Cowan William S. Jr. 4
4 · National Storage Affiliates Trust · Filed May 21, 2026
Research Summary
AI-generated summary of this filing
National Storage (NSA) CSO Converts 17,606 LTIP Units to OP Units
What Happened
William S. Cowan Jr., Chief Strategy Officer of National Storage Affiliates Trust (NSA), converted 17,606 long‑term incentive plan (LTIP) units into 17,606 Class A OP Units of NSA OP, LP on May 21, 2026. The Form 4 shows the derivative conversion (transaction code C) with no per‑share cash price reported. This was a conversion of incentive units into partnership units, not an open‑market purchase or sale.
Key Details
- Transaction date: 2026-05-21; transaction code: C (conversion of derivative security).
- Units converted: 17,606 LTIP Units → 17,606 Class A OP Units (one‑for‑one conversion per Partnership Agreement).
- Price: N/A (no cash amount reported for the conversion).
- Ownership after transaction: 197,016 Class A OP Units (direct and indirect beneficial ownership, per filing).
- LTIP holdings after transaction: 0 vested LTIP Units and 151,394 unvested LTIP Units remain.
- Filing notes: The filing was made voluntarily to report the conversion; the reporting person disclaims beneficial ownership except to the extent of pecuniary interest. Not marked late.
Context
Converting LTIP Units to Class A OP Units is an administrative/compensation event that converts incentive units into partnership units. Class A OP Units may be redeemable for cash equal to the market value of equivalent Shares or, at the issuer's option, exchanged one‑for‑one for common shares, subject to adjustments. This transaction does not represent a market buy or sell and did not generate reported cash proceeds.
Insider Transaction Report
- Conversion
LTIP Units
[F1][F2][F3][F4][F5][F6][F7]2026-05-21−17,606→ 151,394 total→ Class A OP Units (17,606 underlying) - Conversion
Class A OP Units
[F1][F2][F3][F4][F5][F6][F7]2026-05-21+17,606→ 197,016 total→ Common shares of beneficial interest, $0.01 par value (17,606 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 17,606 LTIP Units held by the Reporting Person which were converted into 17,606 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 197,016 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 151,394 unvested LTIP Units. The Reporting Person previously reported the 17,606 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 17,606 LTIP Units into 17,606 Class A OP Units.