NSA director awarded shares, converts LTIP units
National Storage Affiliates Trust director Steven G. Osgood, through a trust, received and restructured equity-linked holdings.
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Form Type
4
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
Exercise
3 txns
Insider
OSGOOD STEVEN G
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | LTIP Units | 11,451 | $0.00 | $0.00 |
| Conversion | Class A OP Units | 11,451 | $0.00 | $0.00 |
| Grant/Award | Common shares of beneficial interest, $0.01 par value | 5,232 | $42.53 | $223K |
Holdings After Transaction:
LTIP Units — 0 contracts (Indirect, See footnote);
Class A OP Units — 142,487 contracts (Indirect, See footnote);
Common shares of beneficial interest, $0.01 par value — 5,232 shares (Indirect, See footnote)
Footnotes (9)
- F1. 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).
- F2. The closing price of the Issuer's common shares of beneficial interest, $0.01 par value ("Shares") on May 14, 2026.
- F3. 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.
- F4. 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
- F5. 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.
- F6. 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.
- F7. 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.
- F8. N/A
- F9. 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..."
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"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
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.
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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
