# EDGAR Filing Document

**Accession Number:** 0001297996
**File Stem:** 0001193125-23-072616
**Filing Date:** 2023-3
**Character Count:** 42139
**Document Hash:** 519f7cc86ffa87cfa47c8506931bd342
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-072616.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001193125-23-072616

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20230316

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DIGITAL REALTY TRUST, INC.
- **CENTRAL INDEX KEY:** 0001297996
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 260081711
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32336
- **FILM NUMBER:** 23739078

**BUSINESS ADDRESS:**
- **STREET 1:** 5707 SOUTHWEST PARKWAY, BUILDING 1
- **STREET 2:** SUITE 275
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78735
- **BUSINESS PHONE:** (737) 281-0101

**MAIL ADDRESS:**
- **STREET 1:** 5707 SOUTHWEST PARKWAY, BUILDING 1
- **STREET 2:** SUITE 275
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78735

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Digital Realty Trust, Inc.
- **DATE OF NAME CHANGE:** 20040722
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DIGITAL REALTY TRUST, L.P.
- **CENTRAL INDEX KEY:** 0001494877
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **IRS NUMBER:** 202402955
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-54023
- **FILM NUMBER:** 23739079

**BUSINESS ADDRESS:**
- **STREET 1:** 5707 SOUTHWEST PARKWAY, BUILDING 1
- **STREET 2:** SUITE 275
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78735
- **BUSINESS PHONE:** 737-281-0101

**MAIL ADDRESS:**
- **STREET 1:** 5707 SOUTHWEST PARKWAY, BUILDING 1
- **STREET 2:** SUITE 275
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78735

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Digital Realty Trust, L.P.
- **DATE OF NAME CHANGE:** 20100622

?xml version="1.0" encoding="utf-8" ? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 OR 15(d)

#### of The Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): March 16, 2023

## DIGITAL REALTY TRUST, INC.

## DIGITAL REALTY TRUST, L.P.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-32336** | **26-0081711** |
| **Maryland** | **000-54023** | **20-2402955** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

---

| | |
|:---|:---|
| **5707 Southwest Parkway, Building 1, Suite 275**<br>**Austin, Texas** | **78735** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

#### (737) 281-0101

#### (Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**symbol(s)** | **Name of each exchange**<br>**on which registered** |
| Common Stock | DLR | New York Stock Exchange |
| Series J Cumulative Redeemable Preferred Stock | DLR Pr J | New York Stock Exchange |
| Series K Cumulative Redeemable Preferred Stock | DLR Pr K | New York Stock Exchange |
| Series L Cumulative Redeemable Preferred Stock | DLR Pr L | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

---

| | | |
|:---|:---|:---|
| Digital Realty Trust, Inc.: | Emerging growth company | ☐ |
| Digital Realty Trust, L.P.: | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Digital Realty Trust, Inc.: ☐

Digital Realty Trust, L.P.: ☐

------

---

| | |
|:---|:---|
| **Item 8.01.** | **Other Events.**  |

---

On March 16, 2023, Digital Realty Trust, Inc. (the "Company") and Digital Realty Trust, L.P. (the "Operating Partnership") filed with the U.S. Securities and Exchange Commission (the "SEC") an automatic shelf registration statement on Form S-3ASR (Registration Nos. 333-270596 and 333-270596-01) (the "New Registration Statement") to replace their existing automatic shelf registration statement on Form S-3ASR (Nos. 333-237232 and 333-237232-01) filed with the SEC on March 17, 2020 (the "Prior Registration Statement"), which was scheduled to expire on March 17, 2023 pursuant to Rule 415(a)(5) under the Securities Act of 1933, as amended. The Prior Registration Statement was deemed terminated upon the effectiveness of the New Registration Statement on March 16, 2023.

In connection with the filing of the New Registration Statement, (i) the Company and the Operating Partnership entered into an amendment (the "Amendment") of their existing ATM Equity Sales Agreement, under which no sales have been made as of the date hereof, (as amended, the "Sales Agreement") with BofA Securities, Inc., BMO Capital Markets Corp., Barclays Capital Inc., BTIG, LLC, Capital One Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., ING Financial Markets LLC, Jefferies LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Raymond James & Associates, Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Truist Securities, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC, as sales agent, forward seller and/or principal (in any such capacity, each, an "Agent," and collectively, the "Agents") and Bank of America, N.A., Bank of Montreal, Barclays Bank PLC, Citigroup Global Markets Inc. (in its capacity as an agent and affiliate of Citibank, N.A.), Credit Suisse Capital LLC, Deutsche Bank AG, London Branch, Jefferies LLC, JPMorgan Chase Bank, National Association, New York Branch, KeyBanc Capital Markets Inc., Mizuho Markets Americas LLC, Morgan Stanley & Co. LLC, MUFG Securities EMEA plc, The Bank of Nova Scotia, The Toronto-Dominion Bank, Royal Bank of Canada, Truist Bank and Wells Fargo Bank, National Association (in such capacity, each, a "Forward Purchaser," and collectively, the "Forward Purchasers") to refer to the New Registration Statement and (ii) the Company filed with the SEC a prospectus supplement, dated March 16, 2023, to the New Registration Statement. Pursuant to the Sales Agreement, the Company may offer and sell shares of its common stock having an aggregate offering price of up to $1,500,000,000. The foregoing description of the Amendment is qualified in its entirety by reference to the Amendment filed as Exhibit 1.1 to this Current Report on Form 8-K and incorporated herein by reference.

An opinion of Venable LLP with respect to the validity of shares of the Company's common stock that may be offered and sold pursuant to the prospectus supplement and the accompanying prospectus is filed herewith as Exhibit 5.1.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | [Amendment No. 1 to ATM Equity Sales Agreement, dated as of April 1, 2022, among Digital Realty Trust, Inc. and Digital Realty Trust, L.P. and BofA Securities, Inc., BMO Capital Markets Corp., Barclays Capital Inc., BTIG, LLC, Capital One Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., ING Financial Markets LLC, Jefferies LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Raymond James & Associates, Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Truist Securities, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC, as agents, and Bank of America, N.A., Bank of Montreal, Barclays Bank PLC, Citigroup Global Markets Inc. (in its capacity as an agent and affiliate of Citibank, N.A.), Credit Suisse Capital LLC, Deutsche Bank AG, London Branch, Jefferies LLC, JPMorgan Chase Bank, National Association, New York Branch, KeyBanc Capital Markets Inc., Mizuho Markets Americas LLC, Morgan Stanley & Co. LLC, MUFG Securities EMEA plc, Royal Bank of Canada, The Bank of Nova Scotia, The Toronto-Dominion Bank, Truist Bank and Wells Fargo Bank, National Association, as forward purchasers.](d447587dex11.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 | [Opinion of Venable LLP.](d447587dex51.htm) |
| 23.1 | [Consent of Venable LLP (included in Exhibit 5.1).](d447587dex51.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

Date: March 16, 2023

---

| | |
|:---|:---|
|  | **Digital Realty Trust, Inc.** |
| By: | /s/ JEANNIE LEE |
|  | **Jeannie Lee** |
|  | **Executive Vice President, General Counsel and Secretary** |

---

---

| | |
|:---|:---|
|  | **Digital Realty Trust, L.P.** |
| By: | Digital Realty Trust, Inc. |
|  | Its general partner |

---

---

| | |
|:---|:---|
| By: | /s/ JEANNIE LEE |
|  | **Jeannie Lee** |
|  | **Executive Vice President, General Counsel and Secretary** |

---

## Exhibit 1.1

**Exhibit 1.1** 

**DIGITAL REALTY TRUST, INC.** 

**Amendment No. 1 to ATM Equity Offering<sup>SM</sup> Sales Agreement** 

March 16, 2023

---

| | |
|:---|:---|
| BofA Securities, Inc.<br> One Bryant Park<br> New York, New York 10036 | Mizuho Securities USA LLC<br> 1271 Avenue of the Americas<br> New York, New York 10020 |
| BMO Capital Markets Corp.<br> 151 West 42<sup>nd</sup> Street, 32<sup>nd</sup> Floor<br> New York, New York 10036 | Morgan Stanley & Co. LLC<br> 1585 Broadway<br> New York, New York 10036 |
| Barclays Capital Inc.<br> 745 Seventh Avenue<br> New York, New York 10019 | MUFG Securities Americas Inc.<br> 1221 Avenue of the Americas<br> New York, New York 10020 |
| BTIG, LLC<br> 600 Montgomery Street<br> San Francisco, California 94111 | Raymond James & Associates, Inc.<br> 880 Carillon Parkway<br> St. Petersburg, Florida 33716 |
| Capital One Securities, Inc.<br> 201 St. Charles Avenue, Suite 1830<br> New Orleans, Louisiana 70170 | RBC Capital Markets, LLC<br> 200 Vesey Street<br> 3 World Financial Center<br> New York, New York 10281 |
| Citigroup Global Markets Inc.<br> 390 Greenwich Street<br> New York, New York 10013 | Scotia Capital (USA) Inc.<br> 250 Vesey Street<br> New York, New York 10281 |
| Credit Suisse Securities (USA) LLC<br> Eleven Madison Avenue<br> New York, New York 10010 | TD Securities (USA) LLC<br> 1 Vanderbilt Avenue<br> New York, New York 10017 |
| Deutsche Bank Securities Inc.<br> One Columbus Circle<br> New York, New York 10019 | Truist Securities, Inc.<br> 3333 Peachtree Road<br> Atlanta, Georgia 30326 |
| ING Financial Markets LLC<br> 1133 Avenue of the Americas<br> New York, New York 10036 | Wells Fargo Securities, LLC<br> 500 West 33<sup>rd</sup> Street<br> New York, New York 10001 |
| Jefferies LLC<br> 520 Madison Avenue<br> New York, New York 10022 |  |
| J.P. Morgan Securities LLC<br> 383 Madison Avenue<br> New York, New York 10179 |  |
| KeyBanc Capital Markets Inc.<br> 127 Public Square, 4<sup>th</sup> Floor<br> Cleveland, Ohio 44114 |  |

---

------

*As Agents and Forward Sellers* 

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| | |
|:---|:---|
| Bank of America, N.A.<br> One Bryant Park<br> New York, New York 10036 | Mizuho Markets Americas LLC<br> 1271 Avenue of the Americas<br> New York, New York 10020 |
| Barclays Bank PLC<br> c/o Barclays Capital Inc.<br> 745 Seventh Avenue<br> New York, New York 10019 | Morgan Stanley & Co. LLC<br> 1585 Broadway<br> New York, New York 10036 |
| Bank of Montreal<br> 55 Bloor Street West, 18<sup>th</sup> Floor<br> Toronto, Ontario M4W 1A5<br> Canada | MUFG Securities EMEA plc<br> c/o MUFG Securities Americas Inc.<br> 1221 Avenue of the Americas<br> New York, New York 10020 |
| Citibank, N.A.<br> c/o Citigroup Global Markets Inc.<br> 390 Greenwich Street<br> New York, New York 10013 | Royal Bank of Canada<br> c/o RBC Capital Markets, LLC<br> 200 Vesey Street<br> 3 World Financial Center<br> New York, New York 10281 |
| Credit Suisse Capital LLC<br> c/o Credit Suisse Securities (USA) LLC<br> Eleven Madison Avenue<br> New York, New York 10010 | The Bank of Nova Scotia<br> c/o Scotia Capital (USA) Inc.<br> 250 Vesey Street<br> New York, New York 10281 |
| Deutsche Bank AG, London Branch<br> c/o Deutsche Bank Securities Inc.<br> One Columbus Circle<br> New York, New York 10019 | The Toronto-Dominion Bank<br> c/o TD Securities (USA) LLC, as Agent<br> 1 Vanderbilt Avenue<br> New York, NY 10017 |
| Jefferies LLC<br> 520 Madison Avanue<br> New York, NY 10022 | Truist Bank<br> 3333 Peachtree Road NE, 11<sup>th</sup> Floor<br> Atlanta, Georgia 30326 |
| JPMorgan Chase Bank, National Association, New York Branch<br> 383 Madison Avenue<br> New York, New York 10179 | Wells Fargo Bank, National Association<br> c/o Wells Fargo Securities, LLC<br> 500 West 33<sup>rd</sup> Street<br> New York, New York 10001 |
| KeyBanc Capital Markets Inc.<br> 127 Public Square, 4<sup>th</sup> Floor<br> Cleveland, Ohio 44114 |  |

---

*As Forward Purchasers* 

Ladies and Gentlemen:

Reference is made to the ATM Equity Offering<sup>SM</sup> Sales Agreement dated April 1, 2022 (the "<u>Agreement</u>") by and among Digital Realty Trust, Inc., a Maryland corporation (the "<u>Company</u>"), Digital Realty Trust, L.P., a Maryland limited partnership (the "<u>Operating Partnership</u>"), and (i) BofA Securities, Inc., BMO Capital Markets Corp., Barclays Capital Inc., BTIG, LLC, Capital One Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., ING Financial Markets LLC, Jefferies LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Raymond James & Associates, Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Truist Securities, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC, as sales agent, forward seller and/or principal (in any such capacity, each, an "<u>Agent</u>," and collectively, the "<u>Agents</u>") and (ii) Bank of America, N.A., Bank of Montreal, Barclays Bank PLC, Citigroup Global Markets Inc. (in its capacity as an agent and affiliate of Citibank, N.A.), Credit Suisse Capital LLC, Deutsche Bank AG, London Branch, Jefferies LLC, JPMorgan Chase Bank, National Association, New York Branch, KeyBanc Capital Markets Inc., Mizuho Markets Americas LLC, Morgan Stanley & Co. LLC, MUFG Securities EMEA plc, The Bank of Nova Scotia, The Toronto-Dominion Bank, Royal Bank of Canada, Truist Bank and Wells Fargo Bank, National Association (in such capacity,

------

each, a "<u>Forward Purchaser</u>," and collectively, the "<u>Forward Purchasers</u>"), pursuant to which the Company may (A) issue, offer and sell Shares from time to time to or through any Agent, acting as sales agent on behalf of the Company and/or acting as principal, and (B) instruct any Agent, acting as forward seller, to offer and sell Shares borrowed by the applicable Forward Purchaser, in each case, on the terms and subject to the conditions set forth in the Agreement, any Confirmation and any Terms Agreement, as applicable.

The parties wish to amend the Agreement through this Amendment No. 1 to ATM Equity Offering<sup>SM</sup> Sales Agreement (this "<u>Amendment</u>") to modify the definition of certain defined terms set forth in the Agreement and used therein and to make certain other changes to the Agreement with effect on and after the date hereof (the "<u>Effective Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. Unless otherwise specified herein, capitalized terms used herein shall have the respective meanings assigned thereto in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representation and Warranty</u>. Each of the Company and the Operating Partnership, jointly and severally, represents and warrants to each Agent and Forward Purchaser that this Amendment has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company and the Operating Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Amendment of the Agreement</u>. The parties agree, from and after the Effective Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the Effective Date, the references to "<u>Registration Statement</u>" shall refer to the "automatic shelf registration statement" on Form S-3 (File No. 333-270596) filed by the Company with the Commission on March 16, 2023, that became effective upon such filing in accordance with Rule 462(e) of the 1933 Act Regulations, including the exhibits and any schedules thereto, the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act and the documents otherwise deemed to be a part thereof as of such time pursuant to Rule 430B of the 1933 Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On and after the Effective Date, the references to: (i) "<u>Base Prospectus</u>" shall refer to the base prospectus dated March 16, 2023 filed as part of the Registration Statement, in the form first furnished by the Company to the Agents for use in connection with the offering of the Shares, including the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act at the Applicable Time; (ii) "<u>Prospectus Supplement</u>" shall refer to the most recent prospectus supplement relating to the Shares, filed by the Company with the Commission pursuant to Rule 424(b) of the 1933 Act Regulations, in the form first furnished by the Company to the Agents for use in connection with the offering of the Shares, including the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act at the Applicable Time; and (iii) "<u>Prospectus</u>" shall refer to the Base Prospectus and the Prospectus Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The last sentence of Section 1(ii) is hereby amended and restated in its entirety to read as follows:

"There is no franchise, contract or other document of a character required to be described or incorporated by reference in the General Disclosure Package, the Registration Statement or the Prospectus, or to be filed as an exhibit thereto, which is not described or filed as required; and the statements included or incorporated by reference (A) in the General Disclosure Package and the Prospectus under the heading "Plan of Distribution," and (B) in the Base Prospectus under the headings "Description of Common Stock," "Description of Preferred Stock," "Description of Depositary Shares," "Description of Warrants," "Description of Debt Securities and Related Guarantees," "Restrictions on Ownership and Transfer," "Description of the Partnership Agreement of Digital Realty Trust, L.P.," "Material Provisions of Maryland Law and of the Charter and Bylaws of Digital Realty Trust, Inc.," "United States Federal Income Tax Considerations," and "Plan of Distribution," insofar as such statements summarize legal matters, agreements, documents or proceedings discussed therein, are accurate and fair summaries of such legal matters, agreements, documents or proceedings."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>References to Agreement</u>. All references to the Agreement or in any other document executed or delivered in connection therewith shall, from the date hereof, be deemed a reference to the Agreement as amended by this Amendment. Notwithstanding anything to the contrary contained herein, this Amendment shall not have any effect on offerings or sales of Shares prior to the Effective Date or on the terms of the Agreement, and the rights and obligations of the parties thereunder, insofar as they relate to such offerings or sales, including, without limitation, the representations, warranties and agreements (including the indemnification and contribution provisions), as well as the definitions of "Registration Statement," "Base Prospectus," "Prospectus Supplement" and "Prospectus," contained in the Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Applicable Law</u>. This Amendment and any claim, controversy or dispute arising under or related to this Amendment shall be governed by, and construed in accordance with, the laws of the State of New York without regard to its choice of law provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Entire Agreement</u>. This Amendment and the Agreement as further amended hereby contain the entire agreement and understanding among the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. Except as set forth in this Amendment or as further amended hereby, all of the terms of the Agreement shall remain in full force and effect and are hereby confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Effect of Headings</u>. The Section headings herein are for convenience only and shall not affect the construction hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Counterparts</u>. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Amendment by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. <u>§</u><u>§</u> 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

[*Signature Page Follows*]

------

If the foregoing correctly sets forth the understanding among the Company, the Operating Partnership, the Agents and the Forward Purchasers, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among the Company, the Operating Partnership, the Agents and the Forward Purchasers.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **DIGITAL REALTY TRUST, INC.** | **DIGITAL REALTY TRUST, INC.** |
| /s/ Matthew R. Mercier | /s/ Matthew R. Mercier |
| Name: Matthew R. Mercier | Name: Matthew R. Mercier |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **DIGITAL REALTY TRUST, L.P.** | **DIGITAL REALTY TRUST, L.P.** |
| Digital Realty Trust, Inc.,<br> its General Partner | Digital Realty Trust, Inc.,<br> its General Partner |
| By: | /s/ Matthew R. Mercier |
|  | Name: Matthew R. Mercier |
|  | Title: Chief Financial Officer |

---

------

Accepted as of the date hereof:

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| | |
|:---|:---|
| **BOFA SECURITIES, INC.** | **BOFA SECURITIES, INC.** |
| By: | /s/ Chris Djoganopoulos |
|  | Name: Chris Djoganopoulos |
|  | Title: Managing Director |
| **BMO CAPITAL MARKETS CORP.** | **BMO CAPITAL MARKETS CORP.** |
| By: | /s/ Matthew Coley |
|  | Name: Matthew Coley |
|  | Title: Associate Director, Payment & Securities Operations |
| **BARCLAYS CAPITAL INC.** | **BARCLAYS CAPITAL INC.** |
| By: | /s/ Warren Fixmer |
|  | Name: Warren Fixmer |
|  | Title: Managing Director |
| **BTIG, LLC** | **BTIG, LLC** |
| By: | /s/ Stephen Ortiz |
|  | Name: Stephen Ortiz |
|  | Title: Managing Director |
| **CAPITAL ONE SECURITIES, INC.** | **CAPITAL ONE SECURITIES, INC.** |
| By: | /s/ Gregory T. Horstmen |
|  | Name: Gregory T. Horstmen |
|  | Title: Managing Director |
| **CITIGROUP GLOBAL MARKETS INC.** | **CITIGROUP GLOBAL MARKETS INC.** |
| By: | /s/ Kase Lawal |
|  | Name: Kase Lawal |
|  | Title: Director |
| **CREDIT SUISSE SECURITIES (USA) LLC** | **CREDIT SUISSE SECURITIES (USA) LLC** |
| By: | /s/ William Raincsuk, Jr. |
|  | Name: William Raincsuk, Jr. |
|  | Title: Managing Director |
| **DEUTSCHE BANK SECURITIES INC.** | **DEUTSCHE BANK SECURITIES INC.** |
| By: | /s/ Daniel Byun |
|  | Name: Daniel Byun |
|  | Title: Director |
| By: | /s/ Kristen Pugno |
|  | Name: Kristen Pugno |
|  | Title: Director |

---

------

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| | |
|:---|:---|
| **ING FINANCIAL MARKETS LLC** | **ING FINANCIAL MARKETS LLC** |
| By: | /s/ Tim Casady |
|  | Name: Tim Casady |
|  | Title: Director |
| By: | /s/ Kevin Riordan |
|  | Name: Kevin Riordan |
|  | Title: Director |
| **JEFFERIES LLC** | **JEFFERIES LLC** |
| By: | /s/ Tim Roepke |
|  | Name: Tim Roepke |
|  | Title: Managing Director |
| **J.P. MORGAN SECURITIES LLC** | **J.P. MORGAN SECURITIES LLC** |
| By: | /s/ Brett Chalmers |
|  | Name: Brett Chalmers |
|  | Title: Executive Director |
| **KEYBANC CAPITAL MARKETS INC.** | **KEYBANC CAPITAL MARKETS INC.** |
| By: | /s/ Mark Barath |
|  | Name: Mark Barath |
|  | Title: Director, Equity Capital Markets |
| **MIZUHO SECURITIES USA LLC** | **MIZUHO SECURITIES USA LLC** |
| By: | /s/ Ivana Rupcic-Hulin |
|  | Name: Ivana Rupcic-Hulin |
|  | Title: Managing Director |
| **MORGAN STANLEY & CO. LLC** | **MORGAN STANLEY & CO. LLC** |
| By: | /s/ Namrta Bhurjee |
|  | Name: Namrta Bhurjee |
|  | Title: Vice President |
| **MUFG SECURITIES AMERICAS INC.** | **MUFG SECURITIES AMERICAS INC.** |
| By: | /s/ Dev Gandhi |
|  | Name: Dev Gandhi |
|  | Title: Managing Director |
| **RAYMOND JAMES & ASSOCIATES, INC.** | **RAYMOND JAMES & ASSOCIATES, INC.** |
| By: | /s/ Brad Butcher |
|  | Name: Brad Butcher |
|  | Title: Co-Head of Real Estate Investment Banking |
| **RBC CAPITAL MARKETS, LLC** | **RBC CAPITAL MARKETS, LLC** |
| By: | /s/ Chip Wadsworth |
|  | Name: Chip Wadsworth |
|  | Title: Managing Director |

---

------

---

| | |
|:---|:---|
| **SCOTIA CAPITAL (USA) INC.** | **SCOTIA CAPITAL (USA) INC.** |
| By: | /s/ John Cronin |
|  | Name: John Cronin |
|  | Title: Managing Director |
| **TRUIST SECURITIES, INC.** | **TRUIST SECURITIES, INC.** |
| By: | /s/ Geoffrey Fennel |
|  | Name: Geoffrey Fennel |
|  | Title: Director |
| **TD SECURITIES (USA) LLC** | **TD SECURITIES (USA) LLC** |
| By: | /s/ Brad Limpert |
|  | Name: Brad Limpert |
|  | Title: Managing Director |
| **WELLS FARGO SECURITIES, LLC** | **WELLS FARGO SECURITIES, LLC** |
| By: | /s/ Elizabeth Alvarez |
|  | Name: Elizabeth Alvarez |
|  | Title: Managing Director |

---

------

---

| | |
|:---|:---|
|  Accepted as of the date hereof: | Accepted as of the date hereof: |
| **BANK OF AMERICA, N.A.** | **BANK OF AMERICA, N.A.** |
| By: | /s/ Rohan Handa |
|  | Name: Rohan Handa |
|  | Title: Managing Director |
| **BANK OF MONTREAL** | **BANK OF MONTREAL** |
| By: | /s/ Pashmin Sethi |
|  | Name: Pashmin Sethi |
|  | Title: Manager |
| **BARCLAYS BANK PLC** | **BARCLAYS BANK PLC** |
| By: | /s/ Warren Fixmer |
|  | Name: Warren Fixmer |
|  | Title: Managing Director |
| **CITIBANK, N.A.** | **CITIBANK, N.A.** |
| By: | /s/ James Heathcote |
|  | Name: James Healthcote |
|  | Title: Authorized Signatory |
| **CREDIT SUISSE CAPITAL LLC** | **CREDIT SUISSE CAPITAL LLC** |
| By: | /s/ William L. Raincsuk, Jr. |
|  | Name: William L. Raincsuk, Jr. |
|  | Title: Managing Director |
| **DEUTSCHE BANK AG, LONDON BRANCH** | **DEUTSCHE BANK AG, LONDON BRANCH** |
| By: | /s/ Joachim Sciard |
|  | Name: Joachim Sciard |
|  | Title: Managing Director |
| By: | /s/ Daniel Byun |
|  | Name: Daniel Byun |
|  | Title: Director |
| **JEFFERIES LLC** | **JEFFERIES LLC** |
| By: | /s/ Tim Roepke |
|  | Name: Tim Roepke |
|  | Title: Managing Director |

---

------

---

| | | |
|:---|:---|:---|
| **JPMORGAN CHASE BANK,**<br> **NATIONAL ASSOCIATION,**<br> **NEW YORK BRANCH** | **JPMORGAN CHASE BANK,**<br> **NATIONAL ASSOCIATION,**<br> **NEW YORK BRANCH** | **JPMORGAN CHASE BANK,**<br> **NATIONAL ASSOCIATION,**<br> **NEW YORK BRANCH** |
| By: | /s/ Brett Chalmers | /s/ Brett Chalmers |
|  | Name: | Brett Chalmers |
|  | Title: | Executive Director |
| **KEYBANC CAPITAL MARKETS INC.** | **KEYBANC CAPITAL MARKETS INC.** | **KEYBANC CAPITAL MARKETS INC.** |
| By: | /s/ Mark Barath | /s/ Mark Barath |
|  | Name: | Mark Barath |
|  | Title: | Director, Equity Capital Markets |
| **MIZUHO MARKETS AMERICAS LLC** | **MIZUHO MARKETS AMERICAS LLC** | **MIZUHO MARKETS AMERICAS LLC** |
| By: | /s/ Adam Hopkins | /s/ Adam Hopkins |
|  | Name: | Adam Hopkins |
|  | Title: | Managing Director |
| **MORGAN STANLEY & CO. LLC** | **MORGAN STANLEY & CO. LLC** | **MORGAN STANLEY & CO. LLC** |
| By: | /s/ Namrta Bhurjee | /s/ Namrta Bhurjee |
|  | Name: | Namrta Bhurjee |
|  | Title: | Vice President |
| **MUFG SECURITIES EMEA PLC** | **MUFG SECURITIES EMEA PLC** | **MUFG SECURITIES EMEA PLC** |
| By: | /s/ Catherine Lucas | /s/ Catherine Lucas |
|  | Name: | Catherine Lucas |
|  | Title: | Authorised Signatory |
| **THE BANK OF NOVA SCOTIA** | **THE BANK OF NOVA SCOTIA** | **THE BANK OF NOVA SCOTIA** |
| By: | /s/ Michael Curran | /s/ Michael Curran |
|  | Name: | Michael Curran |
|  | Title: | Managing Director |
| **THE TORONTO-DOMINION BANK** | **THE TORONTO-DOMINION BANK** | **THE TORONTO-DOMINION BANK** |
| By: | /s/ Vanessa Simonetti | /s/ Vanessa Simonetti |
|  | Name: | Vanessa Simonetti |
|  | Title: | Managing Director |
| **ROYAL BANK OF CANADA** | **ROYAL BANK OF CANADA** | **ROYAL BANK OF CANADA** |
| By: | /s/ Brian Ward | /s/ Brian Ward |
|  | Name: | Brian Ward |
|  | Title: | Managing Director |
| **TRUIST BANK** | **TRUIST BANK** | **TRUIST BANK** |
| By: | /s/ Michael Collins | /s/ Michael Collins |
|  | Name: | Michael Collins |
|  | Title: | Managing Director |

---

------

---

| | |
|:---|:---|
| **WELLS FARGO BANK,**<br> **NATIONAL ASSOCIATION** | **WELLS FARGO BANK,**<br> **NATIONAL ASSOCIATION** |
| By: | /s/ Elizabeth Alvarez |
|  | Name: Elizabeth Alvarez |
|  | Title: Managing Director |

---

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g447587g0315122536581.jpg)

March 16, 2023

Digital Realty Trust, Inc.

5707 Southwest Parkway, Building 1, Suite 275

Austin, Texas 78735

Re: Registration Statement on Form S-3 (Registration Nos. 333-270596 and 333-270596-01)

Ladies and Gentlemen:

We have served as Maryland counsel to Digital Realty Trust, Inc., a Maryland corporation (the "Company"), in connection with certain matters of Maryland law arising out of the sale and issuance from time to time of shares (the "Shares") of common stock, $.01 par value per share (the "Common Stock"), of the Company having an aggregate offering price of up to $1,500,000,000 (the "Offering"), covered by the above-referenced Registration Statement, and all amendments thereto (the "Registration Statement"), filed by the Company and Digital Realty Trust, L.P., a Maryland limited partnership (the "Operating Partnership"), with the United States Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "1933 Act"). The Shares are to be issued pursuant to an ATM Equity Offering<sup>SM</sup> Sales Agreement, dated April 1, 2022, as amended by that certain Amendment No. 1 to ATM Equity Offering<sup>SM</sup> Sales Agreement, dated March 16, 2023 (as amended, the "Sales Agreement"), by and among the Company, the Operating Partnership, each of the entities named therein as a sales agent, forward seller and/or principal and each of the entities named therein as a forward purchaser.

In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Prospectus, dated March 16, 2023, as supplemented by a Prospectus Supplement, dated March 16, 2023, filed with the Commission pursuant to Rule 424(b)(2) of the General Rules and Regulations promulgated under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The charter of the Company (the "Charter"), certified by the State Department of Assessments and Taxation of Maryland (the "SDAT");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Eighth Amended and Restated Bylaws of the Company (the "Bylaws"), certified as of the date hereof by an officer of the Company;

------

![LOGO](g447587g0315122536321.jpg)

Digital Realty Trust, Inc.

March 16, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A certificate of the SDAT as to the good standing of the Company, dated as of a recent date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Resolutions (the "Resolutions") adopted by the Board of Directors of the Company (the "Board") relating to, among other matters, (a) the authorization of the sale and issuance of the Shares and (b) the delegation to certain officers of the Company (the "Authorized Officers") of the power to determine, subject to certain parameters, the number of Shares and the offering price of each Share to be sold from time to time pursuant to the Sales Agreement and any related Terms Agreement or Confirmation (each as defined in the Sales Agreement), certified as of the date hereof by an officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Sales Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. A certificate executed by an officer of the Company, dated as of the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.

In expressing the opinion set forth below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each individual executing any of the Documents, whether on behalf of such individual or any other person, is legally competent to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party's obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.

------

![LOGO](g447587g0315122536321.jpg)

Digital Realty Trust, Inc.

March 16, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Shares will not be issued or transferred in violation of the restrictions on transfer and ownership set forth in Article VI of the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Upon the issuance of any of the Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common Stock that the Company is then authorized to issue under the Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The number of Shares, and the offering price of each Share, to be issued by the Company from time to time pursuant to the Sales Agreement and any related Terms Agreement or Confirmation will be authorized and approved by the Board or the Authorized Officers in accordance with the Maryland General Corporation Law, the Charter, the Bylaws and the Resolutions (with such approvals referred to hereinafter as the "Corporate Proceedings") prior to the issuance thereof.

Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The issuance of the Shares has been duly authorized and, when and to the extent issued against payment therefor in accordance with the Sales Agreement and any related Terms Agreement or Confirmation, the Resolutions and the Corporate Proceedings, the Shares will be validly issued, fully paid and nonassessable.

The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning federal law or the laws of any other state. We express no opinion as to compliance with any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of judicial decisions which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.

The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.

------

![LOGO](g447587g0315122536321.jpg)

Digital Realty Trust, Inc.

March 16, 2023

This opinion is being furnished to you for submission to the Commission as an exhibit to the Company's Current Report on Form 8-K relating to the Offering (the "Current Report"), which is incorporated by reference in the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Current Report and the said incorporation by reference and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.

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| |
|:---|
| Very truly yours, |
| /s/ Venable LLP |

---