National Storage Affiliates (NSA) Director Allan Warren Disposes Shares in Merger

What Happened

Allan Warren, a director of National Storage Affiliates Trust (NSA), reported multiple dispositions and a conversion on July 22, 2026 tied to the company’s merger with Public Storage. Reported transactions include a disposition to the issuer of 1,298,706 shares (derivative-based), dispositions of 4,762 and 4,490 common/derivative shares, and the conversion of 1,170 derivative shares. No per‑share prices or total dollar amounts are reported (marked N/A) — these were transfers/conversions under the Merger Agreement rather than open‑market sales.

These transactions reflect merger mechanics: NSA common shares were converted into the right to receive 0.1400 newly issued Public Storage common shares (plus cash in lieu of fractional shares) per the Merger Agreement (Footnote F1). Certain time‑based LTIP units vested immediately before the merger (F3), converted into Class A OP Units (F4) and then into Public Storage OP units or, at holders’ election, units of an NSA OP JV LLC (F5). Some preferred partnership units were similarly converted into corresponding Public Storage OP preferred units (F8).

Key Details

• Date of transactions: July 22, 2026 (all reported on the same date).
• Transaction types: Disposition to issuer (D) and conversion of derivative security (C).
• Reported share/unit counts: 1,298,706 (derivative disposition), 4,762 (disposition), 4,490 (derivative disposition), 1,170 (conversion of derivative). Total ≈ 1,309,128 shares/units affected.
• Prices/values: Not disclosed in the filing (N/A) — consideration was in newly issued Public Storage shares and cash for fractions per the Merger Agreement.
• Shares owned after transaction: Not specified in the provided data.
• Notable footnotes: F1 (exchange ratio of 0.1400 to Public Storage shares + cash for fractional shares); F3–F5 (LTIP units vested and converted to partnership/Class A OP units and then into Public Storage OP units or JV units); F8 (preferred units converted).
• Filing timeliness: Reported on July 22, 2026 (same-day filing date and period reported); no late filing flag indicated.

Context

• These were corporate-merger conversions/dispositions to the issuer, not open‑market sales — they reflect the mechanics of the Public Storage merger rather than discretionary insider selling or buying.
• Derivative entries relate to LTIP unit vesting and conversion into partnership/common units as described above; the conversion and disposition route determines the form of consideration (Public Storage units and/or cash).
• Because dollar amounts and per‑share prices are not shown, investors should look to the merger proxy/transactions disclosures for the economic terms and for any subsequent Form 4s reporting receipt of Public Storage securities.