Warren Allan - 15 May 2026 Form 4 Insider Report for National Storage Affiliates Trust (NSA)

Reporting relationship: Director
Issuer ticker: NSA
Reported as of: 15 May 2026
Net transaction value: $0
SEC form: 4
Accepted by SEC: 19 May 2026, 16:02:20 UTC
Prior SEC filing: 19 May 2025
Source filing: View source filing
Reporting owner signature: Warren W. Allan, by Zoya F. Afridi, his Attorney-in-fact

Key filing fact

Warren Allan filed Form 4 for National Storage Affiliates Trust (NSA) on 19 May 2026.

Key facts

This page summarizes Warren Allan's Form 4 filing for National Storage Affiliates Trust (NSA).
3 reported transactions and 2 derivative rows are listed below.
Accepted by SEC: 19 May 2026, 16:02.

Change

Previous filing in this sequence was filed on 19 May 2025.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0002032378 Primary reporting owner

Allan Warren

Relationship: Director
Address: C/O NATIONAL STORAGE AFFILIATES TRUST, 8400 EAST PRENTICE AVENUE, 9TH FLOOR, GREENWOOD VILLAGE
Signature: Warren W. Allan, by Zoya F. Afridi, his Attorney-in-fact
Signature date: 19 May 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

NSA transaction

Common shares of beneficial interest, $0.01 par value

Award

Transaction value
Shares: +4,762
Change %
Price: $42.53^*
Shares after: 4,762
Date: 15 May 2026
Ownership: See fotnote
Footnotes: F1, F2, F3, F4

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

NSA transaction Derivative

LTIP Units

Conversion of derivative security

Transaction value
Shares: -5,048
Change %: -81%
Price
Shares after: 1,170
Date: 16 May 2026
Ownership: See footnote
Underlying class: Class A OP Units
Underlying amount: 5,048
Exercise price
Footnotes: F4, F5, F6, F7, F8, F9

NSA transaction Derivative

Class A OP Units

Conversion of derivative security

Transaction value
Shares: +5,048
Change %: +0.39%
Price
Shares after: 1,298,706
Date: 16 May 2026
Ownership: See footnote
Underlying class: Common shares of beneficial interest, $0.01 par value
Underlying amount: 5,048
Exercise price
Footnotes: F4, F5, F6, F7, F8, F9

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 9 footnotes

Footnote F1

Consists of 4,762 restricted common shares of beneficial interest, $0.01 par value of the Issuer ("Restricted Shares"). The Restricted Shares were granted to the Reporting Person under the Issuer's 2024 Equity Incentive Plan, and are scheduled to vest scheduled to vest the earlier of: (i) May 15, 2027, (ii) the calendar day immediately preceding the next annual meeting of shareholders or (iii) immediately prior to the Company Merger Effective Time (as such term is defined in that certain Agreement of Plan and Merger, dated as of March 16, 2026, by and among the Issuer, NSA OP, LP (the "Partnership"), Public Storage, Public Storage OP, L.P., Pelican Merger Sub I, LLC and Pelican Merger Sub II, LLC, as the same may be amended).

Footnote F2

The closing price of the Issuer's common shares of beneficial interest, $0.01 par value ("Shares") on May 14, 2026.

Footnote F3

The Reporting Person's total direct and indirect beneficial ownership following the reported transaction in this class of securities is 4,762 Shares. The 4,762 Shares does not include derivative securities of the Reporting Person that have been previously reported on the Reporting Person's Forms 3 and Forms 4.

Footnote F4

Held by Allan Revocable Living Trust TTEE Warren Allan U/A/D 9/29/1990 for 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.

Footnote F5

Long-term incentive plan units ("LTIP Units") in the Partnership, after achieving parity with Class A common units of limited partner interest in the Partnership ("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.

Footnote F6

Upon conversion of such vested parity LTIP Units into Class A OP Units, 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 Shares, or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.

Footnote F7

Consists of 5,048 LTIP Units held by the Reporting Person which were converted into 5,048 Class A OP Units as described in footnote 5 above. The Reporting Person previously reported the 5,048 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 1 and 2 of Table II of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 5,048 LTIP Units into 5,048 Class A OP Units.

Footnote F8

N/A

Footnote F9

The Reporting Person's total direct beneficial ownership following the reported transactions above is 1,297,536 Class A OP Units (which includes those Class A OP Units previously reported and the Class A OP Units reported herein) and 1,170 LTIP Units. The 1,297,536 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.