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National Storage Affiliates Trust Executive Compensation (FY24)

NSA · Greenwood Village, CO · Executive and director compensation, fiscal 2022 to 2024
Data as of September 7, 2026Latest filing (8-K): May 15, 2025
213 figures on this page: 205 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
David Cramer, Chief Executive Officer and President, received $4,799,956 in total compensation for fiscal 2024, and Cramer's total was 76.6% higher than the $2,718,619 reported for fiscal 2023. For fiscal 2024, the company reported a chief executive pay ratio of 132:1, against median employee compensation of $36,443. For fiscal 2024, shareholders backed the say-on-pay proposal with 93.4% of votes cast for or against in favor at the meeting held May 12, 2025. Companies named in the disclosed peer group include Apartment Income REIT Corp., Brixmor Property Group Inc., Cousins Properties Incorporated, CubeSmart and EastGroup Properties, Inc., among others.
Chief executive, fiscal 2024
◇
David Cramer
Latest say-on-pay support
=
May 12, 2025
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2023 to fiscal 2024
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — David Cramer: $2,718,619 → $4,799,956 (76.6% higher)
Say-on-pay support: 95.8% → 93.4% (2.4 points lower)
CEO pay ratio: 118:1 → 132:1 (11.9% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is National Storage Affiliates Trust's chief executive and what were they paid?
David Cramer, Chief Executive Officer and President, received $4,799,956 in total compensation for fiscal 2024. Cramer's total was 76.6% higher than the $2,718,619 reported for fiscal 2023.
What was National Storage Affiliates Trust's say-on-pay result?
For fiscal 2024, shareholders backed the say-on-pay proposal with 93.4% of votes cast for or against in favor at the meeting held May 12, 2025.
Which companies are in National Storage Affiliates Trust's peer group?
Companies named in the disclosed peer group include Apartment Income REIT Corp., Brixmor Property Group Inc., Cousins Properties Incorporated, CubeSmart and EastGroup Properties, Inc., among others.
What is National Storage Affiliates Trust's chief executive pay ratio?
For fiscal 2024, the company reported a chief executive pay ratio of 132:1, against median employee compensation of $36,443.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Tamara Fischer
Chief Executive Officer
◇—◇—◇—◇◇
David Cramer
President and Chief Operating Officer
◇—◇—◇——◇
Brandon Togashi
Executive Vice President, Chief Financial Officer, Chief Accounting Officer and Treasurer
◇—◇—◇—◇◇
Arlen Nordhagen
Executive Chairman
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Cowan
Executive Vice President and Chief Strategy Officer
◇—◇—◇—◇◇
David Cramer
Chief Executive Officer and President
◇—◇—◇—◇◇
Tamara Fischer
Executive Chairperson
◇—◇—◇—◇◇
Brandon Togashi
Executive Vice President, Chief Financial Officer, Chief Accounting Officer and Treasurer
◇—◇—◇—◇◇
Tiffany Kenyon
Executive Vice President, Chief Legal Officer and Secretary
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Cramer
Chief Executive Officer and President
◇—◇—◇—◇◇
William Cowan
Executive Vice President and Chief Strategy Officer
◇—◇—◇——◇
Brandon Togashi
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Tamara Fischer
Executive Chairperson
◇—◇—◇—◇◇
Tiffany Kenyon
Executive Vice President Chief Legal Officer and Secretary
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2024
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brandon S. TogashiPSU◇—◇—◇—◇
Brandon S. TogashiPSU◇◇◇—◇—◇
David G. CramerPSU◇◇◇—◇—◇
David G. CramerPSU◇—◇—◇—◇
Tamara D. FischerPSU◇◇◇—◇—◇
Tamara D. FischerPSU◇—◇—◇—◇
Tiffany S. KenyonPSU◇—◇—◇—◇
Tiffany S. KenyonPSU◇◇◇—◇—◇
William S. Cowan JrPSU◇◇◇—◇—◇
William S. Cowan JrPSU◇—◇—◇—◇
Fiscal 2022, 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2024 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Brandon TogashiRSU◇———
PSU◇◇——
PSU◇◇——
Tiffany KenyonRSU◇———
PSU◇◇——
PSU◇◇——
William CowanRSU◇———
PSU◇◇——
PSU◇◇——
David CramerPSU◇◇——
PSU◇◇——
RSU◇———
Tamara FischerRSU◇———
PSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2024
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael J. Schall
◇◇————◇
Lisa R. Cohn
◇◇————◇
Steven G. Osgood
◇◇————◇
Paul W. Hylbert, Jr.
◇◇————◇
Rebecca L. Steinfort
◇◇————◇
Chad L. Meisinger
◇◇————◇
Charles F. Wu
◇◇————◇
Dominic M. Palazzo
◇◇————◇
Mark Van Mourick
◇◇————◇
Warren W. Allan
◇◇————◇
Tamara D. Fischer, Arlen D. Nordhagen and David G. Cramer served on the board in fiscal 2024 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as LTIP units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2024
  • Apartment Income REIT Corp. AIRC
  • Brixmor Property Group Inc. BRX
  • Cousins Properties Incorporated CUZ
  • CubeSmart CUBE
  • EastGroup Properties, Inc. EGP
  • Equity Lifestyle Properties, Inc ELS
  • First Industrial Realty Trust, Inc. FR
  • G Industrial, Inc STAG
  • Independence Realty Trust, Inc IRT
  • Kite Realty Group Trust KRG
  • Life Storage, Inc. LSI
  • Omega Healthcare Investors, Inc. OHI
  • Rayonier Inc RYN
  • Rexford Industrial Realty, Inc. REXR
  • Tanger Inc SKT
  • Uniti Group Inc. UNIT

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2024May 12, 2025=◇◇◇
2023May 13, 2024=◇◇◇
2022May 22, 2023=◇◇◇
2021May 23, 2022=◇◇◇
2020May 24, 2021=◇◇◇
2019May 19, 2020=◇◇◇
2018May 23, 2019=◇◇◇
2017May 23, 2018=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact National Storage Affiliates Trust disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where National Storage Affiliates Trust sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
213 figures on this page: 205 cited to the filing that reported them, 8 calculated from figures it prints.
205 cited to the filing
8 calculated from the filing

Documents cited

  1. 0001628280-25-025872
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001628280-25-015431
    Director Compensation · Grants of Plan-Based Awards · OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END 2024 · Pay Ratio · and 1 more section
  3. 0001628280-25-015434
    COMPENSATION, NOMINATING AND CORPORATE GOVERNANCE COMMITTEE
  4. 0001628280-24-023775
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001628280-24-013785
    SUMMARY COMPENSATION TABLE
  6. 0001628280-23-019762
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001628280-23-011124
  8. 0001628280-22-015587
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001618563-21-000071
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001618563-20-000079
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001618563-19-000085
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001618563-18-000071
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “National Storage Affiliates Trust executive compensation, FY2022–FY2024.” https://intel.velarion.ai/comp/NSA (accessed 2026).
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers National Storage Affiliates Trust discloses

The companies named in NSA's own disclosed peer group.

Brixmor Property Group Inc.Cousins Properties IncorporatedCubeSmartEastGroup Properties, Inc.Equity Lifestyle Properties, IncFirst Industrial Realty Trust, Inc.G Industrial, IncIndependence Realty Trust, IncKite Realty Group TrustOmega Healthcare Investors, Inc.Rayonier IncRexford Industrial Realty, Inc.Tanger Inc

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy