Digital Realty to convert all shares of 5.5% series D preferred stock

By Tali David

Minneapolis, Feb. 19 - Digital Realty Trust, Inc. elected to convert all outstanding shares of its 5.5% series D cumulative convertible preferred stock into shares of its common stock, according to a press release.

As of Feb. 15, there were 4,802,180 shares of the series D preferreds outstanding.

On Feb. 26, each share of the preferreds will convert into 0.6360 shares of common stock of the company.

Digital Realty will not issue fractional shares. Instead, it will pay the value of fractional shares in cash in an amount equal to the fractional interest multiplied by the closing sale price per share of the common stock on the New York Stock Exchange on Feb. 25.

This conversion is being made at the company's option pursuant to section 8(c) of the Articles Supplementary establishing and fixing the rights and preferences of the preferreds.

Digital Realty is a real estate investment trust based in San Francisco.

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