NSA Director Paul W. Hylbert Jr. Disposes 83,159 Shares in Merger

What Happened

• Paul W. Hylbert Jr., a director of National Storage Affiliates Trust (NSA), reported dispositions to the issuer on 2026-07-22 totaling 83,159 shares (21,406 common shares and 61,753 derivative units). No per‑share price or cash value is reported in the Form 4.
• These dispositions were made pursuant to the March 16, 2026 Merger Agreement with Public Storage; the transaction represents conversion/redemption of NSA securities into the right to receive newly issued Public Storage common shares (at an exchange ratio of 0.1400) and cash in lieu of fractional shares, rather than an open‑market sale.

Key Details

• Transaction date: 2026-07-22
• Transaction type/code: Disposition to issuer (D)
• Shares disposed: 21,406 common shares; 61,753 derivative units — total 83,159
• Price/value: Not provided (N/A); consideration is conversion into Public Storage shares per Exchange Ratio 0.1400 and cash in lieu for fractions (see footnotes)
• Shares owned after transaction: Not specified in the filing
• Notable footnotes: F1 describes conversion of NSA common shares into Public Storage common shares and cash for fractions; F2 describes conversion/redemption mechanics for Class A OP Units into Public Storage OP units or NSA OP JV, LLC units
• Filing timeliness: Reported with a period date of 2026-07-22 and filed 2026-07-22 — appears timely; no late‑filing indication

Context

• These dispositions arise from the merger agreement’s conversion/redemption mechanics (transaction code D) and are not a typical open‑market sale. As such, they reflect deal consideration rather than a direct insider sell signal.