NSA CAO converts 3,682 LTIP Units
National Storage Affiliates Trust Chief Accounting Officer John Esbenshade converted 3,682 LTIP Units into 3,682 Class A OP Units.
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Form Type
4
Rhea-AI Filing Summary
National Storage Affiliates Trust Chief Accounting Officer John Esbenshade converted 3,682 LTIP Units into 3,682 Class A OP Units. The conversion was reported at a price of $0.00 per unit and reflects a change in form of his partnership interests rather than an open-market trade.
After these transactions, he has total beneficial ownership of 25,901 Class A OP Units and holds 6,705 unvested LTIP Units, with no vested LTIP Units remaining. He also disclaims beneficial ownership beyond his actual economic interest in these securities.
Insider Trade Summary
7,364 shares exercised/converted
Exercise
2 txns
Insider
Esbenshade John
Role
Chief Accounting Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | LTIP Units | 3,682 | $0.00 | $0.00 |
| Conversion | Class A OP Units | 3,682 | $0.00 | $0.00 |
Holdings After Transaction:
LTIP Units — 6,705 contracts (Direct);
Class A OP Units — 25,901 contracts (Direct)
Footnotes (7)
- F1. 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.
- F2. 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.
- F3. Consists of 3,682 LTIP Units held by the Reporting Person which were converted into 3,682 Class A OP Units.
- F4. N/A
- F5. The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above is 25,901 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).
- F6. 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.
- F7. Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 6,705 unvested LTIP Units. The Reporting Person previously reported the 3,682 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 3,682 LTIP Units into 3,682 Class A OP Units.
Key Figures
LTIP Units converted: 3,682 units
Class A OP Units received: 3,682 units
Total Class A OP Units owned: 25,901 units
+3 more
6 metrics
LTIP Units converted
3,682 units
LTIP Units converted into Class A OP Units on 2026-05-21
Class A OP Units received
3,682 units
Class A OP Units issued from LTIP conversion on 2026-05-21
Total Class A OP Units owned
25,901 units
Total direct and indirect beneficial ownership after transactions
Unvested LTIP Units
6,705 units
Unvested LTIP holdings after the reported conversions
Vested LTIP Units
0 units
Vested LTIP holdings after the reported transactions
Total derivative shares exercised
7,364 units
Aggregate derivative conversion shares in this Form 4
Key Terms
Class A OP Units, LTIP Units, Partnership Agreement, beneficial ownership
4 terms
Class A OP Units financial
"the Reporting Person's Class A common units of limited partner interest ("Class A OP Units")"
LTIP Units financial
"a holder of long-term incentive plan units ("LTIP Units") of the Partnership"
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.
Partnership Agreement financial
"Pursuant to the agreement of limited partnership (the "Partnership Agreement") of NSA OP, LP"
A partnership agreement is a written contract that lays out how two or more parties will work together, splitting responsibilities, profits, losses and decision-making. Think of it as a detailed roadmap or house rulebook for a joint project; it matters to investors because the terms determine how much revenue and risk a company will take on, how quickly it can act, and whether the partnership could dilute control or boost growth potential.
beneficial ownership financial
"disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein"
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did NSA Chief Accounting Officer John Esbenshade report?
John Esbenshade reported converting 3,682 LTIP Units into 3,682 Class A OP Units. This is a derivative conversion at $0.00 per unit, changing the form of his partnership interest rather than reflecting a market purchase or sale of National Storage Affiliates Trust common shares.
How many Class A OP Units does NSA insider John Esbenshade hold after this transaction?
After the reported conversion, John Esbenshade’s total beneficial ownership is 25,901 Class A OP Units. This total includes Class A OP Units previously reported together with those units reported in this filing and any securities convertible into or exchangeable for those Class A OP Units, as described.
What happened to John Esbenshade’s LTIP Units in National Storage Affiliates Trust?
Following the transactions, John Esbenshade holds 0 vested LTIP Units and 6,705 unvested LTIP Units. The 3,682 LTIP Units converted into 3,682 Class A OP Units were previously reported on an as-converted basis, so this update primarily clarifies the conversion rather than adding new economic exposure.
What ownership disclaimer did John Esbenshade include regarding NSA securities?
John Esbenshade disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest. This common legal disclaimer clarifies that reported holdings may include interests where his economic stake is limited, even though they are shown for SEC reporting and transparency purposes.
AI-generated analysis. How Rhea-AI works. Not financial advice.
