National Storage legal chief adds OP and LTIP units (NYSE: NSA)

Rhea-AI Filing Summary

National Storage Affiliates Trust reported that Chief Legal Officer Tiffany S. Kenyon acquired additional partnership interests through equity awards and a conversion of incentive units. On February 27, 2026, she was granted 25,823 Class A OP Units issuable upon conversion of unvested LTIP Units under the 2024 Equity Incentive Plan. Of these, 9,516 vest in three annual installments beginning January 1, 2027, and up to 16,307 are performance-based units that vest only if specified performance criteria are met and may not be earned.

On the same date, 3,403 LTIP Units were converted into 3,403 Class A OP Units, reported on a voluntary basis to reflect this conversion. After these transactions, she has direct beneficial ownership of 91,700 Class A OP Units, plus 6,476 vested and 51,024 unvested LTIP Units. Under the partnership agreement, Class A OP Units can be redeemed for cash equal to the market value of an equivalent number of common shares or, at the issuer’s option, exchanged for common shares on a one-for-one basis, subject to adjustments.

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

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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^*

Kenyon Tiffany S.

(Last) (First) (Middle)

C/O NATIONAL STORAGE AFFILIATES TRUST

8400 EAST PRENTICE AVENUE, 9TH FLOOR

(Street)

GREENWOOD VILLAGE CO 80111

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
National Storage Affiliates Trust [ NSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
			Code	V	Amount	(A) or (D)	Price

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class A OP Units(1)	(1)(2)(3)	02/27/2026		A		25,823(2)		(1)(2)(3)	(4)	Common shares of beneficial interest, $0.01 par value(1)	25,823(1)(2)(3)	$0	91,700(5)(6)	D
LTIP Units(1)(2)	(1)(7)	02/27/2026		C			3,403(8)	(1)(8)	(4)	Class A OP Units(1)(7)	3,403	(8)	57,500(2)(5)(9)	D
Class A OP Units(1)	(1)	02/27/2026		C		3,403(8)		(1)	(4)	Common shares of beneficial interest, $0.01 par value(1)	3,403	(8)	91,700(5)(9)	D

Explanation of Responses:

1. 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.

2. The Class A OP Units in the first row of this table are comprised of 25,823 Class A OP Units issuable upon the conversion of 25,823 unvested long-term incentive plan units ("LTIP Units") in the Partnership which were granted to the Reporting Person pursuant to a 2026 LTIP Unit Award Agreement between the Issuer and the Reporting Person under the Issuer's 2024 Equity Incentive Plan. Of these, 9,516 vest in three annual installments on January 1, 2027, January 1, 2028, and January 1, 2029, subject to continued employment by the Reporting Person 16,307 represent the maximum amount of LTIP Units that can vest on January 1, 2029 contingent upon the achievement of certain performance criteria.

3. The Reporting Person will not earn any of the 16,307 performance-based LTIP Units if the minimum performance criteria is not met. The 16,307 performance-based LTIP Units are being reported here for informational purposes only. Vested LTIP Units, after achieving parity with 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 Agreement.

4. N/A

5. The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above (including the LTIP Units conversion described in footnote 8 below, as well as 503 LTIP Units that were converted into 503 Class A OP Units on June 10, 2025) is 91,700 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). Excludes 9,211 previously reported LTIP Units granted on February 27, 2023 pursuant to a 2023 LTIP Unit Agreement, which did not vest upon the expiration of the performance period on January 1, 2026.

6. 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.

7. Pursuant to the Partnership Agreement, upon the achievement of certain conditions, a holder of 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.

8. Consists of 3,403 LTIP Units held by the Reporting Person which were converted into 3,403 Class A OP Units as described in footnote 7 above.

9. Following the reported transactions, the Reporting Person has total direct beneficial ownership in 6,476 vested LTIP Units and 51,024 unvested LTIP Units. The Reporting Person previously reported the 3,403 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 2 and 3 of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 3,403 LTIP Units into 3,403 Class A OP Units.

Remarks:

	Tiffany Kenyon, by Zoya Afridi, her Attorney-in-fact	03/03/2026
	** 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.

FAQ

What did NSA’s Chief Legal Officer report in this Form 4 for NSA?

The Chief Legal Officer reported equity awards and a conversion of incentive units, adding Class A OP Units tied to National Storage Affiliates Trust. These awards are part of long-term incentive arrangements and include both time-based and performance-based LTIP Units.

How many Class A OP Units were granted or reported for Tiffany S. Kenyon at NSA?

She reported 25,823 Class A OP Units issuable upon conversion of unvested LTIP Units and a conversion of 3,403 LTIP Units into 3,403 Class A OP Units. Following these transactions, her total direct beneficial ownership is 91,700 Class A OP Units.

How are the NSA LTIP Units structured for the 2026 award?

The 2026 LTIP Unit award covers 25,823 LTIP Units. Of these, 9,516 vest in three annual installments starting January 1, 2027, while up to 16,307 are performance-based and vest only if specified performance criteria are achieved by January 1, 2029.

What performance-based NSA LTIP Units might not be earned?

Up to 16,307 performance-based LTIP Units are subject to minimum performance criteria. If those criteria are not met, none of these 16,307 LTIP Units will be earned. They are reported for informational purposes and may never convert into Class A OP Units.

What is Tiffany S. Kenyon’s total NSA OP and LTIP Unit ownership after these transactions?

After the reported transactions, she has 91,700 Class A OP Units, 6,476 vested LTIP Units, and 51,024 unvested LTIP Units. This total includes previously reported units and the 3,403 LTIP Units converted into Class A OP Units on February 27, 2026.

Can NSA Class A OP Units be exchanged for common shares of National Storage Affiliates Trust?

Yes. Under the partnership agreement, a holder may cause the partnership to redeem Class A OP Units for cash equal to the market value of equivalent common shares, or the issuer may instead deliver common shares on a one-for-one basis, subject to adjustments.