Brandon Togashi - 22 Jul 2026 Form 4 Insider Report for National Storage Affiliates Trust (NSA)

Reporting relationship: Chief Financial Officer
Issuer ticker: NSA
Reported as of: 22 Jul 2026
Net transaction value: $0
SEC form: 4
Accepted by SEC: 22 Jul 2026, 17:26:56 UTC
Prior SEC filing: 21 May 2026
Source filing: View source filing
Reporting owner signature: /s/ Brandon Togashi, by Zoya F. Afridi, his Attorney-in-fact

Key filing fact

Brandon Togashi filed Form 4 for National Storage Affiliates Trust (NSA) on 22 Jul 2026.

Key facts

This page summarizes Brandon Togashi's Form 4 filing for National Storage Affiliates Trust (NSA).
4 reported transactions and 2 derivative rows are listed below.
Accepted by SEC: 22 Jul 2026, 17:26.

Change

Previous filing in this sequence was filed on 21 May 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 0001693189 Primary reporting owner

Togashi Brandon

Relationship: Chief Financial Officer
Address: C/O NATIONAL STORAGE AFFILIATES TRUST, 8400 EAST PRENTICE AVENUE, 9TH FLOOR, GREENWOOD VILLAGE
Signature: /s/ Brandon Togashi, by Zoya F. Afridi, his Attorney-in-fact
Signature date: 22 Jul 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

Conversion of derivative security

Transaction value
Shares: +16,962
Change %: +6785%
Price
Shares after: 17,212
Date: 22 Jul 2026
Ownership: See footnote
Footnotes: F1, F2, F3

NSA transaction

Common shares of beneficial interest, $0.01 par value

Disposed to Issuer

Transaction value
Shares: -17,212
Change %: -100%
Price
Shares after: 0
Date: 22 Jul 2026
Ownership: See footnote
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: -110,209
Change %: -100%
Price
Shares after: 0
Date: 22 Jul 2026
Ownership: See footnote
Underlying class: Class A OP Units
Underlying amount: 110,209
Exercise price
Footnotes: F1, F3, F4, F5, F6, F7

NSA transaction Derivative

Class A OP Units

Disposed to Issuer

Transaction value
Shares: -227,132
Change %: -100%
Price
Shares after: 0
Date: 22 Jul 2026
Ownership: See footnote
Underlying class: Common shares of beneficial interest, $0.01 par value
Underlying amount: 227,132
Exercise price
Footnotes: F3, F5, F6, F7, F8

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

Additional SEC filing notes

Filing notes and footnotes

Section 16 status

Brandon Togashi is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may still apply in specific circumstances.

Explanation of responses 8 footnotes

Footnote F1

In connection with the transactions contemplated by the Agreement and Plan of Merger, dated as of March 16, 2026 (the "Merger Agreement"), between the Issuer, Public Storage and certain other parties, each outstanding time-based long term incentive plan unit ("LTIP Unit") of NSA OP, LP (the "Partnership") that was granted to the Reporting Person in 2026 (such LTIP Units, the "2026 time-based LTIP Units") was converted on a one-for-one basis into an equal number of restricted common shares of beneficial interest, $0.01 par value, of the Issuer ("Restricted Shares").

Footnote F2

Pursuant to the Merger Agreement, common shares of beneficial interest, $0.01 par value of the Issuer, inclusive of Restricted Shares, were converted into the right to receive 0.1400 (the "Exchange Ratio") newly issued common shares of beneficial interest, par value $0.10 per share, of Public Storage and cash in lieu of any fractional shares. Certain Restricted Shares were surrendered to satisfy statutory minimum federal and state tax obligations associated with the vesting.

Footnote F3

Held by BRANDON S TOGASHI & CHELSEA A HILSENDAGER CO TTEES THE TOGASHI REV LIV TR U/A/D 06/04/2021 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 F4

Except as otherwise described above in Footnote 1 above with respect to the 2026 time-based LTIP Units, pursuant to the terms of the Merger Agreement, each outstanding and unvested LTIP Unit (other than performance-based LTIP Units granted in 2026) vested in full immediately prior to the effective time of the merger of a subsidiary of Public Storage into the Partnership (the "Partnership Merger"), with any applicable performance-based vesting conditions deemed achieved at target performance levels. Performance-based LTIP Units granted in 2026 and any performance-based LTIP Units that would only vest at maximum performance levels were deemed forfeited.

Footnote F5

At the effective time of the Partnership Merger, each vested LTIP Unit that was eligible for conversion was converted into one Class A unit of limited partnership interest in the Partnership ("Class A OP Unit") in accordance with the Merger Agreement.

Footnote F6

Pursuant to the Merger Agreement, each Class A OP Unit issued and outstanding immediately prior to the effective time of the Partnership Merger was (i) automatically converted into the right to receive a number of newly issued common units in Public Storage OP, L.P., equal to the Exchange Ratio or (ii), at the election of holders of Class A OP Units, redeemed in exchange for one newly issued unit in NSA OP JV, LLC which holds 80% of the equity of the joint venture with Public Storage that holds certain identified real estate assets contributed by the Partnership.

Footnote F7

N/A.

Footnote F8

Includes certain LTIP Units previously reported on a fully converted basis, as Class A OP Units, which were subsequently converted into Restricted Shares (as described in Footnote 1 above) or deemed forfeited (as described in Footnote 4 above).