National Storage Affiliates (NSA) Director Michael Schall Sells Shares

What Happened
Michael J. Schall, a director of National Storage Affiliates Trust (NSA), recorded two dispositions on July 22, 2026 totaling 23,909 shares (11,291 shares and 12,618 shares reported as a derivative disposition). The filing shows the shares were disposed to the issuer under the Merger Agreement and no per-share price is reported (listed as N/A). These were not open-market sales but conversions/settlements tied to the merger with Public Storage.

Key Details

• Transaction date: 2026-07-22.
• Shares disposed: 11,291 (direct) + 12,618 (derivative) = 23,909 total. Price: N/A in the filing.
• Shares owned after transaction: Not disclosed in this Form 4.
• Footnote F1: NSA common shares (including restricted shares) were converted under the Merger Agreement into the right to receive 0.1400 newly issued Public Storage common shares and cash in lieu of fractional shares. Based on the totals, that equates to ~3,347 Public Storage shares before rounding/cash-in-lieu.
• Footnote F2: Class A OP Units were converted per the Merger Agreement into Public Storage OP common units or, at holders’ election, redeemed for units in an NSA joint venture—details depend on unit elections.
• Filing timeliness: Reported for the same date as the transaction (2026-07-22); the filing does not indicate a late report.

Context
This was a merger-related conversion/settlement rather than an open-market sale, so it reflects the corporate transaction mechanics (exchange of NSA interests for Public Storage securities and cash) rather than a director signaling a buy or sell preference. The derivative line reflects conversion/settlement of derivative or restricted interests under the Merger Agreement. For investors, merger-driven dispositions are routine housekeeping to implement deal terms and shouldn’t be read the same way as voluntary insider sales.