J. Timothy Warren - Dec 15, 2021 Form 4 Insider Report for National Storage Affiliates Trust (NSA)

Role: Director
Signature: J. Timothy Warren, by Jason W. Parsont, his attorney-in-fact
Stock symbol: NSA
Transactions as of: Dec 15, 2021
Transactions value $: $2,007,747
Form type: 4
Date filed: 12/17/2021, 03:22 PM
Previous filing: Jun 2, 2021
Next filing: Feb 24, 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	$2.01M	+31.9K	+3.96%	$63.00	836K	Dec 15, 2021	Common shares of beneficial interest, $0.01 par value	31.9K		See Footnotes	F1, F2, F3, F4

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

Explanation of Responses:

Id	Content
F1	Beginning after December 15, 2022, the Reporting Person will have the right to cause NSA OP, LP (the "Partnership") to redeem all or a portion of the Reporting Person's Class A common units of limited partner interest (the "Class A OP Units") of the Partnership reported in this Form 4 for cash in an amount equal to the market value of an equivalent number of common shares of beneficial interest, $.01 par value ("Common Shares") of National Storage Affiliates Trust (the "Issuer"), or at the Issuer's option, Common Shares on a one-for-one basis, subject to certain adjustments.
F2	Represents the Reporting Person's Class A OP Units issued to AESOP LLC ("AESOP"), an entity in which the Reporting Person has or shares voting and/or investment power. 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.
F3	N/A
F4	The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the transaction reported in the table above is 836,414 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 in such previous reports). The 836,414 Class A OP Units do not include derivative securities of other classes or non-derivative securities of the Reporting Person that were previously reported.