Transaction Details

Footnotes

The 6,213 Class A common units of limited partner interest ("Class A OP Units") in NSA OP, LP (the "Partnership") are issuable upon the conversion of 6,213 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. | 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. | N/A | The price of the derivative securities was determined using the closing price of the Issuer's Shares on May 14, 2025. | The Reporting Person's total direct beneficial ownership following the reported transactions above is 61,753 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 direct beneficial ownership in 10,492 vested LTIP Units and 6,213 unvested LTIP Units. The 61,753 Class A OP Units do not include non-derivative securities of the Reporting Person that were previously reported. | Consists of 3,862 LTIP Units held by the Reporting Person which were converted into 3,862 Class A OP Units as described in footnote 1 above. The Reporting Person previously reported the 3,862 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 3,862 LTIP Units into 3,862 Class A OP Units.