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NSA (NYSE: NSA) CAO converts 3,682 LTIP Units into Class A OP Units

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

National Storage Affiliates Trust Chief Accounting Officer John Esbenshade converted 3,682 LTIP Units into 3,682 Class A OP Units. The conversion was reported at a price of $0.00 per unit and reflects a change in form of his partnership interests rather than an open-market trade.

After these transactions, he has total beneficial ownership of 25,901 Class A OP Units and holds 6,705 unvested LTIP Units, with no vested LTIP Units remaining. He also disclaims beneficial ownership beyond his actual economic interest in these securities.

Positive

  • None.

Negative

  • None.
Insider Esbenshade John
Role Chief Accounting Officer
Type Security Shares Price Value
Conversion LTIP Units 3,682 $0.00 --
Conversion Class A OP Units 3,682 $0.00 --
Holdings After Transaction: LTIP Units — 6,705 shares (Direct, null); Class A OP Units — 25,901 shares (Direct, null)
Footnotes (1)
  1. Pursuant 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. Pursuant 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. Consists of 3,682 LTIP Units held by the Reporting Person which were converted into 3,682 Class A OP Units. N/A The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above is 25,901 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). 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. Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 6,705 unvested LTIP Units. The Reporting Person previously reported the 3,682 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 3,682 LTIP Units into 3,682 Class A OP Units.
LTIP Units converted 3,682 units LTIP Units converted into Class A OP Units on 2026-05-21
Class A OP Units received 3,682 units Class A OP Units issued from LTIP conversion on 2026-05-21
Total Class A OP Units owned 25,901 units Total direct and indirect beneficial ownership after transactions
Unvested LTIP Units 6,705 units Unvested LTIP holdings after the reported conversions
Vested LTIP Units 0 units Vested LTIP holdings after the reported transactions
Total derivative shares exercised 7,364 units Aggregate derivative conversion shares in this Form 4
Class A OP Units financial
"the Reporting Person's Class A common units of limited partner interest ("Class A OP Units")"
LTIP Units financial
"a holder of long-term incentive plan units ("LTIP Units") of the Partnership"
LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.
Partnership Agreement financial
"Pursuant to the agreement of limited partnership (the "Partnership Agreement") of NSA OP, LP"
A partnership agreement is a written contract that lays out how two or more parties will work together, splitting responsibilities, profits, losses and decision-making. Think of it as a detailed roadmap or house rulebook for a joint project; it matters to investors because the terms determine how much revenue and risk a company will take on, how quickly it can act, and whether the partnership could dilute control or boost growth potential.
beneficial ownership financial
"disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Esbenshade John
(Last)(First)(Middle)
C/O NATIONAL STORAGE AFFILIATES TRUST
8400 EAST PRENTICE AVENUE, 9TH FLOOR
(Street)
GREENWOOD VILLAGE COLORADO 80111
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
National Storage Affiliates Trust [ NSA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Accounting Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
LTIP Units(1)(2)(1)(2)05/21/2026C3,682(2)(3) (1)(3) (4)Class A OP Units(1)(3)3,682(3)6,705(5)(6)(7)D
Class A OP Units(1)(1)05/21/2026C3,682(2)(3) (1) (4)Common shares of beneficial interest, $0.01 par value(1)3,682(3)25,901(5)(6)(7)D
Explanation of Responses:
1. Pursuant 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.
2. Pursuant 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.
3. Consists of 3,682 LTIP Units held by the Reporting Person which were converted into 3,682 Class A OP Units.
4. N/A
5. The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above is 25,901 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).
6. 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.
7. Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 6,705 unvested LTIP Units. The Reporting Person previously reported the 3,682 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 3,682 LTIP Units into 3,682 Class A OP Units.
Remarks:
John Esbenshade, by Zoya Afridi, his Attorney-in-fact05/21/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did NSA Chief Accounting Officer John Esbenshade report?

John Esbenshade reported converting 3,682 LTIP Units into 3,682 Class A OP Units. This is a derivative conversion at $0.00 per unit, changing the form of his partnership interest rather than reflecting a market purchase or sale of National Storage Affiliates Trust common shares.

How many Class A OP Units does NSA insider John Esbenshade hold after this transaction?

After the reported conversion, John Esbenshade’s total beneficial ownership is 25,901 Class A OP Units. This total includes Class A OP Units previously reported together with those units reported in this filing and any securities convertible into or exchangeable for those Class A OP Units, as described.

What happened to John Esbenshade’s LTIP Units in National Storage Affiliates Trust?

Following the transactions, John Esbenshade holds 0 vested LTIP Units and 6,705 unvested LTIP Units. The 3,682 LTIP Units converted into 3,682 Class A OP Units were previously reported on an as-converted basis, so this update primarily clarifies the conversion rather than adding new economic exposure.

Does the NSA insider transaction involve open-market buying or selling of common shares?

The reported activity does not involve open-market buying or selling of common shares. It is a conversion of derivative securities—LTIP Units into Class A OP Units—at a stated price of $0.00, reflecting an internal reclassification of partnership interests rather than a cash transaction on the stock market.

What ownership disclaimer did John Esbenshade include regarding NSA securities?

John Esbenshade disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest. This common legal disclaimer clarifies that reported holdings may include interests where his economic stake is limited, even though they are shown for SEC reporting and transparency purposes.