SEC Form 4 · accession 0001104659-26-085892
National Storage Affiliates Trust · NSA
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Warren Allan
Director
Period of report
Jul 22, 2026
Accepted (ET)
Jul 22, 2026 · 5:16 pm EDT
Rule 10b5-1 plan
box not checked
Issuer CIK
0001618563
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common shares of beneficial interest, $0.01 par valueF1,F2 | Jul 22, 2026 | D | 4,762 | — | D | 0 | I | See footnote |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LTIP UnitsF1,F3,F4,F2,F5,F6 | — | Jul 22, 2026 | C | 1,170 | D | — | — | Class A OP Units | 1,170 | 0 | I |
| Class A OP UnitsF4,F5,F7,F2,F6 | — | Jul 22, 2026 | D | 1,298,706 | D | — | — | Common shares of beneficial interest, $0.01 par value | 1,298,706 | 0 | I |
| Series A-1 Preferred UnitsF8,F2,F6 | — | Jul 22, 2026 | D | 4,490 | D | — | — | Series A Preferred Shares | 4,490 | 0 | I |
Explanation of responses
- F1Pursuant to the Agreement and Plan of Merger, dated as of March 16, 2026 (the "Merger Agreement"), between the Issuer, Public Storage and certain other parties, common shares of beneficial interest, $0.01 par value of the Issuer, inclusive of restricted shares, were converted into the right to receive 0.1400 (the "Exchange Ratio") newly issued common shares of beneficial interest, par value $0.10 per share, of Public Storage and cash in lieu of any fractional shares.
- F2Held by Allan Revocable Living Trust TTEE Warren Allan U/A/D 9/29/1990 for which the Reporting Person has or shares voting and/or investment power. 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.
- F3Pursuant to the Merger Agreement, each outstanding and unvested, time-based LTIP Unit vested in full immediately prior to the effective time of the merger of a subsidiary of Public Storage into NSA OP, LP (the "Partnership") (such merger, the "Partnership Merger").
- F4At the effective time of the Partnership Merger, each vested LTIP Unit that was eligible for conversion was converted into one Class A unit of limited partnership interest in the Partnership ("Class A OP Unit") in accordance with the Merger Agreement.
- F5Pursuant to the Merger Agreement, each Class A OP Unit issued and outstanding immediately prior to the effective time of the Partnership Merger was (i) automatically converted into the right to receive a number of newly issued common units in Public Storage OP, L.P., equal to the Exchange Ratio or (ii), at the election of holders of Class A OP Units, redeemed in exchange for one newly issued unit in NSA OP JV, LLC which holds 80% of the equity of the joint venture with Public Storage that holds certain identified real estate assets contributed by the Partnership.
- F6N/A.
- F7Includes certain LTIP Units previously reported on a fully converted basis, as Class A OP Units.
- F8Pursuant to the Merger Agreement, each 6.000% Series A-1 cumulative redeemable preferred unit of limited partnership interest in the Partnership issued and outstanding as of immediately prior to the effective time of the Partnership Merger was converted into the right to receive one unit of a corresponding class or series of newly issued preferred units of Public Storage OP, L.P.