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NSA (NSA) CFO Brandon Togashi converts 17,346 LTIP Units into Class A OP Units

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

National Storage Affiliates Trust’s Chief Financial Officer Brandon Togashi reported non-market equity movements involving partnership and incentive units. He converted 17,346 LTIP Units into 17,346 Class A OP Units, and also reported a corresponding derivative conversion entry reflecting the same amount. These Class A OP Units may be redeemable for cash equal to the market value of an equivalent number of common shares or, at the issuer’s option, common shares on a one-for-one basis, subject to adjustments.

After these transactions, Togashi’s total direct and indirect beneficial ownership is 227,132 Class A OP Units, and he holds 110,209 unvested LTIP Units with zero vested LTIP Units. The filing states it is made on a voluntary basis to provide notice of the conversion, and Togashi disclaims beneficial ownership beyond his pecuniary interest.

Positive

  • None.

Negative

  • None.
Insider Togashi Brandon
Role Chief Financial Officer
Type Security Shares Price Value
Conversion LTIP Units 17,346 $0.00 --
Conversion Class A OP Units 17,346 $0.00 --
Holdings After Transaction: LTIP Units — 110,209 shares (Direct, null); Class A OP Units — 227,132 shares (Direct, null)
Footnotes (1)
  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 17,346 LTIP Units held by the Reporting Person which were converted into 17,346 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 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). 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 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.
LTIP Units converted 17,346 LTIP Units Converted into 17,346 Class A OP Units
Class A OP Units received 17,346 Class A OP Units From LTIP Unit conversion
Total Class A OP Units owned 227,132 Class A OP Units Beneficial ownership after reported transactions
Unvested LTIP Units 110,209 LTIP Units Unvested LTIP holdings after conversion
Vested LTIP Units 0 LTIP Units Vested LTIP holdings after conversion
Class A OP Units financial
"the Reporting Person's Class A common units of limited partner interest ("Class A OP Units")"
LTIP Units financial
"a holder of long-term incentive plan units ("LTIP Units") of the Partnership"
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.
Partnership Agreement financial
"Pursuant to the agreement of limited partnership (the "Partnership Agreement") of NSA OP, LP"
A partnership agreement is a written contract that lays out how two or more parties will work together, splitting responsibilities, profits, losses and decision-making. Think of it as a detailed roadmap or house rulebook for a joint project; it matters to investors because the terms determine how much revenue and risk a company will take on, how quickly it can act, and whether the partnership could dilute control or boost growth potential.
beneficial ownership financial
"This filing shall not be deemed to be an admission that the Reporting Person is the beneficial owner"
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 →
SEC Form 4
FORM 4UNITED 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*
Togashi Brandon
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Financial Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
LTIP Units(1)(2)(1)(2)05/21/2026C17,346(2)(3) (1)(3) (4)Class A OP Units(1)(3)17,346(3)110,209(5)(6)(7)D
Class A OP Units(1)(1)05/21/2026C17,346(2)(3) (1) (4)Common shares of beneficial interest, $0.01 par value(1)17,346(3)227,132(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 17,346 LTIP Units held by the Reporting Person which were converted into 17,346 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 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).
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 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.
Remarks:
Brandon Togashi, by Zoya Afridi, his Attorney-in-fact05/21/2026
** Signature of Reporting PersonDate
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 did NSA CFO Brandon Togashi report on this Form 4 for NSA?

CFO Brandon Togashi reported converting 17,346 LTIP Units into 17,346 Class A OP Units. The filing is voluntary and highlights a non-market conversion within National Storage Affiliates’ partnership structure.

How many Class A OP Units does NSA CFO Brandon Togashi now hold?

Following the reported conversions, Brandon Togashi’s total direct and indirect beneficial ownership is 227,132 Class A OP Units. This figure includes previously reported units plus the 17,346 Class A OP Units from the current conversion.

What happened to Brandon Togashi’s LTIP Units in this NSA Form 4?

Togashi converted 17,346 LTIP Units into 17,346 Class A OP Units and now has 0 vested LTIP Units and 110,209 unvested LTIP Units. The LTIP Units represent long-term incentive plan interests in the operating partnership.

Do these NSA transactions involve open-market buying or selling of common shares?

No, the reported transactions are derivative conversions, not open-market buys or sells. LTIP Units converted into Class A OP Units, which are redeemable for cash or common shares under the partnership agreement, rather than being traded on the market.

How can NSA Class A OP Units relate to common shares of National Storage Affiliates?

Under the partnership agreement, a holder may cause the partnership to redeem Class A OP Units for cash equal to the market value of equivalent common shares, or at the issuer’s option, receive common shares on a one-for-one basis, subject to adjustments.