Cramer David 4
4 · National Storage Affiliates Trust · Filed May 21, 2026
Research Summary
AI-generated summary of this filing
National Storage Affiliates CEO David Cramer Converts 30,555 Units
What Happened
- David Cramer, President & CEO and a director of National Storage Affiliates Trust (NSA), converted 30,555 long‑term incentive plan units (LTIP Units) into 30,555 Class A OP Units of NSA OP, LP on May 21, 2026. The Form 4 reports the transaction as conversion of a derivative security; no purchase or sale price was reported (N/A).
Key Details
- Transaction date: 2026-05-21.
- Converted: 30,555 LTIP Units → 30,555 Class A OP Units (one‑for‑one conversion per Partnership Agreement).
- Price/consideration: N/A (no cash price reported).
- Shares/units owned after transaction: 587,104 Class A OP Units (total direct and indirect beneficial ownership per filing).
- LTIP status after transaction: 0 vested LTIP Units and 258,001 unvested LTIP Units remain.
- Notable footnotes: Class A OP Units may be redeemable for cash equal to the market value of equivalent common shares, or at the issuer’s option for shares, subject to adjustments. Filing was voluntary to report the conversion; the filer disclaims beneficial ownership except to the extent of pecuniary interest.
Context
- This was a conversion of incentive units into partnership common units (a structural/internal event), not an open‑market buy or sale. Conversions like this typically reflect vesting/plan mechanics rather than a market trade.
Insider Transaction Report
Form 4
Cramer David
DirectorPresident and CEO
Transactions
- Conversion
LTIP Units
[F1][F2][F3][F4][F5][F6][F7]2026-05-21−30,555→ 258,001 total→ Class A OP Units (30,555 underlying) - Conversion
Class A OP Units
[F1][F2][F3][F4][F5][F6][F7]2026-05-21+30,555→ 587,104 total→ Common shares of beneficial interest, $0.01 par value (30,555 underlying)
Footnotes (7)
- [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]Pursuant to the Partnership Agreement, upon the achievement of certain conditions, a holder of long-term incentive plan units ("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.
- [F3]Consists of 30,555 LTIP Units held by the Reporting Person which were converted into 30,555 Class A OP Units.
- [F4]N/A
- [F5]The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above 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).
- [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]Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 258,001 unvested LTIP Units. The Reporting Person previously reported the 30,555 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, this Form 4 is being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 30,555 LTIP Units into 30,555 Class A OP Units.
Signature
David Cramer, by Zoya Afridi, his Attorney-in-fact|2026-05-21