Kenyon Tiffany S. 4

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.