Every Form 4 that National Storage Affiliates Trust (NSA) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A Form 4 covers the transactions officers, directors and large holders report, so if you follow NSA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NSA filings page.
National Storage Affiliates Trust director Charles F. Wu reported issuer dispositions dated July 22, 2026. He returned 4,703 common shares of beneficial interest and 22,998 Class A OP Units, after which he reported no directly held NSA common shares or Class A OP Units. Pursuant to a March 16, 2026 Agreement and Plan of Merger with Public Storage, NSA common shares were converted into the right to receive 0.1400 newly issued Public Storage common shares plus cash in lieu of any fractional shares, and each Class A OP Unit was converted into Public Storage OP, L.P. common units at the same exchange ratio or, at the holder’s election, redeemed for one unit in NSA OP JV, LLC, which holds 80% of a joint venture owning specified real estate assets.
National Storage Affiliates Trust Chief Financial Officer Brandon Togashi reported merger-related equity changes tied to an Agreement and Plan of Merger with Public Storage. 110,209 LTIP Units were converted into Class A OP Units, and 227,132 Class A OP Units were converted or redeemed under that agreement. He also reported 16,962 common shares acquired and 17,212 common shares disposed, including Restricted Shares used to satisfy tax obligations, with the securities held indirectly through the Togashi Revocable Living Trust, for which beneficial ownership is disclaimed except for his pecuniary interest.
National Storage Affiliates Trust director Michael J. Schall reported merger-related dispositions. On 2026-07-22, he disposed of 11,291 common shares and 12,618 Class A OP Units to the issuer in connection with the merger with Public Storage. Each NSA common share became the right to receive 0.1400 Public Storage common share plus cash for fractional shares, and each Class A OP Unit was converted into or redeemable for new units in Public Storage-affiliated entities.
National Storage Affiliates Trust director Dominic M. Palazzo, through a family trust, reported dispositions of 5,056 common shares of beneficial interest and 56,909 Class A OP Units on July 22, 2026. These NSA securities were converted or redeemed under a merger agreement with Public Storage at a 0.1400 exchange ratio, leaving no holdings reported in these classes.
National Storage Affiliates Trust director Steven G. Osgood, through a trust, disposed of 142,487 Class A OP Units and 5,232 common shares in issuer transactions dated July 22, 2026. These dispositions occurred in connection with a merger with Public Storage, where the securities were exchanged for Public Storage equity using a 0.1400 exchange ratio and related joint-venture units. The securities were held by a trust for which Osgood has voting and/or investment power, and he disclaims beneficial ownership beyond his pecuniary interest.
National Storage Affiliates Trust vice chairperson Arlen Dale Nordhagen reported merger-related conversions and dispositions tied to an Agreement and Plan of Merger with Public Storage. On 2026-07-22 he disposed of 2,561,438 Class A OP Units and 3,817,257 common shares, which were converted into rights to receive Public Storage equity or joint-venture units. He also reported LTIP Units vesting and converting into restricted shares and OP Units, plus disposing of 24,066 Series A Preferred Shares directly and 8,689 indirectly that became rights to receive equivalent Public Storage preferred shares; certain restricted shares were surrendered to cover tax obligations and some holdings were reported without a pecuniary interest.
A trust associated with National Storage Affiliates Trust director Chad LeRoy Meisinger reported indirect dispositions to the issuer of 118,858 common shares and 56,880 Class A OP Units on July 22, 2026. Under a March 16, 2026 merger agreement with Public Storage, these securities converted into Public Storage equity interests or joint-venture units, and holdings of these NSA securities are now reported as zero.
National Storage Affiliates Trust reported merger-related equity conversions and dispositions by Chief Legal Officer Tiffany S. Kenyon on 2026-07-22. 51,024 LTIP Units of NSA OP, LP were converted into an equal number of Class A OP Units, and 91,700 Class A OP Units were then disposed of to the issuer, eliminating reported holdings in those instruments.
In connection with the Agreement and Plan of Merger with Public Storage dated March 16, 2026, 9,516 common shares of beneficial interest were acquired through conversion of LTIP Units and an equal number were subsequently disposed of to the issuer. Under the Merger Agreement, each NSA common share, including Restricted Shares, was converted into the right to receive 0.1400 Public Storage common shares plus cash for fractional shares, and certain Restricted Shares were surrendered to cover statutory minimum federal and state tax obligations. Other unvested LTIP Units (excluding specified 2026 performance-based awards) vested immediately before the Partnership Merger, while certain performance-based LTIP Units were forfeited.
National Storage Affiliates Trust director Paul William Hylbert Jr reported dispositions to the issuer tied to its merger with Public Storage. On July 22, 2026 he disposed of 21,406 common shares and 61,753 Class A OP Units, which were converted into rights to receive Public Storage securities or joint-venture units under the merger agreements, leaving him with 0 NSA securities.
National Storage Affiliates Trust Executive Chairperson Tamara D. Fischer, through a trust, reported merger-related restructuring of indirect holdings with Public Storage. 109,828 LTIP Units were converted into Class A OP Units and 16,670 restricted common shares of beneficial interest.
The trust disposed of 594,737 Class A OP Units, 34,670 common shares and 1,500 Series A Preferred Shares, which became rights to receive Public Storage common and preferred shares or operating-partnership and joint-venture units under a March 16, 2026 Merger Agreement.
National Storage Affiliates Trust Chief Accounting Officer John Esbenshade reported merger-related equity restructurings tied to an Agreement and Plan of Merger with Public Storage. 6,705 LTIP Units were converted and eliminated, 25,901 Class A OP Units were disposed of, and 50 Series A preferred shares became the right to receive an equal number of Public Storage preferred shares.
He also received 2,599 restricted common shares upon LTIP conversion, while 2,649.501 common shares, including certain Restricted Shares, were surrendered to satisfy tax withholding in connection with a share exchange at a 0.1400 Exchange Ratio into Public Storage common shares plus cash in lieu of fractional shares.
David Cramer, President and CEO of National Storage Affiliates Trust, reported merger-related equity changes tied to the combination with Public Storage. LTIP Units and Class A OP Units were converted or disposed of, and common shares, including Restricted Shares, were converted into the right to receive Public Storage equity at a 0.1400 exchange ratio, with certain Restricted Shares surrendered for tax obligations.
National Storage Affiliates Trust Chief Strategy Officer William S. Cowan Jr. reported equity restructurings tied to the merger with Public Storage. He converted 140,923 LTIP Units into an equal number of Class A OP Units and then reported a disposition of 197,016 Class A OP Units, leaving no LTIP Units or Class A OP Units outstanding in his account. He also reported 20,374 common shares, including restricted shares received from 2026 time-based LTIP awards, as acquired via derivative conversion and an equal number disposed of to the issuer, as NSA common (including Restricted Shares) became the right to receive Public Storage common at a 0.1400 exchange ratio plus cash in lieu of fractional shares. The filing indicates these transactions were not effected under a Rule 10b5-1 trading plan.
National Storage Affiliates Trust director Lisa R. Cohn reported issuer dispositions connected to the merger with Public Storage. She disposed of 11,624 Class A OP Units and 4,703 common shares, leaving 0 of each. Under the merger terms, these securities were converted into rights to receive Public Storage equity and related joint-venture interests based on a 0.1400 exchange ratio.
National Storage Affiliates Trust director Allan Warren reported indirect transactions connected to its merger with Public Storage. 1,170 LTIP Units vested and converted into Class A OP Units, then 1,298,706 Class A OP Units, 4,490 Series A-1 preferred units and 4,762 common shares held through his revocable trust were disposed to the issuer. Under the merger terms, NSA common shares were converted into Public Storage common shares at a 0.1400 exchange ratio plus cash for fractional shares, and the reported NSA-related holdings after these transactions are zero.
National Storage Affiliates Trust Chief Strategy Officer William S. Cowan Jr. reported a non-cash conversion of incentive units within the company’s operating partnership. He converted 10,471 LTIP Units into 10,471 Class A OP Units under the partnership agreement’s one-for-one conversion terms.
Following these transactions, he has beneficial ownership of 197,016 Class A OP Units and 140,923 unvested LTIP Units, with no remaining vested LTIP Units. The filing is described as a voluntary notice of this LTIP-to-Class A OP Unit conversion and includes a disclaimer that beneficial ownership is only to the extent of his pecuniary interest.
National Storage Affiliates Trust Executive Chairperson Tamara D. Fischer reported a non-market conversion of equity awards. She converted 14,576 LTIP Units into 14,576 Class A OP Units, and a corresponding 14,576 Class A OP Units into an equivalent number of common share-linked interests.
After these conversions, she has total beneficial ownership of 594,737 Class A OP Units and 109,828 unvested LTIP Units. The company notes this Form 4 is filed on a voluntary basis to provide notice of the LTIP-to-OP Unit conversion, which had previously been reported on an as-converted basis, and involves no open-market buying or selling.
National Storage Affiliates Trust director and Vice Chairperson Arlen Dale Nordhagen reported routine equity incentive conversions. He converted 919 LTIP Units into 919 Class A OP Units, with no cash changing hands, as part of the partnership’s long-term incentive structure.
Following these transactions, his total beneficial ownership is 2,561,438 Class A OP Units, including previously reported holdings. He now holds 0 vested LTIP Units and 28,424 unvested LTIP Units, reflecting a shift from incentive units into operating partnership units rather than an open-market trade.
National Storage Affiliates Trust Chief Strategy Officer William S. Cowan Jr. reported a non-cash conversion of equity-linked awards. On May 21, 2026, 17,606 LTIP Units were converted into 17,606 Class A OP Units under the partnership agreement, and those Class A OP Units are in turn convertible into common shares on a one-for-one basis, at the issuer’s option.
Following these transactions, Cowan directly holds 197,016 Class A OP Units and 151,394 unvested LTIP Units, with no vested LTIP Units remaining. The filing is described as voluntary and is intended to give notice of the LTIP-to-Class A OP Unit conversion rather than any open-market buying or selling.
National Storage Affiliates Trust’s Chief Legal Officer, Tiffany S. Kenyon, reported internal equity award changes rather than market trades. She converted 6,476 LTIP Units into 6,476 Class A OP Units, and the filing notes this as a voluntary disclosure of that conversion.
After these transactions, she is reported as beneficially owning 91,700 Class A OP Units and holding 51,024 unvested LTIP Units, with no vested LTIP Units remaining. The transactions involved no open-market buying or selling and reflect compensation-related equity structure changes.
National Storage Affiliates Trust’s Chief Financial Officer Brandon Togashi reported non-market equity movements involving partnership and incentive units. He converted 17,346 LTIP Units into 17,346 Class A OP Units, and also reported a corresponding derivative conversion entry reflecting the same amount. These Class A OP Units may be redeemable for cash equal to the market value of an equivalent number of common shares or, at the issuer’s option, common shares on a one-for-one basis, subject to adjustments.
After these transactions, Togashi’s total direct and indirect beneficial ownership is 227,132 Class A OP Units, and he holds 110,209 unvested LTIP Units with zero vested LTIP Units. The filing states it is made on a voluntary basis to provide notice of the conversion, and Togashi disclaims beneficial ownership beyond his pecuniary interest.
National Storage Affiliates Trust President and CEO David Cramer reported a non-cash conversion of equity-based awards. He converted 30,555 LTIP Units into 30,555 Class A OP Units and also reported a related conversion of 30,555 Class A OP Units into an equivalent number of common shares of beneficial interest.
Following these transactions, he directly and indirectly holds 587,104 Class A OP Units and has 258,001 unvested LTIP Units. The filing notes it is being made on a voluntary basis to provide notice of the LTIP Unit conversion and includes a standard disclaimer of beneficial ownership beyond Cramer’s pecuniary interest.
National Storage Affiliates Trust Chief Accounting Officer John Esbenshade converted 3,682 LTIP Units into 3,682 Class A OP Units. The conversion was reported at a price of $0.00 per unit and reflects a change in form of his partnership interests rather than an open-market trade.
After these transactions, he has total beneficial ownership of 25,901 Class A OP Units and holds 6,705 unvested LTIP Units, with no vested LTIP Units remaining. He also disclaims beneficial ownership beyond his actual economic interest in these securities.
National Storage Affiliates Trust director Chad LeRoy Meisinger, through the Meisinger Family Trust, reported equity acquisitions. The trust received 4,703 restricted common shares that vest based on time and corporate events, and 10,272 LTIP Units were converted into 10,272 Class A OP Units. Following these transactions, indirect holdings total 118,858 common shares and 56,880 Class A OP Units.
National Storage Affiliates Trust director Lisa R. Cohn reported equity awards and related unit conversions. On May 15, 2026, she received a grant of 4,703 restricted common shares at $42.53 per share under the 2024 Equity Incentive Plan. These restricted shares are scheduled to vest the earlier of May 15, 2027, the day before the next annual shareholder meeting, or immediately prior to the Company Merger Effective Time defined in the March 16, 2026 merger agreement.
On May 16, 2026, 11,624 LTIP Units were converted into 11,624 Class A OP Units on a one-for-one basis, a derivative conversion previously reported on an as-converted basis and filed here voluntarily for notice. Following these transactions, she directly holds 4,703 common shares and 11,624 Class A OP Units, with no remaining LTIP Units.
National Storage Affiliates Trust director Paul William Hylbert Jr reported equity awards and an internal unit conversion. He received 5,056 restricted common shares at $42.53 per share under the 2024 Equity Incentive Plan, scheduled to vest on the earliest of May 15, 2027, the day before the next annual shareholder meeting, or immediately before the Company Merger Effective Time defined in the March 16, 2026 merger agreement.
Following this grant, his direct beneficial ownership in this class is 21,406 common shares, including restricted shares. Separately, 11,103 LTIP Units were converted into 11,103 Class A OP Units, bringing his direct holdings to 61,753 Class A OP Units and 0 LTIP Units; this conversion was reported as a voluntary notice of reclassification already previously reflected on an as-converted basis.
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.
National Storage Affiliates Trust director Dominic M. Palazzo reported equity-related acquisitions made through a trust. On May 15, 2026, a trust associated with him received 5,056 restricted common shares at a reference price of $42.53 per share under the 2024 Equity Incentive Plan.
The restricted shares vest on the earlier of May 15, 2027, the day before the next annual shareholder meeting, or immediately prior to a defined merger effective time. On May 16, 2026, 8,606 LTIP Units were converted into 8,606 Class A OP Units, leaving 56,909 Class A OP Units and no LTIP Units held following the reported transactions.
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.
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.
National Storage Affiliates Trust director Allan Warren, through a revocable living trust, reported equity compensation and related unit conversions. On May 15, 2026, the trust received 4,762 restricted common shares at a reference price of $42.53, scheduled to vest on the earlier of May 15, 2027, the day before the next annual shareholder meeting, or immediately before the company merger effective time under the March 16, 2026 merger agreement.
On May 16, 2026, 5,048 LTIP Units were converted into 5,048 Class A OP Units, a change the filing notes had been previously reported on an as-converted basis. After these transactions, the trust’s reported holdings are 4,762 common shares, 1,297,536 Class A OP Units, and 1,170 LTIP Units, with Warren disclaiming beneficial ownership beyond his pecuniary interest.
National Storage Affiliates Trust Chief Strategy Officer William S. Cowan Jr. reported equity-based awards tied to the company’s operating partnership. He received 55,289 Class A OP Units issuable upon conversion of 55,289 unvested LTIP Units granted under the 2024 Equity Incentive Plan at no cash cost.
According to the award terms, 20,374 of these LTIP Units vest in three annual installments on January 1, 2027, January 1, 2028, and January 1, 2029, subject to continued employment. The remaining 34,915 are performance-based LTIP Units that will vest on January 1, 2029 only if specified performance criteria are achieved, and none are earned if minimum thresholds are not met.
The filing also notes the conversion of 7,074 LTIP Units into 7,074 Class A OP Units on a one-for-one basis and clarifies this conversion is reported for informational purposes, as those LTIP Units had previously been reported on an as-converted basis. Following these transactions, Cowan’s direct beneficial ownership is 197,016 Class A OP Units, 17,606 vested LTIP Units, and 151,394 unvested LTIP Units.
National Storage Affiliates Trust’s Chief Financial Officer Brandon Togashi reported awards and conversions of partnership interests tied to the company’s common shares. He received 46,029 Class A OP Units through a 2026 LTIP Unit Award Agreement under the 2024 Equity Incentive Plan. Of these, 16,962 units vest in three annual installments on January 1, 2027, 2028, and 2029, while 29,067 units are performance-based and only vest if specific performance criteria are achieved. In addition, 11,382 LTIP Units were converted into 11,382 Class A OP Units on a one-for-one basis. After these transactions, his reported beneficial ownership is 227,132 Class A OP Units, along with 17,346 vested LTIP Units and 110,209 unvested LTIP Units.
National Storage Affiliates Trust President and CEO David Cramer reported equity-based awards and conversions of partnership units. He received 109,663 Class A OP Units at no cost, issuable upon conversion of unvested LTIP Units granted under the 2024 Equity Incentive Plan.
Of these LTIP Units, 40,412 vest in three annual installments on January 1 of 2027, 2028 and 2029, and 69,251 are performance-based and only vest if specified performance criteria are achieved by January 1, 2029. In addition, 22,606 LTIP Units were converted into 22,606 Class A OP Units on a one-for-one basis.
After the reported transactions, Cramer is shown with 587,104 Class A OP Units and direct beneficial ownership of 30,555 vested LTIP Units and 258,001 unvested LTIP Units, subject to a standard beneficial ownership disclaimer.
National Storage Affiliates Trust vice chair Arlen Dale Nordhagen reported equity-related awards and conversions tied to the company’s operating partnership. He was granted 12,567 Class A OP Units issuable upon conversion of unvested LTIP Units under a 2026 LTIP Unit Award Agreement in the 2024 Equity Incentive Plan.
Of these underlying LTIP Units, 4,631 vest in three annual installments on January 1, 2027, 2028, and 2029, while up to 7,936 may vest on January 1, 2029 based on performance criteria. In addition, 6,289 LTIP Units were converted into 6,289 Class A OP Units. Following these transactions, he has beneficial ownership of 2,561,438 Class A OP Units, plus 919 vested and 28,424 unvested LTIP Units.
National Storage Affiliates Trust Executive Chairperson Tamara D. Fischer reported equity-related awards and conversions involving Class A OP Units and LTIP Units. She was granted 45,237 Class A OP Units issuable upon conversion of unvested LTIP Units under the 2024 Equity Incentive Plan, with portions vesting annually from January 1, 2027 through January 1, 2029 and a performance-based tranche contingent on meeting specified criteria. In addition, 21,827 LTIP Units were converted into 21,827 Class A OP Units on a one-for-one basis. Following these transactions, Fischer, as trustee of the Tamara Diane Fischer Trust, has beneficial ownership of 594,737 Class A OP Units and also holds 14,576 vested and 109,828 unvested LTIP Units, subject to plan and partnership agreement terms.
National Storage Affiliates Trust reported that Chief Accounting Officer John Esbenshade acquired additional partnership interests through equity awards and unit conversions. He received 2,599 Class A OP Units tied to 2,599 unvested LTIP Units under a 2026 award that vest in three annual installments on March 1, 2027, 2028, and 2029, subject to continued employment. He also converted 2,294 LTIP Units into 2,294 Class A OP Units. Following these transactions, he holds 25,901 Class A OP Units, along with 3,682 vested LTIP Units and 6,705 unvested LTIP Units, while disclaiming beneficial ownership beyond his pecuniary interest.
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.