Director Michael J. Schall adds NSA equity via grants and LTIP conversion (NYSE: NSA)

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

National Storage Affiliates Trust director Michael J. Schall reported equity awards and a derivative conversion, increasing his direct holdings through non-market transactions. He received 5,291 restricted common shares of beneficial interest under the 2024 Equity Incentive Plan at a reference price of $42.53 per share.

The restricted shares are scheduled to vest the earlier of May 15, 2027, the calendar day immediately preceding the next annual meeting of shareholders, or immediately prior to the Company Merger Effective Time defined in the March 16, 2026 merger agreement.

He also converted 12,618 LTIP Units into 12,618 Class A OP Units. After these transactions, he directly holds 11,291 common shares (including restricted shares) and 12,618 Class A OP Units, with no remaining LTIP Units reported.

Insider Trade Summary

25,236 shares exercised/converted

Mixed 3 txns

Insider SCHALL MICHAEL J

Role null

Type	Security	Shares	Price	Value
Conversion	LTIP Units	12,618	$0.00	--
Conversion	Class A OP Units	12,618	$0.00	--
Grant/Award	Common shares of beneficial interest, $0.01 par value	5,291	$42.53	$225K

Holdings After Transaction: LTIP Units — 0 shares (Direct, null); Class A OP Units — 12,618 shares (Direct, null); Common shares of beneficial interest, $0.01 par value — 11,291 shares (Direct, null)

Footnotes (1)

Consists of 5,291 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 11,291 Shares (inclusive of Restricted Shares), which includes those Shares previously reported. The 11,291 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 12,618 LTIP Units held by the Reporting Person which were converted into 12,618 Class A OP Units as described in footnote 4 above. The Reporting Person previously reported the 12,618 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 12,618 LTIP Units into 12,618 Class A OP Units. N/A The Reporting Person's total direct beneficial ownership following the reported transactions above is 12,618 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 12,618 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.

Key Figures

Restricted share grant: 5,291 shares Grant reference price: $42.53 per share Post-grant common shares: 11,291 shares +3 more

6 metrics

Restricted share grant 5,291 shares Restricted common shares granted under 2024 Equity Incentive Plan

Grant reference price $42.53 per share Closing price of common shares on May 14, 2026

Post-grant common shares 11,291 shares Total direct beneficial ownership of common shares after grant

LTIP Units converted 12,618 LTIP Units Converted into 12,618 Class A OP Units

Post-conversion Class A OP Units 12,618 units Total direct beneficial ownership of Class A OP Units after conversion

Remaining LTIP Units 0 units LTIP Unit balance after conversion transaction

Key Terms

Restricted Shares, LTIP Units, Class A OP Units, 2024 Equity Incentive Plan, +2 more

6 terms

Restricted Shares financial

"Consists of 5,291 restricted common shares of beneficial interest, $0.01 par value of the Issuer ("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.

LTIP Units financial

"Long-term incentive plan units ("LTIP Units") in the Partnership, after achieving parity with Class A common 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

"are eligible to be converted into Class A OP Units on a one-for-one basis..."

2024 Equity Incentive Plan financial

"The Restricted Shares were granted to the Reporting Person under the Issuer's 2024 Equity Incentive Plan..."

Company Merger Effective Time financial

"or (iii) immediately prior to the Company Merger Effective Time (as such term is defined in that certain Agreement of Plan and Merger..."

Agreement of Plan and Merger financial

"as such term is defined in that certain Agreement of Plan and Merger, dated as of March 16, 2026..."

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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^*

SCHALL MICHAEL J

(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		5,291⁽¹⁾	A	$42.53⁽²⁾	11,291⁽¹⁾⁽³⁾	D

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⁽⁴⁾	⁽⁴⁾⁽⁵⁾	05/16/2026		C			12,618⁽⁶⁾	⁽⁴⁾⁽⁵⁾	⁽⁷⁾	Class A OP Units⁽⁴⁾⁽⁵⁾	12,618	⁽⁴⁾	0⁽⁴⁾⁽⁸⁾	D
Class A OP Units⁽⁴⁾	⁽⁴⁾⁽⁵⁾	05/16/2026		C		12,618⁽⁶⁾		⁽⁴⁾⁽⁵⁾	⁽⁷⁾	Common shares of beneficial interest, $0.01 par value⁽⁵⁾	12,618	⁽⁵⁾	12,618⁽⁴⁾⁽⁸⁾	D

Explanation of Responses:

1. Consists of 5,291 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 beneficial ownership following the reported transaction in this class of securities is 11,291 Shares (inclusive of Restricted Shares), which includes those Shares previously reported. The 11,291 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. 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.

5. 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.

6. Consists of 12,618 LTIP Units held by the Reporting Person which were converted into 12,618 Class A OP Units as described in footnote 4 above. The Reporting Person previously reported the 12,618 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 12,618 LTIP Units into 12,618 Class A OP Units.

7. N/A

8. The Reporting Person's total direct beneficial ownership following the reported transactions above is 12,618 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 12,618 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.

Remarks:

	Michael J. Schall, by Zoya 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 insider transactions did Michael J. Schall report in NSA Form 4?

Michael J. Schall reported only acquisition-type transactions: a grant of 5,291 restricted common shares and the conversion of 12,618 LTIP Units into 12,618 Class A OP Units. No open-market purchases or sales were reported in this Form 4 filing.

How many National Storage Affiliates (NSA) shares were granted to Michael J. Schall?

He was granted 5,291 restricted common shares of beneficial interest. These restricted shares were awarded under National Storage Affiliates Trust’s 2024 Equity Incentive Plan and are subject to vesting conditions tied to time and a potential merger-related event.

What are the vesting conditions for Michael J. Schall’s 5,291 restricted NSA shares?

The 5,291 restricted shares vest at the earlier of May 15, 2027, the calendar day immediately preceding the next annual meeting of shareholders, or immediately before the Company Merger Effective Time defined in the March 16, 2026 Agreement of Plan and Merger.

What happened to Michael J. Schall’s LTIP Units in NSA OP, LP?

He converted 12,618 LTIP Units into 12,618 Class A OP Units on a one-for-one basis after the LTIP Units achieved parity. Following the conversion, his LTIP Unit balance is reported as zero, while he directly holds 12,618 Class A OP Units.

What is Michael J. Schall’s total direct ownership in NSA common shares after these transactions?

After the reported grant, Michael J. Schall directly owns 11,291 common shares of beneficial interest, including the 5,291 restricted shares. This total reflects previously reported holdings plus the new award, as described in the Form 4 footnotes.

Did Michael J. Schall sell any National Storage Affiliates (NSA) securities in this Form 4?

No sales were reported. All transactions are classified as acquisitions or derivative conversions, including the equity award of restricted shares and the conversion of LTIP Units into Class A OP Units, with no disposition codes such as sales or gifts disclosed.