NSA (NYSE: NSA) vice chair converts LTIP Units into Class A OP Units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

National Storage Affiliates Trust director and Vice Chairperson Arlen Dale Nordhagen reported routine equity incentive conversions. He converted 919 LTIP Units into 919 Class A OP Units, with no cash changing hands, as part of the partnership’s long-term incentive structure.

Following these transactions, his total beneficial ownership is 2,561,438 Class A OP Units, including previously reported holdings. He now holds 0 vested LTIP Units and 28,424 unvested LTIP Units, reflecting a shift from incentive units into operating partnership units rather than an open-market trade.

Insider Trade Summary

1,838 shares exercised/converted

Mixed 2 txns

Insider Nordhagen Arlen Dale

Role Vice Chairperson

Type	Security	Shares	Price	Value
Conversion	LTIP Units	919	$0.00	--
Conversion	Class A OP Units	919	$0.00	--

Holdings After Transaction: LTIP Units — 28,424 shares (Direct, null); Class A OP Units — 2,561,438 shares (Direct, null)

Footnotes (1)

Pursuant to the agreement of limited partnership (the "Partnership Agreement") of NSA OP, LP (the "Partnership"), the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A common units of limited partner interest ("Class A OP Units") for cash in an amount equal to the market value of an equivalent number of the common shares of beneficial interest ("Shares") of National Storage Affiliates Trust (the "Issuer"), or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments. Pursuant to the Partnership Agreement, upon the achievement of certain conditions, a holder of long-term incentive plan units ("LTIP Units") of the Partnership is entitled to convert such LTIP Units into Class A OP Units of the Partnership on a one-for-one basis. Consists of 919 LTIP Units held by the Reporting Person which were converted into 919 Class A OP Units. N/A The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above is 2,561,438 Class A OP Units, which includes those Class A OP Units previously reported and the Class A OP Units reported herein (together with those securities convertible into, or exchangeable for, such Class A OP Units as specified therein). 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. Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 28,424 unvested LTIP Units. The Reporting Person previously reported the 919 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, this Form 4 is being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 919 LTIP Units into 919 Class A OP Units.

Key Figures

LTIP Units converted: 919 units Class A OP Units received: 919 units Total Class A OP Units owned: 2,561,438 units +2 more

5 metrics

LTIP Units converted 919 units LTIP Units converted into Class A OP Units

Class A OP Units received 919 units Underlying common shares on a one-for-one basis

Total Class A OP Units owned 2,561,438 units Beneficial ownership after reported transactions

Unvested LTIP Units remaining 28,424 units Direct beneficial ownership after conversions

Total derivative conversion shares 1,838 units Aggregate underlying shares from two conversions

Key Terms

LTIP Units, Class A OP Units, conversion of derivative security, beneficial ownership, +1 more

5 terms

LTIP Units financial

"a holder of long-term incentive plan units ("LTIP Units") of the Partnership is entitled to convert such LTIP 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

"convert such LTIP Units into Class A OP Units of the Partnership on a one-for-one basis"

conversion of derivative security financial

"transaction_code_description": "Conversion of derivative security""

beneficial ownership financial

"total direct and indirect beneficial ownership of Class A OP Units following the reported transactions"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

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 →

05/21/2026 - 04:09 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^*

Nordhagen Arlen Dale

(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
X	Officer (give title below)	Other (specify below)
	Vice Chairperson

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

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)

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⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	05/21/2026		C			919⁽²⁾⁽³⁾	⁽¹⁾⁽³⁾	⁽⁴⁾	Class A OP Units⁽¹⁾⁽³⁾	919	⁽³⁾	28,424⁽⁵⁾⁽⁶⁾⁽⁷⁾	D
Class A OP Units⁽¹⁾	⁽¹⁾	05/21/2026		C		919⁽²⁾⁽³⁾		⁽¹⁾	⁽⁴⁾	Common shares of beneficial interest, $0.01 par value⁽¹⁾	919	⁽³⁾	2,561,438⁽⁵⁾⁽⁶⁾⁽⁷⁾	D

Explanation of Responses:

1. Pursuant to the agreement of limited partnership (the "Partnership Agreement") of NSA OP, LP (the "Partnership"), the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A common units of limited partner interest ("Class A OP Units") for cash in an amount equal to the market value of an equivalent number of the common shares of beneficial interest ("Shares") of National Storage Affiliates Trust (the "Issuer"), or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.

2. Pursuant to the Partnership Agreement, upon the achievement of certain conditions, a holder of long-term incentive plan units ("LTIP Units") of the Partnership is entitled to convert such LTIP Units into Class A OP Units of the Partnership on a one-for-one basis.

3. Consists of 919 LTIP Units held by the Reporting Person which were converted into 919 Class A OP Units.

4. N/A

5. The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above is 2,561,438 Class A OP Units, which includes those Class A OP Units previously reported and the Class A OP Units reported herein (together with those securities convertible into, or exchangeable for, such Class A OP Units as specified therein).

6. 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.

7. Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 28,424 unvested LTIP Units. The Reporting Person previously reported the 919 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, this Form 4 is being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 919 LTIP Units into 919 Class A OP Units.

Remarks:

	Arlen Dale Nordhagen, by Zoya Afridi, his Attorney-in-fact	05/21/2026
	** 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 transaction did NSA director Arlen Dale Nordhagen report on this Form 4?

Arlen Dale Nordhagen reported converting 919 LTIP Units into 919 Class A OP Units. This is a non-cash derivative conversion under the partnership agreement, not an open-market stock purchase or sale, and reflects movement within the company’s incentive and partnership structure.

How many Class A OP Units does Arlen Dale Nordhagen beneficially own in NSA after the transactions?

After the reported conversions, Arlen Dale Nordhagen’s total beneficial ownership is 2,561,438 Class A OP Units. This figure includes units previously reported along with the newly converted 919 Class A OP Units arising from the LTIP Unit conversion.

What happened to NSA LTIP Units held by Arlen Dale Nordhagen in this Form 4 filing?

Nordhagen converted 919 LTIP Units into 919 Class A OP Units. Following the transactions, he has direct beneficial ownership of 0 vested LTIP Units and 28,424 unvested LTIP Units, indicating a reclassification of part of his incentive holdings into operating partnership units.

Does the NSA Form 4 for Arlen Dale Nordhagen involve any open-market buys or sells?

The filing shows no open-market purchases or sales. It reports two derivative conversions coded “C,” where LTIP Units and Class A OP Units were converted on a one-for-one basis, with a stated transaction price and conversion price of $0.0000 per unit.

How can Arlen Dale Nordhagen’s Class A OP Units in NSA be converted into common shares?

Under the NSA OP, LP partnership agreement, he may cause the partnership to redeem Class A OP Units for cash equal to the market value of an equivalent number of common shares, or at the issuer’s option, receive common shares on a one-for-one basis, subject to adjustments.