# EDGAR Filing Document

**Accession Number:** 0001618563
**File Stem:** 0001628280-26-013806
**Filing Date:** 2026-3
**Character Count:** 9917
**Document Hash:** 4d27d1a95b38e0363493ac0b5e9b424d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-013806.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001628280-26-013806

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**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:** 26714150

**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
- **EIN:** 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

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>Cramer David<br><sub>(Last) (First) (Middle)</sub><br>C/O NATIONAL STORAGE AFFILIATES TRUST<br>8400 EAST PRENTICE AVENUE, 9TH FLOOR<br><sub>(Street)</sub><br>GREENWOOD VILLAGE, CO 80111<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-02-27 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_President and CEO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>National Storage Affiliates Trust [ NSA ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Class A OP Units<sup>(1)</sup> | <sup>(1)(2)(3)</sup> | 2026-02-27 |  | A |  | 109663<sup>(2)</sup> |  | <sup>(1)(2)(3)</sup> | <sup>(4)</sup> | Common shares of beneficial interest, $0.01 par value<sup>(1)</sup> | 109663<sup>(1)(2)(3)</sup> | $0 | 587104<sup>(5)(6)</sup> | D |  |
| LTIP Units<sup>(1)(2)</sup> | <sup>(1)(7)</sup> | 2026-02-27 |  | C |  |  | 22606<sup>(8)</sup> | <sup>(1)(8)</sup> | <sup>(4)</sup> | Class A OP Units<sup>(1)(8)</sup> | 22606 | <sup>(8)</sup> | 288556<sup>(2)(5)(9)</sup> | D |  |
| Class A OP Units<sup>(1)</sup> | <sup>(1)(7)</sup> | 2026-02-27 |  | C |  | 22606<sup>(8)</sup> |  | <sup>(1)</sup> | <sup>(4)</sup> | Common shares of beneficial interest, $0.01 par value<sup>(1)</sup> | 22606 | <sup>(8)</sup> | 587104<sup>(5)(9)</sup> | D |  |

---

### 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 Shares of the Issuer, or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.

(2) The Class A OP Units in the first row of this table are comprised of 109,663 Class A OP Units issuable upon the conversion of 109,663 unvested long-term incentive plan units ("LTIP Units") in the Partnership which were granted to the Reporting Person pursuant to a 2026 LTIP Unit Award Agreement between the Issuer and the Reporting Person under the Issuer's 2024 Equity Incentive Plan. Of these, 40,412 vest in three annual installments on January 1, 2027, January 1, 2028, and January 1, 2029, subject to continued employment by the Reporting Person and 69,251 represent the maximum amount of LTIP Units that can vest on January 1, 2029 contingent upon the achievement of certain performance criteria.

(3) The Reporting Person will not earn any of the 69,251 performance-based LTIP Units if the minimum performance criteria is not met. The 69,251 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.

(4) N/A

(5) 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 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). Excludes 48,173 previously reported LTIP Units granted on February 27, 2023 pursuant to a 2023 LTIP Unit Agreement, which did not vest upon the expiration of the performance period on January 1, 2026.

(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) 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.

(8) Consists of 22,606 LTIP Units held by the Reporting Person which were converted into 22,606 Class A OP Units as described in footnote 7 above.

(9) Following the reported transactions, the Reporting Person has total direct beneficial ownership in 30,555 vested LTIP Units and 258,001 unvested LTIP Units. The Reporting Person previously reported the 22,606 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 Table II of this Form 4 are being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 22,606 LTIP Units into 22,606 Class A OP Units.

**Signature:** David Cramer, by Zoya Afridi, his Attorney-in-fact  
**Date:** 2026-03-03

### Remarks:

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.**