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National Storage Affiliates Trust·4

May 19, 4:02 PM ET

COHN LISA R 4

Research Summary

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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.