National Storage Affiliates Trust — Director's Dealing 2021

Jun 2, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: National Storage Affiliates Trust (NSA)
CIK: 0001618563
Period of Report: 2021-05-28

Reporting Person: Wu Charles F (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-28	Class A OP Units	$	A	3452	Acquired		Common shares of beneficial interest, $0.01 par value (3452.0)	Direct

Footnotes

F1: The 3,452 Class A common units of limited partner interest ("Class A OP Units") in NSA OP, LP (the "Partnership") are issuable upon the conversion of 3,452 long-term incentive plan units ("LTIP Units") in the Partnership. The LTIP Units were granted to the Reporting Person under the Issuer's 2015 Equity Incentive Plan, and are scheduled to vest on the earlier of: (i) May 25, 2022 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 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 26, 2021.

F5: The Reporting Person's total direct beneficial ownership following the reported transactions above is 4,714 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 a prior Form 4). Following the reported transactions, the Reporting Person has total direct beneficial ownership in no vested LTIP Units and 4,714 unvested LTIP Units. The 4,714 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported.