National Storage Affiliates (NYSE: NSA) director exits OP and preferred units in merger
Rhea-AI Filing Summary
National Storage Affiliates Trust director Allan Warren reported indirect transactions connected to its merger with Public Storage. 1,170 LTIP Units vested and converted into Class A OP Units, then 1,298,706 Class A OP Units, 4,490 Series A-1 preferred units and 4,762 common shares held through his revocable trust were disposed to the issuer. Under the merger terms, NSA common shares were converted into Public Storage common shares at a 0.1400 exchange ratio plus cash for fractional shares, and the reported NSA-related holdings after these transactions are zero.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 4,762 shares
Net Sell
4 txns
Insider
Allan Warren
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | LTIP Units F1, F3, F4, F5, F6, F2 | 1,170 | -- | -- |
| Disposition | Class A OP Units F4, F5, F7, F6, F2 | 1,298,706 | -- | -- |
| Disposition | Series A-1 Preferred Units F8, F6, F2 | 4,490 | -- | -- |
| Disposition | Common shares of beneficial interest, $0.01 par value F1, F2 | 4,762 | -- | -- |
Holdings After Transaction:
LTIP Units — 0 shares (Indirect, See footnote);
Class A OP Units — 0 shares (Indirect, See footnote);
Series A-1 Preferred Units — 0 shares (Indirect, See footnote);
Common shares of beneficial interest, $0.01 par value — 0 shares (Indirect, See footnote)
Footnotes (8)
- F1. Pursuant to the Agreement and Plan of Merger, dated as of March 16, 2026 (the "Merger Agreement"), between the Issuer, Public Storage and certain other parties, 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.
- F2. 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.
- F3. Pursuant to the Merger Agreement, each outstanding and unvested, time-based LTIP Unit vested in full immediately prior to the effective time of the merger of a subsidiary of Public Storage into NSA OP, LP (the "Partnership") (such merger, the "Partnership Merger").
- 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.
- F8. Pursuant to the Merger Agreement, each 6.000% Series A-1 cumulative redeemable preferred unit of limited partnership interest in the Partnership issued and outstanding as of immediately prior to the effective time of the Partnership Merger was converted into the right to receive one unit of a corresponding class or series of newly issued preferred units of Public Storage OP, L.P.
Key Figures
LTIP Units converted: 1,170 units
Class A OP Units disposed: 1,298,706 units
Series A-1 preferred units disposed: 4,490 units
+3 more
6 metrics
LTIP Units converted
1,170 units
LTIP Units vested and converted into Class A OP Units before the partnership merger on 2026-07-22
Class A OP Units disposed
1,298,706 units
Indirect disposition of Class A OP Units to issuer in connection with the Partnership Merger
Series A-1 preferred units disposed
4,490 units
6.000% Series A-1 cumulative redeemable preferred units converted into preferred units of Public Storage OP, L.P.
Common shares disposed
4,762 shares
NSA common shares of beneficial interest indirectly held through a revocable trust and disposed
Exchange Ratio
0.1400 Public Storage shares per NSA share
Conversion rate for NSA common shares into Public Storage common shares under the Merger Agreement
Post-transaction NSA holdings
0 units/shares
Total shares and units reported following all listed transactions on 2026-07-22
Key Terms
LTIP Units, Class A OP Unit, Exchange Ratio, Partnership Merger, +1 more
5 terms
LTIP Units financial
"each outstanding and unvested, time-based LTIP Unit vested in full immediately prior"
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 Unit financial
"converted into one Class A unit of limited partnership interest in the Partnership"
Exchange Ratio financial
"receive 0.1400 (the "Exchange Ratio") newly issued common shares of beneficial interest"
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
"the effective time of the merger of a subsidiary of Public Storage into NSA OP, LP"
cumulative redeemable preferred unit financial
"each 6.000% Series A-1 cumulative redeemable preferred unit of limited partnership interest"
FAQ
What did Allan Warren report in his NSA (ticker: NSA) Form 4?
Allan Warren reported several indirect dispositions tied to National Storage Affiliates Trust’s merger with Public Storage. LTIP Units vested and converted, and related Class A OP Units, preferred units, and common shares held via a trust were disposed to the issuer with reported NSA holdings reduced to zero.
How many Class A OP Units tied to NSA did Allan Warren dispose of?
He reported an indirect disposition of 1,298,706 Class A OP Units of NSA’s operating partnership. These units were converted or redeemed under the merger agreement with Public Storage, in exchange for Public Storage OP units or joint venture interests, as described in the footnotes.
What happened to Allan Warren’s LTIP Units in National Storage Affiliates Trust (NSA)?
He reported that 1,170 LTIP Units vested in full and were converted into Class A OP Units immediately before the partnership-level merger. Following this conversion and subsequent related transactions, his reported balance of LTIP Units and associated NSA OP interests is zero.
Which preferred securities of NSA’s partnership were affected for Allan Warren?
He reported the disposition of 4,490 Series A-1 cumulative redeemable preferred units of the operating partnership. Each such unit was converted into the right to receive one newly issued preferred unit of a corresponding class or series in Public Storage OP, L.P.
AI-generated analysis. How Rhea-AI works. Not financial advice.
