National Storage Affiliates (NYSE: NSA) logs merger-driven unit and share conversions
Rhea-AI Filing Summary
National Storage Affiliates Trust reported merger-related equity conversions and dispositions by Chief Legal Officer Tiffany S. Kenyon on 2026-07-22. 51,024 LTIP Units of NSA OP, LP were converted into an equal number of Class A OP Units, and 91,700 Class A OP Units were then disposed of to the issuer, eliminating reported holdings in those instruments.
In connection with the Agreement and Plan of Merger with Public Storage dated March 16, 2026, 9,516 common shares of beneficial interest were acquired through conversion of LTIP Units and an equal number were subsequently disposed of to the issuer. Under the Merger Agreement, each NSA common share, including Restricted Shares, was converted into the right to receive 0.1400 Public Storage common shares plus cash for fractional shares, and certain Restricted Shares were surrendered to cover statutory minimum federal and state tax obligations. Other unvested LTIP Units (excluding specified 2026 performance-based awards) vested immediately before the Partnership Merger, while certain performance-based LTIP Units were forfeited.
Positive
- None.
Negative
- None.
Insider Trade Summary
51,024 shares exercised/converted
Exercise
4 txns
Insider
Kenyon Tiffany S.
Role
Chief Legal Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | LTIP Units F1, F3, F4, F5, F6 | 51,024 | -- | -- |
| Disposition | Class A OP Units F4, F5, F7, F6 | 91,700 | -- | -- |
| Conversion | Common shares of beneficial interest, $0.01 par value F1, F2 | 9,516 | -- | -- |
| Disposition | Common shares of beneficial interest, $0.01 par value F1, F2 | 9,516 | -- | -- |
Holdings After Transaction:
LTIP Units — 0 shares (Direct);
Class A OP Units — 0 shares (Direct);
Common shares of beneficial interest, $0.01 par value — 0 shares (Direct)
Footnotes (7)
- F1. In connection with the transactions contemplated by the Agreement and Plan of Merger, dated as of March 16, 2026 (the "Merger Agreement"), between the Issuer, Public Storage and certain other parties, each outstanding time-based long term incentive plan unit ("LTIP Unit") of NSA OP, LP (the "Partnership") that was granted to the Reporting Person in 2026 (such LTIP Units, the "2026 time-based LTIP Units") was converted on a one-for-one basis into an equal number of restricted common shares of beneficial interest, $0.01 par value, of the Issuer ("Restricted Shares").
- F2. Pursuant to the Merger Agreement, common shares of beneficial interest, $0.01 par value of the Issuer, inclusive of Restricted Shares, were converted into the right to receive 0.1400 (the "Exchange Ratio") newly issued common shares of beneficial interest, par value $0.10 per share, of Public Storage and cash in lieu of any fractional shares. Certain Restricted Shares were surrendered to satisfy statutory minimum federal and state tax obligations associated with the vesting.
- F3. Except as otherwise described above in Footnote 1 above with respect to the 2026 time-based LTIP Units, pursuant to the terms of the Merger Agreement, each outstanding and unvested LTIP Unit (other than performance-based LTIP Units granted in 2026) vested in full immediately prior to the effective time of the merger of a subsidiary of Public Storage into the Partnership (the "Partnership Merger"), with any applicable performance-based vesting conditions deemed achieved at target performance levels. Performance-based LTIP Units granted in 2026 and any performance-based LTIP Units that would only vest at maximum performance levels were deemed forfeited.
- F4. At the effective time of the Partnership Merger, each vested LTIP Unit that was eligible for conversion was converted into one Class A unit of limited partnership interest in the Partnership ("Class A OP Unit") in accordance with the Merger Agreement.
- F5. Pursuant to the Merger Agreement, each Class A OP Unit issued and outstanding immediately prior to the effective time of the Partnership Merger was (i) automatically converted into the right to receive a number of newly issued common units in Public Storage OP, L.P., equal to the Exchange Ratio or (ii), at the election of holders of Class A OP Units, redeemed in exchange for one newly issued unit in NSA OP JV, LLC which holds 80% of the equity of the joint venture with Public Storage that holds certain identified real estate assets contributed by the Partnership.
- F6. N/A.
- F7. Includes certain LTIP Units previously reported on a fully converted basis, as Class A OP Units, which were subsequently converted into Restricted Shares (as described in Footnote 1 above) or deemed forfeited (as described in Footnote 3 above).
Key Figures
LTIP Units converted: 51,024 LTIP Units
Class A OP Units disposed: 91,700 Class A OP Units
Common shares acquired: 9,516 common shares
+3 more
6 metrics
LTIP Units converted
51,024 LTIP Units
Converted into Class A OP Units on 2026-07-22
Class A OP Units disposed
91,700 Class A OP Units
Disposition to issuer on 2026-07-22
Common shares acquired
9,516 common shares
Acquired via conversion of LTIP Units on 2026-07-22
Common shares disposed
9,516 common shares
Disposed of to issuer on 2026-07-22
Exchange Ratio
0.1400
NSA common shares converted into Public Storage common shares
Joint venture equity
80% equity interest
NSA OP JV, LLC stake in joint venture with Public Storage
Key Terms
LTIP Unit, Class A OP Unit, Restricted Shares, Exchange Ratio, +2 more
6 terms
LTIP Unit financial
"each outstanding time-based long term incentive plan unit ("LTIP Unit") of NSA OP, LP"
An LTIP unit is a piece of long-term compensation granted to executives or employees that represents a right to future company value, paid in cash, stock, or stock-like units if certain performance goals or time-based vesting conditions are met. Investors care because LTIP units can dilute existing shares when converted to stock, signal how management is paid and incentivized, and affect future cash flow if settled in cash—think of them like delayed bonuses tied to company performance.
Class A OP Unit financial
"converted into one Class A unit of limited partnership interest ("Class A OP Unit")"
Exchange Ratio financial
"converted into the right to receive 0.1400 (the "Exchange Ratio") newly issued common shares"
The exchange ratio is the number used to decide how many shares of one company you get for each share you own in another company during a merger or acquisition. It’s like a recipe that tells you how to swap shares fairly, ensuring both companies’ values are balanced. This ratio matters because it determines how ownership divides between the companies' shareholders.
Partnership Merger financial
"effective time of the merger of a subsidiary of Public Storage into the Partnership (the "Partnership Merger")"
statutory minimum federal and state tax obligations financial
"Restricted Shares were surrendered to satisfy statutory minimum federal and state tax obligations"
FAQ
What insider equity transactions did National Storage Affiliates Trust (NSA) report for Tiffany S. Kenyon?
Tiffany S. Kenyon reported merger-driven conversions and dispositions. 51,024 LTIP Units were converted into Class A OP Units, 91,700 Class A OP Units were disposed of to the issuer, and 9,516 common shares were both acquired via conversion and then disposed, all tied to the Public Storage merger.
How many LTIP Units and Class A OP Units were affected in the NSA (NSA) merger transactions?
The transactions involved 51,024 LTIP Units and 91,700 Class A OP Units. LTIP Units were converted one-for-one into Class A OP Units, and the Class A OP Units were then disposed of to the issuer as part of the equity restructuring associated with the Public Storage combination.
How were LTIP Units treated in the NSA (NSA) and Public Storage Partnership Merger?
Time-based LTIP Units granted in 2026 became Restricted Shares, while other unvested LTIP Units (excluding certain 2026 performance-based awards) vested immediately before the Partnership Merger. Performance-based LTIP Units granted in 2026 and those vesting only at maximum levels were deemed forfeited under the Merger Agreement.
What options existed for Class A OP Units in the NSA (NSA) merger with Public Storage?
Each Class A OP Unit could become new Public Storage OP units at the 0.1400 Exchange Ratio or, at the holder’s election, a unit in NSA OP JV, LLC. That LLC holds 80% of the equity of a joint venture with Public Storage owning specified real estate assets.
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