Chad L. Meisinger - 15 May 2025 Form 4 Insider Report for National Storage Affiliates Trust (NSA)

Role: Director
Signature: Chad L. Meisinger, by Zoya F. Afridi, his Attorney-in-fact
Issuer symbol: NSA
Transactions as of: 15 May 2025
Net transactions value: +$200,011
Form type: 4
Filing time: 19 May 2025, 18:09:30 UTC
Previous filing: 11 Jun 2024
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Meisinger Chad LeRoy	Director	C/O NATIONAL STORAGE AFFILIATES TRUST, 8400 EAST PRENTICE AVENUE, 9TH FLOOR, GREENWOOD VILLAGE	Chad L. Meisinger, by Zoya F. Afridi, his Attorney-in-fact	19 May 2025	0001639578

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
transaction	NSA	Class A OP Units	Award	$200,011	+5,779	+11%	$34.61	56,880	15 May 2025	Common shares of beneficial interest, $0.01 par value	5,779		See footnote	F1, F2, F3, F4, F5, F6
transaction	NSA	LTIP Units	Conversion of derivative security		-3,367	-18%		14,917	15 May 2025	Class A OP Units	3,367		See footnote	F1, F2, F3, F5, F6, F7
transaction	NSA	Class A OP Units	Conversion of derivative security		+3,367	+6.3%		56,880	15 May 2025	Common shares of beneficial interest, $0.01 par value	3,367		See footnote	F1, F2, F3, F5, F6, F7

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

Explanation of Responses:

Id	Content
F1	The 5,779 Class A common units of limited partner interest ("Class A OP Units") in NSA OP, LP (the "Partnership") are issuable upon the conversion of 5,779 long-term incentive plan units ("LTIP Units") in the Partnership. The LTIP Units were granted to the Reporting Person under the Issuer's 2024 Equity Incentive Plan, and are scheduled to vest on the earlier of: (i) May 15, 2026 or (ii) the calendar day immediately preceding the next annual meeting of shareholders, the date of which will be specified in a future proxy statement of the Issuer. 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.
F2	Upon conversion of such vested parity LTIP Units into Class A OP Units, the Reporting Person will have the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A OP Units for cash in an amount equal to the market value of an equivalent number of the Issuer's common shares of beneficial interest ("Shares"), or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.
F3	N/A
F4	The price of the derivative securities was determined using the closing price of the Issuer's Shares on May 14, 2025.
F5	The Reporting Person's total direct and indirect beneficial ownership following the reported transactions above is 56,880 Class A OP Units, which includes those Class A OP Units previously reported and the Class A OP Units reported herein (together with those other LTIP Units convertible into, or exchangeable for, such Class A OP Units as specified herein and reported in prior Forms 4). Following the reported transactions, the Reporting Person has total indirect beneficial ownership in 9,138 vested LTIP Units and 5,779 unvested LTIP Units. The 56,880 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.
F6	Held by Chad LeRoy Meisinger and Amy Margaret Meisinger CO TTEES Meisinger Family Trust U/A/D 12/20/2022 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.
F7	Consists of 3,367 LTIP Units held by the Reporting Person which were converted into 3,367 Class A OP Units as described in footnote 1 above. The Reporting Person previously reported the 3,367 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, rows 2 and 3 of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 3,367 LTIP Units into 3,367 Class A OP Units.