National Storage Affiliates Trust (NYSE: NSA) today announced the pricing of its previously announced underwritten public offering of 8,000,000 common shares of beneficial interest of the Company at a public offering price of $51.25 per share. The offering was upsized from 8,000,000 common shares to 8,800,000 common shares for total gross proceeds of $451.0 million. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,320,000 common shares at the public offering price, less underwriting discounts.

The Company expects to close the offering on or about July 23, 2021, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering to repay amounts outstanding under its revolving line of credit, on which the Company expects to redraw from time to time to invest in future acquisitions of self storage properties, and for general corporate purposes.

Morgan Stanley, Citigroup and BofA Securities are acting as joint book-running managers for the offering. Jefferies and Wells Fargo Securities are acting as bookrunners. Capital One and KeyBanc Capital Markets are acting as joint lead managers and Baird, Stifel, and BTIG are acting as co-managers for the offering.

A registration statement relating to these common shares has been declared effective by the Securities and Exchange Commission ("SEC"). The offering will be made only by means of a preliminary prospectus supplement and accompanying prospectus. Copies of the final prospectus supplement and accompanying prospectus related to the offering can be obtained (when available) 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 any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.