0001628280-24-008686.txt : 20240304 0001628280-24-008686.hdr.sgml : 20240304 20240304183330 ACCESSION NUMBER: 0001628280-24-008686 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20240229 FILED AS OF DATE: 20240304 DATE AS OF CHANGE: 20240304 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Cramer David CENTRAL INDEX KEY: 0001807780 ORGANIZATION NAME: FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-37351 FILM NUMBER: 24717231 MAIL ADDRESS: STREET 1: 8400 E. PRENTICE AVENUE STREET 2: 9TH FLOOR CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80111 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: National Storage Affiliates Trust CENTRAL INDEX KEY: 0001618563 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 465053858 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 8400 E. PRENTICE AVENUE STREET 2: 9TH FLOOR CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80111 BUSINESS PHONE: 720-630-2600 MAIL ADDRESS: STREET 1: 8400 E. PRENTICE AVENUE STREET 2: 9TH FLOOR CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80111 4 1 wk-form4_1709595201.xml FORM 4 X0508 4 2024-02-29 0 0001618563 National Storage Affiliates Trust NSA 0001807780 Cramer David C/O NATIONAL STORAGE AFFILIATES TRUST 8400 EAST PRENTICE AVENUE, 9TH FLOOR GREENWOOD VILLAGE CO 80111 1 1 0 0 President and CEO 0 Class A OP Units 2024-02-29 4 A 0 68477 0 A Common shares of beneficial interest, $0.01 par value 68477 418830 D LTIP Units 2024-03-01 4 C 0 11765 D Class A OP Units 11765 157377 D Class A OP Units 2024-03-01 4 C 0 11765 A Common shares of beneficial interest, $0.01 par value 11765 418830 D 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. The Class A OP Units in the first row of this table are comprised of 68,477 Class A OP Units issuable upon the conversion of 68,477 unvested long-term incentive plan units ("LTIP Units") in the Partnership which were granted to the Reporting Person pursuant to a 2024 LTIP Unit Award Agreement between the Issuer and the Reporting Person under the Issuer's 2015 Equity Incentive Plan. Of these, 19,292 vest in three annual installments on January 1, 2025, January 1, 2026, and January 1, 2027, subject to continued employment by the Reporting Person and 49,185 represent the maximum amount of LTIP Units that can vest on January 1, 2027 contingent upon the achievement of certain performance criteria. The Reporting Person will not earn any of the 49,185 performance-based LTIP Units if the minimum performance criteria is not met. The 49,185 performance-based LTIP Units are being reported here for informational purposes only. Vested LTIP Units, after achieving parity with Class A OP Units, are eligible to be converted into Class A OP Units on a one-for-one basis upon the satisfaction of conditions set forth in the Partnership Agreement. N/A The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above (including the LTIP Units conversion described in footnote 8 below) is 418,830 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). Excludes 11,177 previously reported LTIP Units granted on February 26, 2021 pursuant a 2021 LTIP Unit Agreement, which did not vest upon the expiration of the performance period on January 1, 2024. 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. Pursuant to the Partnership Agreement, upon the achievement of certain conditions, a holder of 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 11,765 LTIP Units held by the Reporting Person which were converted into 11,765 Class A OP Units as described in footnote 7 above. Following the reported transactions, the Reporting Person has total direct beneficial ownership in 9,881 vested LTIP Units and 147,496 unvested LTIP Units. The Reporting Person previously reported the 11,765 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, rows 2 and 3 of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 11,765 LTIP Units into 11,765 Class A OP Units. David Cramer, by Jason Parsont, his Attorney-in-fact 2024-03-04