National Storage (NSA) executive logs LTIP-to-OP unit conversion

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

National Storage Affiliates Trust Chief Strategy Officer William S. Cowan Jr. reported a non-cash conversion of incentive units within the company’s operating partnership. He converted 10,471 LTIP Units into 10,471 Class A OP Units under the partnership agreement’s one-for-one conversion terms.

Following these transactions, he has beneficial ownership of 197,016 Class A OP Units and 140,923 unvested LTIP Units, with no remaining vested LTIP Units. The filing is described as a voluntary notice of this LTIP-to-Class A OP Unit conversion and includes a disclaimer that beneficial ownership is only to the extent of his pecuniary interest.

Insider Trade Summary

20,942 shares exercised/converted

Mixed 2 txns

Insider Cowan William S. Jr.

Role Chief Strategy Officer

Type	Security	Shares	Price	Value
Conversion	LTIP Units	10,471	$0.00	--
Conversion	Class A OP Units	10,471	$0.00	--

Holdings After Transaction: LTIP Units — 140,923 shares (Direct, null); Class A OP Units — 197,016 shares (Direct, null)

Footnotes (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. Pursuant to the Partnership Agreement, upon the achievement of certain conditions, a holder of long-term incentive plan units ("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. Consists of 10,471 LTIP Units held by the Reporting Person which were converted into 10,471 Class A OP Units. N/A The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above 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 therein). 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. Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 140,923 unvested LTIP Units. The Reporting Person previously reported the 10,471 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, this Form 4 is being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 10,471 LTIP Units into 10,471 Class A OP Units.

Key Figures

LTIP Units converted: 10,471 units Class A OP Units received: 10,471 units Class A OP Units held after: 197,016 units +3 more

6 metrics

LTIP Units converted 10,471 units LTIP Units converted into Class A OP Units on 2026-06-17

Class A OP Units received 10,471 units Received via one-for-one conversion of LTIP Units

Class A OP Units held after 197,016 units Total direct and indirect beneficial ownership following transactions

Unvested LTIP Units after 140,923 units Unvested LTIP Units remaining after converting 10,471 LTIP Units

Vested LTIP Units after 0 units No vested LTIP Units remain following the reported conversion

Exercise price $0.00 per unit Reported conversion or exercise price for the derivative securities

Key Terms

Class A OP Units, LTIP Units, Partnership Agreement, beneficial ownership, +1 more

5 terms

Class A OP Units financial

"redeem all or a portion of the Reporting Person's Class A common units of limited partner interest ("Class A OP Units")"

LTIP Units financial

"a holder of long-term incentive plan units ("LTIP Units") of the Partnership is entitled to convert"

LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.

Partnership Agreement financial

"Pursuant to the agreement of limited partnership (the "Partnership Agreement") of NSA OP, LP"

A partnership agreement is a written contract that lays out how two or more parties will work together, splitting responsibilities, profits, losses and decision-making. Think of it as a detailed roadmap or house rulebook for a joint project; it matters to investors because the terms determine how much revenue and risk a company will take on, how quickly it can act, and whether the partnership could dilute control or boost growth potential.

beneficial ownership financial

"disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/22/2026 - 04:06 PM Accepted by SEC EDGAR 06/22/2026 - 04:05 PM

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

COLORADO

80111

(City)

(State)

(Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
LTIP Units⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	06/17/2026		C			10,471⁽²⁾⁽³⁾	⁽¹⁾⁽³⁾	⁽⁴⁾	Class A OP Units⁽¹⁾⁽³⁾	10,471	⁽³⁾	140,923⁽⁵⁾⁽⁶⁾⁽⁷⁾	D
Class A OP Units⁽¹⁾	⁽¹⁾	06/17/2026		C		10,471⁽²⁾⁽³⁾		⁽¹⁾	⁽⁴⁾	Common shares of beneficial interest, $0.01 par value⁽¹⁾	10,471	⁽³⁾	197,016⁽⁵⁾⁽⁶⁾⁽⁷⁾	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. Pursuant to the Partnership Agreement, upon the achievement of certain conditions, a holder of long-term incentive plan units ("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.

3. Consists of 10,471 LTIP Units held by the Reporting Person which were converted into 10,471 Class A OP Units.

4. N/A

5. The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above 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 therein).

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. Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 140,923 unvested LTIP Units. The Reporting Person previously reported the 10,471 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, this Form 4 is being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 10,471 LTIP Units into 10,471 Class A OP Units.

Remarks:

	William S. Cowan, Jr., by Zoya Afridi, his Attorney-in-fact	06/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did NSA executive William S. Cowan Jr. report in this Form 4?

He reported converting 10,471 LTIP Units into 10,471 Class A OP Units in the operating partnership. This reflects an internal equity incentive conversion, not an open-market stock purchase or sale, and is disclosed on a voluntary basis for transparency.

How many Class A OP Units does NSA’s William S. Cowan Jr. now hold?

After the reported transactions, he has beneficial ownership of 197,016 Class A OP Units. This total includes previously reported units plus the 10,471 Class A OP Units received from converting 10,471 LTIP Units, as described in the Form 4 footnotes.

What LTIP Unit position does William S. Cowan Jr. hold at NSA after the conversion?

Following the conversion, he holds 0 vested LTIP Units and 140,923 unvested LTIP Units. The filing notes that the 10,471 LTIP Units converted into Class A OP Units had previously been reported on an as-converted basis, prompting this voluntary notice.

How can NSA Class A OP Units be exchanged according to the partnership agreement?

Under the partnership agreement, a holder may cause the partnership to redeem Class A OP Units for cash equal to the market value of an equivalent number of common shares, or, at the issuer’s option, receive common shares on a one-for-one basis, subject to adjustments.

What rights do LTIP Units at NSA have under the partnership agreement?

Upon meeting certain conditions, holders of LTIP Units are entitled to convert those LTIP Units into Class A OP Units on a one-for-one basis. This mechanism links long-term incentive awards to the partnership equity structure and underpins the reported 10,471-unit conversion.

Does William S. Cowan Jr. admit full beneficial ownership of all NSA securities reported?

No. The Form 4 states it should not be deemed an admission of beneficial ownership of all reported securities. He expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the securities referenced in the filing.