National Storage Affiliates (NYSE: NSA) CEO converts 30,555 LTIP units

Q: What insider transaction did NSA CEO David Cramer report on this Form 4?

David Cramer reported a non-cash conversion of equity awards. He converted 30,555 LTIP Units into 30,555 Class A OP Units and also reported a related conversion of 30,555 Class A OP Units into common shares of beneficial interest.

Q: How many National Storage Affiliates (NSA) units does David Cramer hold after the conversion?

After the reported transactions, David Cramer’s total Class A OP Unit holdings are 587,104 units. He also has 258,001 unvested LTIP Units, providing a clear picture of his ongoing equity-based interest in National Storage Affiliates.

Q: Were any open-market buys or sells of NSA common shares reported in this Form 4?

No open-market purchases or sales were reported. The filing shows two derivative conversion transactions coded “C,” indicating non-cash conversions between LTIP Units, Class A OP Units, and common shares, rather than discretionary market trading activity.

Q: Why did National Storage Affiliates CEO David Cramer file this Form 4 voluntarily?

The filing states it is made on a voluntary basis to provide notice of converting 30,555 LTIP Units into 30,555 Class A OP Units. Those LTIP Units had previously been reported on an as-converted basis, prompting this clarification of the conversion step.

Q: What does the Form 4 say about David Cramer’s beneficial ownership of NSA securities?

The Form 4 includes a beneficial ownership disclaimer . It states that Cramer does not admit to beneficial ownership of all reported securities and disclaims beneficial ownership except to the extent of his pecuniary interest in those securities.

Q: How many derivative exercises did NSA CEO David Cramer report in this filing?

The transaction summary shows two derivative exercises totaling 61,110 units. Each transaction involved 30,555 units, reflecting conversions between LTIP Units, Class A OP Units, and common shares rather than cash purchases or sales.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

National Storage Affiliates Trust President and CEO David Cramer reported a non-cash conversion of equity-based awards. He converted 30,555 LTIP Units into 30,555 Class A OP Units and also reported a related conversion of 30,555 Class A OP Units into an equivalent number of common shares of beneficial interest.

Following these transactions, he directly and indirectly holds 587,104 Class A OP Units and has 258,001 unvested LTIP Units. The filing notes it is being made on a voluntary basis to provide notice of the LTIP Unit conversion and includes a standard disclaimer of beneficial ownership beyond Cramer’s pecuniary interest.

Insider Trade Summary

61,110 shares exercised/converted

Mixed 2 txns

Insider Cramer David

Role President and CEO

Type	Security	Shares	Price	Value
Conversion	LTIP Units	30,555	$0.00	--
Conversion	Class A OP Units	30,555	$0.00	--

Holdings After Transaction: LTIP Units — 258,001 shares (Direct, null); Class A OP Units — 587,104 shares (Direct, null)

Footnotes (1)

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. 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. Consists of 30,555 LTIP Units held by the Reporting Person which were converted into 30,555 Class A OP Units. N/A The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above is 587,104 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). 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. Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 258,001 unvested LTIP Units. The Reporting Person previously reported the 30,555 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 30,555 LTIP Units into 30,555 Class A OP Units.

Key Figures

LTIP Units converted: 30,555 units Class A OP Units converted: 30,555 units Total Class A OP Units held: 587,104 units +2 more

5 metrics

LTIP Units converted 30,555 units LTIP Units converted into Class A OP Units

Class A OP Units converted 30,555 units Class A OP Units converted into common shares

Total Class A OP Units held 587,104 units Direct and indirect beneficial ownership after transactions

Unvested LTIP Units 258,001 units Unvested LTIP Units following reported conversions

Derivative exercises 61,110 units Total derivative exercise shares in this Form 4

Key Terms

LTIP Units, Class A OP Units, beneficial ownership, pecuniary interest

4 terms

LTIP Units financial

"a holder of long-term incentive plan units ("LTIP Units") of the Partnership is entitled to convert"

LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.

Class A OP Units financial

"convert such LTIP Units into Class A OP Units of the Partnership on a one-for-one basis"

beneficial ownership financial

"the Reporting Person is the beneficial owner of any of the securities reported herein"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein"

Form 4 Insider Transactions: What Each Field Means →

05/21/2026 - 04:08 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cramer David

(Last)

(First)

(Middle)

C/O NATIONAL STORAGE AFFILIATES TRUST

8400 EAST PRENTICE AVENUE, 9TH FLOOR

(Street)

GREENWOOD VILLAGE

COLORADO

80111

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
National Storage Affiliates Trust [ NSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
LTIP Units⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	05/21/2026		C			30,555⁽²⁾⁽³⁾	⁽¹⁾⁽³⁾	⁽⁴⁾	Class A OP Units⁽¹⁾⁽³⁾	30,555	⁽³⁾	258,001⁽⁵⁾⁽⁶⁾⁽⁷⁾	D
Class A OP Units⁽¹⁾	⁽¹⁾	05/21/2026		C		30,555⁽²⁾⁽³⁾		⁽¹⁾	⁽⁴⁾	Common shares of beneficial interest, $0.01 par value⁽¹⁾	30,555	⁽³⁾	587,104⁽⁵⁾⁽⁶⁾⁽⁷⁾	D

Explanation of Responses:

1. 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.

2. 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.

3. Consists of 30,555 LTIP Units held by the Reporting Person which were converted into 30,555 Class A OP Units.

4. N/A

5. The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above is 587,104 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).

6. 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.

7. Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 258,001 unvested LTIP Units. The Reporting Person previously reported the 30,555 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 30,555 LTIP Units into 30,555 Class A OP Units.

Remarks:

	David Cramer, by Zoya Afridi, his Attorney-in-fact	05/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did NSA CEO David Cramer report on this Form 4?

David Cramer reported a non-cash conversion of equity awards. He converted 30,555 LTIP Units into 30,555 Class A OP Units and also reported a related conversion of 30,555 Class A OP Units into common shares of beneficial interest.

How many National Storage Affiliates (NSA) units does David Cramer hold after the conversion?

After the reported transactions, David Cramer’s total Class A OP Unit holdings are 587,104 units. He also has 258,001 unvested LTIP Units, providing a clear picture of his ongoing equity-based interest in National Storage Affiliates.

Were any open-market buys or sells of NSA common shares reported in this Form 4?

No open-market purchases or sales were reported. The filing shows two derivative conversion transactions coded “C,” indicating non-cash conversions between LTIP Units, Class A OP Units, and common shares, rather than discretionary market trading activity.

Why did National Storage Affiliates CEO David Cramer file this Form 4 voluntarily?

The filing states it is made on a voluntary basis to provide notice of converting 30,555 LTIP Units into 30,555 Class A OP Units. Those LTIP Units had previously been reported on an as-converted basis, prompting this clarification of the conversion step.

What does the Form 4 say about David Cramer’s beneficial ownership of NSA securities?

The Form 4 includes a beneficial ownership disclaimer. It states that Cramer does not admit to beneficial ownership of all reported securities and disclaims beneficial ownership except to the extent of his pecuniary interest in those securities.

How many derivative exercises did NSA CEO David Cramer report in this filing?

The transaction summary shows two derivative exercises totaling 61,110 units. Each transaction involved 30,555 units, reflecting conversions between LTIP Units, Class A OP Units, and common shares rather than cash purchases or sales.