NSA Chief Accounting Officer John Esbenshade Converts & Surrenders Shares

What Happened

• John Esbenshade, Chief Accounting Officer of National Storage Affiliates Trust (NSA), converted long‑term incentive plan units (LTIP Units) into restricted common shares and completed multiple dispositions to the issuer on July 22, 2026. Transactions reported include conversions of derivative securities and dispositions to the issuer; prices are not reported (N/A).
• Reported movements (all 2026-07-22): conversion of 2,599 derivative shares (acquired), dispositions of 2,649.501 and 50 shares to the issuer, conversion of 6,705 derivative shares (disposed), and disposition of 25,901 shares to the issuer. No per‑share prices or total dollar values were provided in the filing.

Key Details

• Transaction date: 2026-07-22. All prices reported as N/A in the Form 4.
• Reported counts: conversions of 2,599 and 6,705 derivative shares; dispositions to issuer of 2,649.501, 50, and 25,901 shares.
• Shares owned after transaction: not disclosed in the provided summary.
• Notable footnotes:
  • F1: 2026 time‑based LTIP Units were converted one‑for‑one into Restricted Shares.
  • F2: Under the merger agreement, NSA common shares (including Restricted Shares) were converted into the right to receive 0.1400 newly issued Public Storage shares and cash in lieu of fractional shares; some Restricted Shares were surrendered to satisfy tax withholding.
  • F4–F6: Other LTIP Units vested/converted per merger terms; Class A OP Units were converted/redeemed per merger mechanics.
• Filing timeliness: no late filing indicator provided.

Context

• These are not open‑market sales. “Disposition to the issuer” entries commonly reflect shares surrendered to the company to satisfy tax withholding or other merger‑related obligations rather than a market sale.
• The reported “Conversion of derivative security” entries reflect conversion/settlement of LTIP Units or other derivative rights into restricted common shares as part of the merger transactions described in the footnotes.
• Because no prices or dollar amounts are reported, this filing documents structural equity conversions and issuer surrenders tied to the March 16, 2026 merger agreement with Public Storage rather than discretionary trading by the insider.