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National Storage Affiliates Trust·4

Mar 3, 4:10 PM ET

Cowan William S. Jr. 4

Research Summary

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Updated

National Storage Affiliates (NSA) CSO William S. Cowan Jr. Receives Award

What Happened

  • William S. Cowan Jr., Chief Strategy Officer of National Storage Affiliates Trust (NSA), received a 2026 long‑term incentive award of 55,289 LTIP units (reported as Class A OP Units issuable on conversion) and converted 7,074 LTIP units into 7,074 Class A OP Units on February 27, 2026. The grant reported has a reported price of $0.00 (equity award, not a cash purchase).

Key Details

  • Transaction date: February 27, 2026.
  • Grant: 55,289 LTIP units (reported as Class A OP Units issuable upon conversion); reported acquisition price $0.00 (award).
  • Conversion: 7,074 LTIP units converted into 7,074 Class A OP Units (reported as both a disposition and an acquisition entry for the derivative conversion).
  • Vesting: Of the 55,289 LTIP units, 20,374 vest in three annual installments (Jan 1, 2027; Jan 1, 2028; Jan 1, 2029). 34,915 are performance‑based and vest only if performance targets are met.
  • Ownership after transactions: 197,016 Class A OP Units (direct beneficial ownership), plus reported holdings of 17,606 vested LTIP units and 151,394 unvested LTIP units.
  • Notable footnotes:
    • LTIP units convert one‑for‑one into Class A OP Units upon satisfaction of conditions; Class A OP Units may be redeemed for cash equal to market value or exchanged for Issuer shares at the issuer’s option (see Partnership Agreement).
    • The 34,915 performance units are reported for informational purposes and will not vest if minimum performance metrics are unmet.
    • The filer disclaims beneficial ownership beyond any pecuniary interest (standard legal disclosure).
    • The conversion of 7,074 units was also reported voluntarily to provide notice of the conversion.

Context

  • This was an equity award and conversion of incentive units — not an open‑market buy or sale. Such grants are routine compensation for executives and do not, by themselves, indicate a trading signal.
  • For retail investors, purchases (cash buys) often carry more direct interpretive weight than awards; here the activity reflects compensation and plan mechanics (vesting and performance contingencies).