FISCHER TAMARA D 4
4 · National Storage Affiliates Trust · Filed May 21, 2026
Research Summary
AI-generated summary of this filing
National Storage Affiliates (NSA) Exec Chair Tamara Fischer Converts 14,576 Units
What Happened
Tamara D. Fischer, Executive Chairperson and Director of National Storage Affiliates Trust (NSA), converted 14,576 long‑term incentive plan (LTIP) units into 14,576 Class A OP Units of NSA OP, LP on May 21, 2026. The Form 4 reports a derivative conversion (transaction code C); no cash price or open‑market sale is reported (price = N/A). This is a reclassification of compensation units into partnership common units rather than a purchase or public sale.
Key Details
- Transaction date: 2026-05-21 (reported in Form 4 filed 2026-05-21).
- Transaction type/code: Conversion of derivative security (C) — 14,576 LTIP Units converted into 14,576 Class A OP Units.
- Price/value: N/A (no open‑market trade reported).
- Holdings after transaction: 594,737 Class A OP Units (direct and indirect beneficial ownership, per footnote).
- LTIP status after transaction: 0 vested LTIP Units and 109,828 unvested LTIP Units remaining.
- Notes: Conversion done under the Partnership Agreement which allows LTIP → Class A OP Units one‑for‑one; Class A OP Units may be redeemable for cash (market value) or exchanged for Issuer shares at the issuer’s option. Filing was voluntary to report the conversion; Reporting Person disclaims beneficial ownership except to the extent of pecuniary interest.
Context
Conversion of LTIP units into partnership/common units is typically an internal compensation/vesting event and not an open‑market buy or sell. Such derivative conversions are often reported with both “disposed” (the derivative cancelled) and “acquired” (underlying units received) entries; they do not by themselves signal insider buying or selling of public shares.
Insider Transaction Report
- Conversion
LTIP Units
[F1][F2][F3][F4][F5][F6][F7]2026-05-21−14,576→ 109,828 total→ Class A OP Units (14,576 underlying) - Conversion
Class A OP Units
[F1][F2][F3][F4][F5][F6][F7]2026-05-21+14,576→ 594,737 total→ Common shares of beneficial interest, $0.01 par value (14,576 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 14,576 LTIP Units held by the Reporting Person which were converted into 14,576 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 594,737 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 109,828 unvested LTIP Units. The Reporting Person previously reported the 14,576 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 14,576 LTIP Units into 14,576 Class A OP Units.