Rebecca L. Steinfort - May 28, 2021 Form 4 Insider Report for National Storage Affiliates Trust (NSA)

Role: Director
Signature: Rebecca L. Steinfort, by Jason Parsont, her Attorney-in-fact
Stock symbol: NSA
Transactions as of: May 28, 2021
Transactions value $: $157,515
Form type: 4
Date filed: 6/2/2021, 04:18 PM
Next filing: Jun 1, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NSA	Class A OP Units	Award	$158K	+3.45K	+21.89%	$45.63	19.2K	May 28, 2021	Common shares of beneficial interest, $0.01 par value	3.45K		Direct	F1, F2, F3, F4, F5
transaction	NSA	LTIP Units	Conversion of derivative security		-4.61K	-32.52%		9.57K	May 28, 2021	Class A OP Units	4.61K		Direct	F1, F2, F3, F5, F6
transaction	NSA	Class A OP Units	Conversion of derivative security		+4.61K	+31.57%		19.2K	May 28, 2021	Common shares of beneficial interest, $0.01 par value	4.61K		Direct	F1, F2, F3, F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The 3,452 Class A common units of limited partner interest ("Class A OP Units") in NSA OP, LP (the "Partnership") are issuable upon the conversion of 3,452 long-term incentive plan units ("LTIP Units") in the Partnership. The LTIP Units were granted to the Reporting Person under the Issuer's 2015 Equity Incentive Plan, and are scheduled to vest on the earlier of: (i) May 25, 2022 or (ii) the calendar day immediately preceding the next annual meeting of shareholders, the date of which will be specified in a future proxy statement of the Issuer. 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's agreement of limited partnership.
F2	Upon conversion of such vested parity LTIP Units into Class A OP Units, the Reporting Person will have the right to cause the Partnership to redeem 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 the Issuer's common shares of beneficial interest ("Shares"), or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.
F3	N/A
F4	The price of the derivative securities was determined using the closing price of the Issuer's Shares on May 26, 2021.
F5	The Reporting Person's total direct beneficial ownership following the reported transactions above is 19,223 Class A OP Units, which includes those Class A OP Units previously reported and the Class A OP Units reported herein (together with those other LTIP Units convertible into, or exchangeable for, such Class A OP Units as specified herein and reported in prior Forms 4). Following the reported transactions, the Reporting Person has total direct beneficial ownership in 6,119 vested LTIP Units and 3,452 unvested LTIP Units.
F6	Consists of 4,613 LTIP Units held by the Reporting Person which were converted into 4,613 Class A OP Units as described in footnote 1 above. The Reporting Person previously reported the 4,613 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 4,613 LTIP Units into 4,613 Class A OP Units.