Togashi Brandon 4
4 · National Storage Affiliates Trust · Filed Mar 3, 2026
Research Summary
AI-generated summary of this filing
National Storage Affiliates (NSA) CFO Brandon Togashi Receives Award
What Happened
- Brandon Togashi, Chief Financial Officer of National Storage Affiliates Trust (NSA), received a grant of 46,029 Class A OP Units issuable upon conversion of LTIP units (reported as an award) and converted 11,382 LTIP units into 11,382 Class A OP Units on February 27, 2026. The award was reported at $0.00 (derivative/compensation grant), not a cash purchase or sale.
- Of the 46,029 units granted, 16,962 vest in three annual installments (Jan 1, 2027; Jan 1, 2028; Jan 1, 2029) subject to continued employment; 29,067 are performance-based and vest only if specific performance criteria are met. The conversion of 11,382 LTIP units into Class A OP Units was also reported on Feb 27.
Key Details
- Transaction date: February 27, 2026; Form 4 filed March 3, 2026 (timely filing).
- Reported transactions: Award/grant of 46,029 LTIP-related units (code A) at $0.00; conversion of 11,382 LTIP units into 11,382 Class A OP Units (code C).
- Ownership after transactions: 227,132 Class A OP Units (direct and indirect) reported; additionally 17,346 vested LTIP units and 110,209 unvested LTIP units remain (per filing footnotes).
- Notable footnotes: 29,067 of the newly reported LTIP units are performance-based and will vest only if minimum performance metrics are met; LTIP units convert one-for-one to Class A OP Units or may be redeemed for cash per the Partnership Agreement. The filer disclaims beneficial ownership except to the extent of pecuniary interest.
Context
- These transactions are compensation-related (long-term incentive units) and not open-market buys or sales. Grants and LTIP conversions typically reflect equity compensation mechanics (vesting and performance contingencies) rather than a direct endorsement or liquidation of the stock by the insider.
Insider Transaction Report
Form 4
Togashi Brandon
Chief Financial Officer
Transactions
- Award
Class A OP Units
[F1][F2][F3][F4][F5][F6]2026-02-27+46,029→ 227,132 total→ Common shares of beneficial interest, $0.01 par value (46,029 underlying) - Conversion
LTIP Units
[F1][F2][F7][F8][F4][F5][F9]2026-02-27−11,382→ 127,555 total→ Class A OP Units (11,382 underlying) - Conversion
Class A OP Units
[F1][F8][F4][F5][F9]2026-02-27+11,382→ 227,132 total→ Common shares of beneficial interest, $0.01 par value (11,382 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 46,029 Class A OP Units issuable upon the conversion of 46,029 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, 16,962 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 29,067 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 29,067 performance-based LTIP Units if the minimum performance criteria is not met. The 29,067 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 227,132 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 21,254 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 11,382 LTIP Units held by the Reporting Person which were converted into 11,382 Class A OP Units as described in footnote 7 above.
- [F9]Following the reported transactions, the Reporting Person has total direct beneficial ownership in 17,346 vested LTIP Units and 110,209 unvested LTIP Units. The Reporting Person previously reported the 11,382 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 11,382 Units into 11,382 Class A OP Units.
Signature
Brandon Togashi, by Zoya Afridi, his Attorney-in-fact|2026-03-03