What LTIP-related conversion did Allan Warren disclose for NSA?

The filing shows 5,048 LTIP Units converted into 5,048 Class A OP Units. Footnotes explain LTIP Units can achieve parity with Class A OP Units and then convert one-for-one, with redemption rights into cash or common shares, providing flexible economic exposure to National Storage Affiliates.

Allan Warren (NYSE: NSA) granted 4,762 restricted shares and converts LTIP units

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

National Storage Affiliates Trust director Allan Warren, through a revocable living trust, reported equity compensation and related unit conversions. On May 15, 2026, the trust received 4,762 restricted common shares at a reference price of $42.53, scheduled to vest on the earlier of May 15, 2027, the day before the next annual shareholder meeting, or immediately before the company merger effective time under the March 16, 2026 merger agreement.

On May 16, 2026, 5,048 LTIP Units were converted into 5,048 Class A OP Units, a change the filing notes had been previously reported on an as-converted basis. After these transactions, the trust’s reported holdings are 4,762 common shares, 1,297,536 Class A OP Units, and 1,170 LTIP Units, with Warren disclaiming beneficial ownership beyond his pecuniary interest.

Insider Trade Summary

10,096 shares exercised/converted

Mixed 3 txns

Insider Allan Warren

Role null

Type	Security	Shares	Price	Value
Conversion	LTIP Units	5,048	$0.00	--
Conversion	Class A OP Units	5,048	$0.00	--
Grant/Award	Common shares of beneficial interest, $0.01 par value	4,762	$42.53	$203K

Holdings After Transaction: LTIP Units — 1,170 shares (Indirect, See footnote); Class A OP Units — 1,298,706 shares (Indirect, See footnote); Common shares of beneficial interest, $0.01 par value — 4,762 shares (Indirect, See fotnote)

Footnotes (1)

Consists of 4,762 restricted common shares of beneficial interest, $0.01 par value of the Issuer ("Restricted Shares"). The Restricted Shares were granted to the Reporting Person under the Issuer's 2024 Equity Incentive Plan, and are scheduled to vest scheduled to vest the earlier of: (i) May 15, 2027, (ii) the calendar day immediately preceding the next annual meeting of shareholders or (iii) immediately prior to the Company Merger Effective Time (as such term is defined in that certain Agreement of Plan and Merger, dated as of March 16, 2026, by and among the Issuer, NSA OP, LP (the "Partnership"), Public Storage, Public Storage OP, L.P., Pelican Merger Sub I, LLC and Pelican Merger Sub II, LLC, as the same may be amended). The closing price of the Issuer's common shares of beneficial interest, $0.01 par value ("Shares") on May 14, 2026. The Reporting Person's total direct and indirect beneficial ownership following the reported transaction in this class of securities is 4,762 Shares. The 4,762 Shares does not include derivative securities of the Reporting Person that have been previously reported on the Reporting Person's Forms 3 and Forms 4. Held by Allan Revocable Living Trust TTEE Warren Allan U/A/D 9/29/1990 for which the Reporting Person has or shares voting and/or investment power. 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. Long-term incentive plan units ("LTIP Units") in the Partnership, after achieving parity with Class A common units of limited partner interest in the Partnership ("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's agreement of limited partnership. Upon conversion of such vested parity LTIP Units into Class A OP Units, the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A OP Units for cash in an amount equal to the market value of an equivalent number of Shares, or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments. Consists of 5,048 LTIP Units held by the Reporting Person which were converted into 5,048 Class A OP Units as described in footnote 5 above. The Reporting Person previously reported the 5,048 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 1 and 2 of Table II of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 5,048 LTIP Units into 5,048 Class A OP Units. N/A The Reporting Person's total direct beneficial ownership following the reported transactions above is 1,297,536 Class A OP Units (which includes those Class A OP Units previously reported and the Class A OP Units reported herein) and 1,170 LTIP Units. The 1,297,536 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.

Key Figures

Restricted share grant: 4,762 shares at $42.53 LTIP Units converted: 5,048 LTIP Units Common shares held: 4,762 shares +2 more

5 metrics

Restricted share grant 4,762 shares at $42.53 Restricted common shares granted on May 15, 2026

LTIP Units converted 5,048 LTIP Units Converted into 5,048 Class A OP Units on May 16, 2026

Common shares held 4,762 shares Indirect holdings following reported transactions

Class A OP Units held 1,297,536 units Direct beneficial ownership after transactions

LTIP Units remaining 1,170 units Direct beneficial ownership after conversions

Key Terms

restricted common shares of beneficial interest, LTIP Units, Class A OP Units, pecuniary interest, +1 more

5 terms

restricted common shares of beneficial interest financial

"Consists of 4,762 restricted common shares of beneficial interest, $0.01 par value of the Issuer"

LTIP Units financial

"Long-term incentive plan units ("LTIP Units") in the Partnership, after achieving parity"

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.

Class A OP Units financial

"are eligible to be converted into Class A OP Units on a one-for-one basis"

pecuniary interest financial

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

Agreement of Plan and Merger regulatory

"as such term is defined in that certain Agreement of Plan and Merger, dated as of March 16, 2026"

Form 4 Insider Transactions: What Each Field Means →

05/19/2026 - 04:02 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^*

Allan Warren

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

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)
Common shares of beneficial interest, $0.01 par value⁽¹⁾	05/15/2026		A		4,762⁽¹⁾	A	$42.53⁽²⁾	4,762⁽¹⁾⁽³⁾	I	See fotnote⁽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⁽⁵⁾	⁽⁵⁾⁽⁶⁾	05/16/2026		C			5,048⁽⁷⁾	⁽⁵⁾⁽⁶⁾	⁽⁸⁾	Class A OP Units⁽⁵⁾⁽⁶⁾	5,048	⁽⁵⁾	1,170⁽⁵⁾⁽⁹⁾	I	See footnote⁽⁴⁾
Class A OP Units⁽⁵⁾	⁽⁵⁾⁽⁶⁾	05/16/2026		C		5,048⁽⁷⁾		⁽⁵⁾⁽⁶⁾	⁽⁸⁾	Common shares of beneficial interest, $0.01 par value⁽⁶⁾	5,048	⁽⁶⁾	1,298,706⁽⁵⁾⁽⁹⁾	I	See footnote⁽⁴⁾

Explanation of Responses:

1. Consists of 4,762 restricted common shares of beneficial interest, $0.01 par value of the Issuer ("Restricted Shares"). The Restricted Shares were granted to the Reporting Person under the Issuer's 2024 Equity Incentive Plan, and are scheduled to vest scheduled to vest the earlier of: (i) May 15, 2027, (ii) the calendar day immediately preceding the next annual meeting of shareholders or (iii) immediately prior to the Company Merger Effective Time (as such term is defined in that certain Agreement of Plan and Merger, dated as of March 16, 2026, by and among the Issuer, NSA OP, LP (the "Partnership"), Public Storage, Public Storage OP, L.P., Pelican Merger Sub I, LLC and Pelican Merger Sub II, LLC, as the same may be amended).

2. The closing price of the Issuer's common shares of beneficial interest, $0.01 par value ("Shares") on May 14, 2026.

3. The Reporting Person's total direct and indirect beneficial ownership following the reported transaction in this class of securities is 4,762 Shares. The 4,762 Shares does not include derivative securities of the Reporting Person that have been previously reported on the Reporting Person's Forms 3 and Forms 4.

4. Held by Allan Revocable Living Trust TTEE Warren Allan U/A/D 9/29/1990 for which the Reporting Person has or shares voting and/or investment power. 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.

5. Long-term incentive plan units ("LTIP Units") in the Partnership, after achieving parity with Class A common units of limited partner interest in the Partnership ("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's agreement of limited partnership.

6. Upon conversion of such vested parity LTIP Units into Class A OP Units, the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A OP Units for cash in an amount equal to the market value of an equivalent number of Shares, or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.

7. Consists of 5,048 LTIP Units held by the Reporting Person which were converted into 5,048 Class A OP Units as described in footnote 5 above. The Reporting Person previously reported the 5,048 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 1 and 2 of Table II of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 5,048 LTIP Units into 5,048 Class A OP Units.

8. N/A

9. The Reporting Person's total direct beneficial ownership following the reported transactions above is 1,297,536 Class A OP Units (which includes those Class A OP Units previously reported and the Class A OP Units reported herein) and 1,170 LTIP Units. The 1,297,536 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.

Remarks:

	Warren W. Allan, by Zoya F. Afridi, his Attorney-in-fact	05/19/2026
	** 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 insider transactions did NSA director Allan Warren report on this Form 4?

Allan Warren, via a revocable trust, reported receiving 4,762 restricted common shares and converting 5,048 LTIP Units into 5,048 Class A OP Units. These moves reflect equity compensation and internal capital structure changes rather than open-market share purchases or sales.

How many National Storage Affiliates (NSA) shares did Allan Warren’s trust receive?

The trust associated with Allan Warren received 4,762 restricted common shares of beneficial interest. These restricted shares were granted under National Storage Affiliates’ 2024 Equity Incentive Plan as director compensation, with vesting tied to time and specified corporate events, including a planned merger.

What is the vesting schedule for Allan Warren’s 4,762 restricted NSA shares?

The 4,762 restricted shares vest at the earlier of May 15, 2027, the calendar day immediately preceding the next annual shareholder meeting, or immediately before the effective time of the planned company merger described in the March 16, 2026 merger agreement involving Public Storage.

What are Allan Warren’s post-transaction holdings in NSA operating partnership units and LTIP Units?

After the reported transactions, Allan Warren’s direct beneficial holdings are 1,297,536 Class A OP Units and 1,170 LTIP Units, plus 4,762 common shares indirectly via a trust. The filing notes these figures exclude other previously reported securities in different categories.

Does Allan Warren control the NSA securities reported, or are they held by another entity?

The securities are held by the Allan Revocable Living Trust, for which Warren has or shares voting or investment power. The filing states he disclaims beneficial ownership of these securities except to the extent of his pecuniary interest, clarifying the indirect nature of his holdings.