Kenyon Tiffany S. 4
4 · National Storage Affiliates Trust · Filed Mar 3, 2026
Insider Transaction Report
Form 4
Kenyon Tiffany S.
Chief Legal Officer
Transactions
- Award
Class A OP Units
[F1][F2][F3][F4][F5][F6]2026-02-27+25,823→ 91,700 total→ Common shares of beneficial interest, $0.01 par value (25,823 underlying) - Conversion
LTIP Units
[F1][F2][F7][F8][F4][F5][F9]2026-02-27−3,403→ 57,500 total→ Class A OP Units (3,403 underlying) - Conversion
Class A OP Units
[F1][F8][F4][F5][F9]2026-02-27+3,403→ 91,700 total→ Common shares of beneficial interest, $0.01 par value (3,403 underlying)
Footnotes (9)
- [F1]Pursuant to the agreement of limited partnership (the "Partnership Agreement") of NSA OP, LP (the "Partnership"), the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A common units of limited partner interest ("Class A OP Units") for cash in an amount equal to the market value of an equivalent number of the common shares of beneficial interest ("Shares") of National Storage Affiliates Trust (the "Issuer"), or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.
- [F2]The Class A OP Units in the first row of this table are comprised of 25,823 Class A OP Units issuable upon the conversion of 25,823 unvested long-term incentive plan units ("LTIP Units") in the Partnership which were granted to the Reporting Person pursuant to a 2026 LTIP Unit Award Agreement between the Issuer and the Reporting Person under the Issuer's 2024 Equity Incentive Plan. Of these, 9,516 vest in three annual installments on January 1, 2027, January 1, 2028, and January 1, 2029, subject to continued employment by the Reporting Person 16,307 represent the maximum amount of LTIP Units that can vest on January 1, 2029 contingent upon the achievement of certain performance criteria.
- [F3]The Reporting Person will not earn any of the 16,307 performance-based LTIP Units if the minimum performance criteria is not met. The 16,307 performance-based LTIP Units are being reported here for informational purposes only. Vested LTIP Units, after achieving parity with Class A OP Units, are eligible to be converted into Class A OP Units on a one-for-one basis upon the satisfaction of conditions set forth in the Partnership Agreement.
- [F4]N/A
- [F5]The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above (including the LTIP Units conversion described in footnote 8 below, as well as 503 LTIP Units that were converted into 503 Class A OP Units on June 10, 2025) is 91,700 Class A OP Units, which includes those Class A OP Units previously reported and the Class A OP Units reported herein (together with those securities convertible into, or exchangeable for, such Class A OP Units as specified therein). Excludes 9,211 previously reported LTIP Units granted on February 27, 2023 pursuant to a 2023 LTIP Unit Agreement, which did not vest upon the expiration of the performance period on January 1, 2026.
- [F6]This filing shall not be deemed to be an admission that the Reporting Person is the beneficial owner of any of the securities reported herein, and the Reporting Person disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein.
- [F7]Pursuant to the Partnership Agreement, upon the achievement of certain conditions, a holder of LTIP Units of the Partnership is entitled to convert such LTIP Units into Class A OP Units of the Partnership on a one-for-one basis.
- [F8]Consists of 3,403 LTIP Units held by the Reporting Person which were converted into 3,403 Class A OP Units as described in footnote 7 above.
- [F9]Following the reported transactions, the Reporting Person has total direct beneficial ownership in 6,476 vested LTIP Units and 51,024 unvested LTIP Units. The Reporting Person previously reported the 3,403 LTIP Units that were converted into Class A OP Units as described in this Form 4 as Class A OP Units on an as-converted basis. Accordingly, rows 2 and 3 of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 3,403 LTIP Units into 3,403 Class A OP Units.
Signature
Tiffany Kenyon, by Zoya Afridi, her Attorney-in-fact|2026-03-03