Allan Warren 4

What Happened

• Allan Warren, a director of National Storage Affiliates Trust (NSA), was granted 4,762 restricted common shares on May 15, 2026 at an implied value of $42.53/share (total value $202,528). These Restricted Shares were awarded under the Issuer’s 2024 Equity Incentive Plan and are subject to vesting conditions (see below).
• On May 16, 2026 the filing also reports the conversion of 5,048 long-term incentive plan units (LTIP Units) into 5,048 Class A OP Units in the Partnership (conversion of a derivative security). The conversion rows were filed voluntarily to provide notice of this conversion.

Key Details

• Transaction dates: May 15, 2026 (grant of 4,762 restricted shares) and May 16, 2026 (conversion of 5,048 LTIP Units to 5,048 Class A OP Units).
• Price/value: Restricted shares recorded at $42.53 per share (closing price noted for May 14, 2026), total ≈ $202,528. Conversion of LTIP Units has no per-share cash price reported (derivative conversion).
• Shares owned after transactions:
  • 4,762 common Shares reported as the Reporting Person’s total direct/indirect beneficial ownership in this class after the grant (footnote 3).
  • 1,297,536 Class A OP Units (total direct beneficial ownership after reported transactions) and 1,170 LTIP Units remain (footnote 9).
• Vesting/conditions: The 4,762 Restricted Shares vest the earlier of (i) May 15, 2027, (ii) the day before the next annual meeting, or (iii) immediately prior to the Company Merger Effective Time under the March 16, 2026 merger agreement with Public Storage (footnote 1).
• LTIP conversion notes: LTIP Units that achieve parity with Class A OP Units may be converted one-for-one into Class A OP Units; upon conversion the holder can cause the Partnership to redeem Class A OP Units for cash equal to market value or, at the Issuer’s option, receive Shares (footnotes 5–6, 7).
• Ownership vehicle: Some securities are held via the Allan Revocable Living Trust for which Warren has voting/investment power (footnote 4).
• Filing timeliness: Form 4 was filed May 19, 2026 reporting transactions on May 15–16. Form 4s are generally required within two business days of a reportable transaction; the grant on May 15 appears to have been reported after that typical window. The conversion rows were filed voluntarily to provide notice (footnote 7).

Context

• The restricted-share grant is an award (A) subject to vesting—awards do not necessarily indicate immediate buying or selling intent and are common for director compensation.
• The LTIP-to-Class A OP Unit conversion is a derivative conversion (not a cash sale). Converted partnership units can often be redeemed for cash or exchanged for issuer shares under the partnership agreement; this filing provides notice of that conversion.
• This summary is factual and does not infer motivation behind the award or conversion.