Esbenshade John 4

What Happened
John Esbenshade, Chief Accounting Officer of National Storage Affiliates Trust (NSA), converted 3,682 long‑term incentive plan (LTIP) units into 3,682 Class A OP Units of NSA OP, LP on May 21, 2026. The conversion was a one‑for‑one unit exchange (no cash price reported), so the Form 4 shows both an acquisition and a disposition of derivative securities (code C) with price N/A.

Key Details

• Transaction date: 2026-05-21; Transaction type: conversion of derivative security (LTIP → Class A OP Units).
• Quantity converted: 3,682 LTIP Units → 3,682 Class A OP Units. Reported price: N/A (no cash consideration reported).
• Shares/units after transaction: 25,901 Class A OP Units beneficially owned (direct + indirect) following this conversion.
• LTIP holdings after transaction: 0 vested LTIP Units and 6,705 unvested LTIP Units remain.
• Relevant footnotes: conversion per Partnership Agreement; LTIP Units convert one‑for‑one into Class A OP Units (F1–F3, F7). Filing made voluntarily to report the conversion; reporter disclaims beneficial ownership except to extent of pecuniary interest (F6).
• Filing timeliness: transaction and report have the same date (2026-05-21); no late‑filing indication in the filing.

Context
This was a conversion of awarded/vested LTIP units into partnership units, not an open‑market buy or sell. Under the Partnership Agreement, Class A OP Units may be redeemable for cash equal to the market value of an equivalent number of shares or, at the issuer’s option, exchanged one‑for‑one for shares — so these OP Units represent partnership units rather than direct common stock. Conversions like this are administrative/equity‑plan events and do not by themselves indicate an intent to buy or sell stock in the public market.