2019AnnualMeetingofStockholders,ortheAnnualMeeting,ofDigitalRealtyTrust,Inc.,aMarylandcorporation,ortheCompany,tobeheldonMonday,May13,2019,at9:30a.m.CDT,at1210IntegrityDrive,Richardson,TX75081. Thepurposesofthisyear’sAnnualMeetingareto: (i) considerandvoteupontheelectionofLaurenceA.Chapman,MichaelA.Coke,KevinJ.Kennedy,

WilliamG.LaPerch,AfshinMohebbi,MarkR.Patterson,MaryHoganPreusse,DennisE.SingletonandA.WilliamSteinasmembersoftheCompany’sBoardofDirectors,eachtoserveuntilthe2020AnnualMeetingofStockholdersanduntilasuccessorforeachisdulyelectedandqualifies;

(ii) consider and vote upon ratifying the selection of KPMG LLP as the Company’s independent

registeredpublicaccountingfirmfortheyearendingDecember31,2019; (iii) considerandvoteuponaresolutiontoapprove,onanon-binding,advisorybasis,thecompensation

of the Company’s named executive officers, as more fully described in the accompanying ProxyStatement(say-on-pay);and

(iv) transact suchother businessas mayproperly comebefore themeetingor anyadjournment(s) or

postponement(s)thereof. TheaccompanyingNoticeof2019AnnualMeetingofStockholdersandProxyStatementdescribethesematters.Weurgeyoutoreadthisinformationcarefully. ItisimportantthatyoursharesberepresentedandvotedwhetherornotyouplantoattendtheAnnualMeeting in person. If you choose not to attend and vote at the Annual Meeting in person, you mayauthorizeyour proxyvia theInternet, or if youarereceivingapaper copyof theProxyStatement, bytelephone,bytheinternet, orbycompletingandmailingaproxycard.AuthorizingyourproxyovertheInternet, by telephone or by mailing a proxy card will ensure that your shares are represented at theAnnualMeeting.PleasereviewtheinstructionscontainedintheNoticeofInternetAvailabilityofProxyMaterialsregardingeachoftheseoptions. Sincerely,

A. William SteinChiefExecutiveOfficer

April1,2019

Notice of 2019 Annual Meeting of Stockholders

TOTHESTOCKHOLDERSOFDIGITALREALTYTRUST,INC.

NOTICE IS HEREBY GIVEN that the 2019 Annual Meeting of Stockholders, or the Annual Meeting, of Digital Realty Trust, Inc., a Marylandcorporation, or the Company, will be held at the date, time and location below:

Monday, May 13, 20199:30 am CDT

1210 Integrity DriveRichardson, TX 75081

The Annual Meeting will be held for the following purposes:1. To elect Laurence A. Chapman, Michael A. Coke,Kevin J. Kennedy, William G. LaPerch, Afshin Mohebbi, Mark R. Patterson, Mary Hogan

Preusse,DennisE.SingletonandA.WilliamSteinasmembersoftheCompany’sBoardofDirectors,ortheBoard,eachtoserveuntilthe2020AnnualMeetingofStockholdersanduntilasuccessorforeachisdulyelectedandqualifies;

2. ToratifyKPMGLLPastheCompany’sindependentregisteredpublicaccountingfirmfortheyearendingDecember31,2019; 3. To approve, on a non-binding, advisory basis, the compensation of the Company’s named executive officers, as more fully described in the

accompanyingProxyStatement(say-on-pay);and 4. TotransactsuchotherbusinessasmayproperlycomebeforetheAnnualMeetingoranyadjournment(s)orpostponement(s)thereof.STOCKHOLDERS ARE CORDIALLY INVITED TO ATTEND THE ANNUAL MEETING IN PERSON. YOUR VOTE IS IMPORTANT. IT ISIMPORTANTTHATYOURSHARESBEREPRESENTEDANDVOTEDWHETHERORNOTYOUPLANTOATTENDTHEANNUALMEETINGINPERSON.IFYOUCHOOSENOTTOATTENDANDVOTEATTHEANNUALMEETINGINPERSON,YOUMAYAUTHORIZEYOURPROXY.Howtoauthorizeyourproxy:

If you are viewing the Proxy Statement on the Internet, you may authorize yourproxy electronically via the Internet by following theinstructionsontheNoticeofInternetAvailabilityofProxyMaterialsmailedtoyouandtheinstructionslistedontheInternetsite.

If you are receiving a paper copy of the Proxy Statement, you may authorize your proxy by completing and mailing the proxy cardenclosed with the Proxy Statement, or you may authorize your proxy electronically via the Internet or by telephone by following theinstructionsontheproxycard.

Ifyoursharesareheldin“streetname,”whichmeansyoursharesareheldofrecordbyabroker,bankorothernominee,youshouldreview the Notice of Internet Availability of Proxy Materials provided by that firm to determine whether and how you will be able toauthorizeyourproxybytelephoneorovertheInternet.

AuthorizingaproxyovertheInternet,bytelephoneorbymailingaproxycardwillensurethatyoursharesarerepresentedattheAnnualMeeting.TheBoardhasfixedthecloseofbusinessonMarch15,2019astherecorddateforthedeterminationofstockholdersentitledtonoticeof,andtovoteat,theAnnualMeetingandatanypostponement(s)oradjournment(s)thereof.SanFrancisco,CaliforniaDated: April 1, 2019

ByOrderofOurBoardofDirectors,

Joshua A. MillsSecretary

Table of ContentsPROXY SUMMARY 6 PROXY STATEMENT 16 InformationConcerningVotingandSolicitation 16 ITEM 1. ELECTION OF DIRECTORS 19 NomineesforElectionforaOne-YearTermExpiringatthe2020AnnualMeeting 20BoardGovernanceDocuments 28IndependentDirectors 28BoardMeetings 28BoardLeadershipStructure 28DirectorContinuingEducation 29BoardCommittees 29DirectorQualificationsandExperience 32Board’sRoleinOversightofRisk 34StockholderandInterestedPartyCommunicationswiththeBoard 34 ITEM 2. RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 35 IndependentRegisteredPublicAccountingFirm 35AuditCommitteeReport 36 PRINCIPAL STOCKHOLDERS 37 EXECUTIVE COMPENSATION 39 CompensationDiscussionandAnalysis 39ExecutiveSummary 39CompensationCommitteeReport 53GrantsofPlan-BasedAwards 56NarrativeDisclosuretoCompensationTables 58OutstandingEquityAwardsatFiscalYear-End 59OptionExercisesandStockVested 61NonqualifiedDeferredCompensation 61DeferredCompensationPlan 61PotentialPaymentsuponTerminationorChangeinControl 62CEOPayRatio 642019Compensation 65 DIRECTOR COMPENSATION 66 STOCK OWNERSHIP GUIDELINES 68 Anti-HedgingandAnti-PledgingPolicy 68 COMPENSATION RISK ASSESSMENT 69 EQUITY COMPENSATION PLANS 69 ITEM 3. ADVISORY VOTE ON THE COMPENSATION OF NAMED EXECUTIVE OFFICERS (SAY-ON-PAY) 70 Background 70Summary 70Recommendation 71 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS 72

Review,ApprovalorRatificationofTransactionswithRelatedPersons 72IndemnificationAgreements 72 ANNUAL REPORT ON FORM 10-K 73 OTHER MATTERS 73

Section16(a)BeneficialOwnershipReportingCompliance 73StockholderProposalsandNominations 73HouseholdingofProxyMaterials 74 APPENDIX 75 ReconciliationsofNon-GAAPFinancialMeasures 75

IDIGITALREALTYTRUST,INC.I2019PROXYSTATEMENTI5

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ProxySummaryThissummaryhighlightssomeofthetopicsdiscussedinthisProxyStatement.Itdoesnotcoveralloftheinformationyoushouldconsiderbeforevoting,andyouareencouragedtoreadtheentireProxyStatementbeforecastingyourvote.

GeneralInformationMeeting: AnnualMeetingofStockholders Stock Symbol: DLRDate: Monday,May13,2019 Exchange: NewYorkStockExchangeTime: 9:30a.m.CDT Common Stock Outstanding: 208,171,427sharesasofMarch15,2019Location: 1210IntegrityDrive State of Incorporation: Maryland Richardson,TX75081 Public Company Since: 2004Record Date: March15,2019Corporate Website: www.digitalrealty.com

Investor Relations Website: investor.digitalrealty.com

Theinformationfoundon,orotherwiseaccessiblethrough,ourwebsiteisnotincorporatedbyreferenceinto,nordoesitformapartof,thisProxyStatement.

VotingItemsandBoardRecommendations PageProposal1 ElectionofDirectorNominees FOR eachDirectorNominee 19Proposal2 RatificationofKPMGasourIndependentAccountingFirmfor2019 FOR 35Proposal3 AdvisoryVoteonCompensationofNamedExecutiveOfficers(Say-on-Pay) FOR 70

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DirectorsWebelieveourBoardmembershipisbothbalancedanddiverseinexperience,qualifications,attributes,skills,professionalbackground,areasofexpertiseandperspectives,asreflectedinthesummarytablesbelow,andthattherangeoftenuresofourdirectors(shownbelow)createsasynergybetweeninstitutionalknowledgeandnewperspectives.FormoreinformationaboutourBoard,pleasesee“Item1.ElectionofDirectors”. Committee Membership*

Name AgeYears on

Board Independent Audit Compensation

Nominating and Corporate

Governance

LaurenceA.Chapman 69 14

MichaelA.Coke 50 1

KevinJ.Kennedy 63 6

WilliamG.LaPerch 63 6

AfshinMohebbi 55 3

MarkR.Patterson 58 3

MaryHoganPreusse 50 2

JohnT.Roberts,Jr. 55 1

DennisE.Singleton 74 14 A.WilliamStein 65 4

=Chairperson

=Member* Committee membership as of the date of this Proxy Statement. Committeememberships will be modified immediately following the 2019 Annual Meeting. John T.

Roberts, Jr., a current director, has elected not to stand for re-election as a director at the Annual Meeting.Mr.Roberts’ term on the Board and the CompensationCommitteewillexpireattheAnnualMeeting,andimmediatelyfollowingtheexpirationofsuchtermthesizeoftheBoardwillbereducedtoninemembers.

Board of Directors Experience

• Capitalmarkets • International • Riskoversight/management• Colocationandinterconnection • Legal • Salesandmarketing• Corporategovernance • Mergersandacquisitions • Strategy• Executiveleadership • Publiccompanyboards • Technologyindustries• Financeandaccounting • RealestateandREITs • TelecommunicationsFormoreinformationaboutthequalificationsandexperienceofeachofourdirectors,pleaseseethe“DirectorsQualificationsandExperience”tableonpage32.

Asacorporategovernancebestpractice,ourNominatingandCorporateGovernanceCommitteeannuallyconsidersthecompositionofourBoardandstandingBoard committees to ensure an appropriate balance and a diversity of perspectives. In 2018, the Nominating and Corporate Governance Committeerecommended,andtheBoardapproved,changestothecompositionoftheBoardcommitteestomaintainbalanceandensurefreshperspectives.See“BoardofDirectorsandCorporateGovernance—CommitteesoftheBoard”foradditionaldetails.


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GovernanceHighlightsStrong Corporate Governance PracticesWearecommittedtomaintainingstrongcorporategovernancepractices.Overtheyears,wehaveimplementedcorporategovernancebestpracticesandimprovementsashighlightedbelow. SeparateIndependentChairmanandChiefExecutiveOfficer Allofourdirectorsstandforelectioneachyear Majorityvotingstandardfordirectorelections 8of9directorsstandingforre-electionareindependent ExecutivesessionsofIndependentDirectors 4auditcommitteefinancialexperts AnnualBoardandCommitteeself-evaluations OversightofriskbytheBoard Boardorientationandcontinuingeducationprogram Codesofconductfordirectors,employeesandvendors Anti-hedgingandanti-pledgingpolicy Executiveanddirectorstockownershipguidelines Nopoisonpill Proxyaccess Award-winningcommitmenttosustainability Commitmenttoourcommunities


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2019 Governance ImprovementsIn2019,wemadethecorporategovernanceimprovementsdescribedinthe“ProxyAccess”and“Diversity”sectionsbelow.Proxy AccessInFebruary2019(the“2019BylawAmendment”),ourBoardapprovedtheEighthAmendedandRestatedBylaws(the“AmendedBylaws”)toimplementproxyaccessandpermitastockholder,orgroupofupto20stockholders,owningatleast3%oftheoutstandingsharesoftheCompany’scommonstockforatleastthreeyearstonominateandincludeintheCompany’sproxymaterialsforanannualmeetingofstockholders,directorcandidatesconstitutingupto20%oftheboardofdirectorselectedbytheholdersoftheCompany’scommonstock,providedthatthestockholder(orgroup)andeachnomineesatisfytherequirementsspecifiedintheAmendedBylaws.DiversityWe remain committed to diversity. In February 2019, our Nominating and Corporate Governance Committee and the Board amended our CorporateGovernanceGuidelinestoclarifythattheNominatingandCorporateGovernanceCommitteeshallensurethatitincludes,andrequestthatanysearchfirmthatitengagesinclude,candidateswithdiversityofrace,ethnicityandgenderinthepoolfromwhichtheNominatingandCorporateGovernanceCommitteeselectsdirectorcandidates.Governance Timeline and Improvements

Stockholder Ability to Amend BylawsPriortothe2019BylawAmendment,inMarch2018,ourBoardamendedthebylawstopermitstockholdersthatmeetcertainownershiprequirementstosubmitbindingproposalstoamendourbylaws(the“2018BylawAmendment”).Priortothischange,aspermittedunderMarylandlawandconsistentwiththebylawsofmostotherREITsformedinMaryland,ourstockholdersdidnothavetherighttoamendourbylaws.OurBoard’sdecisiontoadoptthesechangestoourBylawswas the result of extensive discussions that took into consideration many factors, including feedback from investor outreach which we conducted prior toamendingourBylawsandtheCompany’scommitmenttostrongcorporategovernancepractices.Strategy and Our BoardWebelieveit isimportanttothesuccessof our Companythat our BoardreviewtheCompany’sstrategic frameworkanddirection. Onanannual basis, ourBoardmeetswithmembersoftheseniormanagementteamtoconsiderourcurrentandfuture,andtoreviewourprevious,strategiestomeetourcorporateobjectivesdesignedtomaximizelong-termstockholdervalue.Investor OutreachWeconsiderourrelationshipwithourstockholderstobeanimportantpartoftheCompany’ssuccessandwevaluetheoutlookandopinionsofourinvestors.Weregularlyengagewithourinvestors,whichwebelieveisastrongcorporategovernancepractice.During 2018, we met with numerous investors around the world, including participation in over 15 investor conferences, non-deal roadshows, and investorgroupevents.ForinformationabouthowtocontactourBoard,pleaseseethesectionbelowentitled“StockholderandInterestedPartyCommunicationswiththeBoard”.


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Environmental, Social and Governance MattersWearecommittedtosupportingthecommunitiesinwhichweoperate.Ourprogramsinclude:• Matching Gifts Program. Weencourageouremployeesanddirectorstogivebacktothecommunitybymatchingtheir contributionstoeligiblecharitableorganizationsthroughourMatchingGiftsProgram.In2018,theCompanymatchedapproximately$178,000inemployeeanddirectordonations.

• Community Involvement. In2018,wecontinuedourcommitmenttoourcommunitiesandtoDOBETTERTOGETHER.Frompacking10,000mealstobeshippedaroundtheworldtoplaceshit bynaturaldisastersorsufferingfromfoodscarcity,tocollectingblanketsandcannedgoodsfordisastervictims,torebuildingandrenewinglocalcommunitygardens,werenewedourcommitmenttogivingback.WealsosponsoredaneventinAustralia,raisingvitalfundsforchildhoodgeneticdiseaseresearch.TheCompanyalsodonatedtorelieffundsforwildfiresinNorthernCalifornia.

• Diversity. InFebruary2019,weamendedourCorporateGovernanceGuidelinestoclarify thatourNominatingandCorporateGovernanceCommitteewillensurethatitincludes,andrequestthatanysearchfirmthatitengagesinclude,candidateswithdiversityofrace,ethnicityandgenderinthepoolfromwhichdirectorcandidatesareselected.OurWomen’sLeadershipForum,dedicatedtoprovidingcollaborationandmentorship,wasalsoactivein2018,organizingvariousactivities,includingadonationdriveforDressforSuccessSanFrancisco.

• Donate 8 Program. WeencourageouremployeestoparticipateinvolunteeractivitiesthroughourDonate8Program,whichgrantspaidtimeoffeachyearforthepurposeofvolunteeringforeligibleorganizations.In2018,weexpandedourDonate8ProgramaftertheNorthernCaliforniawildfires,increasingthenumberofpaidtimeoffvolunteerhoursthatemployeescouldusetohelpwithrescueandrecoveryefforts.

• Supply Chain Management. Weare committed to conducting our business in a legal, ethical and transparent manner. Accordingly, we expect that oursuppliers will also adhere to these principles and comply with the requirements set forth in our supplier code of conduct. Our supplier code of conductprohibitscoercion,slaveryandhumantraffickingaswellasdiscriminationandharassment.WehavealsoimplementedpoliciesandmeasuresundertheUKModernSlaveryAct2015.


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SustainabilityHighlights

• Weseektoleadtheglobaldatacenterindustryinsustainableenvironmentalperformance.

• Weremaincommittedinoureffortstobuildandoperatedatacentersthatminimizeimpactontheenvironment,andwemanageourdatacenterssothattheyofferhighlevelsofoperationalefficienciesforourcustomers.

• We benchmark and certify certain data centers in accordance with the U.S. Environmental Protection Agency’s ENERGY STAR®program, LEEDTM ,BREEAM,aswellasotherrecognizedthird-partyratingstandards.

• Wehaveadoptedgreenleasingpracticeswhichenablecollaborationonenergyandwatersavingsopportunities,andwewererecognizedbytheInstituteforMarketTransformationandtheU.S.DepartmentofEnergyasaGreenLeaseLeaderin2018.

• In2018,weaddedthreenewLEEDcertifieddatacenters(includingtwodatacentersfromtheacquisitionofDuPontFabrosTechnology,Inc.,ortheDFTmerger)toourportfolio.

• WehavereceivedENERGYSTARforDataCenterscertificationsfor24sitesintheU.S.Additionally,aportionofourU.S.portfolioisenrolledintheU.S.DepartmentofEnergy’sBetterBuildingsChallengeforDataCenters.

• Wehavealsodevelopedsolutionstohelpourcustomersefficientlyutilizeenergyandwater,andtosupporttheireffortstoprocurerenewableenergy.

• Signedlong-termrenewablepowerpurchaseagreementtosecureapproximately80megawattsof solarpowercapacityonbehalf of FacebooktosupportFacebook’srenewableenergygoalsatdatacenterfacilitiesleasedfromDigitalRealty.


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CompensationHighlightsOurexecutivecompensationprogramisdesignedtoattract,retainandmotivateexperiencedandtalentedexecutiveswhocanhelptheCompanytomaximizestockholdervalue.Webelievethatwemaintainacompetitivecompensationprogramthatincorporatesstronggovernancepractices.TheCompany’scompensationbestpracticesarehighlightedbelow.

WepayforperformanceWeutilizemultipleperformancemeasuresacrossvariousperformanceperiods

Webalanceshort-termandlong-termincentivesAnnualincentivebonusandlong-termequityawardscompriseasignificantportionofournamedexecutiveofficers’overallcompensationopportunity

Wealigncompensationwithstockholders’interestsAsubstantialmajorityofournamedexecutiveofficers’compensationistiedtototalstockholderreturnperformance

WetargetoutperformanceTargetpayoutsforourperformance-basedequityawardsaren’tachievedunlessweoutperformtheREITindustry

Wedonothavetaxgross-upsWedonotprovidetaxgross-upsonanyseverance,change-in-controlorotherpayments

WedonotallowuncappedpayoutsWehaveadefinedcompensationprogramthatdoesnotallowforuncappedbonuspayouts


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PerformanceHighlightsInthepastfewyears,wehavefocusedongrowingouroperationsorganicallyandthroughstrategicacquisitions,aswellasthroughimprovedleasing,assetmanagement and marketing activities, improving our balance sheet, strategically accessing the capital markets and focusing on our organizationaldevelopment.Morerecently,theCompanyhasfocusedonitsproductstrategy,investinginstrategic initiativestocomplementitsexistingportfolioinordertoattract a wider base of customers, and organizational structuring to support these new strategies and initiatives as well as the continued growth of theCompany.AccomplishmentsintheyearendedDecember31,2018includedthefollowing:

Sources:Bloomberg,SNLandFactset.AllpricesasofDecember31,2018.

(1) Netincomepershareof$1.21forcalendaryear2018.

(2) Enterprisevaluedefinedasmarketcapitalization+debt+preferredstock+non-controllinginterest+cashandcashequivalents.AssumesfullexerciseofforwardequityofferingwithproceedsgoingtocashonbalancesheetasofDecember31,2018.

(3) Formarketcapitalizationpurposes,fullydilutedsharesincludeshares,units,andanyconvertiblesecurities.Assumesfullexerciseofforwardequityoffering.

(4) U.S.REITswithintheMSCIREITIndexasofDecember31,2018.RankedbymarketcapitalizationonDecember31,2018.


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ProxyStatementInformationConcerningVotingandSolicitationGeneralThisProxyStatementisfurnishedinconnectionwiththesolicitationbytheBoardofDirectors,ortheBoard,ofDigitalRealtyTrust,Inc.,aMarylandcorporation,ortheCompany,ofproxiestobeexercisedatthe2019AnnualMeetingofStockholders,ortheAnnualMeeting,tobeheldonMonday,May13,2019,at9:30a.m.CDT,orat anypostponement(s) oradjournment(s) thereof, forthepurposesdiscussedinthisProxyStatementandintheaccompanyingNoticeof2019Annual Meeting of Stockholders. Proxies are solicited to give all stockholders of recordat the close of business on March 15, 2019, or the Record Date, anopportunitytovoteonmattersproperlypresentedattheAnnualMeeting.TheAnnualMeetingwillbeheldat1210IntegrityDrive,Richardson,TX75081.PursuanttotherulesoftheUnitedStatesSecuritiesandExchangeCommission,ortheSEC,wehaveelectedtoprovideaccesstoourproxymaterialsovertheInternet. Accordingly, we are sending a Notice of Internet Availability of Proxy Materials, or a Notice, to our stockholders of record, while brokers and othernomineeswhoholdsharesonbehalfofbeneficialownerswillbesendingtheirownsimilarNotice.Allstockholderswillhavetheabilitytoaccessproxymaterialson the website referred to in the Notice or request to receive a printed set of the proxy materials. Instructions on how to request a printed copy by mail orelectronicallymaybefoundontheNoticeandonthewebsite referred toin theNotice, includinganoptionto request paper copiesonanongoingbasis. WeintendtomakethisProxyStatementavailableontheInternetonoraboutApril1,2019andtomailtheNoticetoallstockholdersentitledtovoteattheAnnualMeetingonoraboutApril1,2019.WeintendtomailthisProxyStatement,togetherwithaproxycard,tothosestockholdersentitledtovoteattheAnnualMeetingwhohaveproperlyrequestedpapercopiesofsuchmaterialsonoraboutApril1,2019orwithinthreebusinessdaysofsuchrequest.

WhoCanVoteYouareentitledtovoteifyouwereastockholderofrecordoftheCompany’sCommonStock,parvalue$0.01pershare(the“CommonStock”),asoftheRecordDate.YoursharescanbevotedattheAnnualMeetingonlyifyouarepresentinpersonorrepresentedbyavalidproxy.

QuorumAmajorityoftheoutstandingsharesofCommonStockasoftheRecordDaterepresentedinpersonorbyproxywillconstituteaquorumattheAnnualMeeting.AsoftheRecordDate,208,171,427sharesofCommonStockwereoutstanding.

VotingofSharesStockholders of record as of the Record Date are entitled to one vote for each share of Common Stock held on all matters to be voted upon at the AnnualMeeting.YoumayvotebyattendingtheAnnual Meetingandvoting inperson. Pleasenote, however, that if your sharesareheldof recordbyabroker, bankor othernomineeandyouwishtovoteinpersonattheAnnualMeeting,youmustobtainaproxyissuedinyournamefromsuchbroker,bankorothernominee.If youchoosenot toattendtheAnnual Meeting, youmayvotebyauthorizingyour proxyviatheInternet, bytelephoneor bymailingaproxycard. All sharesentitledtovoteandrepresentedbyproperlyexecutedproxiesreceivedbeforethepollsareclosedattheAnnualMeeting,andnotrevokedorsuperseded,willbevotedattheAnnualMeetinginaccordancewiththeinstructionsindicatedonthoseproxies.YOUR VOTE IS IMPORTANT .


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ProxyCardandRevocationofProxyIf you sign a proxy card but do not specify how youwant your shares to be voted, your shares will be voted by the proxy holders in accordance with therecommendationsoftheBoardofDirectors.Intheirdiscretion,theproxyholdersnamedintheenclosedproxyareauthorizedtovoteonanyothermattersthatmayproperlycomebeforetheAnnualMeetingandatanypostponement(s)or adjournment(s) thereof. TheBoardknowsof noother itemsof businessthat will bepresentedfor considerationat theAnnualMeetingotherthanthosedescribedinthisProxyStatement.Ifyouvoteyoursharesbyauthorizingaproxy,youmayrevokeyourproxyauthorizationatanytimebeforeitisvotedattheAnnualMeeting.Youmayrevokeyour proxybysending to the Company’s Secretary at the Company’s principal executive office at Four Embarcadero Center, Suite 3200, SanFrancisco,CA94111, a written notice of revocation, or by delivering by mail, by telephone, via the Internet or in person a duly executed proxy bearing a later date, or byattendingtheAnnualMeetinginpersonandvotinginperson.Attendanceatthemeetingwillnot,byitself,revokeaproxy.

CountingofVotesAll votes will be tabulated by the inspector of election appointed for the Annual Meeting, who will separately tabulate affirmative and negative votes andabstentions. Shares held by persons attending the Annual Meeting but not voting, shares represented by proxies that reflect abstentions as to a particularproposalandbroker“non-votes”willbecountedaspresentforpurposesofdeterminingaquorum.Abroker“non-vote”occurswhenanomineeholdingsharesforabeneficialownerhasnotreceivedinstructionsfromthebeneficialownerandchoosesnottoexerciseordoesnothavediscretionaryauthoritytovotethesharesonaparticularmatterbecausethematterisnotroutineundertheNewYorkStockExchange,ortheNYSE,rules.TheelectionoftheBoard’snomineesnamedhereinandtheproposaltoapprove,onanon-binding,advisorybasis,thecompensationoftheCompany’snamedexecutiveofficersarenotroutinemattersunderthe NYSErules. The selection of KPMGLLPas our independent registered public accounting firmis a routinematter under the NYSErules and a nomineeholdingsharesforabeneficialownerwillhavediscretionaryauthoritytovoteonthisproposalabsentinstructionsfromthebeneficialowner.

VotesNeededtoApproveEachMatter

Matter Board Recommendation

Votes Required for Approval at Which Quorum is Present Abstentions

Broker “non-vote”

Proposal1:ElectionofDirectorNominees FOR Affirmativevoteofmajorityofvotescastforeachdirectornominee

Notcountedasvotescast


Proposal2:

RatificationofKPMGasOurIndependentAccountingFirmfor2019

FOR Affirmativevoteofmajorityofvotescast

Notcountedasvotecast


Proposal3:

AdvisoryVoteonCompensationofNamedExecutiveOfficers(Say-On-Pay)

FOR Affirmativevoteofmajorityofvotescast



SolicitationofProxiesWewillbeartheentirecostofsolicitingproxies.Wemayreimbursebanks,brokeragehouses,fiduciariesandcustodiansholdingsharesofourCommonStockintheirnamesfortheirexpensesincurredinforwardingthesolicitationmaterialstobeneficialowners.Solicitationofproxiesmaybesupplementedbytelephone,facsimile,electronicmailorpersonalsolicitationbydirectors,officersoremployeesoftheCompany.Noadditionalcompensationwillbepaidtodirectors,officersoremployeesforsuchservices.WehavealsoretainedOkapiPartners,anindependentproxysolicitationfirm,toassistinsolicitingproxiesonourbehalf.WehaveagreedtopayOkapiPartnersafeeofapproximately$15,000,pluscostsandexpenses,fortheseservices.


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AttendanceattheAnnualMeetingInordertoattendtheAnnualMeeting,youwillneedproofofownershipofourCommonStockasoftheRecordDate.Ifyouholdyoursharesinstreetname(suchasthroughabank,brokerorothernominee),youshouldbringyourstatementshowingyourbeneficialownershipofourCommonStockinordertobeadmittedtothe Annual Meeting and you must obtain a proxy issued in your name from such bank, broker or other nominee if you wish to vote in person at theAnnualMeeting.

NOPERSONISAUTHORIZEDONBEHALFOFTHECOMPANYTOGIVEANYINFORMATIONORTOMAKEANYREPRESENTATIONSWITHRESPECTTOTHEPROPOSALSOTHERTHANTHEINFORMATIONANDREPRESENTATIONSCONTAINEDINTHISPROXYSTATEMENT, AND,IF GIVENORMADE,SUCHINFORMATIONAND/ORREPRESENTATIONSMUSTNOTBERELIEDUPONASHAVINGBEENAUTHORIZEDBYTHECOMPANY.THEDELIVERYOFTHISPROXYSTATEMENTSHALLUNDERNOCIRCUMSTANCESCREATEANYIMPLICATIONTHATTHEREHASBEENNOCHANGEINTHEAFFAIRSOFTHECOMPANYSINCETHEDATEOFTHISPROXYSTATEMENT.TheCompany’sprincipalexecutiveofficeislocatedatFourEmbarcaderoCenter,Suite3200,SanFrancisco,CA94111,ourtelephonenumberis(415)738-6500andourwebsiteiswww.digitalrealty.com.*Referenceshereintothe“Company”refertoDigitalRealtyTrust,Inc.anditssubsidiaries,unlessthecontextotherwiserequires.

ThedateofthisProxyStatementisApril1,2019.

* WebsiteaddressesreferredtointhisProxyStatementarenot intendedtofunctionashyperlinks, andtheinformationcontainedonourwebsiteisnotapart ofthisProxy

Statement.


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ITEM 1. ElectionofDirectorsUnder theCompany’s charterandEighth Amended andRestated Bylaws, or the Bylaws, eachmember of the Board serves until the next annual meeting ofstockholdersanduntilhisorhersuccessorisdulyelectedandqualifiesoruntilhisorherearlierdeath,resignationorremoval.VacanciesontheBoardmaybefilledonly by individuals electedbytheaffirmative vote of a majority of theremainingdirectors, evenif theremainingdirectorsdonot constitute aquorum.AdirectorelectedbytheBoardtofillavacancy(includingavacancycreatedbyanincreaseinthesizeoftheBoard)willservefortheremainderofthefulltermofthedirectorshipanduntilsuchdirector’ssuccessorisdulyelectedandqualifies,oruntilsuchdirector’searlierdeath,resignationorremoval.OurBylawsrequirethat,inordertobeelectedinanuncontestedelection,adirectorreceiveamajorityofvotescastbyholdersofthesharespresentinpersonorrepresentedbyproxywithrespecttosuchdirectoratameetingatwhichaquorumispresent.Amajorityofthevotescastmeansthatthenumberofsharesvoted“for” a director must exceed the number of votes “against” that director. In a contested election (where a determination is made that the number of directornomineesisexpectedtoexceedthenumberofdirectorstobeelectedatameeting),directorswillbeelectedbyapluralityofthevotescast,whichmeanstheninenomineeswhoreceivethelargestnumberofproperlycastvoteswillbeelectedasdirectors.Anydirector whofails tobeelectedbyamajorityvoteshall tenderhisorherresignationtotheBoard, subject toacceptance. TheNominatingandCorporateGovernanceCommitteewillmakearecommendationtotheBoardastowhethertoacceptorrejecttheresignation,orwhetherotheractionshouldbetaken.TheBoardwill thenactontheNominatingandCorporateGovernanceCommittee’srecommendationandpublicly discloseitsdecisionandtherationalebehinditsdecisionwithin90daysfromthedateof thecertificationof election results. If theresignationisnot accepted, thedirector will continuetoserveuntil thenextannualmeetinganduntilthedirector’ssuccessorisdulyelectedandqualifies.ThedirectorwhotendershisorherresignationwillnotparticipateintheBoard’sdecisionregardingwhethertoacceptorrejectsuchdirector’sresignation.EachshareofCommonStockisentitledtoonevoteforeachoftheninedirectornominees.Cumulativevotingisnotpermitted.It istheintentionoftheproxyholders namedin the enclosed proxy to vote the proxies received by themfor the election of the nominees namedbelowunless instructedotherwise.If anynomineeshouldbecomeunavailableforelectionpriortotheAnnualMeeting,aneventwhichcurrentlyisnotanticipatedbytheBoard,theproxieswillbevotedfortheelectionofasubstitutenomineeornomineesproposedbytheBoard.JohnT.Roberts,Jr.,acurrentdirector,haselectednottostandforre-electionasadirectorattheAnnualMeeting.Mr.Roberts’termontheBoardwillexpireattheAnnualMeeting,andimmediatelyfollowingtheexpirationofsuchtermthesizeoftheBoardwillbereducedtoninemembers.LaurenceA.Chapman,MichaelA.Coke,KevinJ.Kennedy,WilliamG.LaPerch,AfshinMohebbi,MarkR.Patterson,MaryHoganPreusse,DennisE.SingletonandA. WilliamSteinareall of our nomineesfor electiontotheBoard. Eachnomineehasconsentedtobenamedinthis ProxyStatement andtoserveasadirector if elected, and management has no reason to believe that any nominee will be unable to serve.The information belowrelating to eachnominee forelectionasdirectorhasbeenfurnishedtotheCompanybyeachsuchindividual.TheaffirmativevoteofamajorityofthevotescastattheAnnualMeetingisrequiredtoelecteachofthedirectornomineesstandingforelection.


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NomineesforElectionforaOne-YearTermExpiringatthe2020AnnualMeetingThe following section sets forth the names, agesand biographical summaries as of March 15, 2019 of the individuals who are our nominees for election asdirectorsoftheCompany,allofwhomarecurrentdirectorsoftheCompany.

ElectionofDirectors

Laurence A. ChapmanAge:69

DirectorSince:2004

Chairmansince:2017

ViceChairman:July 2016 to May 2017

Committees:Nominating and CorporateGovernance

Skills and Expertise•Financeandaccounting•Realestate•Capitalmarkets•Strategy

Education:•BCom-McGillUniversity•MBA-HarvardBusinessSchool

QualificationsOurBoardselectedMr.Chapmantoserveasadirectorbecauseitbelieveshepossessesvaluablefinancialandaccountingexpertise,includingexperienceatcompanieswithextensiverealestateinterestsandhisextensiveexperienceinhispriorpositionsasChiefFinancialOfficer.Professional Experience• SeniorVicePresidentandChiefFinancialOfficerofGoodrichCorp.,anaerospacecompany,from1999untilhisretirementin2000.• SeniorVicePresidentandChiefFinancialOfficerofRohr,Inc.,anaerospacecompany.• ChiefFinancialOfficerofWestinghouseCreditCorp.andWestinghouseFinancialServices.• In his various leadership roles, Mr. Chapman has been responsible for accounting, treasury, tax, insurance, investor relations, financial planning andinformationtechnologyfunctionsaswellassupervisingvariouscorporatefinance,projectfinanceandotherfinancialdepartments.

• FellowoftheInstituteofCanadianBankers.Other Current Public Company Boards• None.


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A. William Stein Age:65

DirectorSince:2014

Committees:None

Skills and Expertise•REITandrealestate•Technologyindustry•Financeandcapitalmarkets•Strategy

Education:•AB-PrincetonUniversity•JD-UniversityofPittsburgh•MS-CarnegieMellonUniversity

QualificationsA. WilliamStein has servedas our Chief ExecutiveOfficer andasadirector sinceNovember 2014. Mr. Stein hasover 30years of investment, financial andoperatingmanagementexperienceinbothlargecompanyenvironmentsandsmall,rapidlygrowingcompanies.PriortojoiningtheCompany,Mr.Steinprovidedturnaroundmanagement advice to both public and private companies. Mr. Stein also practiced law for eight years, specializing in financial transactionsandlitigation.Professional Experience• InterimChiefExecutiveOfficeroftheCompanyfromMarch2014toNovember2014.• ChiefFinancialOfficeroftheCompanyfromJuly2004untilApril2015.• ChiefInvestmentOfficeroftheCompanyfromJuly2004untilApril2014.• Co-HeadofVentureBank@PNCandMediaandCommunicationsFinanceatThePNCFinancialServicesGroup.• President andChief OperatingOfficer of TriNet CorporateRealtyTrust, areal estateinvestment trust, that wasacquiredbyStarwoodFinancial Trust (nowcallediStarFinancial).

• ExecutiveBoardoftheNationalAssociationofRealEstateInvestmentTrusts(Nareit)sinceNovember2015.• CurrentSecondVice-ChairofNareit.• MemberofthePennsylvaniaBarAssociationandTheFloridaBar.Other Current Public Company Boards• MemberofboardofdirectorsofHostHotelsandResorts,Inc.(NYSE)sinceJuly2017.CurrentmemberofauditcommitteeandcompensationcommitteeofHostHotelsandResorts.Inc.

Michael A. Coke Age:50

DirectorSince:2017

Committees:Audit

Skills and Expertise•Financeandaccounting•Realestate•Capitalmarkets•Strategy

Education:•BA-CaliforniaStateUniversityatHayward

QualificationsMr. Cokewasselected to serve as a director pursuant to the terms of the DFTmerger agreement. Our Board believes he possesses valuable financial andaccountingexpertise,includingexperienceatcompanieswithextensiverealestateinterestsandhisextensiveexperienceinhispriorpositionsasChiefFinancialOfficerandChiefAccountingOfficer.Professional Experience• Co-foundedTerrenoRealtyCorporation,aREIT,andhasservedasitspresidentandasadirectorsinceFebruary2010.Mr.CokealsoservedasitsChiefFinancialOfficerfromFebruary2010untilMay2013.

• Co-foundedandservedastheManagingPartnerofTerrenoCapitalPartnersLLC,arealestateinvestmentmanagementfirmandthepredecessortoTerrenoRealtyCorporation.

• ChiefFinancialOfficerandExecutiveVicePresidentofAMBPropertyCorporation,aglobaldeveloperandownerofindustrialrealestatefocusedonmajorhubandgatewaydistributionmarkets throughout NorthAmerica, EuropeandAsia, fromJanuary1999until May2007. AlsoservedasAMB’sChief AccountingOfficerfrom1998to2006.

• PresidentandChiefExecutiveOfficerofIATAviationFacilitiesInc.,alistedCanadianIncomeTrust.• AuditorwithArthurAndersenLLPfromJuly1990toAugust1997.Mr.Cokeisaninactivecertifiedpublicaccountant.Other Current Public Company Boards• MemberofboardofdirectorsofTerrenoRealtyCorporation(NYSE).


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Kevin J. Kennedy Age:63

DirectorSince:2013

Committees:Compensation, Nominatingand Corporate Governance

Skills and Expertise•Communications•Technology•Executiveleadership•Riskmanagement

Education:•BS-LehighUniversity•MS,MPhilandPhD-RutgersUniversity

QualificationsOurBoardselectedMr.Kennedytoserveasadirectorbecauseitbelieveshepossessesvaluableexpertiseinthecommunicationsandtechnologyindustries,including extensive experience working with and leading public companies in these industries, as well as experience on the boards of directors of publiccompanies.Professional Experience• SeniorManagingDirectoratBlueRidgePartners,amanagementconsultingfirm,sinceJuly2018.• PriortoBlueRidgePartners,Mr.KennedyservedasaconsultantfromOctober2017toJuly2018.• President, Chief Executive Officer and a member of the board of directors of Avaya Inc., a global provider of real-time business collaboration andcommunicationssolutions,fromDecember2008toOctober2017.InJanuary2017,AvayaInc.filedaChapter11restructuringplanwiththeU.S.BankruptcyCourtfortheSouthernDistrictofNewYork.

• ChiefExecutiveOfficerofJDSUniphaseCorporation,aproviderofopticalcommunicationsproducts.• MemberoftheboardofdirectorsoftheCanaryFoundation,anon-profitorganization.• PresidentialAdvisoryMemberoftheNationalSecurityTelecommunicationsAdvisoryCommittee.Other Current Public Company Boards• MemberofboardofdirectorsandchairmanofthecompensationcommitteeforKLA-TencorCorporation(NASDAQ).

William G. LaPerch Age:63

DirectorSince:2013

Committees:Nominating and CorporateGovernance (Chair)

Skills and Expertise•Colocation/interconnection•Communications•2017NACDBoardLeadershipFellow•RecipientofCERTCertificateinCybersecurityOversight

Education:•BS-USMilitaryAcademyatWestPoint•MBA-ColumbiaUniversity

QualificationsOurBoardselectedMr.LaPerchtoserveasadirectorbecauseit believeshepossessesvaluableexpertiseinthebandwidth, colocation,interconnectionandcommunicationsindustries,includingextensiveexperienceworkingwithandleadingpubliccompaniesintheseindustries.Professional Experience• ExecutiveChairmanatHylanDatacom,aconstructionservicescompanyinthecommunicationsinfrastructurespace,sinceJuly2016.• Providedservicestovariousprivateequityfirmsinthenetwork,datacenterandcloudsegmentsasaconsultantwithLaPerchConsulting.• ChiefExecutiveOfficer,PresidentandamemberoftheboardofdirectorsatAboveNet,Inc.,aproviderofbandwidthinfrastructureservices.• President,NetworkServicesandalsoPresident,EnterpriseServicesofMetromediaFiberNetwork,aproviderofmetrofiberservices.• VicePresident,NetworkServicesatMCIWorldcom,Inc.,aglobalcommunicationscompany.Other Current Public Company Boards• MemberoftheboardofdirectorsandchairmanofthecompensationcommitteeofWindstreamHoldings,Inc.,theparentcompanyofWindstreamCorporation,aproviderofadvancednetworkcommunicationsandtechnologysolutions(NASDAQGlobalSelectMarket).InFebruary2019,WindstreamfiledaChapter11restructuringplanwiththeU.S.BankruptcyCourtfortheSouthernDistrictofNewYork.


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Afshin Mohebbi Age:55

DirectorSince:2016

Committees:Audit (Chair)

Skills and Expertise•Finance•Telecommunications•Technology•International

Education:•BS-UCIrvine•MBA-UCIrvine

QualificationsOur Board selected Mr. Mohebbi to serve asdirectorbecauseit believeshepossessesvaluable financial andindustry experiencein thetelecommunicationsindustry,includingextensiveexperienceworkingwithandleadingcompaniesinthetelecommunicationsindustry.Professional Experience• SenioradvisortoTPGCapital,focusingontechnologyandtelecominvestmentsglobally.• Investorinandadvisortoanumberofstart-uptechnologyfirmsthroughhisowninvestmentbusiness.• President and Chief Operating Officer of Qwest Communications International Inc., where he oversaw core operations, including the global network andmarket-facingunits,aswellastheyellowpages,datacenter,hostingandwirelessdivisions.

• SeniorlevelexecutivepositionsatBritishTelecomPlc.,SBCCommunicationsandPacificBell.Other Current Public Company Boards• Member of the board of directors and a member of the audit committee and nominating and corporate governance committee for Dish Networks, a directbroadcastsatelliteproviderservice(NASDAQ).

Mark R. Patterson Age:58

DirectorSince:2016

Committees:Audit, Compensation

Skills and Expertise•Finance•Realestate•REIT•International

Education:•BBA-CollegeofWilliamandMary•MBA-UniversityofVirginia

QualificationsOur Board selected Mr. Patterson to serve as a director because it believes he possesses valuable financial and real estate industry expertise, includingextensiveexperienceworkingwithpubliccompaniesintherealestateindustry,aswellasexperienceontheboardsofdirectorsofpubliccompanies.Professional Experience• PresidentofMPRealtyAdvisors,LLC,andrealestateconsultantandfinancialadvisor.• Chief Executive Officer of Boomerang Systems, Inc. from August 2010 until January 2015. In August 2015, Boomerang Systems, Inc. filed a Chapter 11restructuringplanwiththeU.S.BankruptcyCourtfortheDistrictofDelaware.

• ManagingDirectorandtheHeadofRealEstateGlobalPrincipalInvestmentsatMerrillLynch,whereheoversawtherealestateprincipalinvestingactivitiesofthefirm.

• Global Headof Real Estate Investment Bankingof Merrill Lynchandalso theCo-Headof Global Commercial Real Estate whichencompassedreal estateinvestmentbanking,principalinvestingandmortgagedebt.

• Throughouthiscareer,Mr.Pattersonhasbeeninvolvedinavarietyoffinancingandinvestingactivitiesspanningvirtuallyalltypesofrealestateinmostmajorglobalpropertymarkets.HeisalsoaCertifiedPublicAccountant.

Other Current Public Company Boards• MemberoftheboardofdirectorsandamemberofthecompensationcommitteeforUDR,Inc.(NYSE)since2014.• Chairoftheboardofdirectors,chairofthenominatingandcorporategovernancecommitteeandmemberoftheinvestmentcommitteeforAmericoldRealtyTrust(NYSE)sinceMarch2019.Mr.PattersonfirstjoinedtheboardofdirectorsforAmericoldRealtyTrustinJanuary2018.

• MemberofboardofdirectorsofParamountGroup,Inc.(NYSE)sinceMay2018.


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Mary Hogan Preusse Age:50

DirectorSince:2017

Committees:Audit, Nominating andCorporate Governance

Skills and Expertise•Finance•REITandrealestate•Corporategovernance•Strategy

Education:•BS-BowdoinCollege

QualificationsOurBoardselectedMs.HoganPreussetoserveasadirectorbecauseitbelievesshepossessesvaluablefinancialandrealestateindustryexpertise,includingextensiveexperienceworkingwithpubliccompaniesintheREITindustry,aswellasexperienceontheboardsofdirectorsofpubliccompanies.Professional Experience• Managing Director and co-head of Americas Real Estate for APG Asset Management U.S. responsible for managing all of the firm’s public real estateinvestmentsinNorthandSouthAmericafrom2008toMay2017.

• ServedontheExecutiveBoardofAPGAssetManagementU.S.andhasbeenanactiveparticipantintheREITindustryforover25years,includingnearly17yearsatAPG.

• DeeplyinvolvedindiscussionofgovernancemattersandregularlypresentedtoandinteractedwithcorporateboardswhileatAPG.• BegancareeratMerrillLynchasaninvestmentbankinganalystandhasexperienceasasell-sideanalystcoveringtheREITsector.• MemberoftheRealEstateAdvisoryBoardfortheCareyBusinessSchoolatJohnsHopkinsUniversity.Other Current Public Company Boards• Member of the board of directors, audit, executive compensation, and nominating and corporate governance committees for Kimco Realty (NYSE) sinceFebruary2017.

• Memberoftheboardofdirectors,executivecompensationandnominatingandgovernancecommitteesofVEREIT(NYSE)sinceFebruary2017.• MemberoftheboardofdirectorsandnominatingandcorporategovernancecommitteeforHostHotelsandResorts,Inc.(NYSE)sinceJune2017.

Dennis E. Singleton Age:74

DirectorSince:2004

Committees:Compensation (Chair)

Skills and Expertise•Finance•Realestate•Executiveleadership•Strategy

Education:•BS-LehighUniversity•MBA-HarvardBusinessSchool

QualificationsOur Board selected Mr. Singleton to serve as a director because it believes he possesses valuable financial and real estate industry expertise, includingextensiveexperiencewiththeacquisition,financingandoperationofcommercialproperty.Professional Experience• DirectoroftheCompanysince2004andwasourChairmanoftheBoardfrom2012to2017.• FoundingpartnerofSpiekerPartners,thepredecessorofSpiekerProperties,Inc.,oneofthelargestownersandoperatorsofcommercialpropertyonthewestcoastpriortoits$7.2billionacquisitionbyEquityOfficePropertiesTrustin2001.

• ServedasChiefFinancialOfficerandDirectorofSpiekerProperties,Inc.andservedasChiefInvestmentOfficerandDirector,andlaterasViceChairmanandDirectoruntilhisretirement.

• Involvedinidentifyingandanalyzingstrategicportfolioacquisitionsandoperatingopportunitiesandoversawtheacquisitionsanddevelopmentofmorethan20millionsquarefeetofcommercialproperty.

Other Current Public Company Boards• None.


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ExecutiveOfficersThefollowingsectionsetsforththenames,ages,positionsandbiographicalsummariesasofMarch15,2019ofourcurrentexecutiveofficers(the“executiveofficers”).

A. William Stein, ChiefExecutiveOfficer(principalexecutiveofficer)Age:65

OfficerSince:2004

Responsibilities:•Providingtheday-to-dayleadershipandsettingthestrategicdirectionfortheCompany

Education:•AB-PrincetonUniversity•JD-UniversityofPittsburgh•MS-CarnegieMellonUniversity

A.WilliamSteinhasservedasChiefExecutiveOfficeroftheCompanysinceNovember2014.Mr.Stein’sbiographicalinformationissetforthunder“ElectionofDirectors”above.

Andrew P. Power, ChiefFinancialOfficer(principalfinancialofficer)Age:39

OfficerSince:2015

Responsibilities:•Leadingfinancialfunctions,includingfinancialreporting,capitalmarkets,tax,investorrelations,financialplanningandanalysis,assetmanagement,globalsalesandmarketing,internationaloperationsandinformationtechnology

Education:•BS-WakeForestUniversity

• PriortojoiningtheCompany,Mr.PowerheldpositionsofincreasingresponsibilityatBankofAmericaMerrillLynchfrom2011toApril2015,wherehemostrecentlyservedasManagingDirectorofRealEstate,GamingandLodgingInvestmentBanking,andwasresponsibleforrelationshipswithover40publicandprivatecompanies,includingtheCompany.

• From2004to2011,Mr.PowerheldsimilarpositionsatCitigroupGlobalMarkets,Inc.• Duringhiscareer,Mr.Powerhasmanagedtheexecutionofpublicandprivatecapitalraisesinexcessof$30billion,includingthethen-largestREITIPO,andmorethan$19billionofmergerandacquisitionstransactions.

• Mr.PowerhasservedasamemberoftheboardofdirectorsandamemberoftheauditandcompensationcommitteesofAmericoldRealtyTrust(NYSE)sinceJanuary2018.

• Mr. Poweris a memberof theNational Associationof Real Estate Investment Trusts (Nareit) Best Financial PracticesCouncil andMultinational U.S. REITCouncil.

Corey Dyer, ExecutiveVicePresident,GlobalSalesandMarketingAge:49

OfficerSince:2019

Responsibilities:•Leadingsalesandleasingeffortsaswellasmarketingactivitiesglobally

Education:•BA-WakeForestUniversity

• PriortojoiningtheCompany,Mr.DyerservedasSeniorVicePresident,Sales,AmericasatEquinix,Inc.,aninterconnectionanddatacentercompany,wherehe had responsibility for sales across the Americas region from June 2016 to December 2018. From November 2014 to June 2016, Mr. Dyer served asRegionalVicePresident,SalesatEquinix.

• BeforejoiningEquinix,Mr.DyerworkedatHewlett-Packardfrom2012to2014,whereheservedasVicePresident,StorageSales,Canadaandledthefirm'sCanadianstoragebusiness.

• Previously,heheldvarioussalesandsalesleadershippositionsatDell,primarilyintheserver,softwareandperipheralbusinesses.Mr.Dyerhasover25yearsofexperienceasasalesleaderwithatrackrecordofbuildinganddrivingsalesandmarketingoperationsatleadingtechnologycompanies.


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Joshua A. Mills, ExecutiveVicePresident,GeneralCounselandSecretaryAge:47

OfficerSince:2005

Responsibilities:•Leadingthelegal,sustainability,riskmanagementandgovernance,riskandcompliancefunctions

Education:•BA-UniversityofWashington•JD-UniversityofCalifornia,Hastings

• PriortojoiningtheCompany,Mr.MillswasacorporateattorneywithLatham&WatkinsLLPwherehispracticeincludedmergersandacquisitions,corporatefinanceandventurecapitalfinancingtransactionsaswellasgeneralcompanyrepresentation.

• PriortojoiningLatham&Watkins,Mr.MillsservedasAssociateGeneralCounselforMcAfee.comCorporationandasanassociatewithShearman&Sterling,LLP.

• Mr.Millsisresponsibleforoursustainabilityandriskmanagementfunctions.• Leadsourgovernance,riskandcomplianceprogram.

Erich J. Sanchack, ExecutiveVicePresident,Operations Age:49

OfficerSince:2018

Responsibilities:•Leadingglobalportfoliooperations,globalconstruction,colocationandinterconnectionserviceimplementation,supplychainoperations,cybersecurityandgovernmentaffairs

Education:•BS-PennsylvaniaStateUniversity

• PriortojoiningtheCompany,Mr.SanchackheldpositionsatCenturyLink,atelecommunicationscompany,servingasSeniorVicePresident,ITSolutionsandNew Market Development from November 2017 to January 2018 and as Senior Vice President and General Manager, Federal from November 2016 toNovember2017.

• PriortojoiningCenturyLink,Mr.SanchackservedinrolesofincreasingresponsibilityatLockheedMartin,anaerospaceanddefensecompany,from2004toOctober2016,mostrecentlyservingasVicePresident,CompetitiveEnhancements.

• Mr. Sanchack is also a former Captain in the United States Marine Corps, where he served in Finance and Operations and completed multiple overseasdeployments.

• Mr. Sanchack also serves on various non-profit boards and executive committees, including the Northern Virginia Technology Council, Armed ForcesElectronicCommunicationsInternationalandAmericanHeartAssociationGreaterWashingtonRegion.

Edward F. Sham, ChiefAccountingOfficer(principalaccountingofficer)Age:59

OfficerSince:2005

Responsibilities:•Leadingaccountingactivities

Education:•BS-SanFranciscoStateUniversity

• Withmorethan25years’experienceinaccountingandrealestate,Mr.ShampreviouslyheldpositionsasVicePresident&ControllerofCatellusDevelopmentCorporation(nowpartofPrologis),ControllerofBayApartmentREIT(nowAvalonBay),andPortfolioControllerofO’ConnorRealtyAdvisors.

• Mr.ShamwasacertifiedpublicaccountantwithErnst&YoungLLPintheirrealestategroupforsevenyears.• MemberoftheAICPAandCaliforniaCPAsociety.


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Christopher Sharp, ChiefTechnologyOfficer Age:44

OfficerSince:2015

Responsibilities:•Leadingglobaldesignandengineering,technologydevelopmentandinnovation,salesengineeringandbusinessdevelopment

Education:•UniversityofTexas

• Prior to joiningtheCompany, fromMarch2009to July 2015, Mr. Sharpheld roles of increasingresponsibility at Equinix, Inc., aninterconnection anddatacentercompany,wherehewasresponsibleforcloudinnovationandledthedevelopmentofinnovativecloudservicessolutionsandnewcapabilitiesenablingnext-generation,high-performanceexchangeandinterconnectionsolutions,facilitatingbroadcommercialadoptionofcloudcomputingonaglobalbasis.

• Mr.Sharphasover20yearsofexperienceinthetechnologyindustry,withanextensivebackgroundindevelopingtechnologystrategiesinglobalmarketsandhehasadeepknowledgeofthedatacentersector.

• PriortoEquinix,Mr.SharpheldleadershippositionsatQwestCommunications,MCI/VerizonBusinessandRelianceGlobalcom.

Gregory S. Wright, ChiefInvestmentOfficer Age:54

OfficerSince:2019

Responsibilities:•LeadingglobalM&A,includinginvestmentdecisions

Education:•BS-UniversityofMaryland•MBA–UniversityofMichigan

• Prior to joining the Company, from2005to December 2018, Mr. Wright wasCo-Headof Americas Real Estate and Managing Director of the Real Estate,Gaming&LodgingGroupatBankofAmericaMerrillLynch,whereheprovidedstrategicandfinancialadvicetoclientsacrossabroadspectrumofrealestate,infrastructureandrelatedsectors,includingtheCompany.

• PriortoBankofAmericaMerrillLynch,Mr.WrightservedasaManagingDirectorintheRealEstate&LodgingGroupatCitigroupwherehewasresponsiblefororiginatingandexecutingstrategicadvisoryassignmentsandgeneralclientcoverage.

• Prior to Citigroup, Mr. Wright also worked at Trammell Crow Company in Washington, D.C. where he was a member of the finance team responsible foracquisitions,dispositionsandjointventures,aswellasconstructionandpermanentfinancingsacrossmultipleproducttypes.


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BoardGovernanceDocumentsTheBoardmaintainschartersforeachofitscommittees.Inaddition,theBoardhasadoptedawrittensetofCorporateGovernanceGuidelines,aswellasaCodeofBusinessConductandEthicsthatappliestotheCompany’semployees,officersanddirectors,includingourprincipalexecutiveofficerandprincipalfinancialofficer.ToviewthechartersofourAuditCommittee,CompensationCommitteeandNominatingandCorporateGovernanceCommittee,CorporateGovernanceGuidelines and Code of Business Conduct and Ethics, please visit our website at www.digitalrealty.com. Each of these documents is also available, free ofcharge,inprinttoanystockholderwhosendsawrittenrequesttoJoshuaA.Mills,Secretary,DigitalRealtyTrust,Inc.,FourEmbarcaderoCenter,Suite3200,SanFrancisco,CA94111.

IndependentDirectorsNYSElistingstandardsrequireNYSE-listedcompaniestohaveamajorityofindependentboardmembersandanauditcommittee,compensationcommitteeandnominatingandcorporategovernancecommittee,eachcomprisedsolelyofindependentdirectors.UndertheNYSElistingstandards,nodirectorofacompanyqualifies as “independent” unless the board of directors of such company affirmatively determines that the director has no material relationship with suchcompany(eitherdirectlyorasapartner,stockholderorofficerofanorganizationthathasarelationshipwithsuchcompany).TheNYSErulesalsoincludecertaincategoricalstandardsforevaluatingdirectorindependence.TheBoard,byresolution,hasaffirmativelydeterminedthat, basedonthestandardssetforthintheNYSErulesandourcorporategovernancedocuments,allnon-employeenomineesforelectiontotheBoardattheAnnualMeetingareindependent(the“IndependentDirectors”).Inmakingthisdetermination,theBoardconsideredtherelationshipsandtransactionsdescribedunderthecaption“CertainRelationshipsandRelatedPartyTransactions”beginningonpage72.

BoardMeetingsThe Board held eleven meetings and the Independent Directors met in executive session 6 times during 2018. The Chairman of the Board serves as thepresiding director of the executive sessions of the Independent Directors. During 2018, Mr. Chapman served as the Chairman of the Board. The number ofmeetingsheldduring2018foreachBoardcommitteeissetforthbelowundertheheading“BoardCommittees.”DuringtheyearendedDecember31,2018,eachofthedirectorsattendedat least 75%ofthetotal numberof meetingsof theBoardandof thecommitteesonwhichheorsheserved.All of thethen-currentdirectorsattendedthe2018AnnualMeeting,andtheBoardexpectsallcurrentdirectorsstandingforre-electiontotheBoardtoattendthe2019AnnualMeetingbarringunforeseencircumstancesorirresolvableconflicts.

BoardLeadershipStructureWeseparatetherolesofChiefExecutiveOfficerandChairmanoftheBoardinrecognitionofthedifferencesbetweenthetworoles.TheChiefExecutiveOfficeris responsible for setting the strategic direction for the Companyandtheday-to-day leadership andperformanceof the Company,while theChairmanof theBoardprovidesguidancetotheChiefExecutiveOfficer,setstheagendaforBoardmeetingsandpresidesovermeetingsofthefullBoardandexecutivesessionsoftheIndependentDirectors.ThisseparationoftherolesofChairmanandChiefExecutiveOfficerallowsforgreateroversightoftheCompanybytheBoard.TheBoard has determined that our Board leadership structure is the most appropriate at this time, given the specific characteristics and circumstances of theCompany,andtheskillsandexperienceofMr.ChapmanandMr.Stein.


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DirectorContinuingEducationWeencourageourdirectors,andreimbursethemforreasonablecosts,toattendexternaldirectoreducationprogramsthatassistthemindischargingtheirduties.Periodically,weprovidetotheBoardinformationrelevanttotheCompany’sbusinessanditscompetitorsaswellascorporategovernanceandregulatoryissues.Wealso provideto theBoard ona periodic basis presentations by subject matter experts on legal requirements, industry trendsandother pertinent matters.Boardmembersarealsoprovidedwiththeopportunitytoattendindustryconferencesandotherevents,suchastoursofourdatacenters.

BoardCommitteesTheBoardhasestablishedthreestandingcommitteestoassistitincarryingoutitsresponsibilities:theAuditCommittee,theCompensationCommitteeandtheNominatingandCorporateGovernanceCommittee.TheBoardhasadoptedawrittencharterforeachcommittee,eachofwhichisavailableonourwebsiteatwww.digitalrealty.comandinprint toanystockholderwhorequestsit bywritingtoourSecretary, asprovided forin“—BoardGovernanceDocuments.” EachcommitteeconsistsentirelyofindependentdirectorsinaccordancewithNYSErulesandwiththeindependencerequirementsoftheSecuritiesExchangeActof1934,asamended(the“ExchangeAct”).

AuditCommitteeMembers* Committee FunctionsAfshinMohebbi(Chair)**MichaelA.Coke**MarkR.Patterson**MaryHoganPreusse**Number of Meetings in 201810

•AssisttheBoardwithitsoversightresponsibilitiesregarding:theintegrityoftheCompany’sfinancialstatements;theCompany’scompliancewithlegalandregulatoryrequirements;thequalifications,engagement,compensation,andindependenceoftheregisteredpublicaccountingfirmthatauditstheCompany’sfinancialstatements(the“independentauditor”);andtheperformanceoftheCompany’sinternalauditfunctionandindependentauditor.

•Preparethedisclosurerequiredbyfederalsecuritieslaws,includingItem407(d)(3)(i)ofRegulationS-K,tobeincludedintheCompany’sannualproxystatement.

• Responsiblefor the appointment, compensation, retention, termination, evaluation and oversight of the work of theindependent auditor for the purpose of preparing or issuing an audit report or related work or performing other audit,revieworattestservicesfortheCompany.

• Review, at least annually, the independence, performance, qualifications and quality control procedures of theindependentauditorandtheexperienceandqualificationsoftheindependentauditor’sseniorpersonnel.

•Overseetheannualaudit,quarterlyreview,andinternalaudit.

* MembersasofthedateofthisProxyStatement.Mr.ChapmanalsoservedontheAuditCommitteeduring2018.** TheBoardhasdeterminedthateachofMessrs.Mohebbi,CokeandPattersonandMs.HoganPreusseisan“auditcommitteefinancialexpert”asdefinedbytheSEC.BeforetheCompany’sindependentauditorisengagedbytheCompanyoritssubsidiariestorenderauditornon-auditservices,theAuditCommitteeisrequiredtopre-approvetheengagement.AuditCommitteepre-approvalofauditandnon-auditserviceswillnotberequirediftheengagementfortheservicesisenteredinto pursuant to pre-approval policies and procedures established by the Audit Committee regarding the Company’s engagement of the independent auditor,providedthepoliciesandproceduresaredetailedastotheparticularservice,theAuditCommitteeisinformedofeachserviceprovidedandsuchpoliciesandproceduresdonotincludedelegationof theAudit Committee’sresponsibilitiesundertheExchangeActtotheCompany’smanagement. Audit Committeepre-approvalofnon-auditservices(otherthanreviewandattestservices)alsowillnotberequiredifsuchservicesfallwithinavailableexceptionsestablishedbytheSEC. The Audit Committee may delegate to one or more designated members of the Audit Committee the authority to grant pre-approvals, provided suchapprovalsarepresentedtotheAuditCommitteeatasubsequentmeeting.TheAuditCommitteedelegatedtheauthoritytograntpre-approvalstoMr.Mohebbi,theChairoftheAuditCommittee.Further information regarding the specific functions performed by the Audit Committee is set forth below in “Item 2. Ratification of Selection of IndependentRegisteredPublicAccountingFirm—AuditCommitteeReport.”


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CompensationCommitteeMembers* Committee FunctionsDennisE.Singleton(Chair)KevinJ.KennedyMarkR.PattersonJohnT.Roberts,Jr.*Number of Meetings in 2018 7

Dischargeor assist the Board in discharging the Board’s responsibilities relating to compensation of the Company’sexecutives,includingbydesigning(inconsultationwiththeCompany’smanagement),approving,recommendingtotheBoard for approval, implementing, administering, managing and evaluating the compensation plans, policies andprogramsoftheCompany.Review,atleastannually,theperformanceandcompensationofourexecutiveofficersandapprovethecompensationofournamedexecutiveofficers.Reviewand approve, at least annually, the corporate goals and objectives relating to the compensation of our ChiefExecutiveOfficerandevaluatehisperformancerelativetothesegoals.AdministertheDigitalRealtyTrust,Inc.,DigitalServices,Inc.andDigitalRealtyTrust,L.P.2014IncentiveAwardPlan,asamended(the“2014Plan”).PreparethedisclosurerequiredbyfederalsecuritieslawstobeincludedintheCompany’sannualproxystatement.

* MembersasofthedateofthisProxyStatement.Mr.Robertshaselectednottostandforre-electionasadirectorattheAnnualMeeting.Mr.Roberts’termontheBoardandtheCompensationCommitteewillexpireattheAnnualMeeting,andimmediatelyfollowingtheexpirationofsuchtermthesizeoftheBoardwillbereducedtoninemembers.

TheBoard,byresolution,affirmativelydeterminedthatnoneofthemembersofourCompensationCommitteehadanyrelationshiptotheCompanywhichwasmaterialtothatdirector’sabilitytobeindependentfrommanagementinconnectionwiththedutiesofacompensationcommitteemember.Infulfillingitsresponsibilities, theCompensationCommitteemaydelegateanyorall of itsresponsibilitiestoasubcommitteeoftheCompensationCommittee,exceptfor:• thereviewandapprovalofthecorporategoalsandobjectivesrelatingtothecompensationofourChiefExecutiveOfficerandtheevaluationofhisperformancerelativetothesegoals;

• thereviewandapprovalofcompensationforourChiefExecutiveOfficer,ChiefFinancialOfficerandallothernamedexecutiveofficers;

• therecommendationstotheBoardwithrespecttonon-CEOcompensation,incentivecompensationplansandequity-basedplansandthereviewandapprovalofallexecutiveofficers’employmentagreementsandseverancearrangements;

• thepreparationandapprovalofourannualcompensationreport;and

• any matters that involve executive compensation or any matters where the Compensation Committee has determined such compensation is intended tocomplywithSection162(m)oftheInternalRevenueCodeof1986,asamended,byvirtueofbeingapprovedbyacommitteeof“outsidedirectors”.

ToaidtheCompensationCommitteeinmakingitsdeterminations,managementprovidesrecommendationsannuallytotheCompensationCommitteeregardingthe compensationof all named executive officers. Each named executive officer participates in an annual performance review either with the CompensationCommittee,withinputfromtheBoard,inthecaseofourChiefExecutiveOfficer, orwithourChiefExecutiveOfficer, inthecaseofall othernamedexecutiveofficers,toobtaininputabouttheircontributionstooursuccessfortheperiodbeingassessed.TheperformanceofournamedexecutiveofficersisalsoreviewedannuallybytheCompensationCommittee.For 2018, the Compensation Committee retained the services of FPL Associates L.P. (“FPL”) to serve as the Compensation Committee’s independentcompensation consultant until November 2018. In November 2018, the Compensation Committee selected Semler Brossy Consulting Group, LLC (“SemlerBrossy”) to serve as the Compensation Committee’s independent compensation consultant going forward. Each of FPL andSemler Brossy was engaged toassist the Compensation Committee with a variety of tasks, which included among other things, conducting and presenting the annual review of the totalcompensationpackagesfor our executiveofficers, includingbasesalary, cashbonuses, long-termincentivesandtotal direct compensation; reviewingmarketdataoncompensation;reviewingandassessingthelong-termincentivescurrentlyprovidedtoexecutivesandfutureawards;aligningandtestingperformance-related pay; reviewing non-employee directors’ compensation; reviewing the Company’s peer group; and understanding market trends. The CompensationCommitteeassessedtheindependenceofFPLandSemlerBrossypursuanttotherulesprescribedbytheSECandtheNYSEandconcludedthatnoconflictofinterestexistedin2018thatwouldhavepreventedFPLorSemlerBrossyfromservingasanindependentconsultanttotheCompensationCommittee.


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NominatingandCorporateGovernanceCommitteeMembers* Committee FunctionsWilliamG.LaPerch(Chair)LaurenceA.ChapmanKevinJ.KennedyMaryHoganPreusseNumber of Meetings in 2018 4

•IdentifyqualifiedcandidatestobecomeBoardmembers.•Selectnomineesforelectionasdirectors.•SelectcandidatestofillanyvacanciesontheBoard.• Develop and recommend to the Board a set of corporate governance guidelines and principles applicable to theCompany.

•OverseetheevaluationoftheBoardandmanagement.

* Members as of the date of this Proxy Statement. Mr. Zerbst, who elected not to stand for re-election as a director at the 2018 Annual Meeting, also served on theNominatingandCorporateGovernanceCommitteeduring2018.

FurtherinformationregardingtheNominatingandCorporateGovernanceCommitteeissetforthbelowin“—QualificationsofDirectorNominees,”“—Nominatingand Corporate Governance Committee’s Process for Considering Director Nominees” and “— Manner by which Stockholders May Recommend DirectorNominees.”

QualificationsofDirectorNomineesThe Nominating and Corporate Governance Committee has not set forth minimum qualifications for Board nominees. Pursuant to its charter, in identifyingcandidatestorecommendforelectiontotheBoard,theNominatingandCorporateGovernanceCommitteeconsidersthefollowingcriteria: (i) personalandprofessionalintegrity,ethicsandvalues;

(ii) experienceincorporategovernanceincludingasanofficer,boardmemberorseniorexecutiveorasaformerofficer,boardmemberorseniorexecutiveofapublicly held company, and a general understanding of marketing, finance and other elements relevant to the success of a publicly traded companyintoday’sbusinessenvironment;

(iii) experienceasaboardmemberofanotherpubliclyheldcompany;

(iv) academic,executiveand/oroperationalexpertiseinanareaoftheCompany’sindustryoroperations;

(v) practicalandmaturebusinessjudgment,includingabilitytomakeindependentanalyticalinquiries;and

(vi) abilitytoworkaspartofateam.For more information about thequalifications and experience of each of our directors, please see the “Directors Qualifications and Experience” table onthefollowingpage.


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DirectorQualificationsandExperienceThe Nominating and CorporateGovernance Committee believes that a complementary balance of knowledge, experience and capability will best serve theCompanyand its stockholders. The table below summarizes the types of experience, qualifications, attributes and skills the Board believes to be desirablebecauseof their particular relevanceto the Company’s business andstructure. While all of thesefactorswere considered by the Board with respect to eachdirector,thefollowingtabledoesnotencompassalltheexperience,qualifications,attributesorskillsofourdirectors.

Skill/Qualification Accounting/Financial Literacy: ExperienceinfinancialaccountingandreportingasitappliestoREITs,corporatefinance,andinternalcontrols.

Corporate Governance: Experiencesupportingthegoalsofstrongboardandmanagementaccountability,transparency,effectiveness,andstockholderinterests.

Diversity: Diversityofrace,ethnicityorgender. Executive Leadership: ExperienceinaleadershiproleasCEOorotherseniorexecutiveatapubliccompany.

Financial/Capital Markets: Experienceworkinginanindustryinvolvingraisingcapital,large-scalecapitaloutlaysandlong-terminvestments.

International Experience: Experienceininternationaloperations,includingexposuretoarangeofcultural,regulatoryandbusinessenvironments.

Legal: Professionalexperienceinthelaw. Real Estate Investment: Experienceintherealestateindustry,includingexperiencewithacquisition,financingandoperationofcommercialproperty.

Risk Management: ExperienceinoversightofthetypesofrisksfacingtheCompany.

Sales/Marketing: Experienceinmarketingandbrandbuilding,andmanagingasalesteam.

Strategy: Experiencedevelopingandimplementingasuccessfulstrategy,includingappropriatelyprobingandchallengingmanagementonthedeliveryofagreedstrategicplanningobjectives.

Technology Experience: Experiencewithdatacenter,cloudcomputing,datacommunications,hostingandcolocationindustries.

WhiletheNominatingandGovernanceCommitteedoesnothaveaformalpolicyregardingdiversity,theCompany’sCorporateGovernanceGuidelinesstatethateachindividualnomineeisevaluatedinthecontextoftheBoardasawhole,withtheobjectiveofassemblingagroupthatcanbestperpetuatethesuccessofthebusinessandrepresent stockholderintereststhroughtheexerciseof soundjudgmentusingits diversityof experienceinthesevariousareas.TheCommitteeconsidersdiversityoftheBoardinidentifyingdirectornominees,includingdiversityinexperience,professionalbackground,areasofexpertiseandindustries.TheNominatingandCorporateGovernanceCommitteewillensurethatitincludes,andrequestthatanysearchfirmthatitengagesinclude,candidateswithdiversityofrace,ethnicityandgenderinthepoolfromwhichdirectorcandidatesareselected.


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NominatingandCorporateGovernanceCommittee’sProcessforConsideringDirectorNomineesTheNominatingandCorporateGovernanceCommitteeperiodicallyreviewstheperformanceofeachcurrentdirectorandconsiderstheresultsofsuchevaluationwhendetermining whether to recommendthe nomination of such director for an additional term. In the process of reviewing candidates, theNominatingandCorporateGovernanceCommitteewillensurethatitincludes,andrequestthatanysearchfirmthatitengagesinclude,candidateswithdiversityofrace,ethnicityandgenderinthepoolfromwhichdirectorcandidatesareselected.Atanappropriatetimepriortoeachannualmeetingatwhichdirectorsaretobeelectedorre-elected,theNominatingandCorporateGovernanceCommitteerecommendstotheBoardfornominationbytheBoardsuchcandidatesastheNominatingandCorporateGovernanceCommittee,intheexerciseofitsjudgment,hasfoundtobewellqualifiedandwillingandavailabletoserve.At an appropriate time after a vacancy arises on the Board or a director advises the Board of his or her intention to resign, the Nominating and CorporateGovernanceCommitteemayrecommendtotheBoardforelectionbytheBoardtofillsuchvacancy,suchprospectivememberoftheBoardastheNominatingandCorporateGovernanceCommittee,intheexerciseofitsjudgment,hasfoundtobewellqualifiedandwillingandavailabletoserve.Indeterminingwhetheraprospective member is qualified to serve, the Nominating andCorporate GovernanceCommittee will consider the factors listed abovein “—Qualifications ofDirectorNominees.”The foregoing notwithstanding, if the Company is legally required by contract or otherwise to permit a third party to designate one or more of the directornomineestobeelected(forexample,pursuanttorightscontainedintheArticlesSupplementaryofeachclassofouroutstandingpreferredstock,votingtogether,to elect two directors upon a dividend default), then the nomination or election of such directors will be governed by such requirements. Additionally,recommendations received from stockholders will be considered and are subject to the same criteria as are candidates nominated by the Nominating andCorporateGovernanceCommittee.

MannerbyWhichStockholdersMayRecommendDirectorNomineesTheNominatingandCorporateGovernanceCommitteewillconsiderdirectornomineesrecommendedbystockholdersoftheCompany.OurBylawsalsoprovideaproxyaccess right permitting stockholders whohave beneficially owned3%or more of the Company’s CommonStock continuously forat least 3years tosubmitdirectornominationsviatheCompany’sproxymaterialsforupto20%ofthedirectorsthenserving.AllrecommendationsmustbedirectedtoWilliamG.LaPerch,ChairoftheNominatingandCorporateGovernanceCommittee,careofJoshuaA.Mills,Secretary,DigitalRealtyTrust,Inc.,FourEmbarcaderoCenter,Suite3200,SanFrancisco,California94111.Recommendationsfordirectornomineestobeconsideredatthe2020AnnualMeetingmustbereceivedinwritingnotlaterthan5:00p.m.,PacificTime,onDecember3,2019andnotearlierthanNovember3,2019.Intheeventthatthedateofthe2020AnnualMeetingisadvancedordelayedbymorethan30daysfromthefirst anniversaryofthedateofthe2019AnnualMeeting, noticebythestockholdermustbereceivednoearlierthanthe150thdaypriortothedateofthemeetingandnotlaterthan5:00p.m.,PacificTime,onthelaterofthe120thdaypriortothedateofthemeeting,asoriginallyconvened,orthe10thdayfollowingthedateofthefirstpublicannouncementofthemeeting.EachstockholderrecommendingapersonasadirectorcandidatemustprovidetheCompanywiththeinformationspecifiedinourBylaws,asdescribedunder“OtherMatters—StockholderProposalsandNominations”below.TherecommendingstockholdermustalsoprovidesupplementalinformationthattheNominatingandCorporateGovernanceCommitteemayrequesttodeterminewhethertheproposednominee(i)isqualifiedtoserveontheAuditCommittee,(ii)meetsthestandardsofanindependentdirectorand(iii)satisfiesthestandardsforourdirectorssetforthabovein“—QualificationsofDirectorNominees.”Further,theproposednomineemustmakehimselforherselfreasonablyavailabletobeinterviewedbytheNominatingandCorporateGovernanceCommittee.Pleasereferto“OtherMatters—StockholderProposalsandNominations”below for further information. The Nominating and Corporate Governance Committee will consider all recommended director candidates submitted to it inaccordancewiththeseestablishedprocedures,thoughitwillonlyrecommendtotheBoardaspotentialnomineesthosecandidatesitbelievesaremostqualified.However, the Nominating and Corporate Governance Committee will not consider any director candidate if the candidate’s candidacy or, if elected, Boardmembershipwouldviolatecontrollingstatelaworfederallaw.


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BoardEvaluationsTheBoardiscommittedtoconductingregularevaluationsofitseffectivenessanddirectorperformance.TheNominatingandCorporateGovernanceCommitteeleadsanannualperformancereviewoftheBoardanditscommittees.Fromtimetotime,includingin2018,theBoardhasengagedanindependentadvisortosupplement its normal reviewprocess with a more extensive evaluation. As part of that process in 2018, the independent advisor met individually with eachdirectoraswellaswithmembersoftheexecutivemanagementteamtodiscusskeyBoardtopics.Thosetopicsincluded,amongothers,theroleoftheBoard,theBoard’scomposition, therelationshipbetweentheBoardandmanagement, theBoard’sstrategicpriorities,theBoard’sinternal workingdynamics,successionplanningandoverallBoardeffectiveness.ThesefindingswerecompiledbytheadvisorandpresentedtothefullBoardfordiscussion.

Board’sRoleinOversightofRisk

TheBoardhasanactiverole inoverseeingthemanagementoftheCompany’srisks,andtheCompany’smanagementteamregularlyprovidesit withreportshighlighting its assessments and recommendations. The Board regularly reviews information frommembers of senior management regarding theCompany’sfinancial performance, balancesheet, credit profile andliquidity, as well as therisksassociatedwith each.TheBoardalsoreceives reports frommembers ofmanagement on areas of material risk to the Company, including operational, financial, legal, regulatory, cybersecurity, strategic and other enterprise riskmanagementtopics.TheCompensationCommitteeassessesandmonitorsrisksrelatingtotheCompany’sexecutiveofficerandemployeecompensationpoliciesand practices. The Audit Committee oversees management of financial reporting and internal controls risks. The Nominating and Corporate GovernanceCommitteeisresponsibleforoverseeingthemanagementofrisksassociatedwiththeindependenceoftheBoardandcorporategovernance.

StockholderandInterestedPartyCommunicationswiththeBoardStockholdersandinterestedpartiesmaysendcorrespondencedirectedtotheBoard,careofJoshuaA.Mills,ExecutiveVicePresident, GeneralCounselandSecretary,DigitalRealtyTrust,Inc.,FourEmbarcaderoCenter,Suite3200,SanFrancisco,CA94111.Mr.MillswillreviewallcorrespondenceaddressedtotheBoard, or any individual Board member, for any inappropriate correspondence and correspondence more suitably directed to management. Mr. Mills willsummarizeallcorrespondencenotforwardedtotheBoardandmakethecorrespondenceavailabletotheBoardforitsreviewattheBoard’srequest.Mr.Millswillforward stockholder communications to the Board prior to the next regularly scheduled meeting of the Board following the receipt of the communication, asappropriate. Correspondenceintended for our non-management and Independent Directors as a group should be addressed to the Company at the addressabove,Attention:IndependentDirectors.


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ITEM 2. RatificationofSelectionofIndependentRegisteredPublicAccountingFirm

TheAuditCommitteeoftheBoardhasselectedKPMGLLPastheCompany’sindependentregisteredpublicaccountingfirmfortheyearendingDecember31,2019andhasfurtherdirectedthatmanagementsubmittheselectionofKPMGLLPforratificationbythestockholdersattheAnnualMeeting.KPMGLLPhasauditedtheCompany’sfinancial statementssincetheCompany’sinceptionin2004.RepresentativesofKPMGLLPareexpectedtobepresentat theAnnualMeetingandwillhaveanopportunitytomakeastatementiftheysodesireandwillbeavailabletorespondtoappropriatequestions.StockholderratificationoftheselectionofKPMGLLPastheCompany’sindependentregisteredpublicaccountingfirmisnotrequiredbytheBylawsorotherwise.However,theBoardissubmittingtheselectionofKPMGLLPtothestockholdersforratificationasamatterofcorporatepractice.Ifthestockholdersfailtoratifytheselection,theAuditCommitteemayreconsiderwhetherornottoretainKPMGLLPinthefuture.Eveniftheselectionisratified,theAuditCommitteeinitsdiscretionmaydirecttheappointmentofadifferentindependentregisteredpublicaccountingfirmatanytimeduringtheyeariftheAuditCommitteedeterminesthatsuchachangewouldbeinthebestinterestsoftheCompany.TheaffirmativevoteofamajorityofthevotescastattheAnnualMeetingisrequiredtoratifytheselectionofKPMGLLPasourindependentregisteredpublicaccountingfirmfortheyearendingDecember31,2019.

IndependentRegisteredPublicAccountingFirmThefollowingsummarizesthefeesincurredbytheCompanyforKPMGLLP’sservicesfortheyearsendedDecember31,2018and2017: 2018 2017 AuditFees(1) $ 2,966,867 $ 3,147,839Audit-RelatedFees(2) 865,608 870,325TaxFees 1,149,607 88,700AllOtherFees(3) 784,068 758,772TOTAL FEES $ 5,766,150 $ 4,865,636

(1) “AuditFees”aretheaggregatefeesbilledbyKPMGLLPforprofessionalservicesrenderedinconnectionwiththeintegratedauditoftheCompany’sannualconsolidatedfinancialstatementsandinternalcontroloverfinancialreporting,auditoftheOperatingPartnership’sannualconsolidatedfinancialstatements,reviewsoftheCompany’sand the Operating Partnership’s quarterly financial statements, and letters to underwriters related to the Company’s commonand preferred stock and debt securitiesofferings.

(2) “Audit-Related Fees” for 2018 include fees for required foreign statutory audits for properties in Europe, Asia, and Australia and audits for two joint ventures. “Audit-RelatedFees”for2017includefeesforrequiredforeignstatutoryauditsforpropertiesinEurope,AsiaandAustralia,andauditsfortwojointventures.

(3) “AllOtherFees”includefeesprimarilyrelatingtofinancialduediligenceassistanceinconnectionwithpotentialacquisitionsin2018and2017.Allaudit,audit-related,taxandallotherservicesprovidedbyKPMGLLPwerepre-approvedbytheAuditCommitteeorbytheChairoftheAuditCommittee.


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AuditCommitteeReport*The Audit Committee assists the Board of Directors, or the Board, of Digital Realty Trust, Inc., a Maryland corporation, or the Company, with its oversightresponsibilitiesregardingtheCompany’sfinancialreportingprocess.TheCompany’smanagementisresponsibleforthepreparation,presentationandintegrityofthe Company’s financial statements as well as the Company’s financial reporting process, accounting policies, internal audit function, internal control overfinancialreportinganddisclosurecontrolsandprocedures.TheCompany’sindependentregisteredpublicaccountingfirmisresponsibleforperforminganauditoftheCompany’sannualconsolidatedfinancialstatementsandtheeffectivenessofinternalcontroloverfinancialreportingasofyear-end.TheAudit Committee has reviewedand discussed the Company’s audited consolidated financial statements for the year ended December 31, 2018withtheCompany’smanagementandwithKPMGLLP,theCompany’sindependentregisteredpublicaccountingfirm.TheAuditCommitteediscussedwithKPMGLLPtheoverall scopeof andplans for the audit by KPMGLLP. TheAudit Committee regularly meets with KPMGLLP, with andwithout management present, todiscusstheresultsofitsexamination,itsevaluationoftheeffectivenessoftheCompany’sinternalcontroloverfinancialreportingasofyear-end,andtheoverallqualityof the Company’s financial reporting. In the performance of their oversight function, the members of the AuditCommittee necessarily relied upon theinformation,opinions,reportsandstatementspresentedtothembythemanagementoftheCompanyandbyKPMGLLP.TheAuditCommitteehasalsoreceivedand discussed with KPMG LLP the written disclosures and the letter from KPMG LLP that are required by applicable requirements of the Public CompanyAccounting Oversight Board regarding KPMG LLP’s communications with the Audit Committee concerning independence, discussed with KPMG LLP itsindependencefrommanagementandtheAuditCommittee,anddiscussedwithKPMGLLPthemattersrequiredtobediscussedbytheapplicablestandardsofthePublicCompanyAccountingOversightBoard.Basedonthe reviewsanddiscussions referred to above, the Audit Committeerecommendedto theBoardthat the audited consolidatedfinancial statementsreferredtoabovebeincludedintheCompany’sandOperatingPartnership’sAnnualReportonForm10-KfortheyearendedDecember31,2018forfilingwiththeUnitedStatesSecuritiesandExchangeCommission.

AfshinMohebbi,ChairMichaelA.CokeMarkR.PattersonMaryHoganPreusse

* Thematerialinthisreportisnotsolicitingmaterial,isnotdeemedfiledwiththeSECandisnotincorporatedbyreferenceinanyfilingoftheCompanyundertheSecurities

Act of 1933 (the “Securities Act”) or the Exchange Act, whether made before or after the date of this Proxy Statement and irrespective of any general incorporationlanguageinsuchfiling.


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PrincipalStockholdersThefollowingtablesetsforth,asofMarch15,2019,thebeneficialownershipofsharesofourCommonStockandsharesofCommonStockintowhichunitsoflimitedpartnership(“units”)inDigitalRealtyTrust,L.P.,aMarylandlimitedpartnership(our“OperatingPartnership”orthe“OperatingPartnership”),ofwhichwearethesolegeneralpartner,areexchangeablefor(i)eachpersonwhoisthebeneficialownerof5%ormoreoftheoutstandingCommonStockandunits,(ii)directors,nomineesandnamedexecutiveofficersand(iii)alldirectorsandexecutiveofficersasagroup.EachpersonnamedinthetablehassolevotingandinvestmentpowerwithrespecttoallofthesharesofourCommonStockandunitsshownasbeneficiallyownedbysuchperson,exceptasotherwisesetforthinthenotestothetable. TheextenttowhichapersonholdssharesofCommonStockasopposedtounitsissetforth inthefootnotesbelow.Unlessotherwiseindicated,theaddressofeachnamedpersoniscareofDigitalRealtyTrust,Inc.,FourEmbarcaderoCenter,Suite3200,SanFrancisco,CA94111.

Name of Beneficial Owner

Number of Shares and Units

Beneficially Owned (1)Percent of All Shares(2)

Percent of All Shares and Units

(3)

5% Stockholders: TheVanguardGroup,Inc.(4) 36,652,676 17.6% 16.8%CapitalWorldInvestors(5) 21,093,035 10.1% 9.7%BlackRock,Inc.(6) 20,182,465 9.7% 9.3%StateStreetCorporation(7) 11,769,234 5.7% 5.4%Directors and Named Executive Officers LaurenceA.Chapman(8) 65,969 * *A.WilliamStein(9) 443,194 * *MichaelA.Coke(10) 13,460 * *KevinJ.Kennedy(11) 9,391 * *WilliamG.LaPerch(12) 13,623 * *AfshinMohebbi(13) 3,823 * *MarkR.Patterson(14) 3,905 * *MaryHoganPreusse(15) 2,753 * *JohnT.Roberts,Jr.(16) 14,868 * *DennisE.Singleton(17) 38,787 * *AndrewP.Power(18) 84,933 * *ErichJ.Sanchack(19) 3,911 * *ChristopherSharp(20) 6,682 * *JoshuaA.Mills(21) 59,925 * *ScottE.Peterson(22) 179,511 * *DanielW.Papes(23) 2,944 * *Alldirectorsandexecutiveofficersasagroup(19persons) 1,016,733 * *

* Lessthan1%.

(1) BeneficialownershipasofMarch15,2019.Includes2019vestingofcertainawardslistedon“OutstandingEquityAwardsatFiscalYear-End”table.

(2) Basedon208,171,427sharesofourCommonStockoutstandingasofMarch15,2019.Foreachnamedexecutiveofficeranddirector,thepercentageofsharesofourCommonStock beneficially owned by such person assumes that all the units held by such person that are vested or will vest within 60 days of March 15, 2019areexchangedforsharesofourCommonStockandthatnoneofthevestedunitsheldbyotherpersonsaresoexchanged.Foralldirectorsandexecutiveofficersasagroup,thepercentageofsharesofourCommonStockbeneficiallyownedbysuchpersonsassumesthatalltheunitsheldbysuchpersonsthatarevestedorwillvestwithin60daysofMarch15,2019areexchangedforsharesofourCommonStock.

(3) Basedon217,759,299sharesof ourCommonStockandunits, includingvestedlong-termincentive units, outstandingasof March15, 2019, comprising208,171,427shares of our CommonStock and 9,587,872 vested units. For each named executive officer and director, the percentage of shares of our Common Stock andunitsbeneficiallyownedbysuchpersonassumesthatalltheunitsheldbysuchpersonthatarevestedorwillvestwithin60daysofMarch15,2019areexchangedforsharesofourCommonStockandthatnoneofthevestedunitsheldbyotherpersonsaresoexchanged.Foralldirectorsandexecutiveofficersasagroup,thepercentageofsharesofourCommonStockbeneficiallyownedbysuchpersonsassumesthatalltheunitsheldbysuchpersonsthatarevestedorwillvestwithin60daysofMarch15,2019areexchangedforsharesofourCommonStock.


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(4) BasedsolelyoninformationcontainedinanamendedSchedule13GfiledbyTheVanguardGroup,Inc.withtheSEConFebruary4,2019.TheaddressofTheVanguardGroup,Inc.is100VanguardBoulevard,Malvern,PA19355.TheVanguardGroup,Inc.hassolevotingpowerwithrespect to421,214shares,sharedvotingpowerwithrespect to266,040shares, soledispositivepowerwithrespect to32,156,436sharesandshareddispositivepowerwithrespect to496,240shares. VanguardFiduciaryTrustCompany,awholly-ownedsubsidiaryofTheVanguardGroup, Inc., is thebeneficial ownerof 174,395sharesasaresult of its servingasinvestmentmanagerofcollective trust accounts. VanguardInvestmentsAustralia, Ltd., awholly-ownedsubsidiaryofTheVanguardGroup,Inc., isthebeneficialownerof568,664sharesasaresultofitsservingasinvestmentmanagerofAustralianinvestmentofferings.

(5) BasedsolelyoninformationcontainedonanamendedSchedule13GfiledbyCapitalWorldInvestorswiththeSEConJanuary10,2019.TheaddressofCapitalWorldInvestors is 333 South Hope Street, Los Angeles, CA 90071. Capital World Investors has sole voting power over 21,093,035 shares, sole dispositive power over21,093,035shares,andsharedvotingandshareddispositivepowerswithrespecttozeroshares.

(6) Basedsolelyoninformationcontained inanamendedSchedule13GfiledbyBlackRock,Inc.withtheSEConFebruary11,2019.TheaddressofBlackRock,Inc.is40East 52ndStreet, NewYork, NY10055. BlackRock, Inc. has sole voting power with respect to 118,493,292 shares, sole dispositive power with respect to 20,182,782sharesandsharedvotingandshareddispositivepowerswithrespecttozeroshares.

(7) Based solely on the information contained on a Schedule 13G filed by State Street Corporation with the SEC on February 11, 2019. The address of State StreetCorporation is State Street Financial Center, One Lincoln Street, Boston, MA02111. State Street Corporation has sole voting power and sole dispositive powers withrespecttozeroshares,andsharedvotingandshareddispositivepowerswithrespectto10,508,796shares.

(8) Includes 2,748 long-term incentive units, and also includes 4,800 shares of our Common Stock held by members of Mr. Chapman’s immediate family over whichMr.Chapmanmaybedeemedto sharevotingandinvestment power; Mr. Chapmandisclaimsbeneficial ownership over suchshares except to theextent of his pecuniaryinteresttherein.

(9) Includes161,963long-termincentiveunitsand281,231vestedClassDUnits.

(10) Includes2,420long-termincentiveunits.


(12) Includes10,423long-termincentiveunits.Mr.LaPerchalsobeneficiallyowns1,200sharesoftheCompany’s5.250%SeriesJCumulativeRedeemablePreferredStock,whichconstituteslessthan1%ofthe8,000,000sharesofseriesJpreferredstockcurrentlyoutstanding.




(16) Includes2,486long-termincentiveunits


(18) Includes23,722long-termincentiveunitsand61,211vestedClassDUnits.


(20) Includes1,852long-termincentiveunitsand3,668vestedClassDUnits.(21) Includes3,335long-termincentiveunitsand52,424vestedClassDUnits.(22) Includes50,202long-termincentiveunitsand129,309vestedClassDUnits.(23) Includes2,944long-termincentiveunits.


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ExecutiveCompensationCompensationDiscussionandAnalysisThisCompensationDiscussionandAnalysissectiondiscussesthecompensationpoliciesandprogramsforournamedexecutiveofficers,asdeterminedundertherulesoftheSEC,forfiscalyear2018.Thefollowingtableidentifiesournamedexecutiveofficersandtheirpositionsin2018:Name PositionA.WilliamStein ChiefExecutiveOfficerAndrewP.Power ChiefFinancialOfficerErichJ.Sanchack ExecutiveVicePresident,OperationsChristopherSharp ChiefTechnologyOfficerJoshuaA.Mills ExecutiveVicePresident,GeneralCounselandSecretaryScottE.Peterson FormerChiefInvestmentOfficerDanielW.Papes FormerSeniorVicePresident,GlobalSales&MarketingMessrs.PetersonandPapesdepartedtheCompanyinMay2018andJune2018,respectively.

ExecutiveSummaryThe objective of our executive compensation program is to attract, retain and motivate experienced and talented executives who can help the Company toachieve its business objectives designed to maximize stockholder value. We believe that a significant portion of the compensation paid to executive officersshouldbecloselyalignedwithourperformanceonbothashort-termandlong-termbasis.The total compensation opportunity for each of our named executive officers, including targets for performance-based compensation, was set by theCompensationCommitteeinlate2017andearly2018.TheCompensationCommitteeutilizedtheservicesofFPLforthiscompensationreview,whichincludedreviewingcompensationinformationofourpeergroup.Wemaintainacompetitivecompensationprogramwiththefollowingcomponents: Type of Component Link to Program Objectives Compensation DescriptionBaseSalary

Fixedlevelofcashcompensationtoattractandretainkeyexecutiveofficersinacompetitivemarketplace

Cash

Determinedbasedonevaluationofindividual’sexperienceandcurrentperformance,internalpayequityandacomparisontosalariesofsimilarly-situatedexecutiveofficersinourpeergroup

AnnualIncentiveBonus

Incentiveopportunity(setasapercentageofbasesalary)thatencouragesexecutiveofficerstoachieveannualCompany,businessunitandindividualgoalsAssistsinretaining,attractingandmotivatingemployeesinthenearterm

Cashand/orEquity

Earnedbasedontheattainmentofacombinationofcorporate/financial,individualanddepartmentalperformancegoalsSpecificCompanyperformancemeasuresincludecoreFFOpershare(measuringearnings),revenue(measuringstrategic/portfolioperformance),andAdjustedEBITDAmargin(measuringoperations)

Long-TermIncentiveProgram

Focusesexecutiveofficersoncreatinglong-termstockholdervalueanddirectlyalignswithstockholders’interestsEasytounderstandandtrackperformanceProvidesadditionaltoolforretention

Equity

Performance-BasedAwards:Three-yearperformanceperiodwithactualperformance-vestingofunitsat0%to200%oftargetbasedentirelyonrelativetotalstockholderreturnovertheperformanceperiod50%ofperformance-vestedunitstime-vestupontheconclusionoftheperformanceperiodand50%time-vestoneyearthereafterTime-BasedAwards:25%oftheunitsvestannuallyoverfouryears


What We Do:WePayforPerformance:Ourcompensationprogramsaredesigned tohavedirectalignmentwithCompanyperformance;basesalariescomprisea relatively modest portion of each named executive officer’s overallcompensationopportunity.We Balance Short-Term and Long-Term Incentives:Weuse multipleperformance measures in awarding annual incentive bonuses andgranting equity awards, which mitigates compensation-related risk; wealsomeasureperformanceacrossvariousperformanceperiods.We Maintain Stock Ownership Guidelines: We have robust stockownershipguidelinesforournamedexecutiveofficersanddirectors.We Retain an Independent Compensation Consultant: OurCompensationCommitteeengagesanindependentconsultanttoprovideguidanceonavarietyofcompensationmatters.

What We Don’t Do:No Automatic Salary Increases or Guaranteed Bonuses:We do notguaranteeannualsalaryincreasesorannualincentivebonuses.WeDoNotAllowUncappedPayouts:Wehaveadefinedcompensationprogramthatdoesnotallowforuncappedbonuspayouts.WeDo Not Have Tax Gross-Ups:Wedo not provide tax gross-ups onanyseverance,change-in-controlorotherpayments.We Do Not Allow Hedging: We do not permit directors, officers oremployeestohedgeoursecurities.We Do Not Provide Excessive Perquisites: Our executive officersreceivelimitedperquisitesandbenefits.

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2018CompensationHighlightsThefollowingsummarizeskeyaspectsofourcompensationpoliciesandprograms:

PayforPerformancePayforperformanceisanimportantcomponentofourcompensationphilosophy.Consistentwiththisfocus,ourcompensationprogramincludesannualincentivebonusesandlong-termequityincentivecompensation.TheCompany’sprimaryobjectivesaretomaximize:(i)sustainablelong-termgrowthinearningsandfundsfromoperationspershareandunit,(ii)cashflowandreturnsto our stockholders andour OperatingPartnership’s unitholders throughthepayment of distributionsand(iii) return on investedcapital. Weexpect toaccomplishourobjectivesbyachievingsuperiorrisk-adjustedreturns,prudentlyallocatingcapital,diversifyingourproductofferings,acceleratingourglobalreachandscale,anddrivingrevenuegrowthandoperatingefficiencies:• Achieve superior risk-adjusted returns. We have managed our business, including our development pipeline and leasing transactions, by targetingappropriaterisk-adjustedreturns.Webelievethatachievingappropriaterisk-adjustedreturnsonourbusinesswilldeliversuperiorstockholderreturns.

• Prudently allocate capital. Wehavemadestrategicandcomplementaryinvestmentswhilepreservingtheflexibilityofourbalancesheet.Wearecommittedtomaintainingaconservativecapitalstructure.

• Leverage technology to develop comprehensive and diverse products. Wehavediversifiedourproductoffering,throughacquisitionsandorganically,andbelievethatwehaveoneofthemostcomprehensivesuitesofglobaldatacentersolutionsavailabletocustomersfromasingleprovider.

• Accelerate global reach and scale. WehavestrategicallypursuedinternationalexpansionsinceourIPOin2004andnowoperateacrossfivecontinents.Webelievethatourglobalmulti-productdatacenterportfolioisafoundationalelementofourstrategyandourscaleandglobalplatformrepresentkeycompetitiveadvantagesdifficulttoreplicate.

• Drive revenue growth and operating efficiencies. Weaggressively manageour data centers to maximizecashflowandcontrol costs byleveragingourscaletodriveoperatingefficiencies.

In the past fewyears, wehavefocusedon growing our operations organically and through strategic acquisitions, as well as through improvedleasing, assetmanagementandmarketingactivities,improvingourbalancesheet,strategicallyaccessingthecapitalmarketsandfocusingonourorganizationaldevelopment.Morerecently, theCompanyhasfocusedonitsproductstrategy,investinginstrategicinitiativestocomplementitsexistingportfolioinordertoattractawiderbaseofcustomers,andorganizationalstructuringtosupportthesenewstrategiesandinitiativesaswellasthecontinuedgrowthoftheCompany.Ourcompensationplansaredirectlyrelatedtothesebusinesspriorities.Underourannualincentivebonusprogram,wemeasureeachnamedexecutiveofficer’sperformance based on financial, revenue, operational and individual goals. In 2018, the financial goals consisted of core funds fromoperations (“core FFO”)targets, the revenuegoals includedrental revenueandinterconnection andannualizedsigningstargets, andtheoperational goals werefocusedonAdjustedEBITDAmargintargets.Individualgoalswerecategorizedaroundthefollowingcorporategoalsfor2018:customerfocus,innovationanddifferentiation,go-to-market,profitabilityandfinancialexcellenceandorganizationalexcellence.Wealsoprovidelong-termequityincentiveawardsthataresubjecttobothtime-basedandperformance-basedvestingconditions.Forperformance-basedlong-termequity incentive awardsgrantedin 2018, theperformancecondition wasbasedonour total stockholder return duringthethree-yearperformanceperiodcommencinginJanuary2018,relativetothetotalstockholderreturnoftheMSCIUSREITIndex(RMS)duringthesameperformanceperiod.


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PerformanceHighlightsAccomplishmentsintheyearendedDecember31,2018included,amongotherthings,thefollowing:

Sources:Bloomberg,SNLandFactset.AllpricesasofDecember31,2018.

(1) Netincomepershareof$1.21forcalendaryear2018.(2) Enterprisevaluedefinedasmarketcapitalization+debt+preferredstock+non-controllinginterest+cashandcashequivalents.Assumesfullexerciseofforwardequity

offeringwithproceedsgoingtocashonbalancesheetasofDecember31,2018.(3) Formarketcapitalizationpurposes,fullydilutedsharesincludeshares,units,andanyconvertiblesecurities.Assumesfullexerciseofforwardequityoffering.(4) U.S.REITswithintheMSCIREITIndexasofDecember31,2018.RankedbymarketcapitalizationonDecember31,2018.In2018,weachievedthefollowingperformancehighlights:• ReportedcoreFFOof$6.60pershareandunitfortheyearendedDecember31,2018.AreconciliationofFFOtonetincomeisincludedonpage86ofourAnnual Report on Form 10-K for the year ended December 31, 2018 and a reconciliation of FFOto core FFOisavailable in “Executive Compensation—ExecutiveSummary—DescriptionofIndividualElementsofCompensation—AnnualIncentiveCompensation”below.

• InDecember2018,enteredSouthAmericawiththeacquisitionofAscentyforapproximately$1.8billion,netofcashpurchased.• InOctober2018,completeda£400millionofferingofsterling-denominatedseniornotes.• InJune2018,completeda$650millionofferingofU.S.dollarseniornotes.• Hadrecordbookingsof$268millionin2018,morethanone-thirdhigherthanourpreviousrecord.• Completedacquisitionsoflandparcels,includinginLoudonCounty,Virginia,London,UKandOsaka,Japan.• Increasedtheannual dividendonour CommonStockby8.6%in2018from2017, representing acompoundannual growthrateof 12%,sinceour first fullquarterofoperationsfollowingourinitialpublicofferingin2004.

• Maintainedourinvestmentgraderatingonourseniorlong-termunsecurednotes.• Recognizedasaleaderforoursustainabilityplatform,includingreceivingNareit’sLeaderintheLightawardfordatacenters.As a result of these strong performance results, our named executive officers who remained employed by the Company throughout the year earned annualincentivebonusesofbetween119%to168%oftheirrespectivetargetbonusesfortheyear.


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Inaddition,theCompany’stotalreturntostockholdersoutperformedtheRMSineachofthelastthreeyears,asshowninthetablesbelow:

Basedontheseresults,theperformance-basedequityawardsforthethree-yearperformanceperiodendedDecember31,2018wereearnedatthemaximumlevel(200%oftarget).

AdvisoryVoteontheCompensationofNamedExecutiveOfficersInMay2018,weprovidedstockholdersanon-binding,advisoryvotetoapprovethecompensationofournamedexecutiveofficers(the2018say-on-payvote).Atour 2018 Annual Meeting of Stockholders, our stockholders overwhelmingly approved the compensation of our named executive officers, with approximately93.6%ofthevotescastinfavorofthe2018say-on-payvote.Inevaluatingourexecutivecompensationprogram,theCompensationCommitteeconsideredtheresultsofthe2018say-on-payvoteandnumerousotherfactorsasdiscussedinthisCompensationDiscussionandAnalysis.TheCompensationCommitteewillcontinue tomonitor and assess our executive compensation program and consider the outcome of our say-on-pay votes when making future compensationdecisionsforournamedexecutiveofficers.

GoodGovernanceInfurtheranceofourobjectiveofimplementingpoliciesandpracticesthataremindfuloftheconcernsofourstockholders,wehaveseparatedtherolesofChiefExecutive Officer (currently Mr. Stein) and Chairman of the Board (currently Mr. Chapman). Additionally, the Compensation Committee retained FPL, anindependentcompensationconsultant,throughNovember2018,toassisttheCompensationCommittee,amongotherthings,inconductingandpresentingtheannual reviewof thetotal compensationpackages for our executiveofficers. InNovember2018, theCompensationCommitteeselectedSemlerBrossyasitsindependent compensation consultant to replace FPL. Semler Brossy was selected in part for its extensive experience advising a broad cross-section ofcompanies, including other large REITs, and expertise in executive compensation, management incentives, and performance-based compensation. TheCompensationCommitteeassessedtheindependenceofFPLandSemlerBrossypursuanttotherulesprescribedbytheSECandtheNYSEandconcludedthatno conflict of interest existed in 2018 that would prevent either FPL or Semler Brossy from serving as an independent consultant to the CompensationCommittee. In addition, the Compensation Committee considered the independence of outside legal counsel that provides advice to the CompensationCommittee,consistentwiththerulesprescribedbytheSECandtheNYSE,anddeterminedthatsuchadviserisindependent.


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The Compensation Committee consistently reviews our executive compensation program to ensure that it provides competitive pay opportunities. Ourcompensationprogramconsists of elements designed to complement each other and reward achievement of short-term and long-termobjectives tied toourperformance through association with multiple performance metrics. We have chosen the selected metrics to align employee compensation, includingcompensation for the named executive officers, to our business strategy. The following are a few key 2018 actions and decisions with respect to ourcompensationprogram:• Asinpastyears,thenamedexecutiveofficerswereeligibletoearnannualincentivecompensationbaseduponachievementofspecificfinancial,operationalandorganizationalobjectivesfor2018,asapprovedbytheCompensationCommittee,thataredesignedtochallengethenamedexecutiveofficerstoachievehighperformance.

• Asignificantportionofournamedexecutiveofficers’totalcashcompensationremainsdependentonCompany,businessunitandindividualperformance.

• The Compensation Committee determines total compensation and the individual components of compensation after reviewing survey data of, and theCompany’shistoricalperformancerelativeto,itspeergroup.

• Ourcompensationprogramencouragesemployeestobuild andmaintainanownershipinterest in theCompany. In additionto performance-basedvesting,2018 equity awards granted to our named executive officers are subject to time-based vesting following the end of the applicable three-year performanceperiod.

• In2018,eachofFPLandSemlerBrossywasretaineddirectlybyandreportedtotheCompensationCommittee.NeitherFPLnorSemlerBrossyhadanypriorrelationshipwithanyofournamedexecutiveofficers.

• Base salaries represented 9% to 24% of the total compensation opportunity for our named executive officers reflecting our philosophy of paying forperformanceandaligningtheinterestsofournamedexecutiveofficerswithstockholders’interests.

• Basedon the recommendations of management, a reviewof the Company’s business planandstrategic objectives andtheanalysis provided byFPL, theCompensationCommitteeestablishedfinancial,revenue,profitabilityandindividualgoalsforeachnamedexecutiveofficerfor2018.

OverviewofOurExecutiveCompensationProgramObjectivesofOurExecutiveCompensationProgramTheCompensationCommitteeisresponsibleforestablishing,modifyingandapprovingthecompensationprogramforourexecutiveofficers.Theobjectiveofourexecutive compensation program is to attract, retain and motivate experienced and talented executives who can help the Company to achieve its businessobjectivesdesignedtomaximizestockholdervalue.Webelievethatasignificantportionofthecompensationpaidtoexecutiveofficersshouldbecloselyalignedwithourperformanceonbothashort-termandlong-termbasis.Inordertoachievethisobjective,ourexecutivecompensationprogramusesacombinationofannual incentive bonuses and long-termincentives through equity-based compensation, in addition to annual base salaries. Weuseequity-based awards aslong-termincentivesbecauseownershipofequityintheCompanyalignstheinterestsoftheexecutiveofficerswithlong-termcreationofstockholdervalueandweviewourcompany-wideperformanceandgrowthastherelevantlong-termmetricforourequity-basedawards,whileourannualincentiveawardsaretargetedtorewardtheattainmentofnarrower,short-termperformanceobjectives.Theprogramisintendedtoencouragehighperformance,promoteaccountabilityandensure that the interests of the executive officers are aligned with the interests of our stockholders by linking asignificant portionof executivecompensationdirectlytoachievementofcorporategoalsandincreasesinstockholdervalue.WeseektoprovidetotalcompensationtoourexecutiveofficersthatiscompetitivewiththetotalcompensationpaidbycomparableREITsandothercompaniesinourpeergroup,asdiscussedinmoredetailbelow.Thefollowingareourprincipalobjectivesinestablishingcompensationforourexecutiveofficers:• Attractandretainindividualswithsuperiorability,managerialtalentandleadershipcapability;• Ensurethatexecutiveofficercompensationisalignedwithourcorporatestrategies,businessobjectivesandthelong-terminterestsofourstockholders;• Incentivize management to achieve key strategic and financial performance measures by linking incentive award opportunities to the achievement ofperformancegoalsintheseareas;and

• Enhance the executive officers’ incentive to increase our stock price and maximize stockholder value, as well as promote retention of key executives, byprovidingaportionoftotalcompensationopportunitiesforseniormanagementintheformofdirectownershipinourCompanythroughequityawards,includingawardsoflong-termincentiveunitsinourOperatingPartnershipwhichareredeemableforsharesofourCommonStock.


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ElementsofCompensationThemajorelementsofcompensationforournamedexecutiveofficersare(1)abasesalary,intendedtoprovideastableannualincomeforeachexecutiveofficerat a level consistent with such officer’s individual contributions to the Company, (2) annual incentive bonuses, intended to link each executive officer’scompensationtotheCompany’sperformanceandtosuchofficer’sbusinessunit and individual performance,and(3)long-termcompensation, whichincludesgrants of long-term incentive units in our Operating Partnership, intended to encourage actions to maximize stockholder value. Each of these elements isdiscussedinmoredetailbelow.Thefollowingchartsillustratetheallocationofthemajorelementsofcompensationforournamedexecutiveofficersfor2018:

Thepercentagesreflect2018basesalary,2018targetannualincentivebonusesandtheaggregategrantdatefairvaluesofawardsoflong-termincentiveunitsgrantedin2018(notincludingprofitsinterestunitsgrantedpursuanttotheEquityElectionProgram(describedbelow)).Webelievethateachoftheseelementsplaysanimportantroleinouroverallexecutivecompensationprogramandtogetherservetoachieveourcompensationobjectives.TheCompensationCommitteeallocatestotalcompensationbetweenthecashandlong-termincentivecomponentsbasedonareviewofthepracticesofourpeergroupandtheperformanceoftheexecutiveofficerandtheCompany,whileconsideringthebalanceamongprovidingstability,short-termincentivesand long-term incentives to align the interests of management with our stockholders. The Compensation Committee did not utilize a formulaic approach inallocatingthecashandlong-termincentiveportionsofincentivecompensationin2018.For2018,thepercentageofsalaryandannualincentivebonusearnedrelativetototalcompensationrangedfrom28%to47%forournamedexecutiveofficers(excludingMessrs.PetersonandPapes,whoreceivedcompensationonlyfortheportionof2018duringwhichtheywereemployedbyus).StockholderInterestAlignmentWebelievethatourequityawardprogramfurtherenhanceslong-termstockholdervalueandencourageslong-termperformancebyprovidingastrongalignmentofinterestsbetweenournamedexecutiveofficersandourstockholders.Therefore,equityisakeycomponentofourexecutivecompensationprogram,withlong-termincentiveawardsrangingbetween58%and77%ofournamedexecutiveofficers’totalcompensationopportunityin2018(excludingMessrs.PetersonandPapes,whodepartedtheCompanyinMay2018andJune2018,respectively).Allequityawardsgrantedtoournamedexecutiveofficersin2018wereintheformof long-termincentive units in the Operating Partnership.These awards put significant value at risk for our named executive officers and are effective as anownershipandretentiontool.Inaddition,in2018,theCompensationCommitteeadoptedtheEquityElectionProgram(seepage49),pursuanttowhicheligibleemployees,includingtheCompany’snamedexecutiveofficers,mayelecttoreceivealloranyportionoftheirannualincentivebonusesforcalendaryears2018andlaterthatareotherwisepayableincashintheformofequity-basedawards,furtherenhancing thealignmentofinterestsofourexecutiveofficerswiththeinterestsofstockholders.

DeterminationofCompensationAwardsThe Compensation Committee annually reviews and determines the total compensation to be paid to our named executive officers. Our management, afterreviewingcompetitivemarketdataandadvicefromacompensationconsultantengagedbytheCompensationCommittee,makesrecommendationsregardingthecompensation packagesfor our executive officers. Namedexecutive officers donot makerecommendations with respect to their owncompensation. TheCompensationCommitteeinitsreviewoftheserecommendationsandinestablishingthetotalcompensationforeachofournamedexecutiveofficersconsidersseveralfactors,includingeachexecutiveofficer’srolesandresponsibilities,eachexecutiveofficer’sperformance,significantaccomplishmentsoftheexecutiveofficer, our Company’s financial and operational targets and performance, and competitive market data applicable to each executive officer’s position andfunctionalresponsibilities.


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CompetitiveMarketDataandCompensationConsultantInNovember2017andFebruary2018,theCompensationCommitteereviewedthesalaries,annualincentivebonusesandlong-termincentivecompensationofour named executive officers. In conducting this review, the Compensation Committee retained the services of FPL as the Compensation Committee’sindependentcompensationconsultant.FPL reviewed the Company’s existing compensationprogram, provided current data with regard to industry trends, provided information regarding long-termcompensation plans, identified and provided commentary on a peer group, provided cash and long-term incentive award information for the peer group andassessedandreviewedtheCompany’slong-termincentiveprogram.PeerGroupReviewTheCompensationCommitteereviewsonanannualbasistotalcashandlong-termcompensationlevelsofourexecutiveofficersagainstthoseofourpeergroupcompaniesinordertoensureexecutivecompensationissetatlevelsthatwillattract,retainandmotivatequalifiedexecutiveofficerswhilerewardingperformancebasedoncorporateobjectives.TheCompensationCommitteedeterminesannualbasesalariesafterreviewingsalaryandotherpubliclyavailablecompensationdataof,andtheCompany’shistoricalperformancerelativeto,itspeergroup.TheCompensationCommitteesetscompensationlevelsforeachexecutiveofficeronthebasisofseveralfactors,includingtheexecutiveofficer’slevelofexperience,tenurewiththeCompany,competitivemarketdataapplicabletotheexecutiveofficer’s position and functional responsibilities, promoting retention, the performance of the executive officer and our Company’s annual and long-termperformance.IndevelopingapeergroupfortheCompany,theCompensationCommitteeconsidersthefollowingkeyelements:• Ourcoreoperationsarefocusedondatacentersandrealestate,limitingthenumberofourdirectcompetitors;

• Ouroperationsareglobal,withdatacenterslocatedinthirteencountriesacrossfivecontinents;and

• WeoperateandareclassifiedasaREITandareoneoftheveryfewglobaldatacenterREITs.OurCompensationCommitteeutilizedcompanysize,scopeandbreadthofoperations,aswellaslevelofoperationalfocustodeterminewhichcompaniescouldreasonablybeusedtoassesscompetitivepay.AlthoughtheREITsinourpeergroupwereamongtheclosestincomparisontousbasedonthesefactors,thecombination of the size and global nature of our operations and our significant operational focus put us in a unique category. Generally, such companiesindividuallydemonstratedrelevanceinoneortwoofthesecategories,butnotinallofthesecategories.Thepeergroupusedtoreview2018basesalaries,bonustargetsandlong-termequityawardsconsistedofthefollowingfourteencompanies,whichwereselectedasourpeergroupcompaniesinAugust2017byourCompensationCommittee,withadvicefromFPL:AlexandriaRealEstateEquities,Inc. Equinix,Inc. SBACommunicationsCorporationAmericanTowerCorporation EquityResidential Ventas,Inc.AvalonBayCommunities,Inc. GGP,Inc. VornadoRealtyTrustBostonProperties,Inc. Prologis,Inc. Welltower,Inc.CrownCastleInternationalCorporation PublicStorage InAugust2018,theCompensationCommitteeandmanagement, withadvicefromFPL,reviewedourpeergrouptakingintoconsiderationchangestocertainmembersoftheabovepeergroupandourbusinessandthefollowingmodifications,asrecommendedbyFPL,weremadetotheabovepeergroup:

Added :HCP,Inc.andSimonPropertyGroup,Inc.

Removed :GGP,Inc.andSBACommunicationsCorporation


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Aftertakingintoaccounttheabovechanges,ourcurrentpeergroupconsistsofthefollowingfourteencompanies. Ticker Asset S&P 500 California Cite DLR as International Symbol Size (1) Focus (2) Company (3) Headquarters a Peer (3) OperationsAlexandriaRealEstateEquities,Inc. ARE AmericanTowerCorporation AMT AvalonBayCommunities,Inc. AVB BostonProperties,Inc. BXP CrownCastleInternationalCorporation CCI Equinix,Inc. EQIXEquityResidential EQR HCP,Inc. HCP Prologis,Inc. PLD PublicStorage PSA SimonPropertyGroup,Inc. SPG Ventas,Inc. VTR VornadoRealtyTrust VNO Welltower,Inc. HCN (1) Wereviewedcompaniesbetween0.5xto2xofourtotalcapitalization.(2) Similarassetfocus(technology-oriented,telecommunicationsandtowers).(3) AsofJune2018.Additionally, theCompensationCommitteeidentified thefollowingcompaniesconsistingexclusivelyof REITsthat operatedatacenters, irrespectiveof sizeorscopeofoperations,tobeusedasanadditionalreferencegroup:• CoreSiteRealtyCorporation(COR)• CyrusOneInc.(CONE)• Equinix,Inc.(EQIX)• QTSRealtyTrust,Inc.(QTS)

AnnualPerformanceReviewsToaidtheCompensation Committeein settingbasesalaries, annual incentive targets andlong-termequity awards, management provides recommendationsannuallytotheCompensationCommitteeregardingthecompensationofallnamedexecutiveofficers.TheCompensationCommittee,withinputfromtheBoard,annuallyreviewstheperformanceof our Chief Executive Officer, andour Chief Executive Officer reviewstheperformanceof theremainingnamedexecutiveofficers. All of these reviews are presented to the Compensation Committee to provide input about their contributions to our success for the period beingassessed.

DescriptionofIndividualElementsofCompensationDuringtheyearendedDecember31,2018,totalcompensationforournamedexecutiveofficerswascomposedofbasesalary,annualincentivebonusesandequitycompensationawards.TheCompensationCommitteeapprovedthefollowingtotalcompensationforeachofournamedexecutiveofficersfor2018,whichconsistsofbasesalary,annualincentivebonus(excludinganyelectionsmadeundertheEquityElectionProgram(seepage49)),andthegrantdatefairvalueoflong-termincentiveunits: 2018 Total 2017 TotalNamed Executive Officer Compensation CompensationA.WilliamStein $11,854,201 $10,250,246AndrewP.Power 4,805,263 3,459,904ErichJ.Sanchack 3,035,840 N/AChristopherSharp 3,160,102 N/AJoshuaA.Mills 2,016,613 1,713,130ScottE.Peterson 2,941,595 3,353,464DanielW.Papes 1,457,589 2,029,534Messrs.SanchackandSharpwerenotnamedexecutiveofficersin2017.Messrs.PetersonandPapes’2018totalcompensationislowerthantheir2017totalcompensationbecausetheylefttheCompanyinMay2018andJune2018,respectively,anddidnotreceiveafullyearofcompensation.


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AnnualBaseSalaryWeprovideournamedexecutiveofficersandotheremployeeswithbasesalariestocompensatethemforservicesrenderedeachyear.Basesalariescomprisethestablepartofthecompensationprogramandarereviewedonanannualbasistoremaincompetitivewithourpeers.ThiscompensationelementisnecessarytoprovidestabilityofcompensationforourexecutiveofficersandthefinancialcertaintythattheyseekwhentheyareconsideringwhethertojoinorremainwithourCompany.Thebasesalariesforeachofthenamedexecutiveofficersfor2018weredeterminedbasedinpartontheanalysisbyFPLofthecompensationpracticesofcompaniesinourpeergroup.TheCompensationCommitteealsoconsideredtheCompany’shistoricalperformancerelativetoitspeergroupaswellastheperformanceofeachofournamedexecutiveofficersandtheir contributionstoouroverall success.Basedonitsreview,theCompensationCommitteedeterminednottochangethe2018basesalaryratesofournamedexecutiveofficersfromtheirrespective2017rates.The2018salariesforallofournamedexecutiveofficersaresetforthundertheheading“ExecutiveCompensation—SummaryCompensationTable.”Thefollowingtablesetsforththe2018annualbasesalaryratesandthe2017annualbasesalaryratesforeachnamedexecutiveofficer(excluding,withrespectto2017rates,Messrs.SanchackandSharp,whowerenotnamedexecutiveofficersin2017).Named Executive Officer 2018 Salary 2017 SalaryA.WilliamStein $1,000,000 $1,000,000AndrewP.Power 600,000 600,000ErichJ.Sanchack 445,000 N/AChristopherSharp 400,000 N/AJoshuaA.Mills 450,000 450,000ScottE.Peterson 575,000 575,000DanielW.Papes 400,000 400,000

AnnualIncentiveCompensationOur annual incentive bonus program is structured to reward our named executive officers based on our performance and the individual executive officer’scontribution to that performance. Annual incentive bonuses are paid in the following year if and to the extent performance objectives established by theCompensationCommitteeatthebeginningoftheapplicableyearareachieved.TheCompensationCommitteebelievesthatthepaymentoftheannualincentivebonus provides the incentive necessary to retain executive officers and reward them for short-term Company performance. Executive officers also have theoptiontoreceiveallorpartoftheirannualincentivebonusinequity.See“EquityinLieuofAnnualCashBonuses”below.Eachnamedexecutiveofficer’sannualincentivebonusopportunityfor2018wasestablishedbyourCompensationCommitteeandisdescribedinthe“ExecutiveCompensation—Grants of Plan-Based Awards” table. Each namedexecutive officer’s bonus opportunity provides for threshold, target andmaximumbonusamounts, expressedasapercentageof basesalary. Insettingtheseamounts, ourCompensationCommitteeconsiders,amongotherfactors,eachexecutiveofficer’srolesandresponsibilitieswithinourCompany,thetotalcompensationpackageassociatedwiththatpositionandcompetitivemarketdataapplicabletothatposition.For2018,thethreshold,targetandmaximumbonusamounts,expressedasapercentageofannualbasesalary,wereasfollows:Named Executive Officer Threshold Target MaximumA.WilliamStein 75% 150% 300%AndrewP.Power 50% 100% 200%ErichJ.Sanchack 50% 100% 200%ChristopherSharp 50% 100% 200%JoshuaA.Mills 40% 75% 150%ScottE.Peterson 50% 100% 200%DanielW.Papes 50% 100% 200%Thethreshold, target andmaximumbonuspayoutpercentages for, andthe differencesin suchpercentages among, thenamedexecutive officers, werealsodetermined by reference to competitive market data and practices as well as consideration of each named executive officer’s performance, role andresponsibilitiesatourCompany.For2018,basedontherecommendationsofmanagementandareviewoftheCompany’sbusinessplan,theCompensationCommitteeestablishedfinancial,revenue,operationalandindividualgoalsforeachnamedexecutiveofficer.ThefinancialgoalsconsistedofacoreFFOtarget,therevenuegoalsincludedrentalrevenueandinterconnectionandannualizedsigningstargets,andtheoperationalgoalswerefocusedonAdjustedEBITDAmargintargets.Individualgoalswerecategorizedaroundthefollowingcorporategoalsfor2018:customerfocus,innovationanddifferentiation,go-to-market,profitabilityandfinancialexcellence,andorganizationalexcellence.


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FFO(asdefinedintheAppendix)isusedbyindustryanalystsandinvestorsasasupplementalperformancemeasureofarealestateinvestmenttrust,orREIT.In excluding real estate related depreciation and amortization, gains and losses from property dispositions and certain other gains and after adjustments forunconsolidatedpartnerships,jointventuresandcertainotheritems,FFOprovidesaperformancemeasurethat,whencomparedyearoveryear,capturestrendsinoccupancyrates,rentalratesandoperatingcosts.Forpurposesofdetermining2018annualincentivebonuses,theCompensationCommitteedetermineditwasappropriatetouse2018coreFFOperdilutedshareandunit,whichisFFOadjustedtoexcludecertainitemsthatdonotrepresentcorerevenuestreamsorexpenses. The Compensation Committee determined that in 2018 core FFOwas more indicative of the Company’s performance and gave a more accuratepictureoftheCompany’sannualperformance.We believe that Adjusted EBITDA (as defined in the Appendix) is a useful supplemental performance measure because it allows investors to view ourperformancewithouttheimpactofnon-cashdepreciationandamortizationorthecostofdebtandothercertaincosts.AnoverviewofthestructureoftheannualincentivebonusesfortheCEOandtheothernamedexecutiveofficersisprovidedbelow:

For purposes of our 2018 annual incentive bonus program, the minimum, target and maximum levels of 2018 core FFO established by the CompensationCommitteewere$6.40,$6.53and$6.77perdilutedshareandunit, respectively. Theminimum,targetandmaximumamountsweresetbytheCompensationCommitteebasedonanumberoffactors,includingexpectationssurroundingleasingassumptions,financingassumptions,earningsgrowth,generaleconomicconditions, real estate and technology fundamentals and other specific circumstances facing the Company. For the purpose of determining bonuses, theCompensationCommitteedetermineditwasappropriatetousecoreFFOachievedbytheCompanyandexcludecertainprofits, lossesorexpensestogiveamoreaccuratepictureoftheCompany’sannualperformance.ThecoreFFOachievedbytheCompanyin2018was$6.60perdilutedshareandunit,whichwasbetweenthetargetandmaximumcoreFFOlevels.Therevenuegoalsfor2018werecomprisedofrental revenuesandinterconnectionandannualizedsigningsmetrics.TheCompanyachievedrental revenuesand interconnection amounts at approximately the target level and annualized signings above the maximum level in 2018. The operational objective wasmeasuredbyspecificincreasestotheAdjustedEBITDAmargin.Theminimum,targetandmaximumlevelsofAdjustedEBITDAmarginwere58.8%,59.3%,and59.8%,respectively.TheAdjustedEBITDAmarginachievedbytheCompanyin2018was59.8%,whichwasequaltothemaximumlevel.The weightings of the specific financial, leasing, profitability and individual goals for each named executive officer were established by the CompensationCommitteebasedonthenamedexecutiveofficer’sareasofresponsibility,asfollows: Core FFO IndividualNamed Executive Officer Per Share Revenue* Operational GoalsA.WilliamStein 45% 20% 10% 25%AndrewP.Power 30% 20% 10% 40%ErichJ.Sanchack 30% 20% 10% 40%ChristopherSharp 30% 20% 10% 40%JoshuaA.Mills 30% 20% 10% 40%ScottE.Peterson 30% 20% 10% 40%DanielW.Papes 30% 20% 10% 40%* Includesgoalsforrentalrevenuesandinterconnectionandannualizedbookings.Individualgoalsforournamedexecutiveofficersincludedperformanceobjectivesrelatedto:focusingonourcustomersandimprovingprocessesrelatedtoourcustomer relationships; strengthening our channel partnerships and alliances; strategic acquisitions and dispositions; launching new products and services;drivingcostefficienciesacrossourportfolio;financialandoperatingmetrics;andtalentdevelopmentandretention.The Compensation Committee, based in part on the recommendations of management, determined each named executive officer’s bonus based on theachievement of the established goals. For 2018, the Compensation Committee determined that the Company had met or exceeded each of the annualizedsigningsandoperationalgoalsatthemaximumlevelsestablishedbytheCompensationCommitteeanddeterminedthatwithrespecttoeachofthecoreFFO


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and rental revenue and interconnection goals,management had achieved between the target and maximumlevels. Consistent with our pay-for-performancephilosophy,becausethemaximumlevelsofour2018annualizedsigningsandoperationalgoalswereattainedandour2018coreFFOandrentalrevenueandinterconnectiongoalswereachievedbetweenthetargetandmaximumlevels,the2018performance-basedannualincentivebonusesforournamedexecutiveofficersrepresented119%to168%oftheirrespectivetargetbonuses.Thefollowingtablesetsforththe2018bonus,the2018bonusearnedasapercentageofthebasesalaryrateforeachnamedexecutiveofficer,the2018bonusearned as a percentageof the target bonus amount for each named executive officer and the 2018 bonus earned as a percentage of the maximumbonusamountforeachnamedexecutiveofficer(otherthanMessrs.PetersonandPapes,whodepartedtheCompanyinMay2018andJune2018,respectively,and,accordingly,didnotreceive2018bonuses): Percentage of 2018 Base Percentage of Percentage ofNamed Executive Officer 2018 Bonus Salary Rate 2018 Target Bonus 2018 Maximum BonusA.WilliamStein $2,354,433 235% 157% 78%AndrewP.Power 1,005,523 168% 168% 84%ErichJ.Sanchack 530,431 119% 119% 60%ChristopherSharp 510,349 128% 128% 64%JoshuaA.Mills 498,107 111% 148% 74%EquityinLieuofAnnualCashBonusesOnNovember22,2018,theCompensationCommitteeadoptedaprogram(the“EquityElectionProgram”)pursuanttowhicheligibleemployees,includingtheCompany’s named executive officers, may elect to receive all or any portion of their annual incentive bonuses for calendar years 2018 and later that areotherwisepayableincashinanycombinationof thefollowing: (i) cash, (ii) fully-vestedprofits interest unitsorfully-vestedsharesofCommonStock,ineithercase, equal to 100%of the annual incentive bonus amount subject to the election, and (iii) unvested profits interest units or unvested restricted stock unitscoveringsharesof CommonStock, in either case, havingavalueequal to125%of theannual incentivebonusamount subject totheelection. Theunvestedprofitsunitsandunvestedrestrictedstockunitswillvestwithrespectto50%ofthetotalnumberofprofitsinterestunitsorrestrictedstockunits(asapplicable)subject to theawardoneachof thefirst twoanniversaries of thegrant date, subject to theemployee’s continuedservice throughtheapplicable vestingdate(except as otherwise provided in the applicable award agreement). Unvested profits interest units and unvested restricted stock units will be subject toacceleratedvestingintheeventofachangeincontroloftheCompanyorcertainqualifyingterminationsofemployment.Intheeventofaqualifyingterminationofemployment,theunitsorsharessoacceleratedmaynotbedisposedofpriortothedateonwhichsuchunitsorshareswouldhaveotherwisevestedundertheaward’soriginalvestingschedule.Thefollowingnamedexecutiveofficerselectedtoreceiveapercentageoftheirannualincentivebonusfor2018inunvestedprofitsinterestunits,inlieuofcash: Percentage of Bonus Profits InterestNamed Executive Officer Subject to Election Units (#)A.WilliamStein 50% 12,645(1)

ChristopherSharp 100% 5,481(1)

JoshuaA.Mills 100% 5,350(1)

(1) Reflectsavalueequalto125%oftheannualincentivebonusamountsubjecttotheelection.50%oftheawardwillvestoneachofthefirsttwoanniversariesofthegrantdate,subjecttotheexecutiveofficer’scontinuedservicethroughtheapplicablevestingdate.

Long-TermIncentiveCompensationWehavehistoricallygrantedtoourexecutiveofficerslong-termincentiveunitsinourOperatingPartnershipunderour2014Plan.Webelievethatasignificantportion of the compensation paid to executive officers should be closely aligned with our performance on both a short-term and long-term basis. TheCompensationCommitteebelievesthat, whileourannualincentivebonusprogramprovidesawardsforpositiveshort-termperformance,equityparticipationintheformoflong-termincentiveunitscreatesavital long-termpartnershipbetweenexecutiveofficersandstockholders.Theprogramisintendedtoencouragehighperformance, promoteaccountability andensurethat theinterestsof theexecutiveofficersarealignedwiththeinterestsof our stockholdersbylinkingasignificantportionofexecutivecompensationdirectlytoincreasesinstockholdervalue.TheCompensationCommitteeapproveslong-termincentiveawardsonthebasisofseveralfactors,includingtheexecutiveofficer’stotalcompensationpackage,theexecutiveofficer’srolesandresponsibilitieswithinourCompany,theexecutiveofficer’sperformance,significantaccomplishmentsoftheexecutiveofficer,ourCompany’sfinancialandoperatingperformanceandcompetitivemarketdataapplicabletoeachexecutiveofficer’spositionandfunctionalresponsibilities.


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2018Long-TermIncentiveUnitsTheCompensationCommitteebelievesthatlong-termincentiveunitsareaneffectiveincentivetoretainourexecutiveofficersandincreasetheirperformanceand closely align the interests of our executive officers with the long-term interests of our stockholders. Long-term incentive units may be issued to eligibleparticipantsfortheperformanceofservicestoorforthebenefitofourOperatingPartnership.Long-termincentiveunits(otherthanClassDUnitsthathavenotperformancevested),whethervestedornot,receivethesamequarterlyper-unitdistributionsascommonunitsinourOperatingPartnership,whichequaltheper-sharedistributionsonourCommonStock.ClassDUnitsthathavenotperformancevestedgenerallyreceivequarterlyper-unitdistributionsequaltotenpercentofthedistributionsmadewithrespecttoanequivalentnumberofcommonunitsinourOperatingPartnership.Formoreinformationonhowlong-termincentiveunitsreachfullparitywiththecommonunitsintheOperatingPartnership,pleaseseeNote14totheCompany’sand our Operating Partnership’s consolidated financial statements for the fiscal year ended December 31, 2018, included in the Company’s and OperatingPartnership’sAnnualReportonForm10-KfortheyearendedDecember31,2018.Our2018long-termincentiveprogramaimstoaligntheinterestsbetweenourseniormanagement,includingournamedexecutiveofficers,andourstockholders.Additionaldetailsofourlong-termequityincentiveprogramfor2018aresetforthbelow:Feature 2018 Long-term equity incentive programAwardComposition: Amixtureofperformance-basedandtime-basedawardsweregrantedtoournamed

executiveofficersin2018asfollows: CEOandCFO:75%performance-based+25%time-based Allothernamedexecutiveofficers:67%performance-based+33%time-basedPerformancePeriod: Threeyears PerformanceCriteria: TotalstockholderreturnovertheperformanceperiodmeasuredrelativetotheMSCIUS

REITIndex(RMS)Vestingbasedonsatisfactionofperformancecondition: Lessthanthreshold: 0% Atthreshold: 25% Attarget: 50% Atmaximum: 100%Timevestingofequityawardsthatperformancevest: 50%followingtheendofthethree-yearperformanceperiodand50%inthefollowingyearVestingofourperformance-basedlong-termincentiveawardsisillustratedbelow:

2018AnnualEquityAwardsClassDUnitsIn 2018, the Compensation Committee granted awards of performance-based Class D Units in our Operating Partnership to each of our named executiveofficers.Ournamedexecutiveofficers’2018equityawardsaresetforthbelowinthe“ExecutiveCompensation—GrantsofPlan-BasedAwards”table.TheClassDUnitsawardedin2018aresubject toperformance-basedvestingonamulti-yearperformanceperiod,subjecttotheexecutiveofficer’scontinuedservice.TheperformanceconditionoftheClassDUnitsisbasedonourtotalstockholderreturnoveraperiodofthreeyearscommencinginJanuary2018or,ifearlier,endingonthedateonwhichachangeincontroloftheCompanyoccurs(the“PerformancePeriod”),measuredrelativetotheMSCIUSREITIndex(RMS)overtheperformanceperiod(the“PerformanceCondition”).A portion of each award of Class D Units is designated as a number of “base units” with respect to which performance vesting is measured based on thedifferencebetweentheCompany’stotalstockholderreturn(TSR)percentageandtheTSRpercentageoftheMSCIUSREITIndex(the“MSCIIndexRelativePerformance”).IntheeventthattheMSCI


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Index Relative Performance during the PerformancePeriod is achieved at the “threshold,” “target” or “high” level as set forth below, the awardwill becomeperformance-vestedwithrespecttothepercentageofbaseunitssetforthbelow: Threshold Target HighMSCIIndexRelativePerformance <-300bps -300bps +100bps +500bpsPerformanceVestingPercentage 0% 25% 50% 100%IntheeventthattheMSCIIndexRelativePerformanceisachievedatlessthanthe“threshold”level,noneofthebaseunitswillvest.IftheMSCIIndexRelativePerformancefallsbetweenthelevelsspecifiedabove,thepercentageofbaseunitsthatwillperformancevestwillbedeterminedusingstraight-linelinearinterpolationbetweensuchlevels.An additional number of Class D Units subject to the award (the “distribution equivalent units”) having a value equal to the dividends declared during thePerformance Period in respect of the shares of our Common Stock corresponding to the base units that become performance vested (less any actualdistributions made with respect to such units) will vest in full as of the completion of the Performance Period. For purposes of calculating the number ofdistributionequivalentunits,thedividendamountwillbeadjusted(plusorminus)toreflectthegainorlossonsuchamounthadthedividendsbeenreinvestedinsharesofourCommonStockontheapplicablepaymentdates.Anydistributionequivalentunitsthatdonotbecomevestedandearnedwill becancelledandforfeiteduponthecompletionofthePerformancePeriod.FollowingthecompletionofthePerformancePeriod,theplanadministratorwilldeterminethenumberofbaseunitsthathavebecomeperformance-vestedandthenumberofdistributionequivalentunitsthatvested.ThenumberofClassDUnitsthatconstitutedistributionequivalentunitsplusthenumberofperformance-vestedbaseunitsarecollectivelyreferredtoasthe“PerformanceVestedUnits.”Following the completion of the PerformancePeriod, the performance-vested base units are subject to the award’s time vesting condition and become fullyvestedasfollows,subjecttotheexecutiveofficer’scontinuedservicethrougheachapplicablevestingdate:50%onFebruary27,2021and50%onFebruary27,2022.DistributionequivalentunitswillvestinfullasofthecompletionofthePerformancePeriodandwillnotbesubjecttoadditionaltimevestingrequirements.Intheeventofachangeincontrol oftheCompany,all outstandingPerformanceVestedUnits(includinganyClassDUnitsthatbecomePerformanceVestedUnitsinconnectionwiththechangeincontrol) will vest infull asof thedateof thechangeincontrol, subject totheexecutiveofficer’scontinuedserviceuntilimmediatelypriortothechangeincontrol.Except as otherwise described below, any ClassDUnits that have not fully vested as of the date on which an executive officer’s service terminates for anyreasonwillbecancelledandforfeitedbytheexecutiveofficer.Ifanexecutiveofficer’sserviceterminatesduetodeathordisabilitypriortothecompletionofthePerformancePeriod,theClassDUnitswillremainoutstandingandeligibletobecomePerformanceVestedUnitsinaccordancewiththeperformancevestingscheduledescribedabove,andanyClassDUnitsthatbecomePerformanceVestedUnitswillbefullyvestedasofthecompletionofthePerformancePeriod.AnyClassDUnitsthatdonotbecomefullyvestedwillbecancelledandforfeiteduponthecompletionofthePerformancePeriod.Ifanexecutiveofficer’sserviceisterminatedbytheCompanyoranaffiliatethereofotherthanforcause,bytheexecutiveofficerforgoodreason,orduetotheexecutiveofficer’sretirement(eachsuchtermasdefinedintheapplicableawardagreement),inanycase,priortothecompletionofthePerformancePeriod,theClassDUnitswillremainoutstandingandeligibletobecomePerformanceVestedUnitsinaccordancewiththeperformancevestingscheduledescribedabove,andthenumberofsuchunitsthatvestinfulluponthecompletionofthePerformancePeriodwillbedeterminedonaproratabasis,basedonthenumberofdaysthattheexecutiveofficerwasemployedduringthePerformancePeriod.AnyClassDUnitsthatdonotbecomefullyvestedwillbecancelledandforfeiteduponthecompletionofthePerformancePeriod.Ifanexecutiveofficer’sserviceisterminatedduetotheexecutiveofficer’sdeathordisability,bytheCompanyoranaffiliatethereofotherthanforcause,bytheexecutiveofficerforgoodreasonorduetotheexecutiveofficer’sretirement,inanycase,followingthecompletionofthePerformancePeriod,anyPerformanceVestedUnitsthatremainsubjecttotime-basedvestingwillvestinfulluponsuchtermination.Time-BasedLong-TermIncentiveUnitsIn 2018, the Compensation Committee granted awardsof time-based long-termincentive units in our Operating Partnership to each of our named executiveofficers.Ournamedexecutiveofficers’2018equityawardsaresetforthbelowinthe“ExecutiveCompensation—GrantsofPlan-BasedAwards”table.Thetime-basedlong-termincentiveunitsvest25%peryearoverafour-yearperiod,subjecttotheapplicablenamedexecutiveofficer’scontinuedservicethroughtheapplicablevestingdate.Exceptasotherwisedescribedbelow,anylong-termincentiveunitsthathavenotvestedasofthedateonwhichanamedexecutiveofficer’sserviceterminatesforanyreasonwillbecancelledandforfeitedbythenamedexecutiveofficer.Ifanamedexecutiveofficer’sserviceisterminatedbytheCompanyoranaffiliatethereofotherthanforcauseorbythenamedexecutiveofficerforgoodreason(eachsuchtermasdefinedintheapplicableawardagreement),ineithercase,priortoachangeincontroloftheCompanyormorethan12monthsfollowingachangeincontrol,thensubjecttothenamedexecutiveofficer’sexecutionofageneralreleaseofclaims,hisawardwillvestwithrespecttothatnumber


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of time-based long-term incentive units thatwould have become vested during the 12–month period immediately following such termination (had the namedexecutiveofficerremainedcontinuously employedthroughsuchperiod). If suchtermination occurs uponor within the12–month period followingachangeincontroloftheCompany,thensubjecttothenamedexecutiveofficer’sexecutionofageneralreleaseofclaims,alloutstandingtime-basedlong-termincentiveunitswillvestinfull.Ifanamedexecutiveofficer’sserviceterminatesduetodeathordisability,thetime-basedlong-termincentiveunitswillvestinfulluponsuchtermination.2016PerformanceAwardResultsTheperformance-basedClassDUnitawardsgrantedtoMessrs.Stein,Power,SharpandMillsin2016,whichwereeligibletoperformance-vestbasedontheCompany’sMSCIIndexRelativePerformanceforthethree-yearperformanceperiodendedDecember31,2018,satisfiedtheperformanceconditionatthe“high”level(i.e.,200%oftarget). TheClassDUnitsthatsatisfiedtheperformanceconditionaresubjecttoanadditional timevestingconditionandwill becomefullyvestedasfollows,subjecttotheexecutive’scontinuedservicethrougheachapplicablevestingdate:50%onFebruary27,2019and50%onFebruary27,2020.

SeveranceandChangeinControlBenefits—EmploymentAgreementsWehaveenteredintoemploymentagreementswithournamedexecutiveofficerstohelpprovidestabilityandsecurityandencouragethemtoremainwithus.Theseemployment agreements include severance and change in control benefits, among other things. The terms of these severance and change in controlarrangementsaredescribedbelowinmoredetailunderthecaption“ExecutiveCompensation—PotentialPaymentsuponTerminationorChangeinControl.”Weprovidethesebenefitstoournamedexecutiveofficersinordertogivethemthepersonalsecurityandstabilitynecessaryforthemtofocusontheperformanceoftheirdutiesandresponsibilitiestousandtoencourageretentionthroughapotentialchangeincontrol.

SeparationandConsultingAgreement—Mr.PetersonOnMay11, 2018, weenteredinto a SeparationandConsulting Agreement with Mr. Peterson(the “Separation Agreement”), pursuant to which Mr. Petersonresignedasanemployeeandofficer of the Company, including fromhis role as Chief Investment Officer of the Company, effective as of May31,2018(the“SeparationDate”).Pursuant to the Separation Agreement, Mr. Peterson’s employment agreement with us terminated effective as of the Separation Date and we engaged Mr.PetersonasaconsultantfortheperiodendingonFebruary28,2019.InexchangefortheconsultingservicesthatMr.Petersonprovidedtous,hewaseligibletoreceiveaone-timecashpaymentequalto$287,500(the“one-timepayment”), payableuponcertainconditionsbeingsatisfied.Inaddition,eachofMr.Peterson’soutstandingequityawardscontinuedtovest(totheextentthenunvested)pursuanttothetermsoftheapplicableequityawardagreementswhileMr.Petersonwasengagedasaconsultant.The Separation Agreement contained confidentiality and non-disparagement restrictions which apply indefinitely, and non-solicitation and non-competitionrestrictionswhichappliedduringtheconsultingperiod.ThepaymentsandbenefitsdescribedintheSeparationAgreementweresubjecttoMr.Peterson’sexecutionandnon-revocationofageneralreleaseofclaims,aswellashiscontinuedcompliancewiththetermsoftheSeparationAgreement,includingtherestrictivecovenantssetforththerein.

PerquisitesWegenerallyprovideournamedexecutiveofficerswithperquisitesandotherpersonalbenefitsthatapplyuniformlytoallofouremployees.TheCompensationCommitteeperiodicallyreviewsthelevelsofperquisitesandotherpersonalbenefitsprovidedtothenamedexecutiveofficers.In2018,weprovidedthenamedexecutive officers with basic life insurance, medical, dental, visionanddisability insurancebenefits, for whichour namedexecutive officers werechargedthesameratesasallotheremployees,401(k)matchingfunds,healthsavingsaccountemployercontributionsandparking,asapplicable.Otherthanthesestandardbenefits,wedonotprovideanyotherperquisites.


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TaxandAccountingConsiderationsInternalRevenueCodeSection162(m)Whenreviewingcompensationmatters,theCompensationCommitteeconsiderstheanticipatedtaxconsequencestous(and,whenrelevant,toourexecutiveofficers) of the various payments under our compensation programs. Section 162(m) of the Internal Revenue Code (the “Code”) generally disallows a taxdeductionforanypubliclyheldcorporationforindividualcompensationofmorethan$1.0millioninanytaxableyeartocertainexecutiveofficers.FortaxyearsbeginningonorpriortoDecember31,2017,thedeductionlimithasanexceptionforcompensationthatisperformance-basedunderaplanthatisapprovedbythestockholdersandthatmeetscertainothertechnicalrequirements.However, theTaxCutsandJobsAct, whichwasenactedinDecember2017, amendedcertainprovisionsofSection162(m)oftheCode,includingeliminatingtheexemptionforsuchperformance-basedcompensation,effectivefortaxyearbeginningafterDecember31,2017,withanexceptionforcompensationprovidedpursuanttoawrittenbindingcontractineffectonNovember2,2017,andwhichhasnotbeenmodifiedinanymaterialrespectonorafterthatdate.WebelievethatwequalifyasaREITundertheCodeandgenerallyarenotsubjecttofederalincometaxes,providedthatwedistributetoourstockholdersatleast100%ofourtaxableincomeeachyear.Asaresult,wedonotexpectthattheTaxCutsandJobsActorthepaymentofcompensationwhichisnotdeductibleduetoSection162(m)oftheCodewillhaveamaterialadversefederalincometaxconsequencetous, provided we continue to distribute at least 100% of our taxable income each year. The Compensation Committee has not historically limited executivecompensation to the amount deductible under Section 162(m) of the Code and may in the future approve compensation that would not have qualified asperformance-basedcompensationunderSection162(m)asineffectpriortotheTaxCutsandJobsAct.ASCTopic718AccountingStandardsCodificationTopic718,Compensation—StockCompensation(“ASCTopic718”)requiresustorecognizeanexpenseforthefairvalueofequity-based compensation awards. Grants of stock-based compensation are accounted for under ASC Topic 718. The Compensation Committee regularlyconsiderstheaccountingimplicationsofsignificantcompensationdecisions,especiallyinconnectionwithdecisionsthatrelatetoequitycompensationawards.Asaccounting standards change,we may revise certain programs to appropriately align the cost of our equity awards with our overall executive compensationphilosophyandobjectives.

CompensationCommitteeReport*TheCompensationCommitteeoftheBoardofDirectors(the“Board”) of Digital RealtyTrust, Inc., aMarylandcorporation(the“Company”), hasreviewedanddiscussedtheCompensationDiscussionandAnalysisrequiredbyItem402(b)ofRegulationS-KsetforthintheCompany’sProxyStatementwithmanagement.Based on such review and discussions with management, the Compensation Committee recommended to the Board that the Compensation DiscussionandAnalysis be included in the Company’s Proxy Statement and incorporated by reference to theCompany’s Annual Report on Form 10-K for the year endedDecember31,2018.

DennisE.Singleton,ChairKevinJ.KennedyMarkR.PattersonJohnT.Roberts,Jr.

* Thematerialinthisreportisnotsolicitingmaterial,isnotdeemedfiledwiththeSECandisnotincorporatedbyreferenceinanyfilingoftheCompanyundertheSecuritiesActortheExchangeAct,whethermadebeforeorafterthedateofthisProxyStatementandirrespectiveofanygeneralincorporationlanguageinsuchfiling.

CompensationCommitteeInterlocksandInsiderParticipationDuringtheyearendedDecember31,2018,Messrs.Singleton,Kennedy,PattersonandRobertsservedasmembersofourCompensationCommittee.NoneofthemembersofourCompensationCommitteeiscurrently,orhasbeen,anofficeroremployeeofourCompany.Nointerlockingrelationshipsexistcurrentlyorexistedinthelastcompletedfiscalyear.


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SummaryCompensationTableThefollowingtablesummarizesthetotalcompensationpaidtoorearnedbyeachofthenamedexecutiveofficersfortheyearsendedDecember31,2018,2017and2016(exceptforMessrs.SanchackandSharp,whowerenotnamedexecutiveofficerin2016and2017,andMr.Papes,whowasnotanamedexecutiveofficerin2016).(a) (b) (c) (d) (e) (f) (g) (h) Non-Equity Incentive Plan All Other Name and Salary Bonus Stock Compensation Compensation Total

Principal Position Year ($)(1) ($)

(2) Awards ($)

(3) ($)

(4) ($)

(5) ($)

A.WilliamStein 2018 $1,142,087 $ — $ 8,794,050 $ 2,354,433 $ 211,493 $12,502,063ChiefExecutiveOfficer 2017 980,000 — 7,124,814 2,145,433 116,241 10,366,488

2016 866,667 — 5,500,004 1,782,000 103,312 8,251,982AndrewP.Power 2018 691,154 3,199,739 1,005,523 129,345 5,025,761

ChiefFinancialOfficer 2017 583,103 — 1,999,879 876,923 94,482 3,554,387 2016 487,500 — 1,550,009 675,000 196,506 2,909,015ErichJ.Sanchack 2018 405,635 562,000 2,099,775 530,431 77,379 3,675,220

EVP,Operations ChristopherSharp 2018 460,769 — 2,377,229 510,349 136,981 3,485,328

ChiefTechnologyOfficer JoshuaA.Mills 2018 514,006 — 1,192,979 498,107 64,310 2,269,402

EVP,GeneralCounsel&Secretary

2017 445,607 — 799,869 467,654 46,114 1,759,244 2016 420,862 — 800,004 405,902 54,208 1,680,975

ScottE.Peterson 2018 341,683 — 2,687,268 — 85,097(6) 3,114,048

FormerChiefInvestmentOfficer 2017 570,631 — 1,999,949 782,885 64,039 3,417,504 2016 546,004 — 1,700,006 742,731 71,273 3,060,014

DanielW.Papes 2018 236,315 1,249,897 — 1,029,875(7) 2,516,087

FormerSVP,GlobalSales&Marketing

2017 400,000 — 1,124,918 504,615 38,300 2,067,833

(1) Includessalariespaidduringeachapplicableyearandaone-timepayoutofaccruedpaidtimeoff(PTO)in2018inconnectionwiththeCompanymovingtoa“flexible”PTOpolicy.Messrs.PetersonandPapes’2018salaryreflectsamountspaidfromJanuary1,2018throughthedatesoftheirdeparturesfromtheCompanyinMay2018andJune2018,respectively.Thevalueoftheone-timepayoutofaccruedPTOforeachnamedexecutiveofficer(otherthanMr.Sanchack,whodidnothaveanyaccruedPTOatthetime)issetforthbelow.

Name Paid Time OffA.WilliamStein $142,087AndrewP.Power 91,154ChristopherSharp 60,769JoshuaA.Mills 64,006ScottE.Peterson 87,356DanielW.Papes 28,623

(2) Amountinthiscolumnrepresentsasign-onbonuspaidtoMr.Sanchackin2018.

(3) Theamountsinthiscolumnincludethefullgrantdatefairvalueoflong-termincentiveunitsgrantedduringtheapplicablefiscalyearinaccordancewithASCTopic718.Foradditionalinformationonthevaluationassumptionsfor2018,refertoNote14totheCompany’sandOperatingPartnership’sconsolidatedfinancialstatementsforthefiscalyearendedDecember31,2018,includedintheCompany’sandOperatingPartnership’sAnnualReportonForm10-KfortheyearendedDecember31,2018.


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The amounts shown in column (e) for 2018 include the grant date fair value of performance-based Class D Units granted in January and March 2018 based on theprobableoutcomeoftheperformanceconditiontowhichsuchlong-termincentiveunitsaresubject,whichistargetlevelperformance,basedonaMonteCarlomodelandcalculatedinaccordancewithASCTopic718.Theselong-termincentiveunitsaresubjecttoachievementoftheperformanceconditionasdescribedinthesectionaboveentitled “Compensation Discussion andAnalysis —Description of Individual Elements of Compensation —2018Annual Equity Awards.” Thetable below providestheestimatedvaluesofthe2018performance-basedlong-termincentiveunitsgrantedatthethreshold,targetandmaximumlevelsbasedontheFASBASCTopic718value:

Value at Target Value at Value at (100%) (Reported Maximum Name Threshold (50%)(a) in Column (e) Above)(a) (200%)(a) A.WilliamStein $2,906,242 $5,812,484 $11,624,968 AndrewP.Power 969,936 1,939,872 3,879,743 ErichJ.Sanchack 452,202 904,403 1,808,806 ChristopherSharp 251,205 502,409 1,004,819 JoshuaA.Mills 301,267 602,533 1,205,066 ScottE.Peterson 869,919 1,739,838 3,479,676 DanielW.Papes 418,736 837,471 1,674,942

(a) Reflectsvalueforbaseunits.

Theamountsshowninthiscolumnfor2018forMessrs.Stein,SharpandMillsalsoincludetheincrementalvalueassociatedwithsuchexecutiveofficerselectingtoreceiveapercentage of their annual incentive bonusin the formof unvested profits interest units (with a 25%premiumvalue), in lieu of cash, pursuant to the Equity ElectionProgramadoptedbytheCompanyinNovember2018. Thevalueof suchprofits interest units wasdeterminedinaccordancewith ASCTopic718. BecausetheEquityElectionProgramwasnotadopteduntilaftereachexecutiveofficer’sannualbonusopportunitywasestablishedin2018,theexecutiveofficer’srighttoelectequitywasnotembeddedinsuchbonusopportunityatthetimethatitwasestablished,andsuchrightwasinsteadprovidedtoeachexecutiveofficerfollowingtheadoptionoftheEquityIncentiveProgram.

(4) The amounts in this column represent performance-based annual incentive awards that were earned during the specified year and paid in the following year. See“Compensation Discussion and Analysis — Description of Individual Elements of Compensation — Annual Incentive Compensation” for a discussion of each namedexecutiveofficer’sactualbonusrelativetohistargetbonusfor2018.Messrs.PetersonandPapesdepartedtheCompanyinMay2018andJune2018,respectively,and,accordingly,theydidnotreceiveanannualincentiveawardwithrespectto2018.Messrs.Stein,SharpandMillselectedtoreceiveapercentageoftheirannualincentivebonusesintheformofunvestedprofitsinterestunits,inlieuofcash,undertheEquityElectionProgram.The25%premiumvalueassociatedwithsuchunvestedprofitsinterestunitsisreflectedincolumn(e).

(5) Thefollowingtablesetsforththeamountofeachotheritemofcompensationpaidto,oronbehalfof,ournamedexecutiveofficers(exceptMessrs.PetersonandPapes)in2018includedinthe“AllOtherCompensation”column.ForinformationonMessrs.PetersonandPapes,pleaseseenotes(6)and(7)below.

Distributions from Insurance Unvested Long-Term

Named Executive Officer Premiums(a) Incentive Units

(b) Other

(c) Total

A.WilliamStein $18,886 $173,277 $19,330 $211,493 AndrewP.Power 13,000 97,015 19,330 129,345 ErichJ.Sanchack 16,707 47,018 13,654 77,379 ChristopherSharp 18,886 65,095 53,000 136,981 JoshuaA.Mills 18,886 29,019 16,405 64,310

(a) Includesmedical,dental,visionanddisabilityinsurancepremiumsandbasiclifeinsurancepremiums.(b) Excludesdistributionspaidonvestedlong-termincentiveunits.(c) Includes401(k)matchingfunds,healthsavingsaccountemployercontributionsandparking.Alsoincludes$39,000housingallowanceforMr.Sharp.

(6) Includes $7,990 for medical, dental, vision, basic life and disability insurance premiums, $63,820 from distributions on unvested long-term incentive units and otheramountsrelatedto401(k)matchingfundsandhealthsavingsaccountemployercontributions.

(7) Includes $10,450 for medical, dental, vision, basic life and disability insurance premiums, $12,231 from distributions on unvested long-term incentive units and otheramountsrelatedto401(k)matchingfundsandhealthsavingsaccountemployercontributions.AlsoincludestheseverancepaymentsandbenefitspaidorpayabletoMr.PapesinconnectionwithhisdepartureinJune2018,consistingof(i)alump-sumcashseverancepaymentequalto$996,194,(ii)continuedhealthinsurancecoverageforuptotwelvemonthsfollowingtermination(valuedatapproximately$23,298).and(iii)Company-paidoutplacementservicesfortwelvemonthsfollowingtermination(valuedatapproximately$16,500).


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GrantsofPlan-BasedAwardsThefollowingtableprovidesinformationconcerningpayoutsunderplan-basedawardsgrantedorawardedduring2018toeachofournamedexecutiveofficers.

Estimated Future Payouts Under Non-Equity Incentive Plan Awards (1)

Estimated Future Payouts Under Equity

Incentive Plan Awards (2)

All Other Stock

Awards: Number of

Shares of

Grant Date Fair Value

of Stock and Option

Name Grant

Date Threshold

($) Target

($) Maximum

($) Threshold

(#) Target

(#) Maximum

(#) Stocks or

Units (#) (3) Awards

($)(4)

A. William Stein $ 750,000 $1,500,000(5) $3,000,000

ChiefExecutiveOfficer 1/1/2018 21,842 43,683 87,366 $ 5,343,741 3/2/2018 25,770 2,531,129 3/9/2018 2,150 4,300 8,600 468,743 3/9/2018 1,514 156,154

(6) 2,528 294,183

Andrew P. Power 300,000 600,000(5) 1,200,000

ChiefFinancialOfficer 1/1/2018 5,477 10,953 21,906 1,339,880 3/2/2018 12,827 1,259,868 3/9/2018 2,752 5,504 11,008 599,991

Erich J. Sanchack 225,000 445,000(5) 890,000

EVP,Operations 2/13/2018 7,134 749,926 3/2/2018 4,504 445,446 3/9/2018 4,504 9,008 18,016 904,403

Christopher Sharp 200,000 400,000(5) 800,000

ChiefTechnologyOfficer 1/1/2018 2,054 4,107 8,214 502,409

3/2/2018 2,159 247,416 11/28/2018 13,713 1,499,928

(6) 1,095 127,425

Joshua A. Mills 180,000 337,500(5) 675,000

EVP,GeneralCounsel 1/1/2018 2,191 4,381 8,762 535,928 3/2/2018 4,405 432,659 3/9/2018 306 611 1,222 66,605 3/9/2018 323 33,314

(6) 1,069 124,400

Scott E. Peterson 287,500 575,000(5) 1,150,000

FormerChief 1/1/2018 5,477 10,953 21,906 1,339,880InvestmentOfficer 3/2/2018 9,646 947,430

3/9/2018 1,835 3,669 7,338 399,958Daniel W. Papes 200,000 400,000 800,000 SVP,GlobalSales& 1/1/2018 3,423 6,846 13,692 837,471Marketing 3/9/2018 4,199 412,426

(1) Representsannualincentiveawardspaidin2019basedon2018basesalariesand2018performance.Seethe“SummaryCompensationTable”underthe “Non-EquityIncentivePlanCompensation”columnforactual2018bonusespaid.Messrs.PetersonandPapesdepartedtheCompanyinMay2018andJune2018,respectively,and,accordingly,theydidnotreceivepaymentsofannualincentiveawardswithrespectto2018.

(2) Representsperformance-basedClassDUnitsinourOperatingPartnershipawardedin2018toournamedexecutiveofficers.Withrespecttoperformance-basedClassDUnits,indicatedthreshold,targetandmaximumamountscorrespondtothenumberofbaseClassDUnitsthatwouldbeearnedintheeventthatspecifiedminimum,targetandmaximumlevels, respectively, wereachieved. Theseamounts excludedistribution equivalent unitswhichare eligible to vest upontheconclusionof theapplicableperformanceperiod.Formoreinformationon2018long-termincentiveunitawards,see“CompensationDiscussionandAnalysis—DescriptionofIndividualElementsofCompensation—2018Long-TermIncentiveUnits.”

(3) Represents time-based long-term incentive units in our Operating Partnership awarded in 2018 and, for Messrs. Stein, Sharp and Mills, the number of incrementalunvestedprofits interest units receivedinconnectionwithsuchexecutiveofficer electingtoreceiveapercentageof his annual incentive bonusintheformofunvestedprofitsinterestunits(witha25%premiumvalue),inlieuofcash,undertheEquityElectionProgram.Formoreinformationonthe2018long-termincentiveunitawards,see“CompensationDiscussionandAnalysis—DescriptionofIndividualElementsofCompensation—2018Long-TermIncentiveUnits.”


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(4) Representsthefull grantdatefairvalueof performance-basedClassDUnitsandtime-basedlong-termincentiveunitsgrantedtoeachof ournamedexecutiveofficersduring2018and,forMessrs.Stein,SharpandMills,theincrementalvalueofunvestedprofitsinterestunitsreceivedinconnectionwithsuchexecutiveofficerelectingtoreceiveapercentageof hisannual incentivebonusintheformof unvestedprofits interest units (witha25%premiumvalue), in lieuof cash, undertheEquity ElectionProgram,ineachcase,inaccordancewithASCTopic718.Foradditionalinformationonthevaluationassumptions,refertoNote14totheCompany’sandourOperatingPartnership’sconsolidatedfinancialstatementsforthefiscalyearendedDecember31,2018,includedintheCompany’sandourOperatingPartnership’sAnnualReportonForm10-KfortheyearendedDecember31,2018.

Theamountsshownincludethegrantdatefairvalueofperformance-basedClassDUnitsgrantedin2018,basedontheprobableoutcomeoftheperformanceconditiontowhichsuchClassDUnitsaresubject,whichistargetlevelperformance,calculatedinaccordancewithASCTopic718.TheseClassDUnitsaresubjecttoachievementoftheperformanceconditionasdescribedin“CompensationDiscussionandAnalysis—DescriptionofIndividualElementsofCompensation—2018Long-TermIncentiveUnits.”Thegrantdatefairvaluesoftheperformance-basedClassDUnitsgrantedin2018areasfollows:

A.WilliamStein $ 5,812,484 AndrewP.Power 1,939,872 ErichJ.Sanchack 904,403 ChristopherSharp 502,409 JoshuaA.Mills 602,533 ScottE.Peterson 1,739,838 DanielW.Papes 837,471(5) Representstargetannualincentiveawardsbasedonamountsestablishedfor2018.Actualannualincentiveawardsarebasedon2018basesalaryrates.(6) RepresentstheincrementalnumberofunvestedprofitsinterestunitsgrantedtotheexecutiveofficerinFebruary2019inconnectionwiththeexecutiveofficerelectingto

receiveapercentageof his annual incentivebonusintheformof unvestedprofits interest units (with a25%premiumvalue), in lieu ofcash,undertheEquityElectionProgram.Formoreinformationontheunvestedprofitsinterestunits,see“CompensationDiscussionandAnalysis—DescriptionofIndividualElementsofCompensation—AnnualIncentiveCompensation—EquityinLieuofAnnualCashBonuses.”


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NarrativeDisclosuretoCompensationTablesEmploymentAgreementsSummaryWehaveenteredintoemploymentagreements(collectively,the“EmploymentAgreements”)withallofournamedexecutiveofficers.TheEmploymentAgreementshavecurrenttermsendingonJuly2,2021(forMr.Stein),May1,2019(forMr.Power),January25,2020(forMr.Sanchack),May10,2021(forMr.Sharp)andNovember10,2019(forMr.Mills).ThetermofeachoftheEmploymentAgreementsforMessrs.Stein,SanchackandSharpwillautomaticallybeextendedforoneadditionalyearupontheexpirationoftheinitialcurrenttermunlesseitherpartyprovidesnoticeofsuchparty’sintentionnottorenew the Employment Agreement not less than 60 days prior to the expiration of the initial term. Mr. Peterson’s Employment Agreement terminated inconnectionwithhisSeparationAgreement,pursuanttowhichMr.PetersonresignedasanemployeeandofficeroftheCompany,effectiveasofMay31,2018,and we engaged Mr. Peterson as a consultant until February 28, 2019. Mr. Papes’ EmploymentAgreement terminated in June 2018, in connection with hisdeparturefromtheCompany.PursuanttothetermsofeachEmploymentAgreement,theannualbasesalaryofeachofthenamedexecutiveofficersissubjecttoincrease,butnotdecrease,inthediscretionoftheCompensationCommittee.Pleaseseepage47forthe2018salariesofournamedexecutiveofficers.Each of the named executive officers is also eligible to earn an annual cash performance bonus under the Company’s incentive bonus plan based on thesatisfactionof performance criteria established in accordance with the terms of such plan. Mr. Stein’s Employment Agreement in effect prior to July 2, 2018providedthathistargetandmaximumannualbonuseswouldbeatleast100%and150%,respectively,ofhisbasesalary.WeenteredintoanewEmploymentAgreementwithMr.Stein,whichsupersededhispriorEmploymentAgreementeffectiveasofJuly2,2018,andhiscurrentEmploymentAgreementprovidesthathistargetandmaximumannualbonuseswillbeatleast150%and300%,respectively,ofhisbasesalary.TheEmploymentAgreementsofMessrs.PowerandPetersoneachprovidethat thetarget andmaximumannual bonusesof eachsuchnamedexecutiveofficer will be100%and150%,respectively, of hisbasesalary. TheEmployment Agreement of Mr. Sanchackprovides that his target annual bonuswill be 100%of his basesalary. TheEmploymentAgreementforMr.SharpineffectpriortoMay10,2018providedthathismaximumannualbonuswas75%ofhisbasesalary.WeenteredintoanewEmploymentAgreementwithMr.Sharp,whichsupersededhispriorEmploymentAgreementeffectiveasofMay10,2018,andhiscurrentEmploymentAgreementprovidesthathistargetandmaximumannualbonuseswill be100%and200%,respectively,of hisbasesalary. TheEmploymentAgreementof Mr.Millsprovidesthat histarget andmaximumannual bonuseswill be75%and115%,respectively, of hisbasesalary. Pleaseseepage47for 2018target andmaximumannual bonusesof ournamedexecutiveofficers.Eachnamedexecutive officer is eligible to participate in all incentive, savings and retirement plans, practices, policies and programs, and medical and othergroupwelfareplancoverageandfringebenefitsprovidedtosimilarly-situatedexecutiveofficers.EachEmploymentAgreementalsoprovidesforcertainseverancepaymentsandbenefitsonaqualifyingterminationofemployment,asdescribedbelowunder“ExecutiveCompensation—PotentialPaymentsuponTerminationorChangeinControl.”Mr.Stein’sEmploymentAgreementalsoprovidesthatintheeventofhisretirement,Mr.SteinwillenterintoaconsultingagreementwithuspursuanttowhichhewillprovideuswithsupportonmattersthatwouldnormallyinvolveourChiefExecutiveOfficerortheBoard,andlitigationsupportandseniorclientrelationshipmanagementservices.The Employment Agreements contain or reference confidentiality covenants by the named executive officers which apply indefinitely and non-solicitationcovenantsbythenamedexecutiveofficerswhichwillapplyduringthetermoftheiremploymentandfortwoyears(forMr.Stein)oroneyear(foreachoftheothernamedexecutiveofficers)followingtheirdeparturefromtheCompany.Inaddition,theEmploymentAgreementsprovideorreferencethatduringemploymentwithus(and,forMr.Papes,foraperiodofoneyearfollowinghisdeparturefromtheCompany),eachofthenamedexecutiveofficersgenerallymaynotcompetewithusthroughtheacquisitionorownershipoftechnology-relatedrealestatepropertiesintheUnitedStates,AsiaorEurope.


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OutstandingEquityAwardsatFiscalYear-EndThefollowingtableprovidesinformationconcerningtheoutstandingequityawardsheldbyournamedexecutiveofficersasofDecember31,2018. Stock Awards

Name Grant Date

Number of Shares

or Units of Stock That

Have Not Vested (#)

(1)

Market Value of Shares or

Units of Stock That Have Not

Vested ($)(2)

Equity Incentive Plan Awards:

Number of Unearned Shares,

Units or Other Rights That Have

Not Vested (#)(3)


Market or Payout Value of

Unearned Shares, Units or Other

Rights That Have Not Vested ($)

(2)(3)

A. William Stein 2/24/2015(4) 44,051 $ 4,693,634 — $ —ChiefExecutiveOfficer 1/1/2016(5) 122,926 13,097,765 — —

2/16/2016(6) 3,110 331,371 — — 1/1/2017(7) — — 76,285 8,128,167 2/28/2017(7) — — 18,354 1,955,619 2/28/2017(8) 12,370 1,318,024 — — 1/1/2018(9) — — 87,366 9,308,847

3/2/2018(10) 25,770 2,745,794 — —

3/9/2018(9) — — 8,600 916,330

3/9/2018(10) 1,514 161,317 — —

Andrew P. Power 5/1/2015(11) 3,899 415,438 — —

ChiefFinancialOfficer 5/1/2015(4) 18,629 1,984,920 — — 1/1/2016(5) 33,190 3,536,395 — — 2/16/2016(6) 1,244 132,548 — — 1/1/2017(7) — — 19,205 2,046,293 2/28/2017(7) — — 4,540 483,737 2/28/2017(8) 4,584 488,425 — — 1/1/2018(9) — — 21,906 2,334,084

3/2/2018(10) 12,827 1,366,717

3/9/2018(9) — — 11,008 1,172,902

Erich J. Sanchack 2/13/2018(12) 7,134 760,128 — —

EVP,Operations 3/1/2018(9) — — 18,016 1,919,605

3/1/2018(10) 4,504 479,901 — —

Christopher Sharp 1/1/2016(9) 6,146 654,856 — —ChiefTechnologyOfficer 1/1/2017(7) — — 3,096 329,879

2/28/2017(8) 573 61,053 — —

11/2/2017(13) 2,526 269,145 — —

1/1/2018(9) — — 8,214 875,202

3/2/2018(10) 2,519 268,399 — —

11/22/2018(14) 13,713 1,461,120 — —

Joshua A. Mills 2/24/2015(4) 10,279 1,095,227 — —EVP,GeneralCounsel&Secretary 1/1/2016(5) 17,210 1,833,726 — —

2/16/2016(6) 622 66,274 — — 1/1/2017(7) — — 9,912 1,056,124 2/28/2017(8) 1,833 195,306 — — 1/1/2018(9) — — 8,762 933,591

3/2/2018(10) 4,405 469,353 — —

3/9/2018(10) 323 34,416 — —

3/9/2018(9) — — 1,222 130,204


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Stock Awards

Name Grant Date

Number of Shares

or Units of Stock That

Have Not Vested (#)

(1)

Market Value of Shares or

Units of Stock That Have Not

Vested ($)(2)


Number of Unearned Shares,

Units or Other Rights That Have

Not Vested (#)(3)


Market or Payout Value of

Unearned Shares, Units or Other

Rights That Have Not Vested ($)

(2)(3)

Scott E. Peterson 2/24/2015(4) 22,026 2,346,870 — —FormerChiefInvestmentOfficer 1/1/2016(5) 18,439 1,964,675 — —

2/16/2016(6) 1,244 132,548 — — 1/1/2017(7) — — 21,064 2,244,369 2/28/2017(7) — — 3,028 322,633 2/28/2017(8) 1,528 162,808 — —

3/2/2018(10) 2,410 256,786 — —

Daniel W. Papes 1/1/2017(7) — — 9,247 985,268FormerSVP,GlobalSales& 1/1/2018(9) — — 2,282 243,147Marketing

(1) Represents long-termincentive units in our Operating Partnership subject to time-vesting, which vest in installments over periods of approximately three to four years,followingthegrantdate.

(2) BasedontheclosingmarketpriceofourCommonStockonDecember31,2018of$106.55pershare.(3) Representsperformance-basedlong-termincentiveunitsthatvestbasedontheCompany’sperformancerelativetotheMSCIUSREITIndex(RMS)duringtheapplicable

three-yearperformanceperiod.AmountsshownassumetheCompany’sachievementofthemaximumlevelofperformanceforeachapplicableaward.(4) Performance-basedlong-termincentiveunits that vest based on the Company’s performance relative to the MSCI USREIT Index during the performance period from

January1,2015toDecember31,2017.Performance-basedlong-termincentiveunitsthatsatisfiedtheperformanceconditionvestedonFebruary27,2018(50%)andonFebruary27,2019(50%).

(5) Performance-basedlong-termincentiveunits that vest based on the Company’s performance relative to the MSCI USREIT Index during the performance period fromJanuary1,2016toDecember31,2018.Performance-basedlong-termincentiveunitsthatsatisfiedtheperformanceconditionvestedonFebruary27,2019(50%)andwillvestonFebruary27,2020(50%).

(6) Time-basedlong-termincentive units vestedonFebruary 16, 2017(25%), February 16, 2018(25%)andFebruary 16, 2019(25%)andwill vest on February 16, 2020(25%).

(7) Performance-basedlong-termincentiveunits that vest based on the Company’s performance relative to the MSCI USREIT Index during the performance period fromJanuary1, 2017to December31, 2019. Performance-basedlong-termincentive units that satisfy theperformanceconditionwill vest onFebruary 27, 2020(50%)andFebruary27,2021(50%).

(8) Time-basedlong-termincentiveunitsvestedonFebruary27,2018(25%)andFebruary27,2019(25%)andwillvestinequalamounts(25%)oneachofFebruary27,2020and2021.

(9) Performance-basedlong-termincentiveunits that vest based on the Company’s performance relative to the MSCI USREIT Index during the performance period fromJanuary1, 2018to December31, 2020. Performance-basedlong-termincentive units that satisfy theperformanceconditionwill vest onFebruary 27, 2021(50%)andFebruary27,2022(50%).

(10) Time-basedlong-termincentiveunitsvestedonFebruary27,2019(25%)andwillvestinequalamounts(25%)oneachofFebruary27,2020,2021and2022.(11) Time-basedlong-termincentiveunitsvestedonMay1,2016(25%),May1,2017(25%),May1,2018(25%)andwillvest25%onMay1,2019.(12) Time-basedlong-termincentiveunitsvestedonFebruary13,2019(33.3%)andwillvestinequalamounts(33.3%)oneachofFebruary13,2020and2021.(13) Time-basedlong-termincentiveunitsvestedonNovember2,2018(25%)andwillvestinequalamounts(25%)oneachofNovember2,2019,2020and2021.(14) Time-basedlong-termincentiveunitswillvestinequalamounts(25%)oneachofNovember22,2019,2020,2021and2022.Messrs.Stein,SharpandMillselectedtoreceiveapercentageoftheirannualincentivebonusesfor2018intheformofunvestedprofitsinterestunits(witha25%premiumvalue), in lieu of cash, under the Equity Election Program. Such profits interest units were not granted until February 2019 after theexecutiveofficers’final2018annualincentivebonusamountsweredetermined,andarethereforenotreflectedinthetableabove.


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OptionExercisesandStockVestedThefollowingtabledisclosesthenumberofsharesofourCommonStocksubjecttoequityawards,includinglong-termincentiveunits,whichvestedduring2018,andthevaluerealizedbyournamedexecutiveofficersonvesting. Stock Awards Number of Shares Value Acquired on Realized on

Name Vesting (#) Vesting ($)(1)

A.WilliamStein,ChiefExecutiveOfficer 116,834 $ 11,833,707AndrewP.Power,ChiefFinancialOfficer 29,655 3,023,880ErichJ.Sanchack,EVP,Operations — —ChristopherSharp,ChiefTechnologyOfficer 14,825 1,764,705JoshuaA.Mills,EVP,GeneralCounsel 26,797 2,703,877ScottE.Peterson,FormerChiefInvestmentOfficer 58,642 5,916,368DanielW.Papes,FormerSVP,GlobalSales&Marketing 2,615 313,503(1) Valuerealizedonvestingoflong-termincentiveunitsiscalculatedbasedonthepershareclosingmarketpriceofourCommonStockonthevestingdatesofsuchunits

andassumesthoseunitswereexchangedforCommonStockandsoldonthatdate.

NonqualifiedDeferredCompensationThefollowingtable providescertain information relating to the participation of our namedexecutive officers in our Deferred Compensation Plan during 2018.Messrs.SteinandPapesweretheonlynamedexecutiveofficersthatparticipatedinourDeferredCompensationPlanduring2018. Executive Registrant Aggregate Aggregate Aggregate contributions contributions earnings withdrawals/ balance at last in last FY in last FY in last FY distributions FYE

Name ($)(1) ($) ($) ($)

(2) ($)

(3)

A. William Stein $ 1,177,217 $ — $ 240,770 $ — $5,267,813ChiefExecutiveOfficer

Daniel W. Papes — — 258 25,489 —FormerSVP,GlobalSales&Marketing

(1) Mr. Stein’s 2018contribution to the Deferred Compensation Plan consists of a portion of his 2018 annual incentive bonus and was madein 2019 (when 2018 annualincentivebonusesweredeterminedandpaid).Theamountsareincludedascompensationinthe“SummaryCompensationTable”for2018.

(2) Mr.Papes’DeferredCompensationPlanaccountbalancewasdistributedtohiminconnectionwithhisdeparturefromtheCompanyinJune2018.(3) Includes$3,690,897previouslyreportedascompensationforMr.Steininthe“SummaryCompensationTable”forprioryears.

DeferredCompensationPlanWe maintain the Digital Realty Trust, Inc. Deferred Compensation Plan (as amended, the “Deferred Compensation Plan”), under which eligible employees,includingournamedexecutiveofficers,arepermittedtodeferreceiptofupto100%oftheirbasesalary,bonusand/orcommissionsearnedonorafterJanuary1,2014.TheamountsdeferredundertheDeferredCompensationPlanaredeemedtobeinvestedininvestmentalternativeschosenbytheparticipantfromarangeofchoicesestablishedby our Compensation Committee. The balances of participant accounts are adjusted to reflect the gains or losses that would havebeenobtainediftheparticipantcontributionshadactuallybeeninvestedintheapplicableinvestmentalternatives.Participants may elect to defer the distribution of their account balances until the occurrence of a specified future date or event, including: (i) a future yearspecifiedbytheparticipant,(ii)theparticipant’sterminationofemployment,(iii)theparticipant’sdeathordisability,or(iv)achangeincontroloftheCompany.Participantsmayalsoelectwhethertoreceivedistributionsoftheir accountbalances inasinglelump-sumamountorinannualinstallmentstobepaidoveraperiodoftwototenyears.Inaddition,ifaparticipantelectstoreceiveadistributionofhisorheraccountbalanceupon


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aterminationof employment, theparticipantmayelect whetherhisor herdistributionswill bemadeorcommence,asapplicable, inthesecondthroughtenthcalendaryearsfollowingsuchterminationofemployment(a“Post-SeparationElection”).Paymentofaparticipant’saccountwillbemadeorcommence,asapplicable,asfollows:(i)inthecaseofaspecifiedyear,ontheCompany’sfirstregularpayrolldate to occur during the month of July (the “Payment Date”) of the year specified by the participant, (ii) in the case of a termination of employment, on thePaymentDateoccurringduringtheyearimmediatelyfollowingsuchterminationofemploymentor,iftheparticipanthasmadeaPost-SeparationElection,onthePaymentDateoccurringduringthesecondthroughtenthyear(asapplicable)followingsuchterminationofemployment,(iii)inthecaseofdeathordisability,onthe Payment Date occurring during the year immediately following such death or disability, as applicable, or (iv) in the case of a change in control of theCompany,assoonaspossiblefollowingthechangeincontrol.Ifaparticipantselectsmorethanonedistributionevent,paymentswillbemadeorcommence,asapplicable,ontheearliestselecteddistributioneventtooccur.TheDeferredCompensationPlanisadministeredbyourCompensationCommittee,whichhastheauthoritytoappointordelegatetheadministrationoftheplanto another individual or sub-committee. The Deferred Compensation Plan is an unfunded plan for tax purposes and for purposes of Title I of the EmployeeRetirementIncomeSecurityActof1974,asamended.A“rabbitrust”hasbeenestablishedtosatisfyourobligationsundertheDeferredCompensationPlan.

PotentialPaymentsuponTerminationorChangeinControlOurnamedexecutiveofficersareentitledtofullvestingofallequityawards(otherthancertainperformance-basedvestingequityawardsthathavenotmettheirperformance-basedvestingrequirement) heldbythemuponaqualifyingterminationof employmentwithinoneyearfollowingachangeincontrol. OurnamedexecutiveofficersarealsoentitledtoseverancepaymentsuponqualifyingterminationsofemploymentpursuanttothetermsoftheirEmploymentAgreements.Mr.Sharp’spreviousEmploymentAgreement, whichwassupersededbyhiscurrentEmploymentAgreementeffectiveasofMay10,2018,didnotprovideforseverancepaymentsorbenefits.Mr.Stein’sEmploymentAgreementprovidesthatifheisterminatedbyuswithout“cause”orheresignsfor“goodreason”(eachasdefinedintheEmploymentAgreement),then,subjecttohisexecutionandnon-revocationofageneralreleaseofclaimsandhiscontinuedcompliancewithapplicablerestrictivecovenants,hewillbecomeeligibleforalump-sumseverancepaymentwithin30daysafterthedateofsuchterminationinanamountequaltothesumof(i)twotimes(or,ifsuchterminationoccurswithintwelvemonthsafterachangeincontroloftheCompany(asdefinedinthe2014Plan),threetimes)thesumof(a)histhen-currentannualbasesalaryplus(b)theaverageannualbonusearnedbyMr.Steinduringthethreefiscalyearsprecedingtheyearoftermination(the“averagebonus”),(ii)aproratedportionofhistargetannualbonusforthepartialfiscalyearinwhichtheterminationdateoccurs(the“stubyearbonus”),and(iii)iftheterminationoccursafterafiscalyear-endbutbeforeannualbonusesarepaidordeterminedforsuchprecedingfiscalyear,anamountequaltosuchunpaidbonus(ifany),ifdetermined,orthetargetbonusifbonuseshavenotyetbeendetermined(ineithercase,the“prioryearbonus”),ifany.TheEmploymentAgreementsoftheothernamedexecutiveofficerseachprovidethatiftheapplicablenamedexecutiveofficer’semploymentisterminatedbyuswithout“cause”orthenamedexecutiveofficerfor“goodreason”(eachasdefinedintherespectiveEmploymentAgreement),then,subjecttohisexecutionandnon-revocation of a general release of claims and his continued compliance with applicable restrictive covenants, he will be entitled to receive a lump-sumseverancepaymentwithin30daysafterthedateofsuchterminationinanamountequaltothesumof(i)onetimes(or,ifsuchterminationoccurswithintwelvemonthsafterachangeincontroloftheCompany,twotimes)thesumof(a)histhen-currentannualbasesalaryplus(b)histargetannualbonusforthefiscalyearinwhichtheterminationdateoccurs,(ii)thestubyearbonusand(iii)theprioryearbonus,ifany.Inadditiontotheseverancepaymentsdescribedabove,eachnamedexecutiveofficerwill(subjecttohisexecutionandnon-revocationofageneralreleaseofclaimsandhiscontinuedcompliancewithapplicablerestrictivecovenants)beentitledtoreceive(i)Company-subsidizedhealthcarecoverageforupto18months(forMr.Stein)or12months(fortheothernamedexecutiveofficers)followingtermination,(ii)outplacementservicesfor12monthsfollowingtermination,and(iii)anylong-termincentiveawardssubjecttovestingbasedoncontinuedemploymentorlapseoftimewillvestasfollows:(a)foranysuchawardsgrantedpriorto2017,full vestingofanysuchawardsupontermination,and(b)foranysuchawardsgrantedin2017orlater, vestingofthatnumberoftime-basedlong-termincentive units thatwould have becomevested during the 12-month period immediately following such termination (had the executive remained continuouslyemployedthroughsuchperiod)unlesssuchterminationoccurswithin12monthsafterachangeincontroloftheCompany(inwhichcasesuchawardswillvestinfull).Thevestingofanyawardsthatareheldbythenamedexecutiveofficersandsubjecttovestingbasedonthesatisfactionofperformancegoals,includinganyperformance-basedlong-termincentiveunits,willbegovernedbythetermsoftheapplicableawardagreement.EachEmploymentAgreementfurtherprovidesthatuponaterminationofemploymentduetothedeathordisabilityoftheapplicablenamedexecutiveofficer,hewillbecomeeligible


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foralump-sumseverancepaymentwithin30daysafterthedateofsuchterminationinanamountequaltothesumof(i)histhen-currentannualbasesalary,(ii)histargetannualbonusfortheyearoftermination,(iii)thestubyearbonusand(iv)theprioryearbonus,ifany.Inaddition,allequity-basedawardsheldbythenamedexecutiveofficerwill besubjecttotheseveranceprovisionsdescribedabove(exceptwithrespecttoMr.Stein,whosecurrentEmploymentAgreementprovidesthatanyperformance-vestingawardswill,followingthecompletionoftheperformanceperiod,vestwithrespecttothetotalnumberofsharesorunits(asapplicable)subjecttheretothatsatisfytheapplicableperformanceconditions(withoutprorationbasedonlengthofservice)).Mr.Stein’scurrentEmploymentAgreement(whichbecameeffectiveinJuly2018)alsoprovidesthatifMr.Steinisterminatedduetohis“retirement”(asdefinedinhisEmploymentAgreement),then,subjecttohisexecutionandnon-revocationofageneralreleaseofclaimsandhiscontinuedcompliancewithapplicablerestrictivecovenants,hewillbeentitledtoreceive(i)alump-sumseverancepaymentwithin30daysafterthedateofsuchterminationinanamountequaltothesumof(x)thestubyearbonus(exceptcalculatedusingtheaverageannualbonusearnedbyMr.SteinforthethreeCompanyfiscalyearsimmediatelyprecedingthe fiscal year in which such retirement occurs) plus (y) the prior year bonus, if any, and (ii) Company-subsidized healthcare coverage for up to 36 monthsfollowing termination. Mr. Stein’s Employment Agreement also provides that he will also enter into a consulting agreementwith us pursuant to which he willprovide us with support on matters that would normally involve our Chief Executive Officer or Board and litigation support and senior client relationshipmanagementservicesand,ifhecontinuestoprovideservicestousfollowinghisretirement(whetherasamemberoftheBoardofDirectorsorasaconsultant),hislong-termincentiveawardswillcontinuetovestduringsuchserviceperiod.EachEmploymentAgreementprovidesthat, totheextentthat anypaymentorbenefit receivedinconnectionwithachangeincontrol wouldbesubject toanexcisetaxunderSection4999oftheCode,suchpaymentsand/orbenefitswillbesubjecttoa“bestpaycap”reductionifsuchreductionwouldresultinagreaternetafter-taxbenefittothenamedexecutiveofficerthanreceivingthefullamountofsuchpayments.The following table sets forth estimates of the payments that would be made to our named executive officers (except for Messrs. Peterson and Papes, whodeparted the Company in May 2018 and June 2018, respectively, and whose severance arrangements are described below) in the event that a qualifyingterminationofemploymentand/orachangeincontroloccurs,assumingthatthetriggeringeventtookplaceonDecember31,2018. Without Cause Without Cause or or for Good for Good Reason Reason Occurrence (without Change Death or (with Change of Change

Name in Control) Disability in Control) in Control(1) Retirement

A. William Stein, Chief Executive Officer (2) SeverancePayment $ 7,118,288 $ 5,809,144 $ 9,927,433 $ — $ 3,954,577UnvestedProfitsInterestUnits(3) 29,088,305 42,656,866 42,656,866 38,100,362 32,478,691HealthInsurance 26,387 — 26,387 — 52,775

Andrew P. Power, Chief Financial Officer (2) SeverancePayment 1,800,000 1,800,000 3,000,000 — —UnvestedProfitsInterestUnits(3) 9,309,742 11,208,383 14,866,922 12,463,793 —HealthInsurance 11,705 — 11,705 — —

Erich J. Sanchack, EVP, Operations (2) SeverancePayment 1,725,000 1,725,000 2,300,000 — —UnvestedProfitsInterestUnits(3) 1,045,768 1,975,790 3,447,532 2,207,503 —HealthInsurance 15,562 — 15,562 — —

Christopher Sharp, Chief Technology Officer (2) SeverancePayment 1,200,000 1,200,000 2,000,000 —UnvestedProfitsInterestUnits(3) 1,785,666 3,302,938 4,100,364 2,040,646 —HealthInsurance 17,592 17,592 —

Joshua A. Mills, EVP, General Counsel &Secretary (2) SeverancePayment 1,125,000 1,125,000 2,250,000 — —UnvestedProfitsInterestUnits(3) 3,985,419 4,559,723 5,604,104 4,838,755 —HealthInsurance 17,592 — 17,592 — —

(1) Theamountspayablethatarereflected inthiscolumnwithrespecttotheaccelerationofeachnamedexecutiveofficer’sequityawardswill onlybepaidonceupontheoccurrenceofachangeincontrolandnotagainintheeventofasubsequentterminationofemployment.

(2) EmploymentAgreementswithnamedexecutiveofficersalsoprovideforoutplacementcounselingservicesforaperiodof12-monthsfollowingaterminationwithoutcauseorforgoodreason,whichweestimatetobeacostofapproximately$16,000perexecutiveofficer.

(3) PursuanttotheEmploymentAgreementsorequityawardagreements,asapplicable,witheachofournamedexecutiveofficers,unvestedtime-basedequityawardswillvestuponaqualifyingterminationofemploymentwithinoneyearfollowingachangeincontrolandunvestedperformance-basedequityawardswillvestimmediatelywithrespecttotheportionofsuchawardsdeterminedtohavemettheperformanceconditionasofthedateofthechangeofcontrol.


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InMay2018,weenteredintotheSeparationAgreementwithMr.PetersonpursuanttowhichMr.PetersonresignedasanemployeeandofficeroftheCompany,effectiveasofMay31,2018,andpursuanttowhichweengagedMr.PetersonasaconsultantuntilFebruary28,2019.Mr.PetersonwasnotpaidorprovidedanyseverancepaymentsorseverancebenefitspursuanttotheSeparationAgreement.In connection with Mr. Papes’departure fromthe Company in June 2018, he becameeligible to receive certain severance payments and benefits under hisEmploymentAgreementconsistingof:(i)acashpaymentequalto$996,194representingthesumof(a)histhen-currentannualbasesalary,(b)histargetannualbonusfor2018and(c)aproratedportionofhis2018targetannualbonus,(ii)continuedhealthinsurancecoverageforuptotwelvemonthsfollowingtermination(valuedatapproximately$23,298)and(iii)Company-paidoutplacementservicesfortwelvemonthsfollowingtermination(valuedatapproximately$16,500).

CEOPayRatioAsrequiredbySection953(b) of theDodd-FrankWall Street ReformandConsumerProtectionAct, andItem402(u) of RegulationS-K, weareprovidingthefollowing information regarding the ratio of the annual total compensation of our median employee to the annual total compensation of Mr. Stein, ourChiefExecutive Officer. We consider the pay ratio specified below to be a reasonable estimate, calculated in a manner that is intended to be consistent with therequirementsofItem402(u)ofRegulationS-K.For2018,ourlastcompletedfiscalyear:• theannualtotalcompensationoftheemployeewhorepresentsourmediancompensatedemployee(excluding,fromsuchdetermination,ourChiefExecutiveOfficer)was$132,150;and

• theannualtotalcompensationofourChiefExecutiveOfficer,asreportedintheSummaryCompensationTableabove,was$12,502,063.Basedonthisinformation,for2018,theannualtotalcompensationofourChiefExecutiveOfficerwasapproximately95timestheannualtotalcompensationofourmedianemployee.DeterminingtheMedianEmployeeTheCompany’sacquisitionofAscentyclosedonDecember20,2018and,asaresult, ouremployeepopulationincreasedin2018.However, aspermittedbyItem402(u)ofRegulationS-K,wehavedeterminedtoomitAscenty’sapproximately289employeesfromouremployeepopulationinthedeterminationofourpayratiofor2018.Aftertakingintoaccounttheforegoing,wedonotbelievethattherehasbeenachangeinouremployeepopulationoremployeecompensationarrangementsthatwouldsignificantlyaffectlastyear’spayratiodisclosure.Therefore,weusedthesamemedianemployeeinour2018payratiocalculationasinour2017payratiocalculation.Ourmedianemployee'sannualtotalcompensationin2018wascalculatedinaccordancewiththerequirementsofItem402(c)(2)(x)ofRegulationS-K.With respect to the annual total compensation of our Chief Executive Officer, we used the amount reported in the “Total” column of our 2018 SummaryCompensationTableincludedinthisProxyStatement.


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2019CompensationInFebruary2019,theCompensationCommitteeapprovedthefollowingcomponentsof2019compensationforournamedexecutiveofficers:2019BonusLevels Annual Bonus as a % of 2019 SalaryName 2019 Salary Threshold Target MaximumA.WilliamStein $1,000,000 100% 200% 400%AndrewP.Power 600,000 62.5% 125% 250%ErichJ.Sanchack 445,000 50% 100% 200%ChristopherSharp 400,000 50% 100% 200%JoshuaA.Mills 450,000 50% 100% 200%


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DirectorCompensationWeuseacombinationofcashandequity-basedincentivecompensationtoattractandretainqualifiednon-employeedirectorstoserveonourBoard.Insettingnon-employeedirectorcompensation,weconsiderthesignificantamountoftimethatdirectorsspendinfulfillingtheirdutiestoourCompanyaswellastheskilllevelwerequireofmembersofourBoard.

CashCompensationOnNovember12,2018,theBoardapprovedcertainchangestoourdirectorcompensationprogram,effectiveasofthesamedate,includinganincreasetotheannualcashretainerforournon-employeedirectors.Boardcommitteefees(whichareshowninthesecondtablebelow)didnotchange.Annual Cash Retainers for Non-Employee Directors Current PreviousBoardMember $85,000 $75,000ChairmanoftheBoard(1) $50,000 $50,000ViceChairmanoftheBoard(1)(2) $25,000 $25,000

(1) Inadditiontotheannualcashbaseretainer.

(2) ThepositionofViceChairmanoftheBoardiscurrentlyvacant. Annual FeeBoard Committee Fees Chairperson MemberAuditCommittee $30,000 $15,000CompensationCommittee $30,000 $15,000NominatingandCorporateGovernanceCommittee $25,000 $15,000

DirectorElectionProgramOnNovember12,2018,theBoardadoptedaprogrampursuanttowhichnon-employeedirectorsmayelecttoreceivealloraportionoftheircashretainersanddirectorfeesotherwisepayableincashinanycombinationof(i)cashor(ii)fully-vestedprofitsinterestunitsofDigitalRealtyTrust,L.P.,havingavalue(basedontheCompany’sclosingsharepriceonthedateofgrant)equalto100%ofthecashretaineranddirectorfeeamountssubjecttotheelection.Underthisprogram,inFebruary2019,thefollowingnon-employeedirectorselectedtoreceivefully-vestedprofitsinterestunitsinlieuoftheir2019cashretainers.

Director Percent of Annual Fee

Profits Interest Units (#)

LaurenceA.Chapman 100% 316MichaelA.Coke 100% 242WilliamG.LaPerch 100% 232JohnT.Roberts,Jr. 100% 144DennisE.Singleton 100% 210

EquityCompensationOnNovember12,2018,inconnectionwiththechangestoourdirectorcompensationprogram,theBoardincreasedtheannualequityamountfornon-employeedirectorsfrom$145,000to$165,000,effectiveasofthesamedate.TheCompany’s2014Plancurrentlyprovidesforformulaicgrantsoflong-termincentiveunitstonon-employeedirectorsasfollows:• Pro Rata Grant. Eachpersonwhofirstbecomesanon-employeedirectoronadateotherthanthedateofanannualmeetingofstockholderswill,onthedateofsuchpersonfirstbecominganon-employeedirector,begrantedanumberoflong-termincentiveunitsequaltotheproductof(A)thequotientobtainedbydividing(x)$165,000by(y)thefairmarketvalueofashareofCommonStock


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onsuchdate,multipliedby(B)thequotientobtainedbydividing(x)12minusthenumberofmonthsthathaveelapsedsincetheimmediatelyprecedingannualmeetingofstockholders,by(y)12.Inadditiontotheforegoingpro-ratagrant,if applicable,eachpersonwhofirstbecomestheChairmanoftheBoardonadateotherthanthedateofanannualmeetingofstockholderswill,onthedateofsuchpersonfirstbecomingtheChairmanoftheBoard,begrantedanumberoflong-termincentiveunitsequaltotheproductof(A)thequotientobtainedbydividing(x)$100,000by(y)thefairmarketvalueofashareofCommonStockonsuchdate,multipliedby(B)thequotientobtainedbydividing(x)12minusthenumberofwholemonthsthathaveelapsedsincetheimmediatelyprecedingannualmeetingofstockholders, by(y)12.Theawardswill vestinfull ontheearlierof(i) thefirstanniversaryoftheapplicabledateofgrant, or(ii) thedaybeforethedateofthenextannualmeetingofstockholdersfollowingthedateofgrant,subjecttothedirector’scontinuedservicewiththeCompanyuntiltheapplicablevestingdate.

• Annual Grant. Eachpersonwhofirstbecomesanon-employeedirectoratanannualmeetingofstockholdersandeachpersonwhootherwisecontinuestobeanon-employeedirectorimmediatelyfollowingsuchannualmeetingwill,onthedateofsuchannualmeeting,begrantedanumberoflong-termincentiveunitsequaltothequotientobtainedbydividing(x)$165,000by(y)thefairmarketvalueofashareofCommonStockonthedateofsuchannualmeeting.Inadditionto theforegoing annual grant, eachpersonwhofirst becomesChairmanof the Boardat anannual meeting of stockholders or suchpersonwhootherwisecontinuestobetheChairmanoftheBoardimmediatelyfollowingsuchannualmeetingasapplicablewill, onthedateofsuchannualmeeting,begrantedanumberoflong-termincentiveunitsequaltothequotientobtainedbydividing(x)$100,000by(y)thefairmarketvalueofashareofCommonStockonthedateofsuchannualmeeting.AdirectorwhoisalsoanemployeewhosubsequentlyincursaterminationofemploymentandremainsontheBoardwillnotreceiveapro-ratagrant,but,totheextentsuchdirectorisotherwiseeligible,willreceiveannualgrantsaftersuchterminationofhisstatusasanemployee.Theawardswillvestinfullontheearlierof(i)thefirstanniversaryoftheapplicabledateofgrant,or(ii)thedaybeforethedateofthenextannualmeetingofstockholdersfollowingthedateofgrant,subjecttothedirector’scontinuedservicewiththeCompanyuntiltheapplicablevestingdate.

Eachnon-employeedirectormayelectinadvancetoreceiveinlieuofhisorherannuallong-termincentiveunitawardanequivalentnumberofsharesintheformofrestrictedstock,subjecttothesamevestingscheduleaswouldhaveappliedtothecorrespondinggrantoflong-termincentiveunits.Ifanon-employeedirectordoesnotqualifyasan“accreditedinvestor”withinthemeaningofRegulationDoftheSecuritiesActonthedateofanygrantoflong-termincentiveunitstosuchdirector,thenthedirectorwillnotreceivesuchgrantoflong-termincentiveunits,andinlieuthereofwillautomaticallybegrantedanequivalentnumberofsharesintheformofrestrictedstock,subjecttothesamevestingscheduleaswouldhaveappliedtothecorrespondinggrantoflong-termincentiveunits.OnNovember27,2018,inconnectionwiththechangestoourdirectorcompensationprogram,theBoardapprovedanawardoflong-termincentiveunitsvaluedat $10,000for eachof our non-employeedirectors, whichrepresentedapro-ratedportionof theincreasetothevalueof theannualequityawardsunderourdirector compensation program (the “November Grants”). The November Grants will vest at the 2019 Annual Meeting, subject to the applicable director’scontinuedservicewiththeCompanyuntilsuchdate.Thetablebelowsummarizesthecompensationwepaidtoournon-employeedirectorsduringtheyearendedDecember31,2018:

Name

Fees Earned or Paid in

Cash ($)(1)

Stock Awards

($)

(2)(3)

All Other Compensation

($) Total

($)LaurenceA.Chapman $ 140,000 $ 254,866 — $ 394,866MichaelA.Coke(4) 128,736 154,926 — 283,622KevinJ.Kennedy 105,000 154,926 — 259,926WilliamG.LaPerch 100,000 154,926 — 254,926AfshinMohebbi 105,000 154,926 — 259,926MarkR.Patterson 105,000 154,926 — 259,926MaryHoganPreusse 99,643 154,926 — 254,569JohnT.Roberts,Jr.(5) 90,000 154,926 — 244,926DennisE.Singleton 105,000 154,926 — 259,926RobertH.Zerbst(6) 59,361 — — 59,361

(1) As of December 31, 2018, the members of the Audit Committee were Messrs. Mohebbi (Chair), Coke and Patterson, and Ms. Hogan Preusse; the members of theCompensationCommitteewereMessrs.Singleton(Chair),Kennedy,PattersonandRoberts;andthemembersoftheNominatingandCorporateGovernanceCommitteewereMessrs.LaPerch(Chair),ChapmanandKennedyandMs.HoganPreusse.

(2) Theamounts in this columnrepresent the full grant date fair value of long-term incentive units granted during 2018in accordance with ASCTopic 718. For additionalinformation onthevaluation assumptions for 2018, refer to Note14to theCompany’s andOperating Partnership’s consolidated financial statements for thefiscal yearendedDecember31,2018,includedintheCompany’sandOperatingPartnership’sAnnualReportonForm10-KfortheyearendedDecember31,2018.


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(3) Theaggregatenumberofvestedlong-termincentiveunitsoutstandingatDecember31,2018foreachofournon-employeedirectorsissetforthinthetablebelow:

LaurenceA.Chapman 2,343MichaelA.Coke 2,187KevinJ.Kennedy 9,702WilliamG.LaPerch 10,102AfshinMohebbi 3,734MarkR.Patterson 3,816MaryHoganPreusse 2,664JohnT.Roberts,Jr. 2,187DennisE.Singleton 27,672

(4) Includes$38,736infeesthat Mr. Cokereceivedfor hisserviceastheBoard’sdesigneeontheCompany’sInvestment Committee. TheInvestment Committeeisnot acommitteeoftheBoard;itisamanagementbodythatreviewsCompanyinvestments.

(5) Mr.Robertshaselectednottostandforre-electionasadirectoratthe2019AnnualMeetingandhismembershipontheBoardwillexpireimmediatelypriortothe2019AnnualMeeting.

(6) Mr.Zerbstelectednottostandforre-electionasadirectoratthe2018AnnualMeetingandhismembershipontheBoardexpiredimmediatelypriortothe2018AnnualMeeting.

StockOwnershipGuidelinesTheCompanymaintainsStockOwnershipGuidelinesfortheBoardandcertainexecutiveofficersoftheCompany,asdescribedbelow:

Executive officers and directors subject to the Stock Ownership Guidelines are required to meet the applicable ownership levels within five years after firstbecomingsubjecttotheStockOwnershipGuidelines.

Anti-HedgingandAnti-PledgingPolicyExecutive officers and members of the Board may not directly or indirectly engage in capital transactions intended to hedge or offset the market value ofCompanystockownedbythem.PledgingtheCompany’ssecuritiesascollateraltosecureloansisalsoprohibited,unlessapprovedinadvanceinwritingbytheCompany’sSecuritiesComplianceOffice.AllofourexecutiveofficersandmembersoftheBoardareincompliancewiththispolicy.


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CompensationRiskAssessmentTheCompanybelievesthatourcompensationpoliciesandpracticesappropriatelybalancenear-termperformancewithsustainablelong-termvaluecreation,andthattheydonotencourageunnecessaryorexcessiverisktaking.InNovember2018andFebruary2019,theCompany’smanagementconductedanextensivereviewofthedesignandoperationofourcompensationprogramandits findingswerepresentedtotheCompensationCommitteeandtheBoard.Thereviewincludedanassessmentofthelevelofriskassociatedwiththevariouselementsofcompensation.Basedonthisreviewandassessment,theCompanybelievesthatourcompensationpoliciesandpracticesarenotreasonablylikelytohaveamaterialadverseeffectontheCompany.

EquityCompensationPlansThefollowingtableprovidesinformationwithrespecttosharesofourCommonStockthatmaybeissuedunderourexistingequitycompensationplans.(1) (a) (b) (c) (d)

Number of shares of Common Stock

to be issued upon exercise of

outstanding options

Weighted-average exercise price of

outstanding options

Number of shares of Restricted Common Stock and Common

Stock issuable upon redemption of

outstanding long-term incentive units,

Class C Units and Class D Units

(2)

Number of securities remaining available for future issuance

under equity compensation plans

(excluding securities reflected in column

(a) and (c))(3)

Plan Category Equitycompensationplansapprovedbystockholders(4)

N/A $N/A 2,240,239 13,333,835

Equitycompensationplansnotapprovedbystockholders

N/A N/A N/A N/A

(1) InformationasofDecember31,2018.(2) Thenumberofunvestedfull-valueawardsis772,958.Full-valueawardsarecomprisedofrestrictedstockandlong-termincentiveunits.(3) Includessharesavailableforfuturegrantsofstockoptions,restrictedstockandotherstock-basedawardsandsharesissuableuponredemptionoflong-termincentive

unitsavailabletobegrantedunderthe2014Plan.(4) Consistsofour2014Plan,ourFirstAmendedandRestatedDigitalRealtyTrust, Inc.,DigitalServices,Inc.andDigitalRealtyTrust,L.P.2004IncentiveAwardPlan,as

amended, andEmployeeStock PurchasePlan (ESPP). As of December 31, 2018, there were 6,271,475 shares available for issuance under the ESPPand 360,000sharessubjecttopurchaseduringthepurchaseperiodthatincludedDecember31,2018.ThenumberofsharesavailableforissuanceundertheESPPwillautomaticallyincreaseonthefirstdayofeachcalendaryear(endingwith2025)inanamountequaltothelesserof(i)onepercent(1%)ofthesharesoutstandingonthelastdayoftheimmediatelyprecedingfiscalyear,and(ii)suchsmallernumberasdeterminedbytheBoard.


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ITEM 3. AdvisoryVoteontheCompensationofNamedExecutiveOfficers(Say-on-Pay)

BackgroundWeareaskingstockholderstovoteuponaresolutiontoapprove,onanon-binding,advisorybasis,thecompensationofournamedexecutiveofficersasreportedinthisProxyStatement(asay-on-payvote).Followingour2017AnnualMeetingofStockholders,atwhichthemajorityofthevotescastbyourstockholderswasinfavorofholdingasay-on-payvoteeveryyear, theBoarddeterminedthat wewill holdanon-binding, advisoryvoteonthecompensationof our namedexecutiveofficerseveryyear,unlesstheBoardsubsequentlymodifiesitspolicy.

SummaryAtour2018AnnualMeetingofStockholders,ourstockholdersoverwhelminglyapprovedthecompensationofournamedexecutiveofficers,with93.6%ofthevotescastinfavorofthesay-on-payproposal.Webelievethisaffirmsourstockholders’supportofourapproachtoexecutivecompensation.As described more fully in the Compensation Discussion and Analysis, or CD&A, section of this Proxy Statement, the compensation programfor our namedexecutive officers is designed to attract, retain and motivate experienced and talented executives who can help achieve the short-term and long-termperformancegoalsoftheCompanydesignedtomaximizestockholdervalue.Theprogramseekstoalignasignificantportionofexecutivecompensationwithourperformanceonashort-termandlong-termbasisthroughacombinationofannualbasesalaries,annualincentivesthroughcashor,attheapplicableexecutiveofficer’selection, equity-basedbonusesandlong-term incentivesthroughequity-basedcompensation. Theannual incentivepayout for eachnamedexecutiveofficerisbasedonfinancial,revenue,profitabilityandindividualgoalsestablishedbytheCompensationCommittee,andeachnamedexecutiveofficer’sannualincentivebonusopportunityprovidesforthreshold,targetandmaximumbonusamounts,expressedasapercentageofbasesalary.Long-termincentiveawardsincludegrantsoflong-termincentiveunitsinourOperatingPartnershipintendedtoencourageactionstomaximizestockholdervalue.WeurgeourstockholderstoreviewtheCD&AsectionofthisProxyStatementandcompensationtablesformoreinformation.We emphasize pay-for-performance . Our compensation philosophy is to pay for performance, support our business strategies, and offer competitivecompensation arrangements. In the CD&A, we have provided stockholders with a description of our compensation programs, including the philosophy andstrategyunderpinningtheprograms,theindividualelementsoftheprograms,andhowourprogramsareadministered.Inthepast fewyears, theCompanyhasbeenfocusedongrowingour operationsorganically andthroughstrategic acquisitions, aswell as throughimprovedleasing,assetmanagementandmarketingactivities,improvingourbalancesheet,strategicallyaccessingthecapitalmarketsandfocusingonourorganizationaldevelopment. Morerecently, theCompanyhasfocusedonits product strategy, investingin strategic initiativestocomplement its existingportfolio in order toattractawiderbaseofcustomers,andorganizationalstructuringtosupportthesenewstrategiesandinitiativesaswellasthecontinuedgrowthoftheCompany.AccomplishmentsintheyearendedDecember31,2018aredescribedaboveintheCD&Aundertheheading“PayforPerformance.”In2018,weachievedthetargetlevelofourFFOgoalwithrespecttoourannualincentiveprogram.Annualincentivebonusesearnedbyournamedexecutiveofficers(excludingMessrs.PetersonandPapes)in2018rangedfrom119%to168%oftheirrespectivetargetbonuses(withouttakingintoaccounttheEquityElectionPrograminwhichMessrs.Stein,SharpandMillselectedtoparticipate).InNovember2018,weadoptedtheEquityElectionProgramunderwhicheligibleemployees,includingtheCompany’snamedexecutiveofficers,mayelecttoreceive all or any portion of their annual incentive bonuses for calendar years 2018 and later that are otherwise payable in cash in any combination of thefollowing:(i)cash,(ii)fully-vestedprofitsinterestunitsorfully-vestedsharesofCompanycommonstock,ineithercase,equalto100%oftheannualincentivebonusamountsubjecttotheelection,and(iii) unvestedprofits interestunitsorunvestedrestrictedstockunitscoveringsharesofCompanycommonstock,ineither case, having a value equal to 125% of the annual incentive bonus amount subject to the election. The unvested profits interest units and unvestedrestrictedstockunitswillvestwithrespectto50%ofthetotalprofitsinterestunitsorrestrictedstockunits(asapplicable)subjecttotheawardwouldvestoneach


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ofthefirsttwoanniversariesofthegrantdate,subjecttotheemployee’scontinuedservicethroughtheapplicablevestingdate(exceptasotherwiseprovidedintheapplicableawardagreement).FormoredetailsontheEquityElectionProgram,see“DescriptionofIndividualElementsofCompensation–AnnualIncentiveCompensation–EquityinLieuofAnnualCashBonuses”.Thelong-termincentiveawardsgrantedtoournamedexecutiveofficersaresubjecttoperformancevestingbasedontotalstockholderreturnrelativetotheMSCIUSREITIndex,orRMS,overathree-yearmeasurementperiodandaresubjecttofurthertimevestingoveraone-yearperiodfollowing theconclusionofthemeasurementperiod.Webelievethatourcompensationprogramsarestronglyalignedwiththelong-terminterestsofourstockholders.Webelievethatequityawardsservetoaligntheinterestsofournamedexecutiveofficerswiththoseofourstockholdersbyencouraginglong-termperformance.Assuch,equityawardsareakeycomponentofourexecutivecompensationprogram,withlong-termincentiveawardsrangingbetween58%and77%ofournamedexecutiveofficers’compensationopportunityin 2018. The performance-based equity awards granted in 2018 generally time-vest over a one-year period following the end of the applicable three-yearperformanceperiod.Wearecommittedtostronggovernancestandardswithrespecttoourcompensationprogram,proceduresandpractices.Pursuanttoourcommitmenttostronggovernancestandards,theCompensationCommitteeiscomprisedsolelyofindependentdirectors.TheCompensationCommitteeretainedFPL(untilNovember2018)andSemlerBrossy(commencinginNovember2018)asindependentcompensationconsultantstoprovideitwithadviceandguidanceonourexecutivecompensationprogramdesignandtoevaluateourexecutivecompensationprogram.TheCompensationCommitteeoverseesandperiodicallyassessestherisksassociatedwithourcompensationpoliciesandpracticescompany-widetodeterminewhethersuchpoliciesandpracticesencourageunnecessaryorexcessiverisktaking.Weprovidecompetitivepayopportunities.TheCompensationCommitteeconsistently reviewsourexecutivecompensationprogramtoensurethat it providescompetitivepayopportunities.Ourcompensationprogramsconsistofelementsdesignedtocomplementeachotherandrewardachievementofshort-termandlong-termobjectivestiedtoourperformancethroughassociationwithanoperatingmetric.Wehavechosentheselectedmetricstoalignemployeecompensation,including compensation for the executive officers named in the Summary Compensation Table of this Proxy Statement, to our business strategy. Key 2018actionsanddecisionsaredescribedaboveintheCD&Aundertheheading“GoodGovernance.”

RecommendationTheBoardbelievesthat the informationprovidedaboveandwithin theCD&Asectionof this ProxyStatement demonstrates that our executive compensationprogramwasdesignedappropriatelyandisworkingtoensurethatmanagement’sinterestsarealignedwithourstockholders’intereststosupportlong-termvaluecreation.In accordancewithSection14Aof the Exchange Act andthe Board’s determination to hold a say-on-pay vote on an annual basis, and as a matter of goodcorporategovernance,weareaskingstockholderstoapprove,onanon-binding,advisorybasis,thefollowingresolutionattheAnnualMeeting:

“RESOLVED,thatthecompensationpaidtotheCompany’snamedexecutiveofficers,asdisclosedpursuant toItem402ofRegulationS-K,includingtheCompensation Discussion and Analysis, compensation tables and narrative discussion of this Proxy Statement, is hereby approved, on a non-binding,advisorybasis,bythestockholdersoftheCompany.”

Thisadvisoryresolutionisnon-bindingontheBoard.Althoughnon-binding,theBoardandtheCompensationCommitteewillcarefullyreviewandconsiderthevotingresultswhenevaluatingourexecutivecompensationprogram.UnlesstheBoardmodifiesitspolicyonthefrequencyoffuturesay-on-payvotesfollowingthisyear’svote,thenextsay-on-payvotewillbeheldatthe2020AnnualMeetingofStockholders.TheaffirmativevoteofamajorityofthevotescastattheAnnualMeetingfortheadoptionofthisresolutionisrequiredtoapprove,onanon-binding,advisorybasis,thecompensationofthenamedexecutiveofficersdisclosedinthisProxyStatementpursuanttoItem402ofRegulationS-KundertheSecuritiesActandtheExchangeAct.


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CertainRelationshipsandRelatedPartyTransactionsOurdirectorWilliamG.LaPerchisexecutivechairmanofHylanDatacomandElectricalInc.,whichrecentlybecameacustomerofours.ThemonthlyrecurringchargeofleasewithHylanislessthan$3,000.

Review,ApprovalorRatificationofTransactionswithRelatedPersonsOurBoardortheappropriatecommitteeoftheBoardreviewsmaterialtransactionsbetweenus,theOperatingPartnershipandanyofourdirectorsorexecutiveofficers. Our Code of Business Conduct and Ethics and Corporate Governance Guidelines provide that each executive officer and director report conflicts ofinterest to the General Counsel or the Chairman of the Board, as applicable. Directors are also subject to the conflict provisions set forth in our CorporateGovernanceGuidelines.TheBoardortheappropriatecommitteeofourBoardwillresolveallconflictsofinterestinvolvingofficersordirectors.TheBoardortheappropriatecommitteeoftheBoardmaywaiveprovisionsofourCodeofBusinessConductandEthicswithrespecttoexecutiveofficersanddirectors.Anysuchwaivers will be disclosed to our stockholders to the extent required by applicable laws and regulations. We intend to disclose on our website atwww.digitalrealty.comany amendment to, or waiver of, any provision of our Code of Business Conduct and Ethics applicable to our directors and executiveofficersrequiredtobedisclosedundertherulesoftheSECandNYSE.

IndemnificationAgreementsWehaveenteredintoindemnificationagreementswithallofournamedexecutiveofficersandotherexecutiveofficersandwitheachofourdirectorsthatobligateustoindemnifythemtothemaximumextentpermittedbyMarylandlaw.Theindemnificationagreementsprovidethat,subjecttocertainexceptions,ifadirectororexecutiveofficerisapartyoristhreatenedtobemadeapartytoanyproceeding,otherthanaproceedingbyorintherightofourCompany,byreasonofsuchdirector’sorexecutiveofficer’sstatusasadirector,officeroremployeeofourCompany,wemustindemnifysuchdirectororexecutiveofficerforallexpensesandliabilitiesactuallyandreasonablyincurredbyhimorher,oronhisorherbehalf.


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AnnualReportonForm10-KStockholders may obtain without charge a copy of the Company’s and the Operating Partnership’s Annual Report on Form 10-K, including the financialstatementsandfinancialstatementschedules,requiredtobefiledwiththeSECpursuanttotheExchangeActforthefiscalyearendedDecember31,2018,bydownloading the report from the Investors section of the Company’s website at www.digitalrealty.com, from the Company’s e-proxy website athttp://www.proxyvote.comorbywritingtoInvestorRelations,DigitalRealtyTrust,Inc.,FourEmbarcaderoCenter,Suite3200,SanFrancisco,CA94111.

OtherMattersSection16(a)BeneficialOwnershipReportingComplianceSection16(a)oftheExchangeActrequirestheCompany’sexecutiveofficersanddirectors,andpersonswhoownmorethan10%ofaregisteredclassoftheCompany’sequitysecurities(“ReportingPersons”),tofilereportsofownershipandchangesinownershipwiththeSEC.ReportingPersonsarerequiredbySECregulationstofurnishuswithcopiesofallformstheyfilepursuanttoSection16(a).Basedsolelyonourreviewofthecopiesofsuchreportsreceivedbyus,andwrittenrepresentationsfromcertainReportingPersonsthatnootherreportswererequiredforthosepersons,webelievethat,duringtheyearendedDecember31,2018,theReportingPersonsmetallapplicableSection16(a)filingrequirements,withtheexceptionofthefollowing:twoamendedForm4filingsforeachofScottPeterson,AndyPowerandBillSteincoveringoneequityawardeachwithrespecttotheCompanyandtheOperatingPartnership.

StockholderProposalsandNominationsPursuanttoRule14a-8under theExchangeAct,stockholdersmaypresentproperproposalsforinclusioninourProxyStatementandforconsiderationatour2019AnnualMeeting.Tobeeligibleforinclusioninour2019ProxyStatement,yourproposalmustbereceivedinwritingnotlaterthanDecember3,2019andmustotherwisecomplywithRule14a-8undertheExchangeAct.WhiletheBoardwillconsiderstockholderproposals,wereservetherighttoomitfromourProxyStatementstockholderproposalsthatwearenotrequiredtoincludeundertheExchangeAct,includingRule14a-8oftheExchangeAct.OurBylawsalsoprovideaproxyaccessrightpermittingagroupofupto20stockholderswhohavebeneficiallyowned3%ormoreoftheCompany’sCommonStockcontinuouslyforatleast3yearstosubmitdirectornominationsviatheCompany’sproxymaterialsforupto20%ofthedirectorsthenserving.In addition, our Bylaws contain an advance notice provision with respect to matters to be brought before an annual meeting, including director nominations,whetherornotincludedinourProxyStatement.Ifyouwouldliketonominateadirectororbringanyotherbusinessbeforethestockholdersatthe2020AnnualMeeting,youmustcomplywiththeprocedurescontainedinourBylaws,includingnotifyingusinwritinginatimelymanner,andsuchbusinessmustotherwisebeapropermatterforactionbyourstockholders.Tobetimelyunderour Bylaws, thenoticemust bedeliveredtoour Secretaryat FourEmbarcaderoCenter, Suite3200, SanFrancisco, California94111, theCompany’sprincipalexecutiveoffice:• notearlierthanNovember3,2019,and

• notlaterthan5:00p.m.,PacificTime,onDecember3,2019.Intheeventthatthedateofthe2020AnnualMeetingisadvancedordelayedbymorethan30daysfromthefirstanniversaryofthedateofthe2019AnnualMeeting,noticebythestockholdertobetimelymustbedelivered:• notearlierthanthe150thdaypriortothedateofthemeeting,and

• notlaterthan5:00p.m.,PacificTime,onthelaterofthe120thdaypriortothedateofthemeeting,asoriginallyconvened,orthe10thdayfollowingthedateofthefirstpublicannouncementofthemeeting.


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Ifwehavenotreceivednoticeofastockholderproposalornominationwithinthetimeperiodspecifiedabove,thepersonsentitledtovotetheproxiessolicitedbythisproxystatementwillhavetheabilitytovoteonsuchmattersintheirdiscretionpursuanttoRule14a-4(c)(1)andRule14a-5(e)(2)undertheExchangeAct.OurBylawsprovidethatnominationsofindividualsforelectiontotheBoardandtheproposalofbusinesstobeconsideredbyourstockholdersmaybemadeatanannualmeetingpursuanttoournoticeofmeeting,byoratthedirectionoftheBoardorbyanystockholderoftheCompanywhowasastockholderofrecordbothatthetimeofgivingofnoticeprovidedforinourBylawsandatthetimeoftheannualmeeting,whoisentitledtovoteatthemeetingintheelectionofeachindividual so nominated or on any such other business and who complied with the notice, information and consent procedures set forth in our Bylaws. Tonominateadirector,thestockholdermustprovidetheinformationrequiredbyourBylawsinatimelymannerasrequiredinourBylaws.You may write to our Secretary at our principal executive office, Four Embarcadero Center, Suite 3200, San Francisco, CA 94111, to deliver the noticesdiscussedaboveandforacopyoftheBylaws.

HouseholdingofProxyMaterialsTheSEChasadoptedrulesthatpermitcompaniesandintermediaries(suchasbanksandbrokers)tosatisfythedeliveryrequirementsforproxymaterialswithrespecttotwoormorestockholderssharingthesameaddressbydeliveringasinglecopyoftheproxystatement,annualreportorNoticeofInternetAvailabilityofProxy Materials, as applicable, addressed to those stockholders. This process, which is commonly referred to as “householding,” potentially means extraconvenienceforstockholdersandcostsavingsforcompanies.Thisyear,anumberofbrokerswithaccountholderswhoareourstockholderswillbehouseholdingourproxymaterials.AsingleNoticeofInternetAvailabilityofProxyMaterialswill bedeliveredtomultiplestockholderssharinganaddressunlesscontraryinstructionshavebeenreceived fromtheimpactedstockholders.Onceyouhavereceivednoticefromyourbrokerthattheywillbehouseholdingcommunicationstoyouraddress,householdingwillcontinueuntilyouarenotifiedotherwiseoruntilyourevokeyourconsent.If,atanytime,younolongerwishtoparticipateinhouseholdingandwouldprefertoreceiveseparateproxymaterials,pleasenotifyyourbroker,directyourwrittenrequesttoInvestorRelations,DigitalRealtyTrust,Inc.,FourEmbarcaderoCenter,Suite3200,SanFrancisco,CA94111, or contact Investor Relations by telephone at (415) 738-6500. Upon written or oral request to Investor Relations, Digital Realty Trust, Inc., FourEmbarcaderoCenter,Suite3200,SanFrancisco,CA94111,orbytelephoneat(415)738-6500fromastockholderatasharedaddresstowhichasinglecopyoftheproxymaterialswasdelivered, wewill promptlydeliveraseparatecopyoftheproxymaterialstosuchrequestingstockholder. Stockholderswhocurrentlyreceivemultiplecopiesofproxymaterialsattheiraddressandwouldliketorequesthouseholdingoftheircommunicationsshouldcontacttheirbroker.

ByOrderofOurBoardofDirectors,

JoshuaA.MillsSecretary

April1,2019


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AppendixReconciliationsofNon-GAAPFinancialMeasuresFunds From Operations: FFO represents net income (loss) (computed in accordance with U.S. GAAP), excluding gains (or losses) from real estatetransactions,non-controllinginterestsshareofgainonsaleofproperty,impairmentofinvestmentinrealestate,realestaterelateddepreciationandamortization(excluding amortization of deferred financing costs), unconsolidated JV real estate related depreciation & amortization, non-controlling interests in operatingpartnershipandafteradjustmentsforunconsolidatedpartnershipsandjointventures.CoreFFO:CoreFFOfortheyearendedDecember31,2018excludedapproximately$5.1millionofterminationfeesandothernon-corerevenues,$1.6millionin loss fromearly extinguishment of debt and included approximately $45.3 million of transaction and integration expenses, $3.3 million in severance, equityaccelerationandlegalexpenses,and$4.3millionofothernon-coreexpenseadjustments.AdjustedEBITDAisEBITDAexcludingseverance-relatedexpense,equityacceleration,andlegalexpenses,transactionandintegrationexpenses,(gain) losson real estate transactions, other non-core expense adjustments, (net), non-controlling interests, and preferred stock dividends. EBITDA is earnings beforeinterest,lossfromearlyextinguishmentofdebt,incometaxes,depreciationandamortization.


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