Togashi Brandon 4
4 · National Storage Affiliates Trust · Filed May 21, 2026
Research Summary
AI-generated summary of this filing
National Storage Affiliates (NSA) CFO Brandon Togashi Converts 17,346 LTIP Units
What Happened
Brandon Togashi, Chief Financial Officer of National Storage Affiliates Trust (NSA), converted 17,346 long-term incentive plan units (LTIP Units) into 17,346 Class A common units of the Partnership (Class A OP Units) effective 2026-05-21. The Form 4 reports the disposition of derivative LTIP Units and the acquisition of the corresponding Class A OP Units; no cash price or open-market sale was involved (price: N/A).
Key Details
- Transaction date: 2026-05-21; reported on Form 4 (accession 0001628280-26-037257).
- Transaction type/code: Conversion of derivative security (code C) — LTIP Units converted one-for-one into Class A OP Units per Partnership Agreement.
- Quantity converted: 17,346 LTIP Units → 17,346 Class A OP Units.
- Price: N/A (no cash paid/received; internal conversion).
- Shares/units owned after transaction: 227,132 Class A OP Units (direct and indirect beneficial ownership); 0 vested LTIP Units and 110,209 unvested LTIP Units remain.
- Notable footnotes: Conversion was pursuant to the Partnership Agreement (F1–F3, F5, F7). Filing is voluntary to report the conversion; filer disclaims beneficial ownership beyond pecuniary interest (F6).
- Timeliness: Filed for the period/date of transaction; not indicated as a late filing.
Context
This is a conversion of incentive units into partnership common units—not a market purchase or sale—so it does not reflect an open-market buy or sell signal. Such conversions are routine under equity-compensation arrangements when vesting or conversion conditions are met. The filing was submitted to disclose the mechanical conversion and updated unit holdings.
Insider Transaction Report
- Conversion
LTIP Units
[F1][F2][F3][F4][F5][F6][F7]2026-05-21−17,346→ 110,209 total→ Class A OP Units (17,346 underlying) - Conversion
Class A OP Units
[F1][F2][F3][F4][F5][F6][F7]2026-05-21+17,346→ 227,132 total→ Common shares of beneficial interest, $0.01 par value (17,346 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 17,346 LTIP Units held by the Reporting Person which were converted into 17,346 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 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).
- [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 110,209 unvested LTIP Units. The Reporting Person previously reported the 17,346 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 17,346 LTIP Units into 17,346 Class A OP Units.