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National Storage Affiliates Trust·4

Mar 3, 4:10 PM ET

FISCHER TAMARA D 4

Research Summary

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Updated

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.