Togashi Brandon 4

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.