Cowan William S. Jr. 4

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.