Cramer David 4
4 · National Storage Affiliates Trust · Filed Mar 3, 2026
Research Summary
AI-generated summary of this filing
National Storage Affiliates (NSA) CEO David Cramer Receives Award
What Happened
- David Cramer, President, CEO and Director of National Storage Affiliates Trust (NSA), was granted 109,663 Class A OP Units (derivative award via LTIP Units) on Feb 27, 2026. The award is reported at $0.00 (transaction code A — award/grant).
- On the same date he converted 22,606 LTIP Units into 22,606 Class A OP Units (transaction code C — conversion of derivative security). These are partnership units convertible on a one-for-one basis into Class A OP Units or, under the Partnership Agreement, redeemable for cash or shares.
Key Details
- Transaction date: 2026-02-27; Filing date: 2026-03-03 (filed timely).
- Grant: 109,663 LTIP-related Class A OP Units reported as an award (A) at $0.00.
- Conversion: 22,606 LTIP Units converted into 22,606 Class A OP Units (reported via conversion rows).
- Shares/units owned after transactions: Reporting person has 587,104 Class A OP Units (direct + indirect beneficial ownership as reported). Also holds 30,555 vested LTIP Units and 258,001 unvested LTIP Units after these transactions.
- Vesting specifics: Of the 109,663 LTIP Units reported, 40,412 vest in three annual installments (Jan 1, 2027–2029); 69,251 are performance-based and vest only if performance criteria are met. The 69,251 are reported for informational purposes and may not be earned if minimum targets are unmet.
- Legal/ownership note: The filing includes standard disclaimers that the Reporting Person disclaims beneficial ownership except to the extent of pecuniary interest.
Context
- These are equity-based compensation and conversion events (derivative transactions), not open-market purchases or sales — they typically reflect compensation and conversion mechanics rather than market-timing by the insider.
- LTIP Units convert into partnership Class A OP Units one-for-one upon satisfaction of conditions; Class A OP Units can be converted into Issuer shares or redeemed for cash per the Partnership Agreement.
Insider Transaction Report
Form 4
Cramer David
DirectorPresident and CEO
Transactions
- Award
Class A OP Units
[F1][F2][F3][F4][F5][F6]2026-02-27+109,663→ 587,104 total→ Common shares of beneficial interest, $0.01 par value (109,663 underlying) - Conversion
LTIP Units
[F1][F2][F7][F8][F4][F5][F9]2026-02-27−22,606→ 288,556 total→ Class A OP Units (22,606 underlying) - Conversion
Class A OP Units
[F1][F7][F8][F4][F5][F9]2026-02-27+22,606→ 587,104 total→ Common shares of beneficial interest, $0.01 par value (22,606 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 Shares of 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 109,663 Class A OP Units issuable upon the conversion of 109,663 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, 40,412 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 69,251 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 69,251 performance-based LTIP Units if the minimum performance criteria is not met. The 69,251 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 587,104 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 48,173 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.
- [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 22,606 LTIP Units held by the Reporting Person which were converted into 22,606 Class A OP Units as described in footnote 7 above.
- [F9]Following the reported transactions, the Reporting Person has total direct beneficial ownership in 30,555 vested LTIP Units and 258,001 unvested LTIP Units. The Reporting Person previously reported the 22,606 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 Table II of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 22,606 LTIP Units into 22,606 Class A OP Units.
Signature
David Cramer, by Zoya Afridi, his Attorney-in-fact|2026-03-03