# EDGAR Filing Document

**Accession Number:** 0001618563
**File Stem:** 0001628280-26-036363
**Filing Date:** 2026-5
**Character Count:** 9147
**Document Hash:** 6cf66850f246ddca2b009de5340667b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-036363.hdr.sgml**: 20260519

**ACCESSION NUMBER**: 0001628280-26-036363

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260515

**FILED AS OF DATE**: 20260519

**DATE AS OF CHANGE**: 20260519

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** SCHALL MICHAEL J
- **CENTRAL INDEX KEY:** 0001198212

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37351
- **FILM NUMBER:** 26998509

**MAIL ADDRESS:**
- **STREET 1:** C/O ESSEX PROPERTY TRUST
- **STREET 2:** 1100 PARK PLACE, SUITE 200
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** National Storage Affiliates Trust
- **CENTRAL INDEX KEY:** 0001618563
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 465053858
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 8400 E. PRENTICE AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111
- **BUSINESS PHONE:** 720-630-2600

**MAIL ADDRESS:**
- **STREET 1:** 8400 E. PRENTICE AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 80111

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>SCHALL MICHAEL J<br><sub>(Last) (First) (Middle)</sub><br>C/O NATIONAL STORAGE AFFILIATES TRUST<br>8400 EAST PRENTICE AVENUE, 9TH FLOOR<br><sub>(Street)</sub><br>GREENWOOD VILLAGE, CO 80111<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-05-15 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>National Storage Affiliates Trust [ NSA ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common shares of beneficial interest, $0.01 par value<sup>(1)</sup> | 2026-05-15 |  | A |  | 5291<sup>(1)</sup> | A | 42.53<sup>(2)</sup> | 11291<sup>(1)(3)</sup> | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| LTIP Units<sup>(4)</sup> | <sup>(4)(5)</sup> | 2026-05-16 |  | C |  |  | 12618<sup>(6)</sup> | <sup>(4)(5)</sup> | <sup>(7)</sup> | Class A OP Units<sup>(4)(5)</sup> | 12618 | <sup>(4)</sup> | 0<sup>(4)(8)</sup> | D |  |
| Class A OP Units<sup>(4)</sup> | <sup>(4)(5)</sup> | 2026-05-16 |  | C |  | 12618<sup>(6)</sup> |  | <sup>(4)(5)</sup> | <sup>(7)</sup> | Common shares of beneficial interest, $0.01 par value<sup>(5)</sup> | 12618 | <sup>(5)</sup> | 12618<sup>(4)(8)</sup> | D |  |

---

### Footnotes:

(1) Consists of 5,291 restricted common shares of beneficial interest, $0.01 par value of the Issuer ("Restricted Shares"). The Restricted Shares were granted to the Reporting Person under the Issuer's 2024 Equity Incentive Plan, and are scheduled to vest scheduled to vest the earlier of: (i) May 15, 2027, (ii) the calendar day immediately preceding the next annual meeting of shareholders or (iii) immediately prior to the Company Merger Effective Time (as such term is defined in that certain Agreement of Plan and Merger, dated as of March 16, 2026, by and among the Issuer, NSA OP, LP (the "Partnership"), Public Storage, Public Storage OP, L.P., Pelican Merger Sub I, LLC and Pelican Merger Sub II, LLC, as the same may be amended).

(2) The closing price of the Issuer's common shares of beneficial interest, $0.01 par value ("Shares") on May 14, 2026.

(3) The Reporting Person's total direct beneficial ownership following the reported transaction in this class of securities is 11,291 Shares (inclusive of Restricted Shares), which includes those Shares previously reported. The 11,291 Shares does not include derivative securities of the Reporting Person that have been previously reported on the Reporting Person's Forms 3 and Forms 4.

(4) Long-term incentive plan units ("LTIP Units") in the Partnership, after achieving parity with Class A common units of limited partner interest in the Partnership ("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.

(5) Upon conversion of such vested parity LTIP Units into Class A OP Units, the Reporting Person has 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 Shares, or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.

(6) Consists of 12,618 LTIP Units held by the Reporting Person which were converted into 12,618 Class A OP Units as described in footnote 4 above. The Reporting Person previously reported the 12,618 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 1 and 2 of Table II of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 12,618 LTIP Units into 12,618 Class A OP Units.

(7) N/A

(8) The Reporting Person's total direct beneficial ownership following the reported transactions above is 12,618 Class A OP Units (which includes those Class A OP Units previously reported and the Class A OP Units reported herein) and 0 LTIP Units. The 12,618 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.

**Signature:** Michael J. Schall, by Zoya Afridi, his Attorney-in-fact  
**Date:** 2026-05-19

### Remarks:

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.**