National Storage Affiliates Trust — Director's Dealing 2021

Dec 17, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: National Storage Affiliates Trust (NSA)
CIK: 0001618563
Period of Report: 2021-12-15

Reporting Person: Warren J. Timothy (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-12-15	Class A OP Units	$	A	31869	Acquired		Common shares of beneficial interest, $0.01 par value (31869.0)	Indirect

Footnotes

F1: Beginning after December 15, 2022, the Reporting Person will have the right to cause NSA OP, LP (the "Partnership") to redeem all or a portion of the Reporting Person's Class A common units of limited partner interest (the "Class A OP Units") of the Partnership reported in this Form 4 for cash in an amount equal to the market value of an equivalent number of common shares of beneficial interest, $.01 par value ("Common Shares") of National Storage Affiliates Trust (the "Issuer"), or at the Issuer's option, Common Shares on a one-for-one basis, subject to certain adjustments.

F2: Represents the Reporting Person's Class A OP Units issued to AESOP LLC ("AESOP"), an entity in 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.

F3: N/A

F4: The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the transaction reported in the table above is 836,414 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 in such previous reports). The 836,414 Class A OP Units do not include derivative securities of other classes or non-derivative securities of the Reporting Person that were previously reported.