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National Storage Affiliates Trust·4

May 19, 4:02 PM ET

Hylbert Paul William Jr 4

Research Summary

AI-generated summary

Updated

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.