What is the director’s total common share ownership in NSA after these transactions?

His direct beneficial ownership is 21,406 common shares after the grant. This total includes previously reported common shares and the newly granted restricted shares, but excludes derivative securities reported separately on prior Forms 3 and 4.

Director at National Storage Affiliates Trust (NYSE: NSA) receives share award and unit conversion

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

National Storage Affiliates Trust director Paul William Hylbert Jr reported equity awards and an internal unit conversion. He received 5,056 restricted common shares at $42.53 per share under the 2024 Equity Incentive Plan, scheduled to vest on the earliest of May 15, 2027, the day before the next annual shareholder meeting, or immediately before the Company Merger Effective Time defined in the March 16, 2026 merger agreement.

Following this grant, his direct beneficial ownership in this class is 21,406 common shares, including restricted shares. Separately, 11,103 LTIP Units were converted into 11,103 Class A OP Units, bringing his direct holdings to 61,753 Class A OP Units and 0 LTIP Units; this conversion was reported as a voluntary notice of reclassification already previously reflected on an as-converted basis.

Insider Trade Summary

22,206 shares exercised/converted

Mixed 3 txns

Insider Hylbert Paul William Jr

Role null

Type	Security	Shares	Price	Value
Conversion	LTIP Units	11,103	$0.00	--
Conversion	Class A OP Units	11,103	$0.00	--
Grant/Award	Common shares of beneficial interest, $0.01 par value	5,056	$42.53	$215K

Holdings After Transaction: LTIP Units — 0 shares (Direct, null); Class A OP Units — 61,753 shares (Direct, null); Common shares of beneficial interest, $0.01 par value — 21,406 shares (Direct, null)

Footnotes (1)

Consists of 5,056 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 beneficial ownership following the reported transaction in this class of securities is 21,406 Shares (inclusive of Restricted Shares), which includes those Shares previously reported. The 21,406 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. 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 11,103 LTIP Units held by the Reporting Person which were converted into 11,103 Class A OP Units as described in footnote 4 above. The Reporting Person previously reported the 11,103 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 11,103 LTIP Units into 11,103 Class A OP Units. N/A The Reporting Person's total direct beneficial ownership following the reported transactions above is 61,753 Class A OP Units (which includes those Class A OP Units previously reported and the Class A OP Units reported herein) and 0 LTIP Units. The 61,753 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.

Key Figures

Restricted share grant: 5,056 shares Grant reference price: $42.53 per share Total common shares held: 21,406 shares +3 more

6 metrics

Restricted share grant 5,056 shares Restricted common shares granted on May 15, 2026

Grant reference price $42.53 per share Closing price of common shares on May 14, 2026

Total common shares held 21,406 shares Direct beneficial ownership after grant, inclusive of restricted shares

LTIP Units converted 11,103 units LTIP Units converted into Class A OP Units

Class A OP Units after conversion 61,753 units Direct beneficial ownership following reported transactions

LTIP Units after conversion 0 units LTIP Unit balance following conversion into Class A OP Units

Key Terms

Restricted Shares, LTIP Units, Class A OP Units, Equity Incentive Plan, +1 more

5 terms

Restricted Shares financial

"Consists of 5,056 restricted common shares of beneficial interest, $0.01 par value of the Issuer ("Restricted Shares")."

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

LTIP Units financial

"Long-term incentive plan units ("LTIP Units") in the Partnership, after achieving parity with Class A common units..."

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

"eligible to be converted into Class A OP Units on a one-for-one basis upon the satisfaction of conditions..."

Equity Incentive Plan financial

"The Restricted Shares were granted to the Reporting Person under the Issuer's 2024 Equity Incentive Plan..."

An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.

Company Merger Effective Time financial

"or (iii) immediately prior to the Company Merger Effective Time (as such term is defined in that certain Agreement of Plan and Merger..."

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^*

Hylbert Paul William 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)

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		5,056⁽¹⁾	A	$42.53⁽²⁾	21,406⁽¹⁾⁽³⁾	D

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⁽⁴⁾	⁽⁴⁾⁽⁵⁾	05/16/2026		C			11,103⁽⁶⁾	⁽⁴⁾⁽⁵⁾	⁽⁷⁾	Class A OP Units⁽⁴⁾⁽⁵⁾	11,103	⁽⁴⁾	0⁽⁴⁾⁽⁸⁾	D
Class A OP Units⁽⁴⁾	⁽⁴⁾⁽⁵⁾	05/16/2026		C		11,103⁽⁶⁾		⁽⁴⁾⁽⁵⁾	⁽⁷⁾	Common shares of beneficial interest, $0.01 par value⁽⁵⁾	11,103	⁽⁵⁾	61,753⁽⁴⁾⁽⁸⁾	D

Explanation of Responses:

1. Consists of 5,056 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 beneficial ownership following the reported transaction in this class of securities is 21,406 Shares (inclusive of Restricted Shares), which includes those Shares previously reported. The 21,406 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. 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.

5. 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.

6. Consists of 11,103 LTIP Units held by the Reporting Person which were converted into 11,103 Class A OP Units as described in footnote 4 above. The Reporting Person previously reported the 11,103 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 11,103 LTIP Units into 11,103 Class A OP Units.

7. N/A

8. The Reporting Person's total direct beneficial ownership following the reported transactions above is 61,753 Class A OP Units (which includes those Class A OP Units previously reported and the Class A OP Units reported herein) and 0 LTIP Units. The 61,753 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.

Remarks:

	Paul W. Hylbert, Jr., 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 Paul William Hylbert Jr report?

He reported an equity grant and a unit conversion. He received 5,056 restricted common shares and converted 11,103 LTIP Units into 11,103 Class A OP Units, updating his ownership structure without open-market trades.

How many National Storage Affiliates (NSA) shares were granted to the director?

He was granted 5,056 restricted common shares. These restricted shares were issued under the company’s 2024 Equity Incentive Plan at a reference price of $42.53 per share, representing stock-based compensation rather than an open-market purchase.

When do the new restricted NSA shares for the director vest?

The 5,056 restricted shares vest at the earliest of three dates. They vest on May 15, 2027, or the day before the next annual shareholder meeting, or immediately before the Company Merger Effective Time defined in the March 16, 2026 merger agreement.

How did LTIP Units and Class A OP Units change for the NSA director?

He converted 11,103 LTIP Units into 11,103 Class A OP Units. After this conversion, he directly holds 61,753 Class A OP Units and no LTIP Units, with the filing noting this conversion as a voluntary notice of reclassification.

Was the LTIP Unit conversion at NSA an economic purchase or sale?

The filing describes the LTIP Unit conversion as a derivative conversion. Footnotes state it was reported voluntarily to show 11,103 LTIP Units becoming 11,103 Class A OP Units, reclassifying existing interests rather than reflecting an open-market buy or sell.