What are Chad Meisinger’s indirect NSA share holdings after these transactions?

After the reported transactions, indirect beneficial ownership is 118,858 common shares of beneficial interest for National Storage Affiliates Trust. This total includes previously reported holdings and the newly granted restricted shares, as disclosed in the footnotes to the filing.

National Storage Affiliates (NYSE: NSA) director gets share award, converts LTIP units

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

National Storage Affiliates Trust director Chad LeRoy Meisinger, through the Meisinger Family Trust, reported equity acquisitions. The trust received 4,703 restricted common shares that vest based on time and corporate events, and 10,272 LTIP Units were converted into 10,272 Class A OP Units. Following these transactions, indirect holdings total 118,858 common shares and 56,880 Class A OP Units.

Insider Trade Summary

20,544 shares exercised/converted

Mixed 3 txns

Insider Meisinger Chad LeRoy

Role null

Type	Security	Shares	Price	Value
Conversion	LTIP Units	10,272	$0.00	--
Conversion	Class A OP Units	10,272	$0.00	--
Grant/Award	Common shares of beneficial interest, $0.01 par value	4,703	$42.53	$200K

Holdings After Transaction: LTIP Units — 0 shares (Indirect, See footnote); Class A OP Units — 56,880 shares (Indirect, See footnote); Common shares of beneficial interest, $0.01 par value — 118,858 shares (Indirect, See footnote)

Footnotes (1)

Consists of 4,703 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 118,858 Shares (inclusive of Restricted Shares), which includes those Shares previously reported. The 118,858 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 Chad LeRoy Meisinger and Amy Margaret Meisinger CO TTEES Meisinger Family Trust U/A/D 12/20/2022 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 10,272 LTIP Units held by the Reporting Person which were converted into 10,272 Class A OP Units as described in footnote 5 above. The Reporting Person previously reported the 10,272 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 10,272 LTIP Units into 10,272 Class A OP Units. N/A The Reporting Person's total direct beneficial ownership following the reported transactions above is 56,880 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 56,880 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.

Key Figures

Restricted share grant: 4,703 shares Grant reference price: $42.53 per share LTIP conversion: 10,272 LTIP Units +3 more

6 metrics

Restricted share grant 4,703 shares Restricted common shares granted under 2024 Equity Incentive Plan

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

LTIP conversion 10,272 LTIP Units Converted into 10,272 Class A OP Units on May 16, 2026

Indirect common share holdings 118,858 shares Total indirect beneficial ownership after transactions, inclusive of restricted shares

Class A OP Unit holdings 56,880 units Indirect Class A OP Units held after LTIP conversion

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

Key Terms

Restricted Shares, LTIP Units, Class A OP Units, 2024 Equity Incentive Plan, +1 more

5 terms

Restricted Shares financial

"Consists of 4,703 restricted common shares of beneficial interest ("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..."

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..."

2024 Equity Incentive Plan financial

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

pecuniary interest financial

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

Form 4 Insider Transactions: What Each Field Means →

05/19/2026 - 04:03 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^*

Meisinger Chad LeRoy

(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		4,703⁽¹⁾	A	$42.53⁽²⁾	118,858⁽¹⁾⁽³⁾	I	See footnote⁽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			10,272⁽⁷⁾	⁽⁵⁾⁽⁶⁾	⁽⁸⁾	Class A OP Units⁽⁵⁾⁽⁶⁾	10,272	⁽⁵⁾	0⁽⁵⁾⁽⁹⁾	I	See footnote⁽⁴⁾
Class A OP Units⁽⁵⁾	⁽⁵⁾⁽⁶⁾	05/16/2026		C		10,272⁽⁷⁾		⁽⁵⁾⁽⁶⁾	⁽⁸⁾	Common shares of beneficial interest, $0.01 par value⁽⁶⁾	10,272	⁽⁶⁾	56,880⁽⁵⁾⁽⁹⁾	I	See footnote⁽⁴⁾

Explanation of Responses:

1. Consists of 4,703 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 118,858 Shares (inclusive of Restricted Shares), which includes those Shares previously reported. The 118,858 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 Chad LeRoy Meisinger and Amy Margaret Meisinger CO TTEES Meisinger Family Trust U/A/D 12/20/2022 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 10,272 LTIP Units held by the Reporting Person which were converted into 10,272 Class A OP Units as described in footnote 5 above. The Reporting Person previously reported the 10,272 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 10,272 LTIP Units into 10,272 Class A OP Units.

8. N/A

9. The Reporting Person's total direct beneficial ownership following the reported transactions above is 56,880 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 56,880 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.

Remarks:

	Chad L. Meisinger, 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 equity awards did NSA director Chad Meisinger report in this Form 4?

Chad Meisinger reported an indirect grant of 4,703 restricted common shares of National Storage Affiliates Trust. These were awarded under the 2024 Equity Incentive Plan and are subject to vesting conditions tied to time and potential corporate merger events.

How many LTIP Units were converted in the NSA Form 4 filing?

The filing shows 10,272 LTIP Units converted into 10,272 Class A OP Units. This reflects a one-for-one conversion after the LTIP Units achieved parity, as described in the partnership agreement, and was reported as a derivative conversion transaction.

What are Chad Meisinger’s Class A OP Unit and LTIP Unit positions after the NSA filing?

Following the conversions, the filing reports 56,880 Class A OP Units and zero LTIP Units held indirectly. The OP Unit figure includes previously reported units plus the 10,272 units received from converting LTIP Units, as explained in the ownership footnote.

Who legally holds the NSA securities reported for Chad Meisinger?

The securities are held by the Meisinger Family Trust, where Chad and Amy Meisinger serve as co-trustees. The filing notes that Chad Meisinger has or shares voting and investment power and disclaims beneficial ownership beyond his pecuniary interest in the trust’s holdings.

When do the newly granted NSA restricted shares vest for Chad Meisinger?

The 4,703 restricted shares are scheduled to vest at the earlier of May 15, 2027, the day before the next annual shareholder meeting, or immediately before the merger effective time described in the March 16, 2026 merger agreement involving National Storage Affiliates Trust.