February 27, 2026 · Form 4 insider transaction
Cowan William S. Jr. sold 7,074 shares of National Storage Affiliates Trust, a transaction worth N/A. The trade was recorded as conversion of a derivative and disclosed on an SEC Form 4, filed 4 days after the transaction.
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.; The Class A OP Units in this table are comprised of 55,289 Class A OP Units issuable upon the conversion of 55,289 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, 20,374 vest in three annual installments on January 1, 2027, January 1, 2028, and January 1, 2029, subject to continued employment by the Reporting Person and 34,915 represent the maximum amount of LTIP Units that can vest on January 1, 2029 contingent upon the achievement of certain performance criteria.; 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.; Consists of 7,074 LTIP Units held by the Reporting Person which were converted into 7,074 Class A OP Units as described in footnote 7 above.; N/A; The Reporting Person's total direct beneficial ownership of Class A OP Units following the reported transactions above (including 20,942 LTIP Units that were converted into 20,942 Class A OP Units on June 10, 2025) is 197,016 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 herein and therein). Excludes 28,595 previously reported LTIP Units granted on June 1, 2023 pursuant to a 2023 LTIP Unit Agreement, which did not vest upon the expiration of the performance period on January 1, 2026.; Following the reported transactions, the Reporting Person has total direct beneficial ownership in 17,606 vested LTIP Units and 151,394 unvested LTIP Units. The Reporting Person previously reported the 7,074 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 7,074 Units into 7,074 Class A OP Units.