NSA to internalize PRO structure; subordinated units converted to Class A OP units effective July 1, 2024

National Storage Affiliates Trust

All 12,101,055 outstanding subordinated performance units to convert into 18,219,589 Class A OP units on July 1, 2024.
Fourth Amended and Restated LPA removes all references to PRO structure, including subordinated units and PRO-related provisions.
NSA negotiating to acquire PRO assets (management contracts, IP, brands, tenant insurance) for cash or additional Class A OP units.
Supervisory and administrative fees to PROs will cease; interim management agreements at new fees expected over 12-month transition.
Conversion ratio uses formula in each series' partnership unit designation; adjustment factor remains 1.0.

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