Esbenshade John 4
4 · National Storage Affiliates Trust · Filed Mar 3, 2026
Insider Transaction Report
Form 4
Esbenshade John
Chief Accounting Officer
Transactions
- Award
Class A OP Units
[F1][F2][F3][F4][F5]2026-03-01+2,599→ 25,901 total→ Common shares of beneficial interest, $0.01 par value (2,599 underlying) - Conversion
LTIP Units
[F1][F2][F6][F7][F3][F4][F8]2026-03-01−2,294→ 10,387 total→ Class A OP Units (2,294 underlying) - Conversion
Class A OP Units
[F1][F7][F3][F4][F8]2026-03-01+2,294→ 25,901 total→ Common shares of beneficial interest, $0.01 par value (2,294 underlying)
Footnotes (8)
- [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 2,599 Class A OP Units issuable upon the conversion of 2,599 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, which vest in three annual installments on March 1, 2027, March 1, 2028, and March 1, 2029, subject to continued employment by the Reporting Person.
- [F3]N/A
- [F4]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 7 below, as well as 503 LTIP Units that were converted into 503 Class A OP Units on June 10, 2025) is 25,901 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).
- [F5]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.
- [F6]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.
- [F7]Consists of 2,294 LTIP Units held by the Reporting Person which were converted into 2,294 Class A OP Units as described in footnote 6 above.
- [F8]Following the reported transactions, the Reporting Person has total direct beneficial ownership in 3,682 vested LTIP Units and 6,705 unvested LTIP Units. The Reporting Person previously reported the 2,294 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 2,294 LTIP Units into 2,294 Class A OP Units.
Signature
John Esbenshade, by Zoya Afridi, his Attorney-in-fact|2026-03-03