FISCHER TAMARA D 4

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.