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Table of Contents

Page
1			Earnings Release
6			Consolidated Statements of Operations
7			Consolidated Balance Sheets
8			Schedule 1 - Funds From Operations and Core Funds From Operations
10			Schedule 2 - Other Non-GAAP Financial Measurements
11			Schedule 3 - Portfolio Summary
13			Schedule 4 - Debt and Equity Capitalization
15			Schedule 5 - Summarized Information for Unconsolidated Real Estate Ventures
16			Schedule 6 - Same Store Performance Summary By State
18			Schedule 7 - Same Store Performance Summary By MSA
20			Schedule 8 - Same Store Operating Data - Trailing Five Quarters
21			Schedule 9 - Reconciliation of Same Store Data and Net Operating Income to Net Income
22			Schedule 10 - Selected Financial Information
23			Glossary

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May 11, 2020

National Storage Affiliates Trust Reports First Quarter 2020 Results

GREENWOOD VILLAGE, Colo. - (BUSINESS WIRE) - National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company’s first quarter 2020 results.

First Quarter 2020 Highlights

•Reported net income of $15.8 million for the first quarter of 2020, an increase of 21.8% compared to the first quarter of 2019. Reported diluted earnings per share of $0.06 for the first quarter of 2020, primarily relating to the HLBV method for allocating net income among the various classes of equity.

•Reported core funds from operations ("Core FFO") of $37.1 million, or $0.40 per share for the first quarter of 2020, an increase of 8.1% per share compared to the first quarter of 2019.

•Achieved same store net operating income ("NOI") growth of 3.5% for the first quarter of 2020 compared to the same period in 2019, driven by a 3.0% increase in same store total revenues partially offset by a 2.1% increase in same store property operating expenses.

•Acquired 36 wholly-owned self storage properties for $222.8 million and two joint venture properties totaling $12.1 million during the first quarter of 2020. Capital sources for the acquisition activity included the issuance of approximately $7.2 million of OP equity and $4.5 million of common equity raised under the Company’s at the market, or ATM, program at a combined weighted average price of $32.79 per share/unit, as well as borrowings under the Company’s revolving line of credit.

•Closed on the previously announced merger and internalization of the management platform of the Company’s largest PRO, SecurCare, on March 31, 2020.

Highlights Subsequent to Quarter-End

•Effective April 1, 2020, Dave Cramer, previously president and chief executive officer of SecurCare, was appointed Executive Vice President and Chief Operating Officer of NSA.

•On April 28, 2020, Kroll Bond Rating Agency affirmed the investment grade issuer rating of BBB for NSA's operating partnership.

•The Company currently has $129.7 million available for issuance under its ATM program and approximately $300 million of unused capacity on its revolving line of credit.

Tamara Fischer, President and Chief Executive Officer, commented, "We are very pleased with our first quarter results, and the completion of the internalization of SecurCare as originally scheduled despite the unprecedented economic environment. The impact of the COVID-19 pandemic has focused our efforts on the health and safety of our employees and customers. While social distancing guidelines have resulted in reduced move-in and move-out activity across our portfolio, our offices remain open for customer service through our no-contact leasing procedures. Our business overall remains stable, and we are working with our customers who are suffering economic hardship to help them through this time, resulting in cash collections of approximately 98% of normal levels in April. The downside protection built into our unique PRO structure and our conservative balance sheet leave us well positioned to weather these turbulent economic times with strong cash flow as well as excellent availability on our line of credit, with less than $40 million of debt maturing from now through 2022."

NSA’s Executive Chairman Arlen Nordhagen noted, “I’ve lived through three previous recessions in the self storage business, and our properties have weathered those storms very well. Overall, the self storage sector has historically proven to be very resilient and less affected than many other real estate sectors during economic downturns, and we think this will be no exception. The benefits of our PRO structure and our limited exposure to the largest metropolitan cities should serve us particularly well through the economic crisis created by the COVID-19 pandemic. On the other hand, the speed and magnitude of the economic stress affecting our customers and communities is unlike anything we have ever seen, and the current environment has required an unprecedented change in consumer behavior. Throughout this turbulent time, we remain committed to our core values of integrity, accountability, compassion and humility as we do our very best for NSA’s customers, employees and investors.”

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COVID-19 Update

Given the state of emergency and "stay at home" mandates across a majority of the states where NSA operates self storage facilities, the associated unprecedented decline in economic activity and significant spike in unemployment, the Company's business has been impacted as follows:

•The Company's stores are open despite state of emergency declarations and stay at home orders, as storage is considered an essential business.

•Same store move-in volume decreased approximately 28% in April, compared to the same period in 2019.

•Same store move-out volume decreased approximately 28% in April, compared to the same period in 2019.

•Same store period-end occupancy was 87.1% as of April 30, 2020, which was unchanged compared to March 31, 2020 and a decrease of approximately 140 basis points compared to April 30, 2019.

•There are state level restrictions on price increases, auctions and implementation of late fees under many state of emergency orders; the Company is abiding by all state and local restrictions and has temporarily suspended in-place customer rent increases.

2020 Guidance

Given the heightened level of uncertainty in the Company's operations due to the unprecedented growth in unemployment combined with a lack of clarity as to when the COVID-19 pandemic will materially subside, the Company is withdrawing its full-year 2020 guidance, which was included in its February 24, 2020 earnings release. The Company will evaluate reinstating 2020 guidance as it gains greater clarity regarding the aforementioned items.

Financial Results

($ in thousands, except per share and unit data)			Three Months Ended March 31,
			2020						2019						Growth
Net income			$	15,763					$	12,940					21.8		%
Funds From Operations ("FFO")(1)			$	36,278					$	32,580					11.4		%
Add back acquisition costs			833						157						430.6		%
Core FFO(1)			$	37,111					$	32,737					13.4		%
Earnings (loss) per share - basic and diluted			$	0.06					$	0.08					(25.0)		%
FFO per share and unit(1)			$	0.39					$	0.37					5.4		%
Core FFO per share and unit(1)			$	0.40					$	0.37					8.1		%

^{(1) Non-GAAP financial measures, including FFO, Core FFO and NOI, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information.}

Net income increased $2.8 million for the first quarter of 2020 as compared to the same period in 2019. The increase primarily resulted from additional NOI generated from the 73 wholly-owned self storage properties acquired between April 1, 2019 and March 31, 2020 and same store NOI growth, partially offset by increases in depreciation and amortization and interest expense.

The increases in FFO and Core FFO for the first quarter of 2020 were primarily the result of incremental NOI from properties acquired between April 1, 2019 and March 31, 2020 and same store NOI growth, partially offset by higher interest expense and increases in distributions to subordinated performance unitholders.

2

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Same Store Operating Results (500 Stores)

($ in thousands, except per square foot data)			Three Months Ended March 31,
			2020						2019						Growth
Total revenues			$	84,516					$	82,018					3.0		%
Property operating expenses			25,738						25,219						2.1		%
Net Operating Income (NOI)			$	58,778					$	56,799					3.5		%
NOI Margin			69.5		%				69.3		%				0.2		%
Average Occupancy			87.2		%				87.5		%				(0.3)		%
Average Annualized Rental Revenue Per Occupied Square Foot			$	12.34					$	11.98					3.0		%

Year-over-year same store total revenues increased 3.0% for the first quarter of 2020 as compared to the same period in 2019. The increase was driven primarily by a 3.0% increase in average annualized rental revenue per occupied square foot partially offset by a 30 basis point decrease in average occupancy. Markets which generated above portfolio average same store total revenue growth include: Riverside-San Bernardino, Atlanta, and Las Vegas. Markets which generated below portfolio average same store total revenue growth include: Portland, Dallas and Los Angeles.

Year-over-year same store property operating expenses increased 2.1% for the first quarter of 2020 as compared to the same period in 2019. The increase primarily resulted from increases in personnel costs, partially offset by decreases in utilities expenses.

Investment Activity

On March 31, 2020, NSA closed on the previously announced merger and internalization of SecurCare, the Company's largest PRO. As part of the internalization, NSA offered employment to most of SecurCare's employees to continue managing SecurCare's managed portfolio under the brand SecurCare as members of NSA's existing property management platform. As a result of the merger, NSA will no longer pay any fees or reimbursements to SecurCare and distributions on the series of subordinated performance units related to SecurCare's managed portfolio were discontinued.

In connection with the merger and the concurrent merger of DLAN Corporation, NSA issued a total of 8,105,192 common shares to the former shareholders of SecurCare and DLAN Corporation. NSA subsequently retired 1,118,193 OP units and DownREIT OP units and 2,001,441 subordinated performance units that had been held by SecurCare and DLAN Corporation.

In addition to the mergers, NSA acquired 36 wholly-owned self storage properties located across seven states consisting of approximately 1.8 million rentable square feet configured in approximately 13,600 storage units during the first quarter of 2020. Total consideration for these acquisitions of $222.8 million included approximately $214.6 million of net cash, the issuance of approximately $5.4 million of OP units, $0.8 million of subordinated performance units, $1.0 million of LTIP units and the assumption of approximately $1.0 million of other working capital liabilities.

During the first quarter of 2020, NSA's 2016 Joint Venture invested in two self storage properties for $12.1 million, comprising less than 0.1 million rentable square feet, configured in approximately 500 storage units.

Common Share Dividends

On February 20, 2020, NSA's Board of Trustees declared a quarterly cash dividend of $0.33 per common share, which was paid on March 31, 2020 to shareholders of record as of March 13, 2020.

Supplemental Financial Information

The full text of this earnings release and supplemental financial information, including certain financial information referenced in this release, are available on NSA's website at http://ir.nationalstorageaffiliates.com/quarterly-reporting and as exhibit 99.1 to the Company's Form 8-K furnished to the SEC on May 11, 2020.

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Non-GAAP Financial Measures & Glossary

This press release contains certain non-GAAP financial measures. These non-GAAP measures are presented because NSA's management believes these measures help investors understand NSA's business, performance and ability to earn and distribute cash to its shareholders by providing perspectives not immediately apparent from net income (loss). These measures are also frequently used by securities analysts, investors and other interested parties. The presentations of FFO, Core FFO and NOI in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, NSA's method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similar measures as calculated by other companies that do not use the same methodology as NSA. These measures, and other words and phrases used herein, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information.

Quarterly Teleconference and Webcast

The Company will host a conference call at 1:00 pm Eastern Time on Tuesday, May 12, 2020 to discuss its first quarter 2020 financial results. At the conclusion of the call, management will accept questions from certified financial analysts. All other participants are encouraged to listen to a webcast of the call by accessing the link found on the Company's website at www.nationalstorageaffiliates.com.

Conference Call and Webcast:

Date/Time: Tuesday, May 12, 2020, 1:00pm ET

Webcast available at: www.nationalstorageaffiliates.com

Domestic (Toll Free US & Canada): 877.407.9711

International: 412.902.1014

Replay:

Domestic (Toll Free US & Canada): 877.660.6853

International: 201.612.7415

Conference ID: 13692161

A replay of the call will be available for one week through Tuesday, May 19, 2020. A replay of the webcast will be available for 30 days on NSA's website at www.nationalstorageaffiliates.com.

About National Storage Affiliates Trust

National Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. As of March 31, 2020, the Company held ownership interests in and operated 780 self storage properties located in 35 states and Puerto Rico with approximately 48.9 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. For more information, please visit the Company’s website at www.nationalstorageaffiliates.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 2000 Index of Companies and the S&P SmallCap 600 Index.

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NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. Changes in any circumstances may cause the Company's actual results to differ significantly from those expressed in any forward-looking statement. When used in this release, the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: market trends in the Company's industry, interest rates, the debt and lending markets or the general economy; the Company's business and investment strategy; the acquisition of properties, including those under contract and our ability to execute on our acquisition pipeline; the timing of acquisitions under contract; the internalization of retiring participating regional operators ("PROs") into the Company; the negative impacts from the continued spread of COVID-19 on the economy, the self storage industry, the broader financial markets, the Company's financial condition, results of operations and cash flows and the ability of the Company's tenants to pay rent; and the Company's guidance estimates for the year ended December 31, 2020. For a further list and description of such risks and uncertainties, see the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission, and the other documents filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact:

National Storage Affiliates Trust

Investor/Media Relations

George Hoglund, CFA

Vice President - Investor Relations

720.630.2160

ghoglund@nsareit.net

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National Storage Affiliates Trust

Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

			Three Months Ended March 31,
			2020						2019
REVENUE
Rental revenue			$	95,402					$	82,855
Other property-related revenue			3,371						2,824
Management fees and other revenue			5,449						4,893
Total revenue			104,222						90,572
OPERATING EXPENSES
Property operating expenses			30,592						26,457
General and administrative expenses			11,094						10,380
Depreciation and amortization			29,105						24,349
Other			389						386
Total operating expenses			71,180						61,572
OTHER (EXPENSE) INCOME
Interest expense			(15,628)						(13,211)
Equity in losses of unconsolidated real estate ventures			(340)						(2,102)
Acquisition costs			(833)						(157)
Non-operating expense			(192)						(98)
Other expense			(16,993)						(15,568)
Income before income taxes			16,049						13,432
Income tax expense			(286)						(492)
Net income			15,763						12,940
Net income attributable to noncontrolling interests			(9,115)						(5,529)
Net income attributable to National Storage Affiliates Trust			6,648						7,411
Distributions to preferred shareholders			(3,273)						(2,588)
Net income attributable to common shareholders			$	3,375					$	4,823
Earnings (loss) per share - basic and diluted			$	0.06					$	0.08
Weighted average shares outstanding - basic and diluted			59,798						56,655

6

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National Storage Affiliates Trust

Consolidated Balance Sheets

(dollars in thousands, except per share amounts)

(unaudited)

			March 31,						December 31,
			2020						2019
ASSETS
Real estate
Self storage properties			$	3,314,849					$	3,091,719
Less accumulated depreciation			(363,527)						(337,822)
Self storage properties, net			2,951,322						2,753,897
Cash and cash equivalents			18,689						20,558
Restricted cash			3,997						3,718
Debt issuance costs, net			3,067						3,264
Investment in unconsolidated real estate ventures			213,497						214,061
Other assets, net			64,503						65,441
Operating lease right-of-use assets			23,798						23,306
Total assets			$	3,278,873					$	3,084,245
LIABILITIES AND EQUITY
Liabilities
Debt financing			$	1,731,669					$	1,534,047
Accounts payable and accrued liabilities			40,127						37,966
Interest rate swap liabilities			84,703						19,943
Operating lease liabilities			25,243						24,665
Deferred revenue			16,076						15,523
Total liabilities			1,897,818						1,632,144
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,732,719 and 8,727,119 issued and outstanding at March 31, 2020 and December 31, 2019, respectively, at liquidation preference			218,318						218,178
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 68,027,212 and 59,659,108 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively			680						597
Additional paid-in capital			970,786						905,763
Distributions in excess of earnings			(213,447)						(197,075)
Accumulated other comprehensive loss			(52,855)						(7,833)
Total shareholders' equity			923,482						919,630
Noncontrolling interests			457,573						532,471
Total equity			1,381,055						1,452,101
Total liabilities and equity			$	3,278,873					$	3,084,245

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Supplemental Schedule 1
Funds From Operations and Core Funds From Operations
(in thousands, except per share and unit amounts) (unaudited)
Reconciliation of Net Income to FFO and Core FFO
			Three Months Ended March 31,
			2020						2019
Net income			$	15,763					$	12,940
Add (subtract):
Real estate depreciation and amortization			28,764						24,027
Company's share of unconsolidated real estate venture real estate depreciation and amortization			3,787						5,457
Company's share of unconsolidated real estate venture loss on sale of properties			—						202
Mark-to-market changes in value on equity securities			142						—
Distributions to preferred shareholders and unitholders			(3,514)						(2,753)
FFO attributable to subordinated performance unitholders(1)			(8,664)						(7,293)
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders			36,278						32,580
Add:
Acquisition costs			833						157
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders			$	37,111					$	32,737
Weighted average shares and units outstanding - FFO and Core FFO:(2)
Weighted average shares outstanding - basic			59,798						56,655
Weighted average restricted common shares outstanding			23						30
Weighted average OP units outstanding			30,709						29,948
Weighted average DownREIT OP unit equivalents outstanding			1,849						1,848
Weighted average LTIP units outstanding			617						747
Total weighted average shares and units outstanding - FFO and Core FFO			92,996						89,228
FFO per share and unit			$	0.39					$	0.37
Core FFO per share and unit			$	0.40					$	0.37
(1) Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.
(2) NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in the Company's operating partnership on a one-for-one basis, subject to certain adjustments in each case. Subordinated performance units, DownREIT subordinated performance units and LTIP units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). See footnote(3) for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit.

8

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Supplemental Schedule 1 (continued)
Funds From Operations and Core Funds From Operations
(in thousands, except per share and unit amounts) (unaudited)
Reconciliation of Earnings (Loss) Per Share - Diluted to FFO and Core FFO Per Share and Unit
			Three Months Ended March 31,
			2020						2019
Earnings (loss) per share - diluted			$	0.06					$	0.08
Impact of the difference in weighted average number of shares(3)			(0.02)						(0.03)
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(4)			0.09						0.07
Add real estate depreciation and amortization			0.31						0.27
Add Company's share of unconsolidated real estate venture real estate depreciation and amortization			0.04						0.06
FFO attributable to subordinated performance unitholders			(0.09)						(0.08)
FFO per share and unit			0.39						0.37
Add acquisition costs			0.01						—
Core FFO per share and unit			$	0.40					$	0.37
(3) Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares and the treasury stock method for certain unvested LTIP units, and assumes the conversion of vested LTIP units into OP units on a one-for-one basis and the hypothetical conversion of subordinated performance units, and DownREIT subordinated performance units into OP units, even though such units may only be convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. For additional information about the conversion of subordinated performance units and DownREIT subordinated performance units into OP units, see Note 10 to the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission. The computation of weighted average shares and units for FFO and Core FFO per share and unit includes all restricted common shares and LTIP units that participate in distributions and excludes all subordinated performance units and DownREIT subordinated performance units because their effect has been accounted for through the allocation of FFO to the related unitholders based on distributions declared.
(4) Represents the effect of adjusting the numerator to consolidated net income (loss) prior to GAAP allocations for noncontrolling interests, after deducting preferred share and unit distributions, and before the application of the two-class method and treasury stock method, as described in footnote(3).

9

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Supplemental Schedule 2
Other Non-GAAP Financial Measurements
(dollars in thousands) (unaudited)
Net Operating Income
			Three Months Ended March 31,
			2020						2019
Net income			$	15,763					$	12,940
(Subtract) add:
Management fees and other revenue			(5,449)						(4,893)
General and administrative expenses			11,094						10,380
Other			389						386
Depreciation and amortization			29,105						24,349
Interest expense			15,628						13,211
Equity in losses of unconsolidated real estate ventures			340						2,102
Acquisition costs			833						157
Income tax expense			286						492
Non-operating expense			192						98
Net Operating Income			$	68,181					$	59,222

EBITDA and Adjusted EBITDA
			Three Months Ended March 31,
			2020						2019
Net income			$	15,763					$	12,940
Add:
Depreciation and amortization			29,105						24,349
Company's share of unconsolidated real estate venture depreciation and amortization			3,787						5,457
Interest expense			15,628						13,211
Income tax expense			286						492
EBITDA			64,569						56,449
Add (subtract):
Acquisition costs			833						157
Company's share of unconsolidated real estate venture loss on sale of properties			—						202
Equity-based compensation expense			774						1,112
Adjusted EBITDA			$	66,176					$	57,920

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Supplemental Schedule 3
Portfolio Summary
As of March 31, 2020
(dollars in thousands) (unaudited)
Wholly-Owned Store Data by State (Consolidated)																																																						Total Operated Store Data by State (Consolidated & Unconsolidated)
State/Territories						Stores						Units						Rentable Square Feet						Occupancy at Period End						State/Territories						Stores						Units						Rentable Square Feet						Occupancy at Period End
Texas						100						39,220						5,517,588						86.3		%				Texas						104						41,557						5,794,877						86.3		%
California						83						49,618						6,226,777						88.9		%				California						95						56,344						7,021,108						88.8		%
Oregon						62						24,833						3,148,614						80.7		%				Florida						75						45,836						4,906,884						84.4		%
Florida						48						30,468						3,185,287						85.7		%				Oregon						62						24,833						3,148,614						80.7		%
Georgia						45						19,425						2,601,774						86.9		%				Georgia						56						25,566						3,474,106						87.1		%
North Carolina						33						15,371						1,885,479						90.7		%				Oklahoma						36						16,180						2,211,387						88.0		%
Arizona						31						16,893						1,925,202						88.0		%				Arizona						33						17,902						2,035,032						87.7		%
Oklahoma						30						13,842						1,902,565						87.9		%				North Carolina						33						15,371						1,885,479						90.7		%
Louisiana						26						12,345						1,539,069						83.7		%				Louisiana						26						12,345						1,539,069						83.7		%
Indiana						16						8,776						1,134,570						89.5		%				Michigan						24						15,614						1,977,873						86.0		%
Kansas						16						5,714						763,249						88.8		%				Ohio						22						12,434						1,526,089						86.9		%
Washington						14						4,495						578,723						79.9		%				New Jersey						19						12,723						1,497,502						85.9		%
Nevada						13						6,682						844,856						90.3		%				Nevada						17						8,299						1,096,963						89.3		%
Colorado						12						5,413						673,256						84.2		%				Indiana						16						8,776						1,134,570						89.5		%
New Hampshire						11						4,733						577,590						90.5		%				Kansas						16						5,714						763,249						88.8		%
Missouri						9						3,858						489,823						73.8		%				Alabama						15						6,290						937,211						87.9		%
Ohio						8						3,645						461,393						88.5		%				Washington						14						4,495						578,723						79.9		%
Other(1)						46						22,705						2,782,923						86.7		%				Massachusetts						12						7,688						888,321						83.7		%
Total						603						288,036						36,238,738						86.6		%				Colorado						12						5,413						673,256						84.2		%
																														New Hampshire						11						4,733						577,590						90.5		%
																														Other(2)						82						43,648						5,240,532						84.4		%
																														Total						780						391,761						48,908,435						86.3		%

(1) Other states and territories in NSA's owned portfolio as of March 31, 2020 include Alabama, Idaho, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, New Jersey, New Mexico, Pennsylvania, South Carolina, Virginia and Puerto Rico.

(2) Other states and territories in NSA's operated portfolio as of March 31, 2020 include Delaware, Idaho, Illinois, Kentucky, Maryland, Minnesota, Mississippi, Missouri, New Mexico, New York, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia and Puerto Rico.

11

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Supplemental Schedule 3 (continued)
Portfolio Summary
(dollars in thousands) (unaudited)
2020 Acquisition Activity
Self Storage Properties Acquired During the Quarter Ended:																								Summary of Investment
									Stores						Units						Rentable Square Feet						Cash and Acquisition Costs						Value of OP Equity												Other Liabilities						Total
March 31, 2020						36						13,555						1,759,019						$	214,584					$	7,217											$	972					$	222,773
Unconsolidated Real Estate Ventures (at 100%)(3)
March 31, 2020						2						532						39,952						12,108						—												37						12,145
Total Investments(4)						38						14,087						1,798,971						$	226,692					$	7,217											$	1,009					$	234,918

(3) Values represent entire unconsolidated real estate ventures at 100%, not NSA's proportionate share. NSA's ownership in each of the unconsolidated real estate ventures is 25%.

(4) NSA acquired self storage properties located in California (2), Colorado (1), Florida (2), Georgia (1), Massachusetts (1), New Jersey (1), Oregon (1) and Texas (29).

12

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Supplemental Schedule 4
Debt and Equity Capitalization
As of March 31, 2020
(unaudited)
Debt Summary (dollars in thousands)
			Effective Interest Rate(1)						Basis of Rate						Maturity Date						2020						2021						2022						2023						2024						2025						2026						Thereafter						Total
Credit Facility:
Revolving line of credit			2.29%						Variable(2)						January 2024						$	—					$	—					$	—					$	—					$	200,000					$	—					$	—					$	—					$	200,000
Term loan - Tranche A			3.74%						Swapped To Fixed						January 2023						—						—						—						125,000						—						—						—						—						125,000
Term loan - Tranche B			2.91%						Swapped To Fixed						July 2024						—						—						—						—						250,000						—						—						—						250,000
Term loan - Tranche C			2.80%						Swapped To Fixed						January 2025						—						—						—						—						—						225,000						—						—						225,000
Term loan - Tranche D			3.57%						Swapped To Fixed						July 2026						—						—						—						—						—						—						175,000						—						175,000
Term loan facility - 2023			2.83%						Swapped To Fixed						June 2023						—						—						—						175,000						—						—						—						—						175,000
Term loan facility - 2028			4.62%						Swapped To Fixed						December 2028						—						—						—						—						—						—						—						75,000						75,000
Term loan facility - 2029			4.27%						Swapped To Fixed						April 2029						—						—						—						—						—						—						—						100,000						100,000
2029 Senior Unsecured Notes			3.98%						Fixed						August 2029						—						—						—						—						—						—						—						100,000						100,000
2031 Senior Unsecured Notes			4.08%						Fixed						August 2031						—						—						—						—						—						—						—						50,000						50,000
Fixed rate mortgages payable			4.18%						Fixed						October 2020 - October 2031						35,012						3,619						—						81,251						20,267						—						—						121,531						261,680
Total Principal/Weighted Average			3.39%												5.45 years						$	35,012					$	3,619					$	—					$	381,251					$	470,267					$	225,000					$	175,000					$	446,531					$	1,736,680
Unamortized debt issuance costs and debt premium, net																																																																					(5,011)
Total Debt																																																																					$	1,731,669

Debt Ratios

Covenant

Amount

Net Debt to Annualized Current Quarter Adjusted EBITDA

n/a

6.5x

Trailing Twelve Month Fixed Charge Coverage Ratio

> 1.5x

3.0x

Total Leverage Ratio

< 60.0%

43.5%

(1) Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable.

(2) For the $500 million revolving line of credit, the effective interest rate is calculated based on one month LIBOR plus an applicable margin of 1.30% and excludes fees which range from 0.15% to 0.20% for unused borrowings.

13

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Supplemental Schedule 4 (continued)

Debt and Equity Capitalization

As of March 31, 2020

(unaudited)

Preferred Shares and Units
			Outstanding
6.000% Series A cumulative redeemable preferred shares of beneficial interest			8,732,719
6.000% Series A-1 cumulative redeemable preferred units			637,382
Common Shares and Units
			Outstanding						If Converted
Common shares of beneficial interest			67,992,187						67,992,187
Restricted common shares			35,025						35,025
Total shares outstanding			68,027,212						68,027,212
Operating partnership units			29,751,701						29,751,701
DownREIT operating partnership unit equivalents			1,924,918						1,924,918
Total operating partnership units			31,676,619						31,676,619
Long-term incentive plan units(3)			511,841						511,841
Total shares and Class A equivalents outstanding			100,215,672						100,215,672
Subordinated performance units(4)			8,693,121						10,605,608
DownREIT subordinated performance unit equivalents(4)			4,337,111						5,291,275
Total subordinated partnership units			13,030,232						15,896,883
Total common shares and units outstanding			113,245,904						116,112,555

(3) Balances exclude 252,894 long-term incentive plan ("LTIP") units which only vest and participate in dividend distributions upon the future contribution of properties from the PROs or the completion of expansion projects.

(4) If converted balance assumes that each subordinated performance unit (including each DownREIT subordinated performance unit) is convertible into OP units, notwithstanding the two-year lock-out period on conversions for certain series of subordinated performance units, and that each subordinated performance unit would on average convert on a hypothetical basis into an estimated 1.22 OP units based on historical financial information for the trailing twelve months ended March 31, 2020. The hypothetical conversions are calculated by dividing the average cash available for distribution, or CAD, per subordinated performance unit by 110% of the CAD per OP unit over the same period. The Company anticipates that as CAD grows over time, the conversion ratio will also grow, including to levels that may exceed these amounts.

14

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Supplemental Schedule 5
Summarized Information for Unconsolidated Real Estate Ventures
(dollars in thousands) (unaudited)
Combined Balance Sheet Information
Total Ventures at 100%(1)						March 31, 2020						December 31, 2019
ASSETS
Self storage properties, net						$	1,833,094					$	1,835,235
Other assets						24,202						22,413
Total assets						$	1,857,296					$	1,857,648
LIABILITIES AND EQUITY
Debt financing						$	989,382					$	989,182
Other liabilities						22,144						20,487
Equity						845,770						847,979
Total liabilities and equity						$	1,857,296					$	1,857,648

Combined Operating Information
						Three Months Ended March 31, 2020
						Total Ventures at 100%(1)						NSA Proportionate Share (Ventures at 25%)(2)
Total revenue						$	40,238					$	10,060
Property operating expenses						13,178						3,295
Net operating income						27,060						6,765
Supervisory, administrative and other expenses						(2,669)						(667)
Depreciation and amortization						(15,146)						(3,787)
Interest expense						(10,264)						(2,566)
Acquisition and other expenses						(399)						(100)
Net loss						$	(1,418)					$	(355)
Add (subtract):
Equity in earnings adjustments related to amortization of basis differences												15
Company's share of unconsolidated real estate venture real estate depreciation and amortization												3,787
Company's share of FFO and Core FFO from unconsolidated real estate ventures												$	3,447

(1) Values represent entire unconsolidated real estate ventures at 100%, not NSA's proportionate share. NSA's ownership in each of the unconsolidated real estate ventures is 25%.

(2) NSA's proportionate share of its unconsolidated real estate ventures is derived by applying NSA's 25% ownership interest to each line item in the GAAP financial statements of the unconsolidated real estate ventures to calculate NSA's share of that line item. NSA believes this information offers insights into the financial performance of the Company, although the presentation of such information, and its combination with NSA's consolidated results, may not accurately depict the legal and economic implications of holding a noncontrolling interest in the unconsolidated real estate ventures. The operating agreements of the unconsolidated real estate ventures provide for the distribution of net cash flow to the unconsolidated real estate ventures' investors no less than monthly, generally in proportion to the investors’ respective ownership interests, subject to a promoted distribution to NSA upon the achievement of certain performance benchmarks by the non-NSA investor.

15

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Supplemental Schedule 6
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended March 31, 2020 compared to Three Months Ended March 31, 2019
									Total Revenue																														Property Operating Expenses																														Net Operating Income																														Net Operating Income Margin
State			Stores									1Q 2020						1Q 2019						Growth						1Q 2020						1Q 2019						Growth						1Q 2020						1Q 2019						Growth						1Q 2020						1Q 2019						Growth
California			81						$	19,209					$	18,686					2.8		%				$	5,383					$	5,123					5.1		%				$	13,826					$	13,563					1.9		%				72.0		%				72.6		%				(0.6)		%
Oregon			60						9,566						9,476						0.9		%				2,541						2,569						(1.1)		%				7,025						6,907						1.7		%				73.4		%				72.9		%				0.5		%
Texas			60						7,803						7,529						3.6		%				2,816						2,824						(0.3)		%				4,987						4,705						6.0		%				63.9		%				62.5		%				1.4		%
Florida			37						8,387						8,155						2.8		%				2,539						2,514						1.0		%				5,848						5,641						3.7		%				69.7		%				69.2		%				0.5		%
Georgia			35						4,592						4,357						5.4		%				1,524						1,491						2.2		%				3,068						2,866						7.0		%				66.8		%				65.8		%				1.0		%
North Carolina			33						5,003						4,792						4.4		%				1,445						1,454						(0.6)		%				3,558						3,338						6.6		%				71.1		%				69.7		%				1.4		%
Oklahoma			30						3,719						3,601						3.3		%				1,185						1,136						4.3		%				2,534						2,465						2.8		%				68.1		%				68.5		%				(0.4)		%
Arizona			30						5,433						5,215						4.2		%				1,526						1,489						2.5		%				3,907						3,726						4.9		%				71.9		%				71.4		%				0.5		%
Indiana			16						2,540						2,502						1.5		%				796						839						(5.1)		%				1,744						1,663						4.9		%				68.7		%				66.5		%				2.2		%
Kansas			16						2,150						1,992						7.9		%				789						818						(3.5)		%				1,361						1,174						15.9		%				63.3		%				58.9		%				4.4		%
Louisiana			14						1,899						1,839						3.3		%				645						644						0.2		%				1,254						1,195						4.9		%				66.0		%				65.0		%				1.0		%
Washington			14						1,772						1,818						(2.5)		%				536						515						4.1		%				1,236						1,303						(5.1)		%				69.8		%				71.7		%				(1.9)		%
Nevada			13						2,344						2,183						7.4		%				659						608						8.4		%				1,685						1,575						7.0		%				71.9		%				72.1		%				(0.2)		%
Colorado			11						1,703						1,717						(0.8)		%				558						569						(1.9)		%				1,145						1,148						(0.3)		%				67.2		%				66.9		%				0.3		%
New Hampshire			10						1,579						1,562						1.1		%				561						560						0.2		%				1,018						1,002						1.6		%				64.5		%				64.1		%				0.4		%
Other(1)			40						6,817						6,594						3.4		%				2,235						2,066						8.2		%				4,582						4,528						1.2		%				67.2		%				68.7		%				(1.5)		%
Total/Weighted Average			500						$	84,516					$	82,018					3.0		%				$	25,738					$	25,219					2.1		%				$	58,778					$	56,799					3.5		%				69.5		%				69.3		%				0.2		%
2019 Same Store Pool(2)			438						$	73,964					$	71,871					2.9		%				$	22,516					$	22,150					1.7		%				$	51,448					$	49,721					3.5		%				69.6		%				69.2		%				0.4		%
2018 Same Store Pool(3)			373						$	62,562					$	60,951					2.6		%				$	18,720					$	18,347					2.0		%				$	43,842					$	42,604					2.9		%				70.1		%				69.9		%				0.2		%

(1) Other states and territories in NSA's same store portfolio include Alabama, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Virginia and Puerto Rico.

(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.

(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.

16

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Supplemental Schedule 6 (continued)
Same Store Performance Summary By State
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended March 31, 2020 compared to Three Months Ended March 31, 2019
						Rentable Square Feet						Occupancy at Period End																														Average Occupancy																														Average Annualized Rental Revenue per Occupied Square Foot
State			Units												1Q 2020						1Q 2019						Growth						1Q 2020						1Q 2019						Growth						1Q 2020						1Q 2019						Growth
California			48,026			6,083,058						89.2		%				91.4		%				(2.2)		%				89.0		%				90.1		%				(1.1)		%				$	13.54					$	13.04					3.8		%
Oregon			24,303			3,074,854						80.8		%				83.4		%				(2.6)		%				80.8		%				82.6		%				(1.8)		%				15.09						14.62						3.2		%
Texas			24,174			3,420,736						87.1		%				88.9		%				(1.8)		%				87.7		%				88.1		%				(0.4)		%				10.10						9.73						3.8		%
Florida			23,667			2,526,944						85.2		%				87.2		%				(2.0)		%				85.8		%				87.0		%				(1.2)		%				14.90						14.78						0.8		%
Georgia			14,330			1,935,656						88.2		%				88.7		%				(0.5)		%				88.5		%				87.4		%				1.1		%				10.40						9.98						4.2		%
North Carolina			15,371			1,885,479						90.7		%				91.9		%				(1.2)		%				90.5		%				91.4		%				(0.9)		%				11.30						10.70						5.6		%
Oklahoma			13,842			1,902,565						87.9		%				86.3		%				1.6		%				87.7		%				85.3		%				2.4		%				8.65						8.62						0.3		%
Arizona			16,533			1,876,662						87.9		%				87.9		%				—						87.4		%				86.5		%				0.9		%				12.89						12.62						2.1		%
Indiana			8,776			1,134,570						89.5		%				89.7		%				(0.2)		%				89.5		%				88.7		%				0.8		%				9.76						9.67						0.9		%
Kansas			5,714			763,249						88.8		%				85.0		%				3.8		%				87.5		%				83.5		%				4.0		%				12.07						11.77						2.5		%
Louisiana			6,312			857,924						84.1		%				84.3		%				(0.2)		%				84.9		%				83.1		%				1.8		%				10.23						10.12						1.1		%
Washington			4,495			578,723						79.9		%				84.4		%				(4.5)		%				79.8		%				83.7		%				(3.9)		%				15.08						14.74						2.3		%
Nevada			6,682			844,856						90.3		%				91.9		%				(1.6)		%				90.2		%				91.3		%				(1.1)		%				11.72						10.91						7.4		%
Colorado			5,037			614,206						85.0		%				89.1		%				(4.1)		%				84.6		%				87.6		%				(3.0)		%				12.80						12.44						2.9		%
New Hampshire			4,254			516,265						90.0		%				92.4		%				(2.4)		%				90.0		%				92.0		%				(2.0)		%				13.26						12.99						2.1		%
Other(1)			19,027			2,334,709						87.2		%				88.1		%				(0.9)		%				87.3		%				87.8		%				(0.5)		%				12.84						12.41						3.5		%
Total/Weighted Average			240,543			30,350,456						87.1		%				88.5		%				(1.4)		%				87.2		%				87.5		%				(0.3)		%				$	12.34					$	11.98					3.0		%
2019 Same Store Pool(2)			210,383			26,920,550						87.1		%				88.7		%				(1.6)		%				87.3		%				87.7		%				(0.4)		%				$	12.16					$	11.79					3.1		%
2018 Same Store Pool(3)			177,901			22,648,750						87.2		%				88.9		%				(1.7)		%				87.4		%				87.9		%				(0.5)		%				$	12.22					$	11.85					3.1		%

(1) Other states and territories in NSA's same store portfolio include Alabama, Illinois, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Mexico, Ohio, South Carolina, Virginia and Puerto Rico.

(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.

(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.

17

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Supplemental Schedule 7
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended March 31, 2020 compared to Three Months Ended March 31, 2019
									Total Revenue																														Property Operating Expenses																														Net Operating Income																														Net Operating Income Margin
MSA(1)			Stores									1Q 2020						1Q 2019						Growth						1Q 2020						1Q 2019						Growth						1Q 2020						1Q 2019						Growth						1Q 2020						1Q 2019						Growth
Riverside-San Bernardino-Ontario, CA			47						$	9,755					$	9,411					3.7		%				$	2,533					$	2,432					4.2		%				$	7,222					$	6,979					3.5		%				74.0		%				74.2		%				(0.2)		%
Portland-Vancouver-Hillsboro, OR-WA			47						7,595						7,602						(0.1)		%				2,023						2,002						1.0		%				5,572						5,600						(0.5)		%				73.4		%				73.7		%				(0.3)		%
Atlanta-Sandy Springs-Roswell, GA			26						3,862						3,656						5.6		%				1,232						1,188						3.7		%				2,630						2,468						6.6		%				68.1		%				67.5		%				0.6		%
Phoenix-Mesa-Scottsdale, AZ			23						4,450						4,304						3.4		%				1,224						1,194						2.5		%				3,226						3,110						3.7		%				72.5		%				72.3		%				0.2		%
Oklahoma City, OK			17						2,045						1,987						2.9		%				676						661						2.3		%				1,369						1,326						3.2		%				66.9		%				66.7		%				0.2		%
Dallas-Fort Worth-Arlington, TX			17						2,260						2,223						1.7		%				889						891						(0.2)		%				1,371						1,332						2.9		%				60.7		%				59.9		%				0.8		%
Indianapolis-Carmel-Anderson, IN			16						2,540						2,502						1.5		%				796						839						(5.1)		%				1,744						1,663						4.9		%				68.7		%				66.5		%				2.2		%
Los Angeles-Long Beach-Anaheim, CA			14						4,922						4,910						0.2		%				1,383						1,311						5.5		%				3,539						3,599						(1.7)		%				71.9		%				73.3		%				(1.4)		%
Tulsa, OK			13						1,674						1,614						3.7		%				509						475						7.2		%				1,165						1,139						2.3		%				69.6		%				70.6		%				(1.0)		%
North Port-Sarasota-Bradenton, FL			13						3,036						2,888						5.1		%				906						948						(4.4)		%				2,130						1,940						9.8		%				70.2		%				67.2		%				3.0		%
Las Vegas-Henderson-Paradise, NV			12						2,238						2,092						7.0		%				629						577						9.0		%				1,609						1,515						6.2		%				71.9		%				72.4		%				(0.5)		%
Kansas City, MO-KS			11						1,561						1,475						5.8		%				624						644						(3.1)		%				937						831						12.8		%				60.0		%				56.3		%				3.7		%
Other MSAs			244						38,578						37,354						3.3		%				12,314						12,057						2.1		%				26,264						25,297						3.8		%				68.1		%				67.7		%				0.4		%
Total/Weighted Average			500						$	84,516					$	82,018					3.0		%				$	25,738					$	25,219					2.1		%				$	58,778					$	56,799					3.5		%				69.5		%				69.3		%				0.2		%
2019 Same Store Pool(2)			438						$	73,964					$	71,871					2.9		%				$	22,516					$	22,150					1.7		%				$	51,448					$	49,721					3.5		%				69.6		%				69.2		%				0.4		%
2018 Same Store Pool(3)			373						$	62,562					$	60,951					2.6		%				$	18,720					$	18,347					2.0		%				$	43,842					$	42,604					2.9		%				70.1		%				69.9		%				0.2		%

(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau.

(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.

(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.

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Supplemental Schedule 7 (continued)
Same Store Performance Summary By MSA(1)
(dollars in thousands, except per square foot data) (unaudited)
Three Months Ended March 31, 2020 compared to Three Months Ended March 31, 2019
						Rentable Square Feet						Occupancy at Period End																														Average Occupancy																														Average Annualized Rental Revenue per Occupied Square Foot
MSA(1)			Units												1Q 2020						1Q 2019						Growth						1Q 2020						1Q 2019						Growth						1Q 2020						1Q 2019						Growth
Riverside-San Bernardino-Ontario, CA			24,969			3,359,601						90.6		%				91.4		%				(0.8)		%				90.1		%				90.0		%				0.1		%				$	12.24					$	11.84					3.4		%
Portland-Vancouver-Hillsboro, OR-WA			18,205			2,226,258						80.8		%				83.9		%				(3.1)		%				80.9		%				83.3		%				(2.4)		%				16.58						16.10						3.0		%
Atlanta-Sandy Springs-Roswell, GA			11,865			1,625,303						87.6		%				88.5		%				(0.9)		%				88.0		%				87.1		%				0.9		%				10.47						9.98						4.9		%
Phoenix-Mesa-Scottsdale, AZ			13,474			1,516,082						87.9		%				86.5		%				1.4		%				87.0		%				85.3		%				1.7		%				13.10						13.05						0.4		%
Oklahoma City, OK			7,723			1,087,927						88.4		%				85.1		%				3.3		%				88.0		%				84.2		%				3.8		%				8.30						8.44						(1.7)		%
Dallas-Fort Worth-Arlington, TX			6,422			858,342						87.5		%				87.9		%				(0.4)		%				87.7		%				86.8		%				0.9		%				11.61						11.58						0.3		%
Indianapolis-Carmel-Anderson, IN			8,776			1,134,570						89.5		%				89.7		%				(0.2)		%				89.5		%				88.7		%				0.8		%				9.76						9.67						0.9		%
Los Angeles-Long Beach-Anaheim, CA			9,743			1,062,964						86.8		%				90.0		%				(3.2)		%				86.6		%				89.0		%				(2.4)		%				20.46						19.90						2.8		%
Tulsa, OK			6,119			814,638						87.2		%				87.8		%				(0.6)		%				87.3		%				86.7		%				0.6		%				9.12						8.86						2.9		%
North Port-Sarasota-Bradenton, FL			8,585			839,546						84.3		%				84.9		%				(0.6)		%				84.8		%				84.9		%				(0.1)		%				16.40						16.16						1.5		%
Las Vegas-Henderson-Paradise, NV			6,494			803,220						90.3		%				91.8		%				(1.5)		%				90.1		%				91.0		%				(0.9)		%				11.75						11.00						6.8		%
Kansas City, MO-KS			4,031			551,139						87.7		%				83.4		%				4.3		%				85.8		%				82.3		%				3.5		%				12.33						12.25						0.7		%
Other MSAs			114,137			14,470,866						86.9		%				89.0		%				(2.1)		%				87.2		%				88.2		%				(1.0)		%				11.84						11.40						3.9		%
Total/Weighted Average			240,543			30,350,456						87.1		%				88.5		%				(1.4)		%				87.2		%				87.5		%				(0.3)		%				$	12.34					$	11.98					3.0		%
2019 Same Store Pool(2)			210,383			26,920,550						87.1		%				88.7		%				(1.6)		%				87.3		%				87.7		%				(0.4)		%				$	12.16					$	11.79					3.1		%
2018 Same Store Pool(3)			177,901			22,648,750						87.2		%				88.9		%				(1.7)		%				87.4		%				87.9		%				(0.5)		%				$	12.22					$	11.85					3.1		%

(1) MSA (Metropolitan Statistical Area) as defined by the United States Census Bureau.

(2) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2019.

(3) Represents the subset of properties included in the 2020 same store pool that were in NSA's same store pool reported in 2018.

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Supplemental Schedule 8
Same Store Operating Data (500 Stores) - Trailing Five Quarters
(dollars in thousands, except per square foot data) (unaudited)
			1Q 2020						4Q 2019						3Q 2019						2Q 2019						1Q 2019
Revenue
Rental revenue			$	81,609					$	82,059					$	83,320					$	81,038					$	79,338
Other property-related revenue			2,907						2,805						2,910						2,921						2,680
Total revenue			84,516						84,864						86,230						83,959						82,018
Property operating expenses
Store payroll and related costs			8,176						7,771						7,757						7,733						7,830
Property tax expense			6,894						6,220						6,974						6,712						6,975
Utilities expense			2,337						2,258						2,804						2,182						2,508
Repairs & maintenance expense			2,022						2,011						2,046						2,175						1,934
Marketing expense			1,660						1,633						1,777						1,769						1,584
Insurance expense			803						783						774						775						757
Other property operating expenses			3,846						3,833						3,676						3,706						3,631
Total property operating expenses			25,738						24,509						25,808						25,052						25,219
Net operating income			$	58,778					$	60,355					$	60,422					$	58,907					$	56,799
Net operating income margin			69.5		%				71.1		%				70.1		%				70.2		%				69.3		%
Occupancy at period end			87.1		%				87.2		%				89.3		%				90.8		%				88.5		%
Average occupancy			87.2		%				88.1		%				90.1		%				89.5		%				87.5		%
Average annualized rental revenue per occupied square foot			$	12.34					$	12.27					$	12.19					$	11.94					$	11.98

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Supplemental Schedule 9
Reconciliation of Same Store Data and Net Operating Income to Net Income
(dollars in thousands) (unaudited)
			1Q 2020						4Q 2019						3Q 2019						2Q 2019						1Q 2019
Rental revenue
Same store portfolio			$	81,609					$	82,059					$	83,320					$	81,038					$	79,338
Non-same store portfolio			13,793						10,024						9,426						6,137						3,517
Total rental revenue			95,402						92,083						92,746						87,175						82,855
Other property-related revenue
Same store portfolio			2,907						2,805						2,910						2,921						2,680
Non-same store portfolio			464						328						307						207						144
Total other property-related revenue			3,371						3,133						3,217						3,128						2,824
Property operating expenses
Same store portfolio			25,738						24,509						25,808						25,052						25,219
Non-same store portfolio			4,854						3,203						3,180						2,138						1,238
Total property operating expenses			30,592						27,712						28,988						27,190						26,457
Net operating income			68,181						67,504						66,975						63,113						59,222
Management fees and other revenue			5,449						5,352						5,374						5,116						4,893
General and administrative expenses			(11,094)						(11,566)						(11,271)						(10,813)						(10,380)
Depreciation and amortization			(29,105)						(27,343)						(27,598)						(25,829)						(24,349)
Other			(389)						(40)						(768)						(357)						(386)
Interest expense			(15,628)						(14,874)						(14,432)						(13,947)						(13,211)
Equity in losses of unconsolidated real estate ventures			(340)						(8)						(1,214)						(1,646)						(2,102)
Acquisition costs			(833)						(534)						(321)						(305)						(157)
Non-operating (expense) income			(192)						727						(8)						(169)						(98)
Gain on sale of self storage properties			—						—						—						2,814						—
Income tax expense			(286)						(392)						(223)						(244)						(492)
Net Income			$	15,763					$	18,826					$	16,514					$	17,733					$	12,940

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Supplemental Schedule 10
Selected Financial Information
(dollars in thousands, except per square foot data) (unaudited)
			Three Months Ended March 31,
			2020						2019
Average Annualized Rental Revenue Per Occupied Square Foot
Same store			$	12.34					$	11.98
Total consolidated portfolio			12.31						12.00
Average Occupancy
Same store			87.2		%				87.5		%
Total consolidated portfolio			86.7		%				87.2		%
Total Consolidated Portfolio Capital Expenditures
Recurring capital expenditures			$	1,677					$	2,159
Value enhancing capital expenditures			897						945
Acquisitions capital expenditures			2,331						1,993
Total consolidated portfolio capital expenditures			$	4,905					$	5,097
Property Operating Expenses Detail
Store payroll and related costs			$	9,591					$	8,265
Property tax expense			8,229						7,235
Utilities expense			2,734						2,623
Repairs & maintenance expense			2,326						2,014
Marketing expense			2,012						1,645
Insurance expense			1,057						816
Other property operating expenses			4,643						3,859
Property operating expenses on the Company's statements of operations			$	30,592					$	26,457
General and Administrative Expenses Detail
Supervisory and administrative expenses			$	5,319					$	4,680
Equity-based compensation expense			774						1,112
Other general and administrative expenses			5,001						4,588
General and administrative expenses on the Company's statements of operations			$	11,094					$	10,380

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Glossary

This Earnings Release and Supplemental Financial Information includes certain financial and operating measures used by NSA management that are not calculated in accordance with accounting principles generally accepted in the United States, or GAAP. NSA's definitions and calculations of these non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other real estate companies and, accordingly, may not be comparable. These non-GAAP financial and operating measures should not be considered an alternative to GAAP net income or any other GAAP measurement of performance and should not be considered an alternative measure of liquidity.

2016 JOINT VENTURE: NSA's 2016 Joint Venture was formed in 2016 with a major state pension fund advised by Heitman Capital Management LLC. NSA's ownership in the 2016 Joint Venture is 25% and NSA earns customary fees for managing and operating the 2016 Joint Venture properties. In connection with the 2016 Joint Venture’s acquisition of an initial portfolio of self storage properties, NSA separately acquired the property management platform related to the initial portfolio, including a property management company, a captive insurance company, and related intellectual property, including the iStorage brand, under which NSA's management platform operates the 2016 Joint Venture.

2018 JOINT VENTURE: NSA's 2018 Joint Venture was formed in 2018 with an affiliate of Heitman America Real Estate REIT LLC to acquire a portfolio of over 100 self storage properties. NSA's ownership in the 2018 Joint Venture is 25% and NSA earns customary fees for managing and operating the 2018 Joint Venture properties. Substantially all of the 2018 Joint Venture properties are operated by NSA's management platform under NSA's iStorage brand.

AVERAGE ANNUALIZED RENTAL REVENUE PER OCCUPIED SQUARE FOOT: Average annualized rental revenue per occupied square foot is computed by dividing annualized rental revenue (including fees and net of any discounts and uncollectible customer amounts) by average occupied square feet.

AVERAGE OCCUPANCY: Average occupancy is calculated based on the average of the month-end occupancy immediately preceding the period presented and the month-end occupancies included in the respective period presented.

CAPITAL EXPENDITURES DEFINITIONS

ACQUISITIONS CAPITAL EXPENDITURES: Acquisitions capital expenditures represents the portion of capital expenditures capitalized during the current period that were identified and underwritten prior to a property's acquisition.

RECURRING CAPITAL EXPENDITURES: Recurring capital expenditures represents the portion of capital expenditures that are deemed to replace the consumed portion of acquired capital assets and extend their useful lives.

VALUE ENHANCING CAPITAL EXPENDITURES: Value enhancing capital expenditures represents the portion of capital expenditures that are made to enhance the revenue and value of an asset from its original purchase condition.

EBITDA: NSA defines EBITDA as net income (loss), as determined under GAAP, plus interest expense, loss on early extinguishment of debt, income taxes, depreciation and amortization expense and the Company's share of unconsolidated real estate venture depreciation and amortization. NSA defines ADJUSTED EBITDA as EBITDA plus acquisition costs, organizational and offering expenses, equity-based compensation expense, losses on sale of properties and impairment of long-lived assets, minus gains on sale of properties and debt forgiveness, and after adjustments for unconsolidated partnerships and joint ventures. These further adjustments eliminate the impact of items that the Company does not consider indicative of its core operating performance. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. NSA's presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items.

NSA presents EBITDA and Adjusted EBITDA because the Company believes they assist investors and analysts in comparing the Company's performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. EBITDA and Adjusted EBITDA have limitations as an analytical tool. Some of these limitations are:

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•EBITDA and Adjusted EBITDA do not reflect the Company's cash expenditures, or future requirements, for capital expenditures, contractual commitments or working capital needs;

•EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company's debts;

•although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;

•Adjusted EBITDA excludes equity-based compensation expense, which is and will remain a key element of the Company's overall long-term incentive compensation package, although the Company excludes it as an expense when evaluating its ongoing operating performance for a particular period;

•EBITDA and Adjusted EBITDA do not reflect the impact of certain cash charges resulting from matters the Company considers not to be indicative of its ongoing operations; and

•other companies in NSA's industry may calculate EBITDA and Adjusted EBITDA differently than NSA does, limiting their usefulness as comparative measures.

NSA compensates for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with the Company's analysis of net income (loss). EBITDA and Adjusted EBITDA should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues and net income (loss).

FUNDS FROM OPERATIONS: Funds from operations, or FFO, is a widely used performance measure for real estate companies and is provided here as a supplemental measure of the Company's operating performance. The December 2018 Nareit Funds From Operations White Paper - 2018 Restatement, which the Company refers to as the White Paper, defines FFO as net income (as determined under GAAP), excluding: real estate depreciation and amortization, gains and losses from the sale of certain real estate assets, gains and losses from change in control, mark-to-market changes in value recognized on equity securities, impairment write-downs of certain real estate assets and impairment of investments in entities when it is directly attributable to decreases in the value of depreciable real estate held by the entity and after items to record unconsolidated partnerships and joint ventures on the same basis. Distributions declared on subordinated performance units and DownREIT subordinated performance units represent NSA's allocation of FFO to noncontrolling interests held by subordinated performance unitholders and DownREIT subordinated performance unitholders. For purposes of calculating FFO attributable to common shareholders, OP unitholders, and LTIP unitholders, NSA excludes distributions declared on subordinated performance units, DownREIT subordinated performance units, preferred shares and preferred units. NSA defines CORE FFO as FFO, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of its core operating performance. These further adjustments consist of acquisition costs, organizational and offering costs, gains on debt forgiveness, gains (losses) on early extinguishment of debt, and after adjustments for unconsolidated partnerships and joint ventures.

Management uses FFO and Core FFO as key performance indicators in evaluating the operations of NSA's properties. Given the nature of NSA's business as a real estate owner and operator, the Company considers FFO and Core FFO as key supplemental measures of its operating performance that are not specifically defined by GAAP. NSA believes that FFO and Core FFO are useful to management and investors as a starting point in measuring the Company's operational performance because FFO and Core FFO exclude various items included in net income (loss) that do not relate to or are not indicative of the Company's operating performance such as gains (or losses) from sales of self storage properties and depreciation, which can make periodic and peer analyses of operating performance more difficult. NSA's computation of FFO and Core FFO may not be comparable to FFO reported by other REITs or real estate companies.

FFO and Core FFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, operating income and net income (loss). FFO and Core FFO do not represent cash generated from operating activities determined in accordance with GAAP and are not a measure of liquidity or an indicator of NSA's ability to make cash distributions. NSA believes that to further understand the Company's performance, FFO and Core FFO should be compared with the Company's reported net income (loss) and considered in addition to cash flows computed in accordance with GAAP, as presented in the Company's consolidated financial statements.

HYPOTHETICAL LIQUIDATION AT BOOK VALUE METHOD: In accordance with GAAP, the Company allocates income (loss) utilizing the hypothetical liquidation at book value ("HLBV") method, in which the Company allocates

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income or loss based on the change in each unitholders’ claim on the net assets of the Company's operating partnership at period end after adjusting for any distributions or contributions made during such period. The Company uses this method because of the difference between the distribution rights and priorities set forth in the operating partnership's Agreement of Limited Partnership and what is reflected by the underlying percentage ownership interests of the unitholders.

The HLBV method is a balance sheet-focused approach to income (loss) allocation. A calculation is prepared at each balance sheet date to determine the amount that unitholders would receive if the operating partnership were to liquidate all of its assets (at GAAP net book value) and distribute the resulting proceeds to its creditors and unitholders based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is used to derive each unitholder's share of the income (loss) for the period. Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership, and net income (loss) attributable to National Storage Affiliates Trust could be more or less net income than actual cash distributions received and more or less income or loss than what may be received in the event of an actual liquidation. Additionally, the HLBV method could result in net income (or net loss) attributable to National Storage Affiliates Trust during a period when the Company reports consolidated net loss (or net income), or net income (or net loss) attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income (or net loss). The computations of basic and diluted earnings (loss) per share may be materially affected by these disproportionate income (loss) allocations, resulting in volatile fluctuations of basic and diluted earnings (loss) per share. Readers and investors are cautioned not to place undue reliance on NSA's income (loss) allocations or earnings (loss) per share without considering the effects described above, including the effect that depreciation and amortization have on income (loss), net book value and the application of the HLBV method.

LONG-TERM INCENTIVE PLAN UNITS: Long-term incentive plan units, or LTIP units, are a special class of partnership interest in NSA's operating partnership that allow the holder to participate in the ordinary and liquidating distributions received by holders of the operating partnership units (subject to the achievement of specified levels of profitability by our operating partnership or the achievement of certain events). Upon vesting, and after achieving parity with operating partnership units, vested LTIP units may be converted into an equal number of operating partnership units, and thereafter have all the rights of operating partnership units, including redemption rights.

NET DEBT TO ANNUALIZED CURRENT QUARTER ADJUSTED EBITDA: NSA calculates net debt to Adjusted EBITDA as total debt (inclusive of $6.3 million of fair value of debt adjustments and $11.3 million of debt issuance costs) less cash and cash equivalents, divided by annualized current quarter Adjusted EBITDA.

NET OPERATING INCOME:  Net operating income, or NOI, represents rental revenue plus other property-related revenue less property operating expenses. NOI is not a measure of performance calculated in accordance with GAAP.

NSA believes NOI is useful to investors in evaluating the Company's operating performance because:

•NOI is one of the primary measures used by NSA's management and the Company's PROs to evaluate the economic productivity of the Company's properties, including the Company's ability to lease its properties, increase pricing and occupancy and control the Company's property operating expenses;

•NOI is widely used in the real estate industry and the self storage industry to measure the performance and value of real estate assets without regard to various items included in net income that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods, the book value of assets, and the impact of NSA's capital structure; and

•NSA believes NOI helps the Company's investors to meaningfully compare the results of its operating performance from period to period by removing the impact of the Company's capital structure (primarily interest expense on the Company's outstanding indebtedness) and depreciation of the cost basis of NSA's assets from its operating results.

There are material limitations to using a non-GAAP measure such as NOI, including the difficulty associated with comparing results among more than one company and the inability to analyze certain significant items, including depreciation and interest expense, that directly affect the Company's net income (loss). NSA compensates for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with the Company's analysis of net income (loss). NOI should be considered in addition to, but not as a

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substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues and net loss.

NET OPERATING INCOME MARGIN: The ratio of NOI divided by total rental and other property-related revenue.

NON-SAME STORE PORTFOLIO: Non-same store portfolio comprises those properties that do not meet the Same Store portfolio property definition. 

OCCUPANCY AT PERIOD END:  Represents total occupied rentable square feet divided by total rentable square feet at period end.

OPERATING PARTNERSHIP UNITS:  Operating partnership units, or OP Units, are Class A common units of limited partner interest in the Company's operating partnership which are economically equivalent to NSA's common shares. NSA also owns certain of the Company's self storage properties through other consolidated limited partnership subsidiaries of the Company's operating partnership, which the Company refers to as "DownREIT partnerships." The DownREIT partnerships issue certain units of limited partner or limited liability company interest that are intended to be economically equivalent to the Company's OP units, which the Company defines as DOWNREIT OPERATING PARTNERSHIP UNIT EQUIVALENTS, or DownREIT OP units.

PROs: Participating regional operators, or "PROs", are NSA's experienced regional self storage operators with local operational focus and expertise. As of March 31, 2020, the Company had nine PROs, Northwest Self Storage, Optivest Properties, Guardian Storage Centers, Move It Self Storage, Storage Solutions, Hide-Away, Personal Mini, Southern Self Storage and Moove In Self Storage. On March 31, 2020, NSA closed on the merger and internalization of the management platform of SecurCare Self Storage, which prior to the merger and internalization was the Company’s largest PRO.

RENTABLE SQUARE FEET: Rentable square feet includes all enclosed self storage units but excludes commercial, residential, and covered parking space.

RESTRICTED COMMON SHARES: Restricted common shares are common shares that are subject to restrictions on transferability subject to vesting and such other restrictions. Generally, a participant granted restricted common shares has all of the rights of a shareholder, including, without limitation, the right to vote and the right to receive dividends on the restricted common shares. Holders of restricted common shares are prohibited from selling such shares until they vest.

SAME STORE PORTFOLIO: NSA's same store portfolio is defined as those properties owned and operated since the first day of the earliest year presented, excluding any properties sold, expected to be sold or subject to significant changes such as expansions or casualty events which cause the portfolio's year-over-year operating results to no longer be comparable.

SUBORDINATED PERFORMANCE UNITS:  Subordinated performance units, or SP Units, are Class B common units of limited partner interest in the Company's operating partnership. SP units, which are linked to the performance of specific contributed portfolios, are intended to incentivize the Company's PROs to drive operating performance and support the sustainability of the operating cash flow generated by the contributed self storage properties that the PROs continue to manage on NSA's behalf. Because subordinated performance unit holders receive distributions only after portfolio-specific minimum performance thresholds are satisfied, the Company believes SP units play a key role in aligning the interests of the Company's PROs with NSA and the Company's shareholders. The DownREIT partnerships also issue units of limited partner interest that are intended to be economically equivalent to the Company's SP units, which the Company defines as DOWNREIT SUBORDINATED PERFORMANCE UNIT EQUIVALENTS, or DownREIT SP units.

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Equity Research Coverage

Baird Equity Research

BMO Capital Markets

Capital One Securities, Inc.

RJ Milligan

R. Jeremy Metz

Neil Malkin

813.273.8252

212.885.4053

571.633.8191

Citi Investment Research

Jefferies LLC

KeyBanc Capital Markets

Michael Bilerman / Smedes Rose

Jonathan Petersen / Reuben Treatman

Todd Thomas / Jordan Sadler

212.816.1383 / 212.816.6243

212.284.1705 / 212.323.3307

917.368.2286 / 917.368.2280

Morgan Stanley

Stifel

SunTrust Robinson Humphrey

Ronald Kamdem

Stephen Manaker / Kevin Stein

Ki Bin Kim / Ian Gaule

212.296.8319

212.271.3716 / 212.271.3718

212.303.4124 / 212.590.0948

Wells Fargo Securities, LLC

Todd Stender / Philip Defelice

562.637.1371 / 443.263.6442

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