COHN LISA R 4
4 · National Storage Affiliates Trust · Filed May 19, 2026
Research Summary
AI-generated summary of this filing
National Storage Affiliates (NSA) Director Lisa Cohn Receives Award
What Happened
Lisa R. Cohn, a director of National Storage Affiliates Trust (NSA), was granted 4,703 restricted common shares on May 15, 2026 under the Issuer's 2024 Equity Incentive Plan. The grant is valued at $42.53 per share (closing price on May 14, 2026), or about $200,019 in total. On May 16, 2026 she converted 11,624 LTIP units into 11,624 Class A OP Units (derivative conversion); those conversion entries were reported to provide notice and did not show a cash sale or open-market trade.
Key Details
- Transaction types: A = Award/Grant (4,703 restricted shares acquired); C = Conversion of derivative securities (11,624 LTIP Units → 11,624 Class A OP Units).
- Dates and price: Grant dated 2026-05-15 at reported closing price $42.53 (F2); conversions dated 2026-05-16, price N/A for derivative conversion.
- Value: Restricted-share grant valued at approximately $200,019 (4,703 × $42.53).
- Shares/units owned after transactions: 4,703 common Shares (direct beneficial ownership in that class) and 11,624 Class A OP Units; 0 LTIP Units remaining (see F3 and F8).
- Notable footnotes: Restricted shares vest per schedule (earlier of May 15, 2027; day before next annual meeting; or immediately prior to Company Merger Effective Time) (F1). LTIP Units convert one-for-one into Class A OP Units when parity achieved (F4); converted Class A OP Units may be redeemable for cash equal to market value or, at the issuer's option, for Shares (F5). The conversion rows were filed voluntarily to provide notice (F6).
- Filing timing: Form 4 dated May 19, 2026 reports transactions from May 15–16; the form itself does not state a tardiness flag.
Context
The award is an acquisition of restricted shares (not an open-market purchase) and will vest per the listed schedule; such grants are typically part of long-term incentive compensation. The LTIP → Class A OP Unit conversion is an internal partnership/derivative conversion (no sale of shares reported). These actions reflect compensation and structural unit conversions rather than a market purchase or disposition that would directly signal immediate bullish or bearish trading by the insider.
Insider Transaction Report
- Award
Common shares of beneficial interest, $0.01 par value
[F1][F2][F3]2026-05-15$42.53/sh+4,703$200,019→ 4,703 total - Conversion
LTIP Units
[F4][F5][F6][F7][F8]2026-05-16−11,624→ 0 total→ Class A OP Units (11,624 underlying) - Conversion
Class A OP Units
[F4][F5][F6][F7][F8]2026-05-16+11,624→ 11,624 total→ Common shares of beneficial interest, $0.01 par value (11,624 underlying)
Footnotes (8)
- [F1]Consists of 4,703 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 4,703 Shares. The 4,703 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 11,624 LTIP Units held by the Reporting Person which were converted into 11,624 Class A OP Units as described in footnote 4 above. The Reporting Person previously reported the 11,624 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 11,624 LTIP Units into 11,624 Class A OP Units.
- [F7]N/A
- [F8]The Reporting Person's total direct beneficial ownership following the reported transactions above is 11,624 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 11,624 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.