National Storage (NSA) Exec Chair Tamara Fischer Disposes Shares in Merger

What Happened

• Tamara D. Fischer, Executive Chairperson and Director of National Storage Affiliates Trust (NSA), converted LTIP units into restricted common shares and, in connection with NSA’s merger with Public Storage, had a total of 740,735 NSA-related shares disposed to the issuer on 2026-07-22. Transactions in the filing show a 16,670-share conversion (acquired) and multiple dispositions/conversions totaling 740,735 shares (594,737; 109,828; 34,670; 1,500). No per-share prices are reported (N/A) because these were merger/exchange and tax-withholding transactions rather than open-market trades.

Key Details

• Transaction date: 2026-07-22 (filing dated 2026-07-22 — same day).
• Codes: C = conversion of derivative security (LTIP → Restricted Shares); D = disposition to the issuer.
• Shares acquired via conversion: 16,670 restricted shares (from 2026 time-based LTIP Units) (Footnote 1).
• Shares disposed to issuer: 740,735 total (breakdown: 594,737†; 109,828; 34,670; 1,500) as reported in the filing.
• Price: N/A — shares converted/exchanged under the Merger Agreement and/or surrendered for tax withholding rather than sold on the open market (Footnotes 1, 2).
• Exchange mechanics: Restricted/common shares of NSA were converted into the right to receive 0.1400 newly issued Public Storage shares and cash in lieu of fractional shares (Footnote 2). Some Restricted Shares were surrendered to satisfy statutory federal/state tax withholding on vesting (Footnote 2).
• Ownership after transaction: not specified in the provided excerpt.
• Holding vehicle: some shares are held by the Tamara Diane Fischer Trust dated 01/20/2021, for which the reporting person has or shares voting/investment power (Footnote 3).

Context

• These were merger-related corporate conversions and issuer dispositions (including tax withholding), not open-market sales. That means the activity reflects corporate transaction mechanics rather than a direct insider market-sale signal. Derivative conversions reflect LTIP unit vesting and conversion activity under the Merger Agreement; performance-based LTIP Units had special treatment per the agreement (Footnotes 5–7).
• For retail investors: purchases are generally more informative about insider sentiment; this filing documents exchange and surrender of shares under a corporate merger, so it should be interpreted as transactional/administrative rather than a conventional buy or sell decision by the insider.