FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Warren J. Timothy
2. Issuer Name and Ticker or Trading Symbol

National Storage Affiliates Trust [ NSA ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__X__ Director                    _____ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle)

C/O NATIONAL STORAGE AFFILIATES TRUST, 8400 EAST PRENTICE AVENUE, 9TH FLOOR
3. Date of Earliest Transaction (MM/DD/YYYY)

5/27/2022
(Street)

GREENWOOD VILLAGE, CO 80111
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Class A OP Units (1) (1)(2)5/27/2022  A   3367 (1)    (1)(2) (3)Common shares of beneficial interest, $0.01 par value (2)3367.0 $53.46 (4)852994 (5)I See Footnote (1)
LTIP Units (1) (1)(2)5/27/2022  C     6119 (6)  (1)(2) (3)Class A OP Units (1)(2)6119.0 $0 (1)6819 (1)(5)I See Footnote (1)(6)
Class A OP Units (1) (1)(2)5/27/2022  C   6119 (6)    (1)(2) (3)Common shares of beneficial interest, $0.01 par value (2)6119.0 $0 (2)852994 (1)(5)I See Footnotes (1)

Explanation of Responses:
(1) The 3,367 Class A common units of limited partner interest ("Class A OP Units") in NSA OP, LP (the "Partnership") are issuable upon the conversion of 3,367 long-term incentive plan units ("LTIP Units") in the Partnership held by J. Timothy Warren Revocable Trust for the benefit of the Reporting Person. The Reporting Person is trustee and has or shares voting and investment power. 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 24, 2023 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.
(2) 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.
(3) N/A
(4) The price of the derivative securities was determined using the closing price of the Issuer's Shares on May 27, 2022.
(5) The Reporting Person's total direct and indirect beneficial ownership following the reported transactions above is 852,994 Class A OP Units, which includes those Class A OP Units previously reported on Form 3/A 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 and indirect beneficial ownership in 3,452 vested LTIP Units and 3,367 unvested LTIP Units. The 852,994 Class A OP Units do not include non-derivative securities or derivative securities of other classes that were previously reported by the Reporting Person.
(6) Consists of 6,119 LTIP Units held by the Reporting Person which were converted into 6,119 Class A OP Units as described in footnote 1 above. The Reporting Person previously reported the 6,119 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 6,119 LTIP Units into 6,119 Class A OP Units.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Warren J. Timothy
C/O NATIONAL STORAGE AFFILIATES TRUST
8400 EAST PRENTICE AVENUE, 9TH FLOOR
GREENWOOD VILLAGE, CO 80111
X



Signatures
J. Timothy Warren, by Jason W. Parsont, his attorney-in-fact6/1/2022
**Signature of Reporting PersonDate


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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