Togashi Brandon 4

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.