NSA Vice Chair Arlen Nordhagen Converts 919 LTIP Units

What Happened

• Arlen Dale Nordhagen, Vice Chairperson and Director of National Storage Affiliates Trust (NSA), converted 919 long-term incentive plan units (LTIP Units) of the partnership into 919 Class A OP Units on May 21, 2026. The filing reports this as a derivative conversion; no per-unit price or cash value was reported.

Key Details

• Transaction date: 2026-05-21.
• Action: Conversion of 919 LTIP Units into 919 Class A OP Units on a one-for-one basis (per the Partnership Agreement).
• Price/value: Not applicable / N/A in the filing.
• Shares/units owned after transaction: 2,561,438 Class A OP Units (total direct and indirect beneficial ownership as reported).
• Remaining LTIP Units after conversion: 0 vested LTIP Units and 28,424 unvested LTIP Units.
• Filing: Filed on 2026-05-21 (no late-filing indicator noted).
• Notable footnotes: Partnership Agreement allows conversion of LTIP Units to Class A OP Units and permits redemption of Class A OP Units for cash equal to market value or, at the issuer’s option, delivery of shares on a one-for-one basis. The filing is voluntary to notify the conversion; the reporter disclaims beneficial ownership except to the extent of pecuniary interest.

Context

• This was a conversion of incentive partnership units into partnership common units, not an open-market purchase or sale of the REIT's public shares. Such conversions are typically an administrative step under equity compensation and do not by themselves indicate a buy/sell market signal.