Kenyon Tiffany S. 4

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.