Michael J. Schall - 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, 16:02:26 UTC
Prior SEC filing: 05 Jan 2026
Next SEC filing: 22 Jul 2026
Source filing: View source filing
Reporting owner signature: Michael J. Schall, by Zoya Afridi, his Attorney-in-fact

Key filing fact

Michael J. Schall filed Form 4 for National Storage Affiliates Trust (NSA) on 19 May 2026.

Key facts

This page summarizes Michael J. Schall'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 05 Jan 2026.
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 0001198212 Primary reporting owner

SCHALL MICHAEL J

Relationship: Director
Address: C/O NATIONAL STORAGE AFFILIATES TRUST, 8400 EAST PRENTICE AVENUE, 9TH FLOOR, GREENWOOD VILLAGE
Signature: Michael J. Schall, by Zoya 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: +5,291
Change %: +88%
Price: $42.53^*
Shares after: 11,291
Date: 15 May 2026
Ownership: Direct
Footnotes: F1, F2, F3

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: -12,618
Change %: -100%
Price
Shares after: 0
Date: 16 May 2026
Ownership: Direct
Underlying class: Class A OP Units
Underlying amount: 12,618
Exercise price
Footnotes: F4, F5, F6, F7, F8

NSA transaction Derivative

Class A OP Units

Conversion of derivative security

Transaction value
Shares: +12,618
Change %
Price
Shares after: 12,618
Date: 16 May 2026
Ownership: Direct
Underlying class: Common shares of beneficial interest, $0.01 par value
Underlying amount: 12,618
Exercise price
Footnotes: F4, F5, F6, F7, F8

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

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 8 footnotes

Footnote F1

Consists of 5,291 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 beneficial ownership following the reported transaction in this class of securities is 11,291 Shares (inclusive of Restricted Shares), which includes those Shares previously reported. The 11,291 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

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 F5

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 F6

Consists of 12,618 LTIP Units held by the Reporting Person which were converted into 12,618 Class A OP Units as described in footnote 4 above. The Reporting Person previously reported the 12,618 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 12,618 LTIP Units into 12,618 Class A OP Units.

Footnote F7

N/A

Footnote F8

The Reporting Person's total direct beneficial ownership following the reported transactions above is 12,618 Class A OP Units (which includes those Class A OP Units previously reported and the Class A OP Units reported herein) and 0 LTIP Units. The 12,618 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.