National Storage Affiliates Trust (the “Company”) (NYSE: NSA) today announced that it has commenced an underwritten public offering of 8,000,000 common shares of beneficial interest of the Company. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 1,200,000 common shares at the public offering price, less underwriting discounts.

The Company intends to contribute the net proceeds of this offering to its operating partnership, which it expects will subsequently use all or a portion of the net proceeds to fund property acquisitions generally, including properties under contract and in negotiations, and for general corporate purposes. Pending the closing of these acquisitions, the Company may use the proceeds for working capital, capital expenditures or repaying from time to time all or a portion of the borrowings outstanding under its revolving line of credit. The Company expects to redraw on its revolving line of credit from time to time, subject to customary conditions, to invest in future acquisitions of self storage properties generally, including those under contract.

Morgan Stanley, Citigroup and BofA Securities will act as joint book-running managers for the offering.

The offering is being made pursuant to an effective shelf registration statement filed by the Company with the Securities and Exchange Commission ("SEC"). The offering will be made only by means of a prospectus supplement and accompanying prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus related to the offering can be obtained by visiting the SEC website at www.sec.gov or by contacting:

• Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or

• Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at [email protected]; or

• BofA Securities, 200 North College Street, 3rd Floor, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.