[Form 4] National Storage Affiliates Trust Insider Trading Activity

Rhea-AI Filing Summary

National Storage Affiliates Trust Chief Strategy Officer William S. Cowan Jr. reported equity-based awards tied to the company’s operating partnership. He received 55,289 Class A OP Units issuable upon conversion of 55,289 unvested LTIP Units granted under the 2024 Equity Incentive Plan at no cash cost.

According to the award terms, 20,374 of these LTIP Units vest in three annual installments on January 1, 2027, January 1, 2028, and January 1, 2029, subject to continued employment. The remaining 34,915 are performance-based LTIP Units that will vest on January 1, 2029 only if specified performance criteria are achieved, and none are earned if minimum thresholds are not met.

The filing also notes the conversion of 7,074 LTIP Units into 7,074 Class A OP Units on a one-for-one basis and clarifies this conversion is reported for informational purposes, as those LTIP Units had previously been reported on an as-converted basis. Following these transactions, Cowan’s direct beneficial ownership is 197,016 Class A OP Units, 17,606 vested LTIP Units, and 151,394 unvested LTIP Units.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cowan William S. Jr.

(Last) (First) (Middle)

C/O NATIONAL STORAGE AFFILIATES TRUST

8400 EAST PRENTICE AVENUE, 9TH FLOOR

(Street)

GREENWOOD VILLAGE CO 80111

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
National Storage Affiliates Trust [ NSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Strategy Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class A OP Units(1)	(1)(2)(3)	02/27/2026		A		55,289(2)		(1)(2)(3)	(4)	Common shares of beneficial interest, $0.01 par value(1)	55,289(1)(2)(3)	$0	197,016(5)(6)	D
LTIP Units(1)(2)	(1)(7)	02/27/2026		C			7,074(8)	(1)(8)	(4)	Class A OP Units(1)(7)	7,074	(8)	169,000(2)(5)(9)	D
Class A OP Units(1)	(1)	02/27/2026		C		7,074(8)		(1)	(4)	Common shares of beneficial interest, $0.01 par value(1)	7,074	(8)	197,016(5)(9)	D

Explanation of Responses:

1. Pursuant to the agreement of limited partnership (the "Partnership Agreement") of NSA OP, LP (the "Partnership"), the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A common units of limited partner interest ("Class A OP Units") for cash in an amount equal to the market value of an equivalent number of the common shares of beneficial interest ("Shares") of National Storage Affiliates Trust (the "Issuer"), or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.

2. The Class A OP Units in this table are comprised of 55,289 Class A OP Units issuable upon the conversion of 55,289 unvested long-term incentive plan units ("LTIP Units") in the Partnership which were granted to the Reporting Person pursuant to a 2026 LTIP Unit Award Agreement between the Issuer and the Reporting Person under the Issuer's 2024 Equity Incentive Plan. Of these, 20,374 vest in three annual installments on January 1, 2027, January 1, 2028, and January 1, 2029, subject to continued employment by the Reporting Person and 34,915 represent the maximum amount of LTIP Units that can vest on January 1, 2029 contingent upon the achievement of certain performance criteria.

3. The Reporting Person will not earn any of the 34,915 performance-based LTIP Units if the minimum performance criteria is not met. The 34,915 performance-based LTIP Units are being reported here for informational purposes only. Vested LTIP Units, after achieving parity with Class A OP Units, are eligible to be converted into Class A OP Units on a one-for-one basis upon the satisfaction of conditions set forth in the Partnership Agreement.

4. N/A

5. The Reporting Person's total direct beneficial ownership of Class A OP Units following the reported transactions above (including 20,942 LTIP Units that were converted into 20,942 Class A OP Units on June 10, 2025) is 197,016 Class A OP Units, which includes those Class A OP Units previously reported and the Class A OP Units reported herein (together with those securities convertible into, or exchangeable for, such Class A OP Units as specified herein and therein). Excludes 28,595 previously reported LTIP Units granted on June 1, 2023 pursuant to a 2023 LTIP Unit Agreement, which did not vest upon the expiration of the performance period on January 1, 2026.

6. This filing shall not be deemed to be an admission that the Reporting Person is the beneficial owner of any of the securities reported herein, and the Reporting Person disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein.

7. Pursuant to the Partnership Agreement, upon the achievement of certain conditions, a holder of LTIP Units of the Partnership is entitled to convert such LTIP Units into Class A OP Units of the Partnership on a one-for-one basis.

8. Consists of 7,074 LTIP Units held by the Reporting Person which were converted into 7,074 Class A OP Units as described in footnote 7 above.

9. Following the reported transactions, the Reporting Person has total direct beneficial ownership in 17,606 vested LTIP Units and 151,394 unvested LTIP Units. The Reporting Person previously reported the 7,074 LTIP Units that were converted into Class A OP Units as described in this Form 4 as Class A OP Units on an as-converted basis. Accordingly, rows 2 and 3 of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 7,074 Units into 7,074 Class A OP Units.

Remarks:

	William S. Cowan, Jr., by Zoya Afridi, his Attorney-in-fact	03/03/2026
	** Signature of Reporting Person	Date
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