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National Storage Affiliates Trust·4

May 19, 4:02 PM ET

Palazzo Dominic M 4

Research Summary

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Updated

NSA Director Dominic Palazzo Receives Award and Converts LTIP Units

What Happened

  • Dominic M. Palazzo, a director of National Storage Affiliates Trust (NSA), was granted 5,056 restricted common shares on May 15, 2026 (reported as an Award, code A). The grant used a price reference of $42.53 per share (May 14, 2026 close), valuing the award at $215,032.
  • On May 16, 2026, Palazzo converted 8,606 LTIP units (long-term incentive plan units) into 8,606 Class A OP Units of the Partnership (reported as conversion of a derivative security, code C). The conversion entries show the LTIP units disposed and the Class A OP Units acquired on a one-for-one basis; no cash price is reported for the conversion.

Key Details

  • Transaction dates and values:
    • May 15, 2026 — Award of 5,056 restricted shares at $42.53 (value ≈ $215,032) (F1, F2).
    • May 16, 2026 — Conversion of 8,606 LTIP Units into 8,606 Class A OP Units (no per-share price reported; derivative conversion) (F5–F7).
  • Shares/units owned after transactions:
    • 5,056 restricted Shares beneficially owned (F3).
    • 56,909 Class A OP Units beneficially owned and 0 LTIP Units after conversion (F9).
  • Notable footnotes:
    • Restricted shares vest the earlier of May 15, 2027, the day before the next annual meeting, or immediately prior to the Company Merger Effective Time (F1).
    • LTIP Units become convertible into Class A OP Units on parity and, once converted, may be redeemed by the holder for cash equal to market value or exchanged for Shares at the issuer’s option (F5, F6).
    • The conversion disclosure was filed voluntarily to show the change from LTIP Units to Class A OP Units; the filer previously reported the LTIP Units on an as-converted basis (F7).
  • No late-filing indication is stated in the reported Form 4.

Context

  • This activity reflects compensation and unit reclassification rather than an open-market purchase or sale; the award is director compensation and the LTIP conversion is an administrative conversion of incentive units into partnership units.
  • The LTIP conversion does not involve immediate market-sale proceeds; converted Class A OP Units can potentially be redeemed for cash or exchanged for Shares per the partnership/issuer terms (F6).