Cramer David 4

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.