National Storage Affiliates director disposes NSA units

National Storage Affiliates Trust director Allan Warren reported indirect transactions connected to its merger with Public Storage.

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.

Insider Trade Summary

1,170 shares exercised/converted

Exercise 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 contracts (Indirect, See footnote); Class A OP Units — 0 contracts (Indirect, See footnote); Series A-1 Preferred Units — 0 contracts (Indirect, See footnote); Common shares of beneficial interest, $0.01 par value — 0 shares (Indirect, See footnote)

Footnotes (8)

1. 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.
2. 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.
3. 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").
4. 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.
5. 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.
6. F6. N/A.
7. F7. Includes certain LTIP Units previously reported on a fully converted basis, as Class A OP Units.
8. 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.

What is the exchange ratio for NSA common shares in the Public Storage merger?

Each NSA common share was converted into the right to receive 0.1400 Public Storage common shares, plus cash in lieu of fractional shares. This exchange ratio applied to common shares of beneficial interest, including restricted shares, as outlined in the merger agreement footnote.

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.

How many NSA common shares were indirectly disposed of in Allan Warren’s Form 4?

The Form 4 shows an indirect disposition of 4,762 NSA common shares of beneficial interest. These shares, held through a revocable living trust, were converted into the right to receive Public Storage common shares and related cash consideration under the merger terms.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/22/2026 - 05:16 PM Learn about SEC filing dates

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
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X

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)
07/22/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common shares of beneficial interest, $0.01 par value(1)	07/22/2026		D		4,762	D	(1)	0(1)	I	See footnote(2)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
LTIP Units(1)(3)	(1)(3)(4)(5)	07/22/2026		C			1,170(1)(3)	(1)(3)(4)(5)	(6)	Class A OP Units(4)	1,170(1)(3)	(1)(3)	0(1)(3)(4)	I	See footnote(2)
Class A OP Units(4)(5)	(4)	07/22/2026		D			1,298,706(4)(5)(7)	(4)	(6)	Common shares of beneficial interest, $0.01 par value	1,298,706(4)(5)	(4)(5)(7)	0(4)(5)(7)	I	See footnote(2)
Series A-1 Preferred Units(8)	(8)	07/22/2026		D			4,490(8)	(8)	(6)	Series A Preferred Shares	4,490(8)	(8)	0(8)	I	See footnote(2)

Explanation of Responses:

1. 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.

2. 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.

3. 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").

4. 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.

5. 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.

6. N/A.

7. Includes certain LTIP Units previously reported on a fully converted basis, as Class A OP Units.

8. 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.

	/s/ Warren W. Allan, by Zoya F. Afridi, his Attorney-in-fact	07/22/2026
	** 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)