Kenyon Tiffany S. 4
4 · National Storage Affiliates Trust · Filed May 21, 2026
Research Summary
AI-generated summary of this filing
National Storage Affiliates (NSA) Chief Legal Officer Converts LTIP Units
What Happened
- Tiffany S. Kenyon, Chief Legal Officer of National Storage Affiliates Trust (NSA), converted 6,476 long‑term incentive plan units (LTIP Units) of NSA OP, LP into 6,476 Class A OP Units on May 21, 2026. The Form 4 records this as both a disposition of a derivative security and an acquisition of the underlying units (transaction code C). No cash price is reported for the conversion.
Key Details
- Transaction date: 2026-05-21; Form 4 filed 2026-05-21.
- Conversion: 6,476 LTIP Units → 6,476 Class A OP Units (one‑for‑one pursuant to the Partnership Agreement).
- Price: N/A (non‑cash conversion; reported as derivative conversion).
- Beneficial ownership after transaction: 91,700 Class A OP Units (total direct and indirect) per the filing.
- LTIP holdings after transaction: 0 vested LTIP Units and 51,024 unvested LTIP Units remaining.
- Footnotes: Partnership Agreement allows LTIP → Class A OP Unit conversion (F2–F3) and Class A OP Units may be redeemable for cash equal to the market value of equivalent shares or exchanged one‑for‑one for issuer shares at the issuer’s option (F1). Reporting person disclaims beneficial ownership except to the extent of pecuniary interest (F6). Filing was voluntary to notify conversion (F7).
Context
- This was a non‑cash, plan‑driven conversion of incentive units into partnership units rather than an open‑market buy or sale; such conversions are typically part of compensation/vesting mechanics and do not by themselves signal a purchase or sale of company shares. Class A OP Units may be redeemable for cash or exchangeable for the issuer’s common shares under the partnership agreement.
Insider Transaction Report
Form 4
Kenyon Tiffany S.
Chief Legal Officer
Transactions
- Conversion
LTIP Units
[F1][F2][F3][F4][F5][F6][F7]2026-05-21−6,476→ 51,024 total→ Class A OP Units (6,476 underlying) - Conversion
Class A OP Units
[F1][F2][F3][F4][F5][F6][F7]2026-05-21+6,476→ 91,700 total→ Common shares of beneficial interest, $0.01 par value (6,476 underlying)
Footnotes (7)
- [F1]Pursuant to the agreement of limited partnership (the "Partnership Agreement") of NSA OP, LP (the "Partnership"), the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A common units of limited partner interest ("Class A OP Units") for cash in an amount equal to the market value of an equivalent number of the common shares of beneficial interest ("Shares") of National Storage Affiliates Trust (the "Issuer"), or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.
- [F2]Pursuant to the Partnership Agreement, upon the achievement of certain conditions, a holder of long-term incentive plan units ("LTIP Units") of the Partnership is entitled to convert such LTIP Units into Class A OP Units of the Partnership on a one-for-one basis.
- [F3]Consists of 6,476 LTIP Units held by the Reporting Person which were converted into 6,476 Class A OP Units.
- [F4]N/A
- [F5]The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above is 91,700 Class A OP Units, which includes those Class A OP Units previously reported and the Class A OP Units reported herein (together with those securities convertible into, or exchangeable for, such Class A OP Units as specified therein).
- [F6]This filing shall not be deemed to be an admission that the Reporting Person is the beneficial owner of any of the securities reported herein, and the Reporting Person disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein.
- [F7]Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 51,024 unvested LTIP Units. The Reporting Person previously reported the 6,476 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, this Form 4 is being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 6,476 LTIP Units into 6,476 Class A OP Units.
Signature
Tiffany Kenyon, by Zoya Afridi, her Attorney-in-fact|2026-05-21