Kenyon Tiffany S. 4
4 · National Storage Affiliates Trust · Filed Jul 22, 2026
Research Summary
AI-generated summary of this filing
National Storage (NSA) CLO Tiffany Kenyon Converts LTIP Units, Surrenders
What Happened
- Tiffany S. Kenyon, Chief Legal Officer of National Storage Affiliates Trust (NSA), reported multiple conversion and disposition transactions on 2026-07-22 in connection with the merger of NSA with Public Storage. The filing shows conversions of LTIP/derivative units into equity and subsequent dispositions (surrenders) to the issuer: reported conversions of 9,516 and 51,024 shares, and dispositions to the issuer of 9,516 and 91,700 shares. No trade prices or dollar values are provided (N/A).
- These actions reflect corporate reorganization steps under the Merger Agreement (not open‑market selling). Some restricted shares were surrendered to satisfy statutory federal and state tax withholding obligations related to vesting.
Key Details
- Transaction date: 2026-07-22. Prices: N/A; total dollar values not provided. Transaction types reported: C (conversion of derivative security) and D (disposition to issuer).
- Reported share movements: Conversions — 9,516 (acquired), 51,024 (converted); Dispositions to issuer — 9,516, 91,700. The filing lists several of these as derivative-related.
- Shares owned after transaction: Not specified in this Form 4.
- Notable footnotes:
- Footnote 1: 2026 time‑based LTIP Units were converted one-for-one into restricted common shares.
- Footnote 2: Issuer shares (including Restricted Shares) were converted into the right to receive 0.1400 newly issued Public Storage common shares (plus cash for fractions); certain Restricted Shares were surrendered for tax withholding.
- Footnotes 3–5 & 7: Describe vesting/conversion mechanics for other LTIP Units, treatment of performance-based grants, Class A OP Unit conversions, and joint-venture redemption options.
- Filing timeliness: The filing shows transactions dated the same day as the report (2026-07-22); the Form does not indicate a late filing.
Context
- These transactions are corporate conversion and surrender events tied to a merger, not open‑market buys or sells; surrenders to the issuer are commonly used to cover tax withholding on vested awards and do not necessarily indicate a discretionary sale by the insider.
- For retail investors, such filings mainly document how equity awards were converted and tax‑satisfied in a merger; they provide limited information about insider sentiment because many dispositions are mandatory or transactional.
Insider Transaction Report
Form 4Exit
Kenyon Tiffany S.
Chief Legal Officer
Transactions
- Conversion
Common shares of beneficial interest, $0.01 par value
[F1][F2]2026-07-22+9,516→ 9,516 total - Disposition to Issuer
Common shares of beneficial interest, $0.01 par value
[F1][F2]2026-07-22−9,516→ 0 total - Conversion
LTIP Units
[F1][F3][F4][F5][F6]2026-07-22−51,024→ 0 total→ Class A OP Units (51,024 underlying) - Disposition to Issuer
Class A OP Units
[F4][F5][F7][F6]2026-07-22−91,700→ 0 total→ Common shares of beneficial interest, $0.01 par value (91,700 underlying)
Footnotes (7)
- [F1]In connection with the transactions contemplated by the Agreement and Plan of Merger, dated as of March 16, 2026 (the "Merger Agreement"), between the Issuer, Public Storage and certain other parties, each outstanding time-based long term incentive plan unit ("LTIP Unit") of NSA OP, LP (the "Partnership") that was granted to the Reporting Person in 2026 (such LTIP Units, the "2026 time-based LTIP Units") was converted on a one-for-one basis into an equal number of restricted common shares of beneficial interest, $0.01 par value, of the Issuer ("Restricted Shares").
- [F2]Pursuant to the Merger Agreement, common shares of beneficial interest, $0.01 par value of the Issuer, inclusive of Restricted Shares, were converted into the right to receive 0.1400 (the "Exchange Ratio") newly issued common shares of beneficial interest, par value $0.10 per share, of Public Storage and cash in lieu of any fractional shares. Certain Restricted Shares were surrendered to satisfy statutory minimum federal and state tax obligations associated with the vesting.
- [F3]Except as otherwise described above in Footnote 1 above with respect to the 2026 time-based LTIP Units, pursuant to the terms of the Merger Agreement, each outstanding and unvested LTIP Unit (other than performance-based LTIP Units granted in 2026) vested in full immediately prior to the effective time of the merger of a subsidiary of Public Storage into the Partnership (the "Partnership Merger"), with any applicable performance-based vesting conditions deemed achieved at target performance levels. Performance-based LTIP Units granted in 2026 and any performance-based LTIP Units that would only vest at maximum performance levels were deemed forfeited.
- [F4]At the effective time of the Partnership Merger, each vested LTIP Unit that was eligible for conversion was converted into one Class A unit of limited partnership interest in the Partnership ("Class A OP Unit") in accordance with the Merger Agreement.
- [F5]Pursuant to the Merger Agreement, each Class A OP Unit issued and outstanding immediately prior to the effective time of the Partnership Merger was (i) automatically converted into the right to receive a number of newly issued common units in Public Storage OP, L.P., equal to the Exchange Ratio or (ii), at the election of holders of Class A OP Units, redeemed in exchange for one newly issued unit in NSA OP JV, LLC which holds 80% of the equity of the joint venture with Public Storage that holds certain identified real estate assets contributed by the Partnership.
- [F6]N/A.
- [F7]Includes certain LTIP Units previously reported on a fully converted basis, as Class A OP Units, which were subsequently converted into Restricted Shares (as described in Footnote 1 above) or deemed forfeited (as described in Footnote 3 above).
Signature
/s/ Tiffany Kenyon, by Zoya F. Afridi, her Attorney-in-fact|2026-07-22