SEC Form 4 · accession 0001628280-26-044617
National Storage Affiliates Trust · NSA
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
William S. Cowan Jr.
Officer — Chief Strategy Officer
Period of report
Jun 17, 2026
Accepted (ET)
Jun 22, 2026 · 4:05 pm EDT
Rule 10b5-1 plan
box not checked
Issuer CIK
0001618563
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LTIP UnitsF1,F2,F3,F5,F6,F7,F4 | — | Jun 17, 2026 | C | 10,471 | D | — | — | Class A OP Units | 10,471 | 140,923 | D |
| Class A OP UnitsF1,F2,F3,F5,F6,F7,F4 | — | Jun 17, 2026 | C | 10,471 | A | — | — | Common shares of beneficial interest, $0.01 par value | 10,471 | 197,016 | D |
Explanation of responses
- F1Pursuant 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.
- F2Pursuant 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.
- F3Consists of 10,471 LTIP Units held by the Reporting Person which were converted into 10,471 Class A OP Units.
- F4N/A
- F5The 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).
- F6This 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.
- F7Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 140,923 unvested LTIP Units. The Reporting Person previously reported the 10,471 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 10,471 LTIP Units into 10,471 Class A OP Units.