OSGOOD STEVEN G 4
4 · National Storage Affiliates Trust · Filed May 19, 2026
Research Summary
AI-generated summary of this filing
NSA Director Steven Osgood Receives 5,232 Restricted Shares
What Happened
- Steven G. Osgood, a director of National Storage Affiliates Trust (NSA), was granted 5,232 restricted common shares on May 15, 2026 at an attributable value of $42.53 per share (total value reported $222,517).
- On May 16, 2026, Osgood converted 11,451 LTIP units (long-term incentive plan units) into 11,451 Class A OP Units of the Partnership; the conversion is reported as a derivative conversion (no per-share price applicable).
Key Details
- Transaction dates: May 15, 2026 (restricted share grant); May 16, 2026 (LTIP → Class A OP conversion). Filing date: May 19, 2026.
- Grant: 5,232 restricted shares at $42.53 each — aggregate reported value $222,517. Conversion: 11,451 LTIP units converted into 11,451 Class A OP Units (no sale or cash price reported).
- Holdings after transactions: 5,232 common Shares (restricted) and 142,487 Class A OP Units; 0 LTIP Units remaining.
- Notable footnotes: 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. The LTIP → Class A OP conversion was voluntarily reported to provide notice; converted OP Units may be redeemable for cash equal to market value or, at the issuer’s option, converted into Shares one-for-one (subject to adjustments).
- Filing: Reported on Form 4 (Accession 0001628280-26-036367). No sale or open-market purchase was reported.
Context
- The restricted-share grant is an award (A code) and does not reflect an open-market purchase; vesting conditions apply.
- The LTIP conversion is a derivative conversion (C code) that changes the form of incentive units to partnership common units; these units carry redemption/conversion features rather than representing an immediate cash sale.
- These entries are informational about compensation and unit-structure changes rather than disclosures of selling activity.
Insider Transaction Report
Form 4
OSGOOD STEVEN G
Director
Transactions
- Award
Common shares of beneficial interest, $0.01 par value
[F1][F2][F3][F4]2026-05-15$42.53/sh+5,232$222,517→ 5,232 total(indirect: See footnote) - Conversion
LTIP Units
[F5][F6][F7][F8][F9][F4]2026-05-16−11,451→ 0 total(indirect: See footnote)→ Class A OP Units (11,451 underlying) - Conversion
Class A OP Units
[F5][F6][F7][F8][F9][F4]2026-05-16+11,451→ 142,487 total(indirect: See footnote)→ Common shares of beneficial interest, $0.01 par value (11,451 underlying)
Footnotes (9)
- [F1]Consists of 5,232 restricted common shares of beneficial interest, $0.01 par value of the Issuer ("Restricted Shares"). The Restricted Shares were granted to the Reporting Person under the Issuer's 2024 Equity Incentive Plan, and are scheduled to vest scheduled to vest the earlier of: (i) May 15, 2027, (ii) the calendar day immediately preceding the next annual meeting of shareholders or (iii) immediately prior to the Company Merger Effective Time (as such term is defined in that certain Agreement of Plan and Merger, dated as of March 16, 2026, by and among the Issuer, NSA OP, LP (the "Partnership"), Public Storage, Public Storage OP, L.P., Pelican Merger Sub I, LLC and Pelican Merger Sub II, LLC, as the same may be amended).
- [F2]The closing price of the Issuer's common shares of beneficial interest, $0.01 par value ("Shares") on May 14, 2026.
- [F3]The Reporting Person's total direct and indirect beneficial ownership following the reported transaction in this class of securities is 5,232 Shares. The 5,232 Shares does not include derivative securities of the Reporting Person that have been previously reported on the Reporting Person's Forms 3 and Forms 4.
- [F4]Held by Steven Osgood TTEE Steven G. Osgood Trust dated 09/09/2019 for which the Reporting Person has voting and/or investment power. 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
- [F5]Long-term incentive plan units ("LTIP Units") in the Partnership, after achieving parity with Class A common units of limited partner interest in the Partnership ("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's agreement of limited partnership.
- [F6]Upon conversion of such vested parity LTIP Units into Class A OP Units, the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A OP Units for cash in an amount equal to the market value of an equivalent number of Shares, or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.
- [F7]Consists of 11,451 LTIP Units held by the Reporting Person which were converted into 11,451 Class A OP Units as described in footnote 5 above. The Reporting Person previously reported the 11,451 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 1 and 2 of Table II of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 11,451 LTIP Units into 11,451 Class A OP Units.
- [F8]N/A
- [F9]The Reporting Person's total direct beneficial ownership following the reported transactions above is 142,487 Class A OP Units (which includes those Class A OP Units previously reported and the Class A OP Units reported herein) and 0 LTIP Units. The 142,487 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.
Signature
Steven G. Osgood, by Zoya F. Afridi, his Attorney-in-fact|2026-05-19