National Storage Affiliates (NSA) Director Steven Osgood Sells Shares

What Happened Steven G. Osgood, a director of National Storage Affiliates Trust (NSA), reported dispositions to the issuer on 2026-07-22 totaling 147,719 NSA securities: 5,232 shares and 142,487 shares reported as a derivative disposition. No per-share price was reported (N/A). These dispositions were made pursuant to the merger agreement under which NSA common shares (and related partnership units) were converted into the right to receive newly issued Public Storage common shares at an exchange ratio of 0.1400 and cash in lieu of any fractional shares — i.e., this was a corporate merger conversion, not an open-market sale.

Key Details

• Transaction date: 2026-07-22 (filed same day; appears timely).
• Transactions: Dispositions to the issuer (code D) — 5,232 shares and 142,487 derivative shares; price reported as N/A.
• Conversion mechanics: Exchange Ratio = 0.1400 Public Storage shares per NSA share; total 147,719 NSA shares would correspond to ~20,681 Public Storage shares (147,719 × 0.14 ≈ 20,680.66), plus cash for any fractional shares.
• Ownership after transaction: not specified in the filing.
• Relevant footnotes:
  • F1: NSA common shares (including restricted shares) converted into the right to receive Public Storage shares per the Merger Agreement, with cash for fractions.
  • F2: Some securities are held by a trust for which Osgood is trustee; he disclaims beneficial ownership except to the extent of pecuniary interest.
  • F3: Class A OP Units were converted or redeemed per the partnership merger terms.
  • F4: N/A.

Context This filing reflects corporate-level conversion activity tied to the Merger Agreement with Public Storage (not a routine insider market sale). Derivative-line items reflect conversion/redemption of partnership units or other NSA-linked securities into Public Storage interests. Because no price was reported, the filing doesn’t state a dollar value — the key takeaway for retail investors is that these were merger-driven dispositions/conversions rather than directional trading by the director.