---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-026303"
form_type: "8-K"
ticker: "NSA"
cik: "0001618563"
company_name: "National Storage Affiliates Trust"
filed_at: "2024-06-03T23:59:59+00:00"
generated_at: "2026-06-01T06:49:29.175652+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-24-026303
- form_type: 8-K
- ticker: NSA
- cik: 0001618563
- company_name: National Storage Affiliates Trust
- filed_at: 2024-06-03T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618563/000162828024026303/0001628280-24-026303-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618563/000162828024026303/nsa-20240530.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-026303
- JSON: https://secwatch.observer/filing/0001628280-24-026303.json
- Plain text: https://secwatch.observer/filing/0001628280-24-026303.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.