NSA (NYSE: NSA) director receives restricted shares and converts 10,272 LTIP Units
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
National Storage Affiliates Trust director Charles F. Wu reported equity-related acquisitions. He received 4,703 restricted common shares at a reference price of $42.53 per share under the 2024 Equity Incentive Plan; these are scheduled to vest on the earlier of May 15, 2027, the day before the next annual shareholder meeting, or immediately before a defined merger effective time. Wu also converted 10,272 LTIP Units into 10,272 Class A OP Units, leaving him with 22,998 Class A OP Units and no remaining LTIP Units, plus 4,703 common shares directly owned.
Positive
- None.
Negative
- None.
Insider Trade Summary
20,544 shares exercised/converted
Mixed
3 txns
Insider
Wu Charles F
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 (Direct, null);
Class A OP Units — 22,998 shares (Direct, null);
Common shares of beneficial interest, $0.01 par value — 4,703 shares (Direct, null)
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 beneficial ownership following the reported transaction in this class of securities is 4,703 Shares. The 4,703 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. 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 4 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 22,998 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 22,998 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.
Key Figures
Restricted shares granted: 4,703 shares
Grant reference price: $42.53 per share
LTIP Units converted: 10,272 units
+2 more
5 metrics
Restricted shares granted
4,703 shares
Restricted common shares of beneficial interest granted to director
Grant reference price
$42.53 per share
Closing price of common shares on May 14, 2026
LTIP Units converted
10,272 units
LTIP Units converted into Class A OP Units
Class A OP Units after transactions
22,998 units
Total direct beneficial ownership of Class A OP Units
Common shares after grant
4,703 shares
Total direct beneficial ownership of common shares of beneficial interest
Key Terms
restricted common shares of beneficial interest, LTIP Units, Class A OP Units, Equity Incentive Plan, +1 more
5 terms
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"
Equity Incentive Plan financial
"The Restricted Shares were granted to the Reporting Person under the Issuer's 2024 Equity Incentive Plan"
An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.
Company Merger Effective Time financial
"immediately prior to the Company Merger Effective Time (as such term is defined"
FAQ
What insider transactions did NSA director Charles F. Wu report on this Form 4?
Charles F. Wu reported only equity acquisitions. He received 4,703 restricted common shares of beneficial interest and converted 10,272 LTIP Units into 10,272 Class A OP Units, increasing his direct ownership without any reported sales or dispositions in this filing.
What happened to Charles F. Wu’s LTIP Units in NSA according to this Form 4?
Wu converted 10,272 LTIP Units into 10,272 Class A OP Units. Following this conversion, he holds 22,998 Class A OP Units and zero LTIP Units, as previously reported LTIP Units are now reflected as Class A OP Units in his beneficial ownership.
What is Charles F. Wu’s reported ownership in NSA Class A OP Units after these transactions?
After the reported transactions, Wu’s direct beneficial ownership is 22,998 Class A OP Units and no LTIP Units. This figure includes previously reported Class A OP Units as well as the 10,272 Class A OP Units received from converting his LTIP Units.