SCHALL MICHAEL J 4

What Happened
Michael J. Schall, a director of National Storage Affiliates Trust (NSA), was granted 5,291 restricted common shares on 2026-05-15 valued at $42.53 each (total ~$225,026). On 2026-05-16 he converted 12,618 long-term incentive plan (LTIP) units into 12,618 Class A OP units (a derivative conversion reported to give notice of the conversion).

Key Details

• Transaction types: A = Award/Grant (5,291 restricted shares); C = Conversion of derivative security (12,618 LTIP Units → 12,618 Class A OP Units).
• Dates & price: Restricted shares granted 2026-05-15 at $42.53 (closing price on 2026-05-14); LTIP conversion occurred 2026-05-16 (no per-share price for conversion).
• Value: Restricted shares valued at approximately $225,026 (5,291 × $42.53).
• Holdings after transactions: 11,291 issuer common shares (includes the 5,291 restricted shares) and 12,618 Class A OP Units; 0 LTIP Units remaining.
• Vesting/conditions: The 5,291 restricted shares vest the earlier of (i) May 15, 2027, (ii) the day before the next annual meeting, or (iii) immediately before the Company Merger Effective Time per the referenced merger agreement.
• Conversion rights: LTIP Units that reach parity with Class A OP Units convert one-for-one; converted Class A OP Units may be redeemed by the holder for cash equal to the market value of equivalent Shares or, at the issuer’s option, for Shares (subject to adjustments).
• Filing: Form 4 filed 2026-05-19 reporting transactions on 2026-05-15 and 05-16 (filed within the normal 2-business-day window given the reporting dates).

Context

• The grant (A) is an award of restricted shares (not an open-market purchase), which is compensation-related and subject to vesting conditions—these are routine for directors.
• The LTIP conversion is a structural/derivative transaction (not an open-market sale) that changes unit type and creates potential redemption or share-exchange value in the Partnership structure.
• These filings are informational and do not by themselves indicate the insider’s market view; they document compensation and conversion mechanics.