FISCHER TAMARA D 4
4 · National Storage Affiliates Trust · Filed Mar 3, 2026
Research Summary
AI-generated summary of this filing
National Storage Affiliates (NSA) Tamara Fischer Receives LTIP Award, Converts Units
What Happened
- Tamara D. Fischer, Executive Chairperson and Director of National Storage Affiliates Trust (NSA), was granted 45,237 LTIP-related partnership units (reported as Class A OP Units issuable) on February 27, 2026 (reported as an award, Code A, at $0.00). On the same date she converted 21,827 LTIP Units into 21,827 Class A OP Units (reported as conversions, Code C). The grant carried no cash purchase price; the conversions were internal restructurings of derivative units rather than open‑market purchases or sales.
Key Details
- Transaction date: February 27, 2026; Form 4 filed March 3, 2026 (within the two-business‑day filing window).
- Award: 45,237 LTIP-related units (listed as Class A OP Units) at $0.00 (derivative award).
- Conversions: 21,827 LTIP Units converted into 21,827 Class A OP Units (reported both as disposed and acquired on the Form 4 to reflect conversion).
- Shares/units owned after transactions: 594,737 Class A OP Units (held through the Tamara Diane Fischer Trust), plus 14,576 vested LTIP Units and 109,828 unvested LTIP Units remaining.
- Notable footnotes: 28,567 of the 45,237 award are performance‑based LTIP Units that will only vest if performance criteria are met; 16,670 are time‑vesting (scheduled installments). The Reporting Person has conversion/redemption rights under the partnership agreement to convert Class A OP Units into Trust common shares or receive cash equal to market value.
- Filing status: Timely (no late‑filing flag). The filing includes voluntary rows to show the LTIP-to-OP Unit conversion.
Context
- These transactions are derivative awards and internal conversions, not open‑market buys or sales — they do not indicate an immediate cash investment or exit. Performance-based LTIP Units only vest if specified targets are met; vested LTIP Units can convert one‑for‑one into Class A OP Units under the Partnership Agreement. The filing also includes the standard disclaimer that the Reporting Person disclaims beneficial ownership except to the extent of any pecuniary interest.
Insider Transaction Report
Form 4
FISCHER TAMARA D
DirectorExecutive Chairperson
Transactions
- Award
Class A OP Units
[F1][F2][F3][F4][F5][F6]2026-02-27+45,237→ 594,737 total→ Common shares of beneficial interest, $0.01 par value (45,237 underlying) - Conversion
LTIP Units
[F1][F2][F7][F8][F4][F5][F9]2026-02-27−21,827→ 124,404 total→ Class A OP Units (21,827 underlying) - Conversion
Class A OP Units
[F1][F8][F4][F5][F9]2026-02-27+21,827→ 594,737 total→ Common shares of beneficial interest, $0.01 par value (21,827 underlying)
Footnotes (9)
- [F1]Pursuant to the agreement of limited partnership (the "Partnership Agreement") of NSA OP, LP (the "Partnership"), the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A common units of limited partner interest ("Class A OP Units") for cash in an amount equal to the market value of an equivalent number of the common shares of beneficial interest ("Shares") of National Storage Affiliates Trust (the "Issuer"), or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.
- [F2]The Class A OP Units in the first row of this table are comprised of 45,237 Class A OP Units issuable upon the conversion of 45,237 unvested long-term incentive plan units ("LTIP Units") in the Partnership which were granted to the Reporting Person pursuant to a 2026 LTIP Unit Award Agreement between the Issuer and the Reporting Person under the Issuer's 2024 Equity Incentive Plan. Of these, 16,670 vest in three annual installments on January 1, 2027, January 1, 2028, and January 1, 2029, subject to continued employment by the Reporting Person and 28,567 represent the maximum amount of LTIP Units that can vest on January 1, 2029 contingent upon the achievement of certain performance criteria.
- [F3]The Reporting Person will not earn any of the 28,567 performance-based LTIP Units if the minimum performance criteria is not met. The 28,567 performance-based LTIP Units are being reported here for informational purposes only. 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 Agreement.
- [F4]N/A
- [F5]The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above (including the LTIP Units conversion described in footnote 8 below) is 594,737 Class A OP Units, which includes those Class A OP Units previously reported and the Class A OP Units reported herein (together with those securities convertible into, or exchangeable for, such Class A OP Units as specified therein). Excludes 25,504 previously reported LTIP Units granted on February 27, 2023 pursuant to a 2023 LTIP Unit Agreement, which did not vest upon the expiration of the performance period on January 1, 2026. All of the Reporting Person's 594,737 Class A OP Units are held directly through Tamara D. Fischer, trustee of the Tamara Diane Fischer Trust dated 01/20/2021.
- [F6]This filing shall not be deemed to be an admission that the Reporting Person is the beneficial owner of any of the securities reported herein, and the Reporting Person disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein.
- [F7]Pursuant to the Partnership Agreement, upon the achievement of certain conditions, a holder of LTIP Units of the Partnership is entitled to convert such LTIP Units into Class A OP Units of the Partnership on a one-for-one basis.
- [F8]Consists of 21,827 LTIP Units held by the Reporting Person which were converted into 21,827 Class A OP Units as described in footnote 7 above.
- [F9]Following the reported transactions, the Reporting Person has total direct beneficial ownership in 14,576 vested LTIP Units and 109,828 unvested LTIP Units. The Reporting Person previously reported the 21,827 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 21,827 LTIP Units into 21,827 Class A OP Units.
Signature
Tamara D. Fischer, by Zoya Afridi, her Attorney-in-fact|2026-03-03