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National Storage Affiliates Trust·4

Jul 22, 5:24 PM ET

Palazzo Dominic M 4

Research Summary

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Updated

National Storage Affiliates (NSA) Director Dominic Palazzo Sells Shares

What Happened Dominic M. Palazzo, a director of National Storage Affiliates Trust (NSA), reported dispositions totaling 61,965 NSA-related units on July 22, 2026. The filing shows two dispositions: 5,056 common shares and 56,909 derivative units (total 61,965). No per-share prices or total proceeds are reported on the Form 4; the transactions were made pursuant to the Merger Agreement with Public Storage and involved conversion/redemption mechanics rather than an open-market sale.

Key Details

  • Transaction date: 2026-07-22 (filed same day; no late filing indicated).
  • Dispositions: 5,056 common shares (direct) and 56,909 derivative units (converted/redeemed) — total 61,965 units.
  • Price / value: Not reported (N/A) on the Form 4 — proceeds cannot be calculated from this filing.
  • Shares owned after transaction: Not specified in this filing.
  • Notable footnotes:
    • F1: NSA common shares (including restricted shares) were converted under the Merger Agreement into 0.1400 newly issued Public Storage shares plus cash in lieu of fractional shares.
    • F3: Class A OP Units were converted into Public Storage OP units per the Merger Agreement or redeemed into units of an NSA joint-venture LLC (holder election).
    • F2: Some reported holdings are held by a trust (Dominic Mario Palazzo Trust) for which the reporting person has or shares voting/investment power; the reporting person disclaims beneficial ownership except to the extent of pecuniary interest.
  • Transaction type: Disposition to issuer in connection with a corporate merger; not coded as a market sale.

Context These disposals appear to be transactional adjustments under the March 16, 2026 Merger Agreement with Public Storage (conversion/redemption mechanics) rather than discretionary open-market selling. Because the Form 4 reports the conversion/ redemption and not a cash sale price, retail investors cannot infer proceeds or portfolio intent from this filing alone. The filing notes the exchange ratio (0.1400 Public Storage shares per NSA share) and cash in lieu for fractional shares.