Cowan William S. Jr. 4

What Happened

• William S. Cowan Jr., Chief Strategy Officer of National Storage Affiliates Trust (NSA), converted 10,471 long-term incentive plan units (LTIP Units) into 10,471 Class A OP Units of NSA OP, LP on June 17, 2026. The Form 4 shows a disposition of the derivative LTIP Units and the concurrent acquisition of the same number of Class A OP Units (transaction code C). No cash price is reported for this conversion (N/A).

Key Details

• Transaction date: 2026-06-17; Form 4 filed: 2026-06-22 (filed voluntarily to report the conversion).
• Transaction type/code: Conversion of derivative securities (code C); price: N/A (non-cash).
• Amount converted/acquired: 10,471 LTIP Units → 10,471 Class A OP Units.
• Shares/units owned after transaction: 197,016 Class A OP Units beneficially owned (per filing).
• LTIP holdings after transaction: 0 vested LTIP Units and 140,923 unvested LTIP Units remain.
• Notable footnotes: (F1) Class A OP Units may be redeemable for Issuer shares or cash (at the Issuer’s option) on a one-for-one basis subject to adjustments; (F2–F3) LTIP Units convert one-for-one to Class A OP Units; (F6) the reporting person disclaims beneficial ownership except to the extent of pecuniary interest; (F7) this Form 4 was filed voluntarily to give notice of the conversion.

Context

• This was an internal conversion of incentive units into partnership units, not a purchase or open-market sale. Class A OP Units are partnership interests that the issuer can, under the partnership agreement, convert or redeem into common shares or cash. Such conversions are routine compensation-related events and do not necessarily indicate a change in the insider’s market view.