NSA chair converts 14,576 LTIP units to OP units

National Storage Affiliates Trust Executive Chairperson Tamara D. Fischer reported a non-market conversion of equity awards.

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Form Type

Rhea-AI Filing Summary

National Storage Affiliates Trust Executive Chairperson Tamara D. Fischer reported a non-market conversion of equity awards. She converted 14,576 LTIP Units into 14,576 Class A OP Units, and a corresponding 14,576 Class A OP Units into an equivalent number of common share-linked interests.

After these conversions, she has total beneficial ownership of 594,737 Class A OP Units and 109,828 unvested LTIP Units. The company notes this Form 4 is filed on a voluntary basis to provide notice of the LTIP-to-OP Unit conversion, which had previously been reported on an as-converted basis, and involves no open-market buying or selling.

Insider Trade Summary

29,152 shares exercised/converted

Exercise 2 txns

Insider FISCHER TAMARA D

Role Executive Chairperson

Type	Security	Shares	Price	Value
Conversion	LTIP Units	14,576	$0.00	$0.00
Conversion	Class A OP Units	14,576	$0.00	$0.00

Holdings After Transaction: LTIP Units — 109,828 contracts (Direct); Class A OP Units — 594,737 contracts (Direct)

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.

Key Figures

LTIP Units converted: 14,576 units Class A OP Units received: 14,576 units Total Class A OP Units after transaction: 594,737 units +3 more

6 metrics

LTIP Units converted 14,576 units LTIP Units converted into Class A OP Units

Class A OP Units received 14,576 units Received from LTIP Unit conversion

Total Class A OP Units after transaction 594,737 units Beneficial ownership after reported conversions

Unvested LTIP Units after transaction 109,828 units Remaining unvested LTIP Units following conversion

Derivative exercise/convert count 2 transactions Conversions of derivative securities on May 21, 2026

Total derivative shares exercised 29,152 units Aggregate underlying shares in conversions

Key Terms

Class A OP Units, LTIP Units, long-term incentive plan units, beneficial ownership, +1 more

5 terms

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.

long-term incentive plan units financial

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

beneficial ownership financial

"the Reporting Person's total direct and indirect beneficial ownership of Class A OP Units"

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.

conversion of derivative security financial

"transaction_code_description": "Conversion of derivative security""

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did NSA Executive Chairperson Tamara D. Fischer report in this Form 4?

Tamara D. Fischer reported a conversion of equity awards, not a market trade. She converted 14,576 LTIP Units into 14,576 Class A OP Units, reflecting an internal equity reclassification tied to existing awards rather than a purchase or sale in the open market.

How many NSA Class A OP Units does Tamara D. Fischer own after the transactions?

After the reported transactions, Fischer beneficially owns 594,737 Class A OP Units. This total includes the 14,576 Class A OP Units received from converting LTIP Units, together with previously reported OP Units and related convertible or exchangeable securities.

What happened to Tamara D. Fischer’s NSA LTIP Units in this filing?

Fischer converted 14,576 LTIP Units into 14,576 Class A OP Units. Following the conversion, she holds 0 vested LTIP Units and 109,828 unvested LTIP Units, reflecting a shift from one partnership equity class to another under the long-term incentive structure.

Does this NSA Form 4 show any open-market buying or selling by Tamara D. Fischer?

No, the Form 4 does not show any open-market buys or sells. Both transactions are coded as conversions of derivative securities at a price of $0.0000 per unit, indicating internal equity restructurings rather than market trades in NSA common shares.

Why does the NSA Form 4 say it is filed on a voluntary basis?

The filing states it is voluntary to provide notice of the LTIP conversion. It explains that the 14,576 LTIP Units were previously reported as Class A OP Units on an as-converted basis, so this Form 4 simply clarifies their formal conversion into OP Units.

How can NSA Class A OP Units be redeemed according to the partnership agreement?

Class A OP Units may be redeemed for cash or NSA common shares. The partnership agreement allows holders to redeem units for cash equal to the market value of equivalent NSA shares, or, at the issuer’s option, for common shares on a one-for-one basis, subject to adjustments.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/21/2026 - 04:09 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^*

FISCHER TAMARA D

(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)
	Executive Chairperson

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			14,576⁽²⁾⁽³⁾	⁽¹⁾⁽³⁾	⁽⁴⁾	Class A OP Units⁽¹⁾⁽³⁾	14,576	⁽³⁾	109,828⁽⁵⁾⁽⁶⁾⁽⁷⁾	D
Class A OP Units⁽¹⁾	⁽¹⁾	05/21/2026		C		14,576⁽²⁾⁽³⁾		⁽¹⁾	⁽⁴⁾	Common shares of beneficial interest, $0.01 par value⁽¹⁾	14,576	⁽³⁾	594,737⁽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 14,576 LTIP Units held by the Reporting Person which were converted into 14,576 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 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).

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 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.

Remarks:

	Tamara D. Fischer, by Zoya Afridi, her 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