Arlen Dale Nordhagen - Jul 1, 2024 Form 4 Insider Report for National Storage Affiliates Trust (NSA)

Role: Vice Chairperson, Director
Signature: Arlen Dale Nordhagen, by Jason Parsont, his Attorney-in-fact
Stock symbol: NSA
Transactions as of: Jul 1, 2024
Transactions value $: $0
Form type: 4
Date filed: 7/3/2024, 04:01 PM
Previous filing: Mar 4, 2024

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	Purchase	$0	+64.9K	+2.6%	$0.00	2.56M	Jul 1, 2024	Common shares of beneficial interest, $0.01 par value	64.9K		Direct	F1, F2, F3, F4, F5

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

Explanation of Responses:

Id	Content
F1	In connection with the internalization of the participating regional operator ("PRO") structure of NSA OP, LP (the "Partnership"), the operating partnership of National Storage Affiliates Trust (the "Issuer"), the Reporting Person received 64,887 Class A common units of limited partner interest of the Partnership ("Class A OP Units") from Personal Mini Storage, a PRO, in which the Reporting Person had a non-controlling, minority ownership interest.
F2	Pursuant to the agreement of limited partnership (the "Partnership Agreement") of 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 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 the Issuer, or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.
F3	N/A
F4	The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions is 2,558,141, 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).
F5	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.