Equity grant and LTIP conversion for National Storage (NYSE: NSA) director

Q: What did NSA director Steven G. Osgood acquire in this Form 4 filing?

He indirectly acquired 5,232 restricted common shares of National Storage Affiliates Trust and converted 11,451 LTIP Units into 11,451 Class A OP Units , reflecting equity compensation and restructuring of existing incentive units.

Q: At what price were the 5,232 restricted NSA shares valued in this grant?

The 5,232 restricted shares were valued at $42.53 per share, equal to the closing price on May 14, 2026. This price is used for reporting the grant under the company’s 2024 Equity Incentive Plan, not as an open-market purchase price.

Q: When do Steven G. Osgood’s 5,232 restricted NSA shares vest?

The 5,232 restricted shares are scheduled to vest at the earlier of May 15, 2027, the day immediately before the next annual shareholder meeting, or immediately before the defined Company Merger Effective Time under the March 16, 2026 merger agreement.

Q: What happened to Osgood’s LTIP Units in National Storage Affiliates Trust?

The trust holding Steven G. Osgood’s interests converted 11,451 LTIP Units into 11,451 Class A OP Units on a one-for-one basis. After this conversion, the filing reports 0 LTIP Units remaining and 142,487 Class A OP Units held indirectly.

Q: How many Class A OP Units does Steven G. Osgood hold after these NSA transactions?

Following the reported transactions, Osgood’s trust holds 142,487 Class A OP Units . This total includes previously reported Class A OP Units and the 11,451 newly converted units, and excludes non-derivative securities that were reported separately.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

National Storage Affiliates Trust director Steven G. Osgood, through a trust, received and restructured equity-linked holdings. He was granted 5,232 restricted common shares at $42.53 per share under the 2024 Equity Incentive Plan, scheduled to vest by the earlier of several merger- and meeting-related dates.

On a separate date, 11,451 LTIP Units held by the trust were converted on a one-for-one basis into 11,451 Class A OP Units. Following these transactions, the trust holds 142,487 Class A OP Units and 0 LTIP Units, and Osgood’s beneficial ownership in this class of common shares is 5,232 shares.

Insider Trade Summary

22,902 shares exercised/converted

Mixed 3 txns

Insider OSGOOD STEVEN G

Role null

Type	Security	Shares	Price	Value
Conversion	LTIP Units	11,451	$0.00	--
Conversion	Class A OP Units	11,451	$0.00	--
Grant/Award	Common shares of beneficial interest, $0.01 par value	5,232	$42.53	$223K

Holdings After Transaction: LTIP Units — 0 shares (Indirect, See footnote); Class A OP Units — 142,487 shares (Indirect, See footnote); Common shares of beneficial interest, $0.01 par value — 5,232 shares (Indirect, See footnote)

Footnotes (1)

Consists of 5,232 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 5,232 Shares. The 5,232 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 Steven Osgood TTEE Steven G. Osgood Trust dated 09/09/2019 for which the Reporting Person has 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 11,451 LTIP Units held by the Reporting Person which were converted into 11,451 Class A OP Units as described in footnote 5 above. The Reporting Person previously reported the 11,451 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 11,451 LTIP Units into 11,451 Class A OP Units. N/A The Reporting Person's total direct beneficial ownership following the reported transactions above is 142,487 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 142,487 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.

Key Figures

Restricted share grant: 5,232 shares Grant valuation price: $42.53 per share LTIP Units converted: 11,451 units +2 more

5 metrics

Restricted share grant 5,232 shares Restricted common shares granted under 2024 Equity Incentive Plan

Grant valuation price $42.53 per share Closing price on May 14, 2026 used for restricted share grant

LTIP Units converted 11,451 units LTIP Units converted into 11,451 Class A OP Units

Class A OP Units held 142,487 units Total indirect Class A OP Unit holdings after transactions

Common shares held 5,232 shares Total direct and indirect beneficial ownership in this class of shares after grant

Key Terms

LTIP Units, Class A OP Units, Restricted Shares, 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..."

Restricted Shares financial

"Consists of 5,232 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.

Equity Incentive Plan financial

"The Restricted Shares were granted... 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.

pecuniary interest financial

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

Form 4 Insider Transactions: What Each Field Means →

05/19/2026 - 04:02 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^*

OSGOOD STEVEN G

(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		5,232⁽¹⁾	A	$42.53⁽²⁾	5,232⁽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			11,451⁽⁷⁾	⁽⁵⁾⁽⁶⁾	⁽⁸⁾	Class A OP Units⁽⁵⁾⁽⁶⁾	11,451	⁽⁵⁾	0⁽⁵⁾⁽⁹⁾	I	See footnote⁽⁴⁾
Class A OP Units⁽⁵⁾	⁽⁵⁾⁽⁶⁾	05/16/2026		C		11,451⁽⁷⁾		⁽⁵⁾⁽⁶⁾	⁽⁸⁾	Common shares of beneficial interest, $0.01 par value⁽⁶⁾	11,451	⁽⁶⁾	142,487⁽⁵⁾⁽⁹⁾	I	See footnote⁽⁴⁾

Explanation of Responses:

1. Consists of 5,232 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 5,232 Shares. The 5,232 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 Steven Osgood TTEE Steven G. Osgood Trust dated 09/09/2019 for which the Reporting Person has 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 11,451 LTIP Units held by the Reporting Person which were converted into 11,451 Class A OP Units as described in footnote 5 above. The Reporting Person previously reported the 11,451 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 11,451 LTIP Units into 11,451 Class A OP Units.

8. N/A

9. The Reporting Person's total direct beneficial ownership following the reported transactions above is 142,487 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 142,487 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.

Remarks:

	Steven G. Osgood, 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 did NSA director Steven G. Osgood acquire in this Form 4 filing?

He indirectly acquired 5,232 restricted common shares of National Storage Affiliates Trust and converted 11,451 LTIP Units into 11,451 Class A OP Units, reflecting equity compensation and restructuring of existing incentive units.

At what price were the 5,232 restricted NSA shares valued in this grant?

The 5,232 restricted shares were valued at $42.53 per share, equal to the closing price on May 14, 2026. This price is used for reporting the grant under the company’s 2024 Equity Incentive Plan, not as an open-market purchase price.

When do Steven G. Osgood’s 5,232 restricted NSA shares vest?

The 5,232 restricted shares are scheduled to vest at the earlier of May 15, 2027, the day immediately before the next annual shareholder meeting, or immediately before the defined Company Merger Effective Time under the March 16, 2026 merger agreement.

What happened to Osgood’s LTIP Units in National Storage Affiliates Trust?

The trust holding Steven G. Osgood’s interests converted 11,451 LTIP Units into 11,451 Class A OP Units on a one-for-one basis. After this conversion, the filing reports 0 LTIP Units remaining and 142,487 Class A OP Units held indirectly.

How many Class A OP Units does Steven G. Osgood hold after these NSA transactions?

Following the reported transactions, Osgood’s trust holds 142,487 Class A OP Units. This total includes previously reported Class A OP Units and the 11,451 newly converted units, and excludes non-derivative securities that were reported separately.

How are Steven G. Osgood’s NSA securities held and reported?

The securities are held by a trust for which Osgood has voting and/or investment power. The filing notes he disclaims beneficial ownership except to the extent of his pecuniary interest, a common disclosure when interests are held through estate-planning entities.