Hylbert Paul William Jr 4
4 · National Storage Affiliates Trust · Filed May 19, 2026
Research Summary
AI-generated summary of this filing
NSA Director Paul Hylbert Receives Restricted Shares, Converts LTIP
What Happened
- Director Paul William Hylbert Jr was granted 5,056 restricted common shares of National Storage Affiliates Trust (NSA) on May 15, 2026 at $42.53 per share (aggregate value ≈ $215,032).
- On May 16, 2026 the Reporting Person converted 11,103 LTIP Units (long‑term incentive plan units) into 11,103 Class A OP Units of the Partnership; the conversion is reported as a derivative transaction (no per‑share cash price shown). The conversion rows were filed voluntarily to give notice of the LTIP-to-OP conversion.
Key Details
- Transaction dates and amounts:
- May 15, 2026: Grant/award of 5,056 restricted shares @ $42.53 (value ≈ $215,032). Price based on closing share price referenced in filing.
- May 16, 2026: Conversion of 11,103 LTIP Units into 11,103 Class A OP Units (derivative conversion; no cash price reported).
- Shares/units owned after transactions:
- 21,406 Shares of beneficial interest (common shares), inclusive of the newly granted restricted shares (per filing footnote).
- 61,753 Class A OP Units and 0 LTIP Units after the reported conversions (per filing footnote).
- Notable footnotes:
- The 5,056 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 (per the merger agreement referenced).
- LTIP Units convert one‑for‑one into Class A OP Units when parity conditions are met; converted Class A OP Units may be redeemed for cash equal to market value of equivalent Shares or, at the Issuer’s option, exchanged for Shares (per filing).
- The conversion rows were filed voluntarily to notify the LTIP → Class A OP Unit conversion.
- Filing date and timeliness:
- Form 4 filed May 19, 2026 reporting transactions on May 15–16, 2026. The filing shows the transactions within the normal Form 4 reporting window and the filer did not indicate any late filing.
Context
- The May 15 entry is an equity award (restricted shares) rather than an open‑market purchase — such grants are compensation and vesting is subject to conditions.
- The May 16 entries are a conversion of incentive units (derivative securities) into operating partnership units; these are not sales and simply change the form of the holder’s economic interest and redemption rights.
- No sales by the insider were reported in this filing.
Insider Transaction Report
Form 4
Hylbert Paul William Jr
Director
Transactions
- Award
Common shares of beneficial interest, $0.01 par value
[F1][F2][F3]2026-05-15$42.53/sh+5,056$215,032→ 21,406 total - Conversion
LTIP Units
[F4][F5][F6][F7][F8]2026-05-16−11,103→ 0 total→ Class A OP Units (11,103 underlying) - Conversion
Class A OP Units
[F4][F5][F6][F7][F8]2026-05-16+11,103→ 61,753 total→ Common shares of beneficial interest, $0.01 par value (11,103 underlying)
Footnotes (8)
- [F1]Consists of 5,056 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 beneficial ownership following the reported transaction in this class of securities is 21,406 Shares (inclusive of Restricted Shares), which includes those Shares previously reported. The 21,406 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]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.
- [F5]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.
- [F6]Consists of 11,103 LTIP Units held by the Reporting Person which were converted into 11,103 Class A OP Units as described in footnote 4 above. The Reporting Person previously reported the 11,103 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 11,103 LTIP Units into 11,103 Class A OP Units.
- [F7]N/A
- [F8]The Reporting Person's total direct beneficial ownership following the reported transactions above is 61,753 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 61,753 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.
Signature
Paul W. Hylbert, Jr., by Zoya F. Afridi, his Attorney-in-fact|2026-05-19