John Esbenshade - Jan 1, 2025 Form 3 Insider Report for National Storage Affiliates Trust (NSA)

Role: Chief Accounting Officer
Signature: John Esbenshade, by Zoya Afridi, his Attorney-in-fact
Stock symbol: NSA
Transactions as of: Jan 1, 2025
Transactions value $: $0
Form type: 3
Date filed: 1/13/2025, 04:05 PM
Next filing: Mar 4, 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	NSA	Common shares of beneficial interest, $0.01 par value						50.5	Jan 1, 2025	See footnote	F1
holding	NSA	Series A Preferred Shares, $0.01 par value						50	Jan 1, 2025	See footnote	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	NSA	Class A OP Units							Jan 1, 2025	Common shares of beneficial interest, $0.01 par value	21.6K		Direct	F2, F3, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Held by a revocable trust for which the Reporting Person is a co-trustee and beneficiary. 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.
F2	Pursuant to the agreement of limited partnership 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.
F3	The Class A OP Units in this table are comprised of 11,491 Class A OP Units, 468 Class A OP Units issuable upon the conversion of 468 vested long-term incentive plan units ("LTIP units") in the Partnership, 6,556 Class A OP Units issuable upon conversion of 6,556 unvested LTIP units, granted to the Reporting Person under the Issuer's 2024 and 2015 Equity Incentive Plans and will vest in installments along a schedule at certain times prior to March 1, 2027, subject to continued employment by the Reporting Person, and 3,129 Class A OP Units issuable upon the conversion of 3,129 unvested performance-based LTIP units, granted to the Reporting Person under the Issuer's 2024 Equity Incentive Plan and which represent the maximum amount of LTIP Units that can vest on December 2, 2025 contingent upon the achievement of certain performance criteria.
F4	The Reporting Person will not earn any of the 3,129 performance-based LTIP Units if the minimum performance criteria is not met. The 3,129 performance-based LTIP Units are being reported here for informational purposes only. Vested LTIP Units, after achieving parity with Class A OP Units, are eligible to be converted into Class A OP Units on a one-for-one basis upon the satisfaction of conditions set forth in the Partnership's agreement of limited partnership.
F5	N/A

Remarks:

Exhibit No. 24.1 Power of Attorney dated December 27, 2024