National Storage Affiliates (NSA) CEO David Cramer Disposes Shares in Merger

What Happened

• David Cramer, President, CEO and director of National Storage Affiliates Trust (NSA), completed merger‑related conversions and dispositions on 2026-07-22. The filing shows a conversion that resulted in an acquisition of 40,412 shares and three disposition events totaling 2,797,721 shares (1,952,616 + 587,104 + 258,001). No per‑share prices or cash amounts are reported (values listed as N/A) because these transactions were part of the Merger Agreement with Public Storage and related unit conversions/withholdings rather than open‑market trades.

Key Details

• Transaction date: 2026-07-22; Filing date: 2026-07-22 (timely filed).
• Reported movements: +40,412 shares (conversion/acquired); dispositions of 1,952,616, 587,104 and 258,001 shares (total disposed = 2,797,721).
• Prices/values: Not reported (N/A) — transactions are merger/conversion related, not standard market purchases/sales.
• Shares owned after transaction: Not specified in the provided extract.
• Important footnotes:
  • 2026 time‑based LTIP units granted to Cramer converted one‑for‑one into restricted common shares (F1).
  • Issuer shares (including Restricted Shares) were converted into the right to receive 0.1400 newly issued Public Storage shares per NSA share (Exchange Ratio) and cash in lieu of fractional shares; some Restricted Shares were surrendered to satisfy tax withholding (F2).
  • Other LTIP units vested or were treated per the Merger Agreement (vesting, forfeitures, conversion to Class A OP Units and then to Public Storage units or NJV redemption options) (F3–F5).
• Transaction codes: C = conversion of derivative/units; D = disposition to the issuer (surrender/redemption/withholding).

Context

• These are corporate transaction/conversion events tied to the March 16, 2026 Merger Agreement with Public Storage — not routine open‑market insider sales. Dispositions labeled “to the issuer” typically reflect surrender/redemption or shares withheld to cover taxes or conversion mechanics, not a cash sale to the public.
• The Exchange Ratio (0.1400) means any resulting Public Storage shares would be a fraction of the original NSA shares; cash was paid for fractional amounts where applicable.
• No cash proceeds or market sales are reported here; this filing documents how equity awards and partnership units were converted and settled in connection with the merger.