National Storage (NSA) Director Arlen Nordhagen Disposes ~6.56M Shares

What Happened

• Arlen Dale Nordhagen, Vice Chairperson and Director of National Storage Affiliates Trust (NSA), recorded a series of merger-related transactions on 2026-07-22. These include conversions of LTIP/derivative units into restricted common shares and multiple dispositions to the issuer totaling approximately 6,556,954 NSA shares. A small conversion of 4,631 derivative shares was also reported as an acquisition entry.
• No trading prices are reported (N/A) because the transactions were effected under the Merger Agreement with Public Storage; converted NSA shares were exchanged for newly issued Public Storage shares at an Exchange Ratio of 0.1400 (plus cash in lieu of fractional shares) or otherwise surrendered per the merger terms.

Key Details

• Transaction date: 2026-07-22 (reported on Form 4 filed 2026-07-22).
• Principal actions and counts:
  • Conversion of derivative security (C): 4,631 shares acquired.
  • Dispositions to issuer (D): 3,817,257; 145,504; 24,066; 8,689; and 2,561,438 shares (total ~6,556,954 disposed).
  • Conversion of derivative security (C) reported as disposed: 28,424 shares; plus a disposition of 2,561,438 shares identified as derivative-related.
• Prices/values: N/A on the Form 4 because the transfers occurred under the Merger Agreement and consideration involved newly issued Public Storage shares and/or cash in lieu of fractions.
• Shares owned after the transactions: the filing notes 145,504 common shares over which Mr. Nordhagen has voting or investment power but not pecuniary interest (Footnote F3), and 8,689 Series A Preferred shares with voting/investment power only (Footnote F5).
• Notable footnotes:
  • F1–F9 outline the Merger Agreement mechanics: 2026 LTIP Units converted to Restricted Shares (F1); Restricted Shares and other issued shares were converted into the right to receive Public Storage shares at a 0.1400 exchange ratio and some Restricted Shares were surrendered to satisfy tax withholding (F2); LTIP vesting and conversions are described (F6–F8); Series A preferred shares converted to Public Storage Series T preferred (F4).
• Filing timeliness: Form filed on 2026-07-22; no late filing indicator noted in the provided data.

Context

• These transactions are merger-related corporate actions (conversion/surrender under the Merger Agreement), not open-market buys or discretionary insider sales. That means they primarily reflect the mechanics of the Public Storage acquisition of NSA (exchange ratio, unit conversions, tax withholding), rather than an independent trading decision by the insider.
• For retail investors, merger-driven dispositions typically do not convey the same directional trading signal as voluntary open-market purchases or sales.