Togashi Brandon 4

What Happened

• Brandon Togashi, Chief Financial Officer of National Storage Affiliates Trust (NSA), reported merger-related conversions and issuer dispositions on July 22, 2026. The filing shows conversions of LTIP-derived securities into restricted common shares and subsequent dispositions (surrenders) to the issuer to satisfy tax and merger-related mechanics.
• Reported transactions (all 2026-07-22): conversions of 16,962 and 110,209 LTIP-derived units (the latter reported as a derivative conversion), and dispositions to the issuer of 17,212 and 227,132 shares (some dispositions are derivative-related). Prices and dollar values are listed as N/A in the filing.

Key Details

• Transaction date: July 22, 2026. Transaction codes reported: C = conversion of derivative security; D = disposition to the issuer.
• Reported share counts: conversions = 16,962 and 110,209; dispositions to issuer = 17,212 and 227,132. Total converted reported = 127,171; total surrendered/disposed reported = 244,344 (per the reported line items). No price or total dollar value was provided.
• Footnotes: conversions and dispositions arose under the Agreement and Plan of Merger (March 16, 2026). 2026 time‑based LTIP Units converted one-for-one into Restricted Shares (F1). Restricted Shares (and other converted units) were converted into the right to receive newly issued Public Storage common shares at an Exchange Ratio of 0.1400, with cash paid for fractional shares, and certain Restricted Shares were surrendered to satisfy federal/state tax withholding (F2, F5–F6, F8). Some 2026 performance-based LTIP Units were forfeited per the merger terms (F4).
• Ownership after transaction: not specified in the reported lines of this filing. The filing also notes holdings held in a trust for which Togashi has shared voting/investment power (F3).
• Timeliness: filing date and period of report are both July 22, 2026 — reported on the same day (no late-file indication).

Context

• These were non‑open‑market, merger-related corporate adjustments (conversions and surrenders), not discretionary buy/sell trades by the insider. Conversions reflect LTIP units vesting/being converted into restricted shares and then converted into Public Storage shares under the merger; some restricted shares were surrendered to cover statutory tax withholding.
• No cash values or per‑share prices are provided in the Form 4, so market impact or dollar amounts cannot be determined from this filing alone.