Exhibit

Exhibit 99.1

Historical Statements of Revenue and Certain Expenses of Acquisition Properties

National Storage Affiliates Trust



	Page
Report of Independent Auditors	F-3
Northwest 2013 Properties, Period from January 1, 2013 Through the Respective Acquisition Dates by NSA During the Year Ended December 31, 2013, and for the Years Ended December 31, 2012 and 2011	F-4
Notes to Combined Statements of Revenue and Certain Expenses	F-5
Report of Independent Auditors	F-7
Optivest 2013 Properties, Period from January 1, 2013 Through the Respective Acquisition Dates by NSA During the Year Ended December 31, 2013, and for the Years Ended December 31, 2012 and 2011	F-8
Notes to Combined Statements of Revenue and Certain Expenses	F-9
Report of Independent Auditors	F-11
Northwest 2014 Properties, Interim Period from January 1, 2014 Through the Earlier of the Respective Acquisition Dates by NSA or December 16, 2014 (Unaudited), and for the Years Ended December 31, 2013 and 2012	F-12
Notes to Combined Statements of Revenue and Certain Expenses	F-13
Report of Independent Auditors	F-15
Optivest 2014 Properties, Interim Period from January 1, 2014 Through the Earlier of the Respective Acquisition Dates by NSA or September 30, 2014 (Unaudited), for the Year Ended December 31, 2013, and the Period Commencing upon the Later of January 1, 2012 or Optivest's Respective Acquisition Date Through December 31, 2012	F-16
Notes to Combined Statements of Revenue and Certain Expenses	F-17
Report of Independent Auditors	F-20
Guardian 2014 Properties, Interim Period from January 1, 2014 Through the Earlier of the Respective Acquisition Dates by NSA or October 8, 2014 (Unaudited), and for the Years Ended December 31, 2013 and 2012	F-21
Notes to Combined Statements of Revenue and Certain Expenses	F-22
Report of Independent Auditors	F-25
Guardian 2015 Properties, for the Years Ended December 31, 2014, 2013 and 2012	F-26
Notes to Combined Statements of Revenue and Certain Expenses	F-27
Report of Independent Auditors	F-29
All Stor Properties, for the Period from the Later of January 1, 2014 or All Stor's Respective Acquisition Date Through December 31, 2014, and the Period from the Later of March 14, 2013 or All Stor's Respective Acquisition Dates Through December 31, 2013	F-30
Notes to Combined Statements of Revenue and Certain Expenses	F-31
Report of Independent Auditors	F-34
Move It Properties, Interim Period from January 1, 2014 Through September 4, 2014 (Unaudited), and for the Year Ended December 31, 2013	F-35
Notes to Combined Statements of Revenue and Certain Expenses	F-36
Report of Independent Auditors	F-38
Hide-Away Properties, for the three months ended March 31, 2016 (Unaudited), and for the Year Ended December 31, 2015	F-39
Notes to Combined Statements of Revenue and Certain Expenses	F-40
Report of Independent Auditors	F-42
SecurCare Oklahoma Properties, for the Years Ended December 31, 2015, 2014 and 2013	F-43
Notes to Combined Statements of Revenue and Certain Expenses	F-44
Report of Independent Auditors	F-45
Fondren Self Storage Property, for the Year Ended December 31, 2015	F-46

F-1

Exhibit 99.1



	Page
Notes to Statement of Revenue and Certain Expenses	F-47
Report of Independent Auditors	F-48
Granite Clover Self Storage Properties, for the Year Ended December 31, 2015	F-49
Notes to Combined Statement of Revenue and Certain Expenses	F-50
Report of Independent Auditors	F-51
Gulf Coast Properties, for the three months ended March 31, 2016 (Unaudited), and for the Year Ended December 31, 2015	F-52
Notes to Combined Statements of Revenue and Certain Expenses	F-53
Report of Independent Auditors	F-55
Storage Central Property, for the three months ended March 31, 2016 (Unaudited), and for the Year Ended December 31, 2015	F-56
Notes to Statements of Revenue and Certain Expenses	F-57

F-2

REPORT OF INDEPENDENT AUDITORS

To National Storage Affiliates Trust:

We have audited the accompanying combined statements of revenue and certain expenses of Northwest 2013 Properties for the period from January 1, 2013 through the respective acquisition dates (as reflected in Note 3 to the financial statements) during the year ended December 31, 2013, and for the years ended December 31, 2012 and 2011, and the related notes to the financial statements.

Management's Responsibility for Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements of revenue and certain expenses. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the combined statements of revenue and certain expenses in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the revenue and certain expenses described in Note 1 to the financial statements of Northwest 2013 Properties for the period from January 1, 2013 through the respective acquisition dates (as reflected in Note 3 to the financial statements) during the year ended December 31, 2013, and for the years ended December 31, 2012 and 2011, in accordance with U.S. generally accepted accounting principles.

Basis of Accounting

As described in Note 1 to the financial statements, the statements of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and are not intended to be a complete presentation of revenue and expenses of Northwest 2013 Properties. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP

Denver, Colorado
November 5, 2014

F-3

Northwest 2013 Properties

Combined Statements of Revenue and Certain Expenses

Period from January 1, 2013 Through the Respective Acquisition Dates by NSA During the Year Ended
December 31, 2013, and for the Years Ended December 31, 2012 and 2011

(dollars in thousands)



	2013^(a)		2012		2011
Revenue
Rental revenue	$	5,461	$	10,615	$	10,113
Other property-related revenue	51		94		68
Total revenue	5,512		10,709		10,181
Certain Expenses
Property operating expenses	1,264		2,378		2,402
Real estate taxes	451		916		902
Supervisory and administrative fees	328		646		623
Total certain expenses	2,043		3,940		3,927
Revenue in excess of certain expenses	$	3,469	$	6,769	$	6,254


^(a)	^{See Note 3 for the number of properties and the related periods presented.}

The accompanying notes are an integral part of these combined statements of revenue and
certain expenses.

F-4

Northwest 2013 Properties

Notes to Combined Statements of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

During 2013, National Storage Affiliates Trust ("NSA") acquired 31 self-storage properties (the "Northwest 2013 Properties") through Northwest Self Storage ("Northwest"). Two of these properties were not owned or managed by Northwest prior to January 1, 2013, and the remaining 29 properties were owned or managed by Northwest from January 1, 2011 through the respective dates that NSA acquired the properties. Northwest is one of three founding participating regional operators that initiated NSA's formation transactions commencing on April 1, 2013.

The accompanying combined statements of revenue and certain expenses (the "Statements") of the Northwest 2013 Properties have been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statements are not representative of the entire operations of the Northwest 2013 Properties for the periods presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the Northwest 2013 Properties.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition. Management has determined that all of the leases associated with the Northwest 2013 Properties are operating leases, which may be terminated on a month-to-month basis. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies, which are recognized in the period earned.

Advertising Costs. Advertising costs are primarily attributable to internet, directory and other advertising. Advertising costs were expensed in the period in which the cost was incurred. Advertising costs amounted to $107 for the period from January 1, 2013 through the respective acquisition dates by NSA during the year ended December 31, 2013, $152 for the year ended December 31, 2012, and $154 for the year ended December 31, 2011.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the Northwest 2013 Properties were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $209 for the period from January 1, 2013 through the respective acquisition dates by NSA during the year ended December 31, 2013, $350 for the year ended December 31, 2012, and $466 for the year ended December 31, 2011.

F-5

Northwest 2013 Properties

Notes to Combined Statements of Revenue and Certain Expenses (Continued)

(dollars in thousands)

3. OPERATING RESULTS BY NSA ACQUISITION DATE

Presented below is the revenue and certain expenses for each group of properties for the periods from January 1, 2013 through the respective acquisition dates by NSA during the year ended December 31, 2013:



	NSA Acquisition Date
	April 1, 2013		June 10, 2013^(a)		June 10, 2013		June 24, 2013		December 30, 2013		Total
Number of properties	11		2		11		3		4		31
Revenue
Rental revenue	$	1,057	$	256	$	1,842	$	609	$	1,697	$	5,461
Other property-related revenue	12		2		30		2		5		51
Total revenue	1,069		258		1,872		611		1,702		5,512
Certain Expenses
Property operating expenses	275		89		362		129		409		1,264
Real estate taxes	92		16		127		60		156		451
Supervisory and administrative fees	63		13		105		37		110		328
Total certain expenses	430		118		594		226		675		2,043
Revenue in excess of certain expenses	$	639	$	140	$	1,278	$	385	$	1,027	$	3,469


^(a)	^{Consists of results for two properties that were not owned or managed by Northwest prior to January 1, 2013. As such, the operating results are included for the period January 1, 2013 through June 1, 2013. The operating results of these two properties are not presented herein for the years ended December 31, 2012 and 2011.}

4. RELATED PARTY TRANSACTIONS

The Northwest 2013 Properties are subject to agreements entered into with Northwest that provide for a fee equal to 6% of gross revenue (as defined in the agreements). The amounts incurred under these agreements are included in supervisory and administrative fees in the accompanying combined statements of revenue and certain expenses. The services provided by Northwest consist of supervisory, administrative, leasing and related services.

The employees responsible for operation of the Northwest 2013 Properties are employees of Northwest. The amounts charged by Northwest for salaries, wages and benefits for the Northwest 2013 Properties are included in property operating expenses and amounted to $618 for the period from January 1, 2013 through the respective acquisition dates by NSA during the year ended December 31, 2013, $1,097 for the year ended December 31, 2012, and $1,052 for the year ended December 31, 2011.

5. SUBSEQUENT EVENTS

Management has evaluated the events and transactions that have occurred through November 5, 2014, the date that the Statements were available to be issued, and noted no items requiring adjustment of the Statements or additional disclosure.

F-6

REPORT OF INDEPENDENT AUDITORS

To National Storage Affiliates Trust:

We have audited the accompanying combined statements of revenue and certain expenses of Optivest 2013 Properties for the period from January 1, 2013 through the respective acquisition dates (as reflected in Note 3 to the financial statements) during the year ended December 31, 2013, and for the years ended December 31, 2012 and 2011, and the related notes to the financial statements.

Management's Responsibility for Financial Statements

Auditors' Responsibility

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the revenue and certain expenses described in Note 1 to the financial statements of Optivest 2013 Properties for the period from January 1, 2013 through the respective acquisition dates (as reflected in Note 3 to the financial statements) during the year ended December 31, 2013, and for the years ended December 31, 2012 and 2011, in accordance with U.S. generally accepted accounting principles.

Basis of Accounting

As described in Note 1 to the financial statements, the statements of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and are not intended to be a complete presentation of revenue and expenses of Optivest 2013 Properties. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP

Denver, Colorado
November 5, 2014

F-7

Optivest 2013 Properties

Combined Statements of Revenue and Certain Expenses

Period from January 1, 2013 Through the Respective Acquisition Dates by NSA During the
Year Ended December 31, 2013, and for the Years Ended December 31, 2012 and 2011

(dollars in thousands)



	2013^(a)		2012		2011
Revenue
Rental revenue	$	2,991	$	5,762	$	5,536
Other property-related revenue	183		294		288
Total revenue	3,174		6,056		5,824
Certain Expenses
Property operating expenses	916		1,776		1,795
Real estate taxes	414		751		747
Supervisory and administrative fees	204		328		298
Total certain expenses	1,534		2,855		2,840
Revenue in excess of certain expenses	$	1,640	$	3,201	$	2,984


^(a)	^{See Note 3 for the number of properties and the related periods presented.}

The accompanying notes are an integral part of these combined statements of revenue and
certain expenses.

F-8

Optivest 2013 Properties

Notes to Combined Statements of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

During 2013, National Storage Affiliates Trust ("NSA") acquired 11 self-storage properties (the "Optivest 2013 Properties") through Optivest Properties, LLC ("Optivest"). Optivest is one of three founding participating regional operators that initiated NSA's formation transactions commencing on April 1, 2013.

The accompanying combined statements of revenue and certain expenses (the "Statements") of the Optivest 2013 Properties have been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statements are not representative of the entire operations of the Optivest 2013 Properties for the periods presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the Optivest 2013 Properties.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition. Management has determined that all of the leases associated with the Optivest 2013 Properties are operating leases, which may be terminated on a month-to-month basis. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies which are recognized in the period earned.

Advertising Costs. Advertising costs are primarily attributable to internet, directory and other advertising. Advertising costs were expensed in the period in which the cost was incurred. Advertising costs amounted to $33 for the period from January 1, 2013 through the respective acquisition dates by NSA during the year ended December 31, 2013, $54 for the year ended December 31, 2012, and $34 for the year ended December 31, 2011.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the Optivest 2013 Properties were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $82 for the period from January 1, 2013 through the respective acquisition dates by NSA during the year ended December 31, 2013, $178 for the year ended December 31, 2012, and $164 for the year ended December 31, 2011.

F-9

Optivest 2013 Properties

Notes to Combined Statements of Revenue and Certain Expenses (Continued)

(dollars in thousands)

3. OPERATING RESULTS BY NSA ACQUISITION DATE

Presented below is the revenue and certain expenses for each group of acquisitions for the periods from January 1, 2013 through the respective acquisition dates by NSA during the year ended December 31, 2013:



	NSA Acquisition Date
	April 1, 2013		June 24, 2013		July 25, 2013		Total
Number of properties	1		5		5		11
Revenue
Rental revenue	$	147	$	1,117	$	1,727	$	2,991
Other property-related revenue	4		157		22		183
Total revenue	151		1,274		1,749		3,174
Certain Expenses
Property operating expenses	53		423		440		916
Real estate taxes	14		162		238		414
Supervisory and administrative fees	12		78		114		204
Total certain expenses	79		663		792		1,534
Revenue in excess of certain expenses	$	72	$	611	$	957	$	1,640

4. RELATED PARTY TRANSACTIONS

The Optivest 2013 Properties are subject to agreements entered into with Optivest that generally provide for a fee equal to 6% of gross revenue (as defined in the agreements). The amounts incurred under these agreements are included in supervisory and administrative fees in the accompanying combined statements of revenue and certain expenses. The services provided by Optivest consist of supervisory, administrative, leasing and related services.

The employees responsible for operation of the Optivest 2013 Properties are employees of Optivest. The amounts charged by Optivest for salaries, wages and benefits for the Optivest 2013 Properties are included in property operating expenses and amounted to $430 for the period from January 1, 2013 through the respective acquisition dates by NSA during the year ended December 31, 2013, $777 for the year ended December 31, 2012, and $783 for the year ended December 31, 2011.

5. SUBSEQUENT EVENTS

F-10

REPORT OF INDEPENDENT AUDITORS

To National Storage Affiliates Trust:

We have audited the accompanying combined statements of revenue and certain expenses of Northwest 2014 Properties for the years ended December 31, 2013 and 2012, and the related notes to the financial statements.

Management's Responsibility for Financial Statements

Auditors' Responsibility

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the revenue and certain expenses described in Note 1 to the financial statements of Northwest 2014 Properties for the years ended December 31, 2013 and 2012, in accordance with U.S. generally accepted accounting principles.

Basis of Accounting

As described in Note 1 to the financial statements, the statements of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and are not intended to be a complete presentation of revenue and expenses of Northwest 2014 Properties. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP

Denver, Colorado
March 23, 2015

F-11

Northwest 2014 Properties

Combined Statements of Revenue and Certain Expenses

Interim Period from January 1, 2014 Through the Earlier of the Respective Acquisition Dates by NSA
or December 16, 2014 (Unaudited), and for the Years Ended December 31, 2013 and 2012

(dollars in thousands)



	2014^(a)		2013		2012
	(Unaudited)
Revenue
Rental revenue	$	6,280	$	11,490	$	10,212
Other property-related revenue	160		238		208
Total revenue	6,440		11,728		10,420
Certain Expenses
Property operating expenses	1,571		3,018		2,576
Real estate taxes	481		867		831
Supervisory and administrative fees	385		680		605
Total certain expenses	2,437		4,565		4,012
Revenue in excess of certain expenses	$	4,003	$	7,163	$	6,408


^(a)	^{See Note 3 for the number of properties and the related periods presented.}

The accompanying notes are an integral part of these combined statements of revenue and
certain expenses.

F-12

Northwest 2014 Properties

Notes to Combined Statements of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

National Storage Affiliates Trust ("NSA") acquired 27 self-storage properties during the period from January 1, 2014 through December 16, 2014 (collectively, the "Northwest 2014 Properties") through Northwest Self Storage ("Northwest"). Northwest is one of three founding participating regional operators that initiated NSA's formation transactions commencing on April 1, 2013.

The accompanying combined statements of revenue and certain expenses (the "Statements") of the Northwest 2014 Properties have been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statements are not representative of the entire operations of the Northwest 2014 Properties for the periods presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the Northwest 2014 Properties.

The unaudited combined statement of revenue and certain expenses for the interim period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or December 16, 2014 was prepared on the same basis as the combined statements of revenue and certain expenses for the years ended December 31, 2013 and 2012, and reflects all adjustments, consisting of only normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of the unaudited interim period. The results of the unaudited interim period are not necessarily indicative of the expected results for the entire fiscal year.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition. Management has determined that all of the leases associated with the Northwest 2014 Properties are operating leases, which may be terminated on a month-to-month basis. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies, which are recognized in the period earned.

Advertising Costs. Advertising costs are primarily attributable to internet, directory and other advertising. Advertising costs were expensed in the period in which the cost was incurred. Advertising costs amounted to $129 (unaudited) for the interim period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or December 16, 2014, $221 for the year ended December 31, 2013, and $140 for the year ended December 31, 2012.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the Northwest 2014 Properties were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $234 (unaudited) for the interim period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or December 16, 2014, $433 for the year ended December 31, 2013, and $426 for the year ended December 31, 2012.

F-13

Northwest 2014 Properties

Notes to Combined Statements of Revenue and Certain Expenses (Continued)

(dollars in thousands)

3. UNAUDITED INTERIM OPERATING RESULTS BY ACQUISITION DATE (UNAUDITED)

Presented below is the unaudited revenue and certain expenses for each group of acquisitions for the interim periods from January 1, 2014 through the earlier of the respective acquisition dates by NSA or December 16, 2014:



	NSA Acquisition Date
	April 1, 2014		May 31, 2014		June 30, 2014		August 27, 2014		October 3, 2014		October 20, 2014		December 1, 2014		December 5, 2014		December 16, 2014^(a)		Total
Number of properties	10		2		5		5		1		1		1		1		1		27
Revenue
Rental revenue	$	1,143	$	652	$	1,166	$	1,407	$	269	$	460	$	278	$	326	$	579	$	6,280
Other property-related revenue	46		25		13		41		11		4		3		5		12		160
Total revenue	1,189		677		1,179		1,448		280		464		281		331		591		6,440
Certain Expenses
Property operating expenses	255		232		291		355		76		102		77		65		118		1,571
Real estate taxes	84		24		96		121		23		38		17		26		52		481
Supervisory and administrative fees	75		38		69		87		16		28		17		20		35		385
Total certain expenses	414		294		456		563		115		168		111		111		205		2,437
Revenue in excess of certain expenses	$	775	$	383	$	723	$	885	$	165	$	296	$	170	$	220	$	386	$	4,003


^(a)	^{Represents a property that was developed by Northwest during 2012 for which the initial lease-up period commenced in January 2013.}

4. RELATED PARTY TRANSACTIONS

The Northwest 2014 Properties are subject to agreements entered into with Northwest that provide for a fee equal to 6% of gross revenue (as defined in the agreements). The amounts incurred under these agreements are included in supervisory and administrative fees in the accompanying combined statements of revenue and certain expenses. The services provided by Northwest consist of supervisory, administrative, leasing and related services.

The employees responsible for operation of the Northwest 2014 Properties are employees of Northwest. The amounts charged by Northwest for salaries, wages and benefits for the Northwest 2014 Properties are included in property operating expenses and amounted to $557 (unaudited) for the interim period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or December 16, 2014, $1,284 for the year ended December 31, 2013, and $1,105 for the year ended December 31, 2012.

5. SUBSEQUENT EVENTS

Management has evaluated the events and transactions that have occurred through March 23, 2015, the date that the Statements were available to be issued, and noted no items requiring adjustment of the Statements or additional disclosure.

F-14

REPORT OF INDEPENDENT AUDITORS

To National Storage Affiliates Trust:

We have audited the accompanying combined statements of revenue and certain expenses of Optivest 2014 Properties for the year ended December 31, 2013, and for the period commencing on the later of January 1, 2012 or Optivest's respective acquisition date (as set forth in Note 4) through December 31, 2012, and the related notes to the financial statements.

Management's Responsibility for Financial Statements

Auditors' Responsibility

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the revenue and certain expenses described in Note 1 to the financial statements of Optivest 2014 Properties for the year ended December 31, 2013, and for the period commencing upon the later of January 1, 2012 or Optivest's respective acquisition date (as set forth in Note 4) through December 31, 2012, in accordance with U.S. generally accepted accounting principles.

Basis of Accounting

As described in Note 1 to the financial statements, the statements of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and are not intended to be a complete presentation of revenue and expenses of Optivest 2014 Properties. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP

Denver, Colorado
December 5, 2014

F-15

Optivest 2014 Properties

Combined Statements of Revenue and Certain Expenses

Interim Period from January 1, 2014 Through the Earlier of the Respective Acquisition Dates by NSA
or September 30, 2014 (Unaudited), for the Year Ended December 31,
2013, and the Period Commencing upon the Later of January 1, 2012 or Optivest's Respective
Acquisition Date Through December 31, 2012

(dollars in thousands)



	2014^(a)		2013		2012^(b)
	(Unaudited)
Revenue
Rental revenue	$	3,310	$	6,156	$	5,534
Other property-related revenue	96		157		157
Total revenue	3,406		6,313		5,691
Certain Expenses
Property operating expenses	912		1,784		1,441
Real estate taxes	285		549		555
Supervisory and administrative fees	181		326		317
Total certain expenses	1,378		2,659		2,313
Revenue in excess of certain expenses	$	2,028	$	3,654	$	3,378


^(a)	^{See Note 3 for the number of properties and the related periods presented.}


^(b)	^{See Note 4 for the number of properties and the related periods presented.}

The accompanying notes are an integral part of these combined statements of revenue and
certain expenses.

F-16

Optivest 2014 Properties

Notes to Combined Statements of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

National Storage Affiliates Trust ("NSA") acquired 12 self-storage properties (collectively, the "Optivest 2014 Properties") during the nine months ended September 30, 2014 through Optivest Properties, LLC ("Optivest"). One of these 12 properties was not owned or managed by Optivest prior to August 1, 2012, and the remaining 11 properties were owned or managed by Optivest for the entire interim period from January 1, 2012 through the later of the respective dates that NSA acquired the properties or September 30, 2014. Optivest is one of three founding participating regional operators that initiated NSA's formation transactions commencing on April 1, 2013.

The accompanying combined statements of revenue and certain expenses (the "Statements") of the Optivest 2014 Properties have been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statements are not representative of the entire operations of the Optivest 2014 Properties for the periods presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the Optivest 2014 Properties.

The unaudited interim combined statement of revenue and certain expenses for the period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or September 30, 2014, was prepared on the same basis as the combined statements of revenue and certain expenses for the year ended December 31, 2013 and for the period commencing upon the later of January 1, 2012 or Optivest's respective acquisition date through December 31, 2012, and reflects all adjustments, consisting of only normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of the unaudited interim period. The results of the unaudited interim period are not necessarily indicative of the expected results for the entire fiscal year.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition. Management has determined that all of the leases associated with the Optivest 2014 Properties are operating leases, which may be terminated on a month-to-month basis. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies, which are recognized in the period earned.

Advertising Costs. Advertising costs are primarily attributable to internet, directory and other advertising. Advertising costs were expensed in the period in which the cost was incurred. Advertising costs amounted to $44 (unaudited) for the interim period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or September 30, 2014, $92 for the year ended December 31, 2013, and $73 for the period commencing upon the later of January 1, 2012 or the respective acquisition date by Optivest through December 31, 2012.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the Optivest 2014 Properties were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $70 (unaudited) for the interim period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or September 30, 2014, $122 for the year ended December 31, 2013, and $65 for the period commencing upon the later of January 1, 2012 or the respective acquisition date by Optivest through December 31, 2012.

F-17

Optivest 2014 Properties

Notes to Combined Statements of Revenue and Certain Expenses (Continued)

(dollars in thousands)

3. UNAUDITED OPERATING RESULTS FOR 2014 BY NSA ACQUISITION DATE

Presented below is the unaudited revenue and certain expenses for each group of properties for the interim period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or September 30, 2014:



	NSA Acquisition Date
	April 1, 2014		July 1, 2014		September 30, 2014		Total
Number of properties	3		7		2		12
Revenue
Rental revenue	$	274	$	1,856	$	1,180	$	3,310
Other property-related revenue	9		51		36		96
Total revenue	283		1,907		1,216		3,406
Certain Expenses
Property operating expenses	97		533		282		912
Real estate taxes	25		165		95		285
Supervisory and administrative fees	18		95		68		181
Total certain expenses	140		793		445		1,378
Revenue in excess of certain expenses	$	143	$	1,114	$	771	$	2,028

F-18

Optivest 2014 Properties

Notes to Combined Statements of Revenue and Certain Expenses (Continued)

(dollars in thousands)

4. OPERATING RESULTS FOR 2012 BY OPTIVEST ACQUISITION DATE

Presented below is revenue and certain expenses for the group of 12 properties owned by Optivest for the entire year ended December 31, 2012, and one property acquired by Optivest on August 1, 2012 which is presented for the period from Optivest's acquisition date through December 31, 2012:



	Optivest Acquisition Date
	Prior to 2012		August 1, 2012		Total
Number of properties	11		1		12
Revenue
Rental revenue	$	5,346	$	188	$	5,534
Other property-related revenue	148		9		157
Total revenue	5,494		197		5,691
Certain Expenses
Property operating expenses	1,396		45		1,441
Real estate taxes	543		12		555
Supervisory and administrative fees	306		11		317
Total certain expenses	2,245		68		2,313
Revenue in excess of certain expenses	$	3,249	$	129	$	3,378

5. RELATED PARTY TRANSACTIONS

The Optivest 2014 Properties are subject to agreements entered into with Optivest that provide for a fee equal to 6% of gross revenue (as defined in the agreements). The amounts incurred under these agreements are included in supervisory and administrative fees in the accompanying combined statements of revenue and certain expenses. The services provided by Optivest consist of supervisory, administrative, leasing and related services.

The employees responsible for operation of the Optivest 2014 Properties are employees of Optivest. The amounts charged by Optivest for salaries, wages and benefits for the Optivest 2014 Properties are included in property operating expenses and amounted to $477 (unaudited) for the interim period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or September 30, 2014, $886 for the year ended December 31, 2013, and $696 for the period commencing upon the later of January 1, 2012 or the respective acquisition date by Optivest through December 31, 2012.

6. SUBSEQUENT EVENTS

Management has evaluated the events and transactions that have occurred through December 5, 2014, the date that the Statements were available to be issued, and noted no items requiring adjustment of the Statements or additional disclosure.

F-19

REPORT OF INDEPENDENT AUDITORS

To National Storage Affiliates Trust:

We have audited the accompanying combined statements of revenue and certain expenses of the Guardian 2014 Properties for the years ended December 31, 2013 and 2012, and the related notes to the financial statements.

Management's Responsibility for Financial Statements

Auditors' Responsibility

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the revenue and certain expenses described in Note 1 to the financial statements of the Guardian 2014 Properties for the years ended December 31, 2013 and 2012, in accordance with U.S. generally accepted accounting principles.

Basis of Accounting

As described in Note 1 to the financial statements, the statements of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and are not intended to be a complete presentation of revenue and expenses of the Guardian 2014 Properties. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP
Denver, Colorado
March 23, 2015

F-20

Guardian 2014 Properties

Combined Statements of Revenue and Certain Expenses

Interim Period from January 1, 2014 Through the Earlier of the Respective Acquisition Dates by NSA
or October 8, 2014 (Unaudited), and for the Years Ended December 31, 2013 and 2012

(dollars in thousands)



	2014^(a)		2013		2012
	(Unaudited)
Revenue
Rental revenue	$	10,261	$	15,469	$	14,896
Other property-related revenue	605		828		441
Total revenue	10,866		16,297		15,337
Certain Expenses
Property operating expenses	2,396		3,709		3,875
Real estate taxes	882		1,286		1,254
Supervisory and administrative fees	685		911		887
Total certain expenses	3,963		5,906		6,016
Revenue in excess of certain expenses	$	6,903	$	10,391	$	9,321


^(a)	^{See Note 3 for the number of properties and the related periods presented.}

The accompanying notes are an integral part of these combined statements of revenue and
certain expenses.

F-21

Guardian 2014 Properties

Notes to Combined Statements of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

National Storage Affiliates Trust ("NSA") acquired 19 self-storage properties during the period from January 1, 2014 through October 8, 2014 (collectively, the "Guardian 2014 Properties") through Guardian Storage Centers, LLC ("Guardian"). Guardian is one of NSA's participating regional operators.

The accompanying combined statements of revenue and certain expenses (the "Statements") of the Guardian 2014 Properties have been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statements are not representative of the entire operations of the Guardian 2014 Properties for the periods presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the Guardian 2014 Properties.

The unaudited interim combined statement of revenue and certain expenses for the period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or October 8, 2014, was prepared on the same basis as the combined statements of revenue and certain expenses for the years ended December 31, 2013 and 2012, and reflects all adjustments, consisting of only normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of the unaudited interim period. The results of the unaudited interim period are not necessarily indicative of the expected results for the entire fiscal year.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition. Management has determined that all of the leases associated with the Guardian 2014 Properties are operating leases, which may be terminated on a month-to-month basis. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies, which are recognized in the period earned.

Advertising Costs. Advertising costs are primarily attributable to internet, directory and other advertising. Advertising costs were expensed in the period in which the cost was incurred. Advertising costs amounted to $212 (unaudited) for the interim period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or October 8, 2014, $275 for the year ended December 31, 2013, and $279 for the year ended December 31, 2012.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the Guardian 2014 Properties were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $79 (unaudited) for the interim period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or October 8, 2014, $106 for the year ended December 31, 2013, and $101 for the year ended December 31, 2012.

F-22

Guardian 2014 Properties

Notes to Combined Statements of Revenue and Certain Expenses (Continued)

(dollars in thousands)

3. UNAUDITED INTERIM OPERATING RESULTS BY NSA ACQUISITION DATE

Presented below is the unaudited revenue and certain expenses for each group of acquisitions for the interim period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or October 8, 2014:



	NSA Acquisition Date
	April 1, 2014		May 31, 2014		July 1, 2014		September 17, 2014		October 1, 2014		October 8, 2014		Total
Number of properties	2		2		2		7		5		1		19
Revenue
Rental revenue	$	404	$	278	$	482	$	5,205	$	2,772	$	1,120	$	10,261
Other property-related revenue	21		23		43		267		179		72		605
Total revenue	425		301		525		5,472		2,951		1,192		10,866
Certain Expenses
Property operating expenses	87		126		168		1,115		731		169		2,396
Real estate taxes	39		17		38		464		216		108		882
Supervisory and administrative fees	22		18		31		368		174		72		685
Total certain expenses	148		161		237		1,947		1,121		349		3,963
Revenue in excess of certain expenses	$	277	$	140	$	288	$	3,525	$	1,830	$	843	$	6,903


^(a)	^{Represents properties that NSA has a contractual right to acquire. See also Note 6.}

4. RELATED PARTY TRANSACTIONS

The Guardian 2014 Properties are subject to agreements entered into with Guardian for supervisory, administrative, leasing and related services. The fees range from approximately 4.0% to 6.5% of gross revenue (as defined in the agreements). The amounts incurred under these agreements are included in supervisory and administrative fees in the accompanying combined statements of revenue and certain expenses.

The employees responsible for operation of the Guardian 2014 Properties are employees of Guardian. The amounts charged by Guardian for salaries, wages and benefits for the Guardian 2014 Properties are included in property operating expenses and amounted to $1,106 (unaudited) for the interim period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or October 8, 2014, $1,810 for the year ended December 31, 2013, and $1,796 for the year ended December 31, 2012.

F-23

Guardian 2014 Properties

Notes to Combined Statements of Revenue and Certain Expenses (Continued)

(dollars in thousands)

5. COMMITMENTS

One self-storage property included in the Guardian 2014 Properties is subject to a long-term ground lease agreement that is classified as an operating lease. This agreement provides for a minimum lease term that expires in 2045. The lease agreement provides for six 5-year extension options that, if exercised, would extend the lease expiration until 2075. The ground lease agreement provides for fixed increases of 10% after every 5-year period and, accordingly, Guardian has recognized lease expense on a straight-line basis over the entire minimum lease term. Rent expense under this ground lease agreement is included in property operating expenses and amounted to $67 (unaudited) for the interim period from January 1, 2014 through the earlier of the respective acquisition dates by NSA or October 8, 2014, $94 for the year ended December 31, 2013, and $94 for the year ended December 31, 2012.

Future minimum cash payments under this ground lease are as follows:



Year Ending December 31:
2015	$	77
2016	80
2017	80
2018	80
2019	80
Thereafter	2,715
Total	$	3,112

6. SUBSEQUENT EVENTS

F-24

REPORT OF INDEPENDENT AUDITORS

To National Storage Affiliates Trust:

We have audited the accompanying combined statements of revenue and certain expenses of the Guardian 2015 Properties for the years ended December 31, 2014, 2013 and 2012, and the related notes to the financial statements.

Management's Responsibility for Financial Statements

Auditors' Responsibility

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the revenue and certain expenses described in Note 1 to the financial statements of the Guardian 2015 Properties for the years ended December 31, 2014, 2013 and 2012, in accordance with U.S. generally accepted accounting principles.

Basis of Accounting

As described in Note 1 to the financial statements, the statements of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and are not intended to be a complete presentation of revenue and expenses of the Guardian 2015 Properties. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP

Denver, Colorado
March 23, 2015

F-25

Guardian 2015 Properties

Combined Statements of Revenue and Certain Expenses

For the Years Ended December 31, 2014, 2013 and 2012

(dollars in thousands)



	2014		2013		2012
Revenue
Rental revenue	$	4,744	$	4,588	$	4,505
Other property-related revenue	217		251		114
Total revenue	4,961		4,839		4,619
Certain Expenses
Property operating expenses	1,945		1,834		1,870
Real estate taxes	187		184		184
Supervisory and administrative fees	257		248		237
Total certain expenses	2,389		2,266		2,291
Revenue in excess of certain expenses	$	2,572	$	2,573	$	2,328

The accompanying notes are an integral part of these combined statements of revenue and
certain expenses.

F-26

Guardian 2015 Properties

Notes to Combined Statements of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

National Storage Affiliates Trust ("NSA") acquired six self-storage properties during January 2015 (collectively, the "Guardian 2015 Properties") through Guardian Storage Centers, LLC ("Guardian"). Guardian is one of NSA's participating regional operators.

The accompanying combined statements of revenue and certain expenses (the "Statements") of the Guardian 2015 Properties have been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statements are not representative of the entire operations of the Guardian 2015 Properties for the periods presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the Guardian 2015 Properties.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition. Management has determined that all of the customer leases associated with the Guardian 2015 Properties are operating leases, which may be terminated on a month-to-month basis. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies, which are recognized in the period earned.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the Guardian 2015 Properties were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $44, $42 and $39 for the years ended December 31, 2014, 2013, and 2012, respectively.

3. RELATED PARTY TRANSACTIONS

The Guardian 2015 Properties are subject to agreements entered into with Guardian for supervisory, administrative, leasing and related services. The fees range from approximately 4.0% to 6.5% of gross revenue (as defined in the agreements). The amounts incurred under these agreements are included in supervisory and administrative fees in the accompanying combined statements of revenue and certain expenses.

The employees responsible for operation of the Guardian 2015 Properties are employees of Guardian. The amounts charged by Guardian for salaries, wages and benefits for the Guardian 2015 Properties are included in property operating expenses and amounted to $520, $549, and $599 for the years ended December 31, 2014, 2013, and 2012, respectively.

F-27

Guardian 2015 Properties

Notes to Combined Statements of Revenue and Certain Expenses (Continued)

(dollars in thousands)

4. COMMITMENTS

Three self-storage properties included in the Guardian 2015 Properties are subject to long-term ground lease agreements that are classified as operating leases. These agreements provide for minimum lease terms that expire between 2024 and 2031. The lease agreements provide for extension options that if exercised would extend the lease expirations between 2034 and 2051. Two of the three ground lease agreements provide for fixed rental increases between 12.0% and 12.5% after every five year period and, accordingly, Guardian has recognized lease expense on a straight-line basis over the entire minimum lease terms.

One of the ground lease agreements provides for fixed annual rentals of $250 over the entire lease term plus contingent rentals to the extent that 20% of gross annual revenue from the property exceeds fixed annual rentals of $250. For the year ended December 31, 2014, contingent rentals amounted to $30.

Rent expense under all three ground lease agreements is included in property operating expenses and amounted to $665 (including contingent rentals of $30) for each of the years ended December 31, 2014, 2013, and 2012.

Future minimum cash payments (exclusive of contingent rentals) under ground leases are as follows:



Year Ending December 31:
2015	$	735
2016	744
2017	752
2018	752
2019	766
Thereafter	5,833
Total	$	9,582

5. SUBSEQUENT EVENTS

F-28

REPORT OF INDEPENDENT AUDITORS

To National Storage Affiliates Trust:

We have audited the accompanying combined statements of revenue and certain expenses of the All Stor Properties for the period from the later of January 1, 2014 or All Stor's respective acquisition date (as set forth in Note 3) through December 31, 2014, and for the period from the later of March 14, 2013 or All Stor's respective acquisition dates (as set forth in Note 4) through December 31, 2013, and the related notes to the financial statements.

Management's Responsibility for Financial Statements

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the revenue and certain expenses described in Note 1 to the financial statements of the All Stor Properties for the period from the later of January 1, 2014 or All Stor's respective acquisition date (as set forth in Note 3) through December 31, 2014, and for the period from the later of March 14, 2013 or All Stor's respective acquisition dates (as set forth in Note 4) through December 31, 2013, in accordance with U.S. generally accepted accounting principles.

Basis of Accounting

As described in Note 1 to the financial statements, the statements of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and are not intended to be a complete presentation of revenue and expenses of the All Stor Properties. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP

Denver, Colorado
March 23, 2015

F-29

All Stor Properties

Combined Statements of Revenue and Certain Expenses

For the Period from the Later of January 1, 2014 or All Stor's Respective Acquisition Date Through
December 31, 2014, and the Period from the Later of March 14, 2013 or All Stor's Respective
Acquisition Dates Through December 31, 2013

(dollars in thousands)



	2014^(a)		2013^(b)
Revenue
Rental revenue	$	6,168	$	3,698
Other property-related revenue	373		131
Total revenue	6,541		3,829
Certain Expenses
Property operating expenses	1,741		996
Real estate taxes	404		220
Supervisory and administrative fees	392		230
Total certain expenses	2,537		1,446
Revenue in excess of certain expenses	$	4,004	$	2,383


^(a)	^{See Note 3 for the number of properties and the related periods presented.}


^(b)	^{See Note 4 for the number of properties and the related periods presented.}

The accompanying notes are an integral part of these combined statements of revenue and
certain expenses.

F-30

All Stor Properties

Notes to Combined Statements of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

National Storage Affiliates Trust ("NSA") is under contract to acquire 12 self-storage properties (collectively, the "All Stor Properties") from All Stor Storage, LLC ("All Stor"). All Stor purchased these properties on various dates between March 14, 2013 and February 6, 2014.

The accompanying combined statements of revenue and certain expenses (the "Statements") of the All Stor Properties have been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statements are not representative of the entire operations of the All Stor Properties for the periods presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the All Stor Properties.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition. Management has determined that all of the leases associated with the All Stor Properties are operating leases, which may be terminated on a month-to-month basis. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies, which are recognized in the period earned.

Advertising Costs. Advertising costs are primarily attributable to internet, directory and other advertising. Advertising costs were expensed in the period in which the cost was incurred. Advertising costs amounted to $108 for the period from the later of January 1, 2014 or All Stor's respective acquisition date (as set forth in Note 3) through December 31, 2014, and $66 for the period from the later of March 14, 2013 or All Stor's respective acquisition dates (as set forth in Note 4) through December 31, 2013.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the All Stor Properties were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $122 for the period from the later of January 1, 2014 or All Stor's respective acquisition date (as set forth in Note 3) through December 31, 2014, and $89 for the period from the later of March 14, 2013 or All Stor's respective acquisition dates (as set forth in Note 4) through December 31, 2013.

F-31

All Stor Properties

Notes to Combined Statements of Revenue and Certain Expenses (Continued)

(dollars in thousands)

3. OPERATING RESULTS FOR 2014 BY ALL STOR ACQUISITION DATE

Presented below is the revenue and certain expenses for 11 properties acquired by All Stor in 2013, which are included for the entire period from January 1, 2014 through December 31, 2014, and the acquisition completed by All Stor on February 6, 2014, which is included for the period from February 6, 2014 through December 31, 2014:



	Acquisition Date by All Stor
	Various Dates 2013		February 6, 2014		Total
Number of properties	11		1		12
Revenue
Rental revenue	$	5,779	$	389	$	6,168
Other property-related revenue	345		28		373
Total revenue	6,124		417		6,541
Certain Expenses
Property operating expenses	1,610		131		1,741
Real estate taxes	382		22		404
Supervisory and administrative fees	367		25		392
Total certain expenses	2,359		178		2,537
Revenue in excess of certain expenses	$	3,765	$	239	$	4,004

4. OPERATING RESULTS FOR 2013 BY ALL STOR ACQUISITION DATE

Presented below is the revenue and certain expenses for 11 properties acquired by All Stor in 2013, which are included for the period from the later of March 14, 2013 or All Stor's respective acquisition dates through December 31, 2013:



	Date Acquired by All Stor
	March 14, 2013		April 4, 2013		May 9, 2013		May 23, 2013		August 28, 2013		Total
Number of properties	2		4		1		3		1		11
Revenue
Rental revenue	$	508	$	1,593	$	380	$	1,026	$	191	$	3,698
Other property-related revenue	9		101		3		18		—		131
Total revenue	517		1,694		383		1,044		191		3,829
Certain Expenses
Property operating expenses	179		427		85		267		38		996
Real estate taxes	40		114		24		38		4		220
Supervisory and administrative fees	31		102		23		63		11		230
Total certain expenses	250		643		132		368		53		1,446
Revenue in excess of certain expenses	$	267	$	1,051	$	251	$	676	$	138	$	2,383

F-32

All Stor Properties

Notes to Combined Statements of Revenue and Certain Expenses (Continued)

(dollars in thousands)

5. RELATED PARTY TRANSACTIONS

The All Stor Properties are subject to agreements that provide for a fee equal to 6% of gross revenue (as defined in the agreements). These agreements were entered into with Square Foot Management Company, LLC ("Square Foot"), an affiliate of All Stor. The amounts incurred under these agreements are included in supervisory and administrative fees in the accompanying combined statements of revenue and certain expenses. The services provided by Square Foot consist of supervisory, administrative, leasing and related services.

The employees responsible for operation of the All Stor Properties are employees of Square Foot. The amounts charged by Square Foot for salaries, wages and benefits for the All Stor Properties are included in property operating expenses and amounted to $781 for the period from the later of January 1, 2014 or All Stor's respective acquisition date (as set forth in Note 3) through December 31, 2014, and $432 for the period from the later of March 14, 2013 or All Stor's respective acquisition dates (as set forth in Note 4) through December 31, 2013.

6. SUBSEQUENT EVENTS

F-33

REPORT OF INDEPENDENT AUDITORS

To National Storage Affiliates Trust:

We have audited the accompanying combined statements of revenue and certain expenses of the Move It Properties for the year ended December 31, 2013, and the related notes to the financial statements.

Management's Responsibility for Financial Statements

Management is responsible for the preparation and fair presentation of these financial statement in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement of revenue and certain expenses. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the combined statements of revenue and certain expenses in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

Basis of Accounting

As described in Note 1 to the financial statements, the statements of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and is not intended to be a complete presentation of revenue and expenses of the Move It Properties. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP

Denver, Colorado
November 21, 2014

F-34

Move It Properties

Combined Statements of Revenue and Certain Expenses

Interim Period from January 1, 2014 Through September 4, 2014 (Unaudited), and
for the Year Ended December 31, 2013

(dollars in thousands)



	2014		2013
	(Unaudited)
Revenue
Rental revenue	$	3,951	$	5,501
Other property-related revenue	55		81
Total revenue	4,006		5,582
Certain Expenses
Property operating expenses	1,262		2,189
Real estate taxes	390		499
Total certain expenses	1,652		2,688
Revenue in excess of certain expenses	$	2,354	$	2,894

The accompanying notes are an integral part of these combined statements of revenue and
certain expenses.

F-35

Move It Properties

Notes to Combined Statements of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

National Storage Affiliates Trust ("NSA") acquired nine self-storage properties on September 4, 2014 (collectively, the "Move It Properties") through Move It Self Storage, LP ("Move It"). Move It is one of NSA's participating regional operators.

The accompanying combined statements of revenue and certain expenses (the "Statements") of the Move It Properties have been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statements are not representative of the entire operations of the Move It Properties for the periods presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the Move It Properties.

The unaudited interim combined statement of revenue and certain expenses for the period from January 1, 2014 through September 4, 2014, was prepared on the same basis as the combined statement of revenue and certain expenses for the year ended December 31, 2013, and reflects all adjustments, consisting of only normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of the unaudited interim period. The results of the unaudited interim period are not necessarily indicative of the expected results for the entire fiscal year.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition. Management has determined that all of the leases associated with the Move It Properties are operating leases, which may be terminated on a month-to-month basis. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies, which are recognized in the period earned.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the Move It Properties were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $61 (unaudited) for the interim period from January 1, 2014 through September 4, 2014, and $125 for the year ended December 31, 2013.

4. RELATED PARTY TRANSACTIONS

The employees responsible for operation of the Move It Properties are employees of Move It. The amounts charged by Move It for salaries, wages and benefits for the Move It Properties are included in property operating expenses and amounted to $622 (unaudited) for the interim period from January 1, 2014 through September 4, 2014, and $987 for the year ended December 31, 2013.

F-36

Move It Properties

Notes to Combined Statements of Revenue and Certain Expenses (Continued)

(dollars in thousands)

5. SUBSEQUENT EVENTS

Management has evaluated the events and transactions that have occurred through November 21, 2014, the date that the Statements were available to be issued, and noted no items requiring adjustment of the Statements or additional disclosure.

F-37

INDEPENDENT AUDITORS REPORT

To National Storage Affiliates Trust

We have audited the accompanying combined statements of revenue and certain expenses of the Hide-Away Properties for the year ended December 31, 2015, and the related notes to the combined financial statements.

MANAGEMENT'S RESPONSIBILITY FOR COMBINED FINANCIAL STATEMENTS

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these combined financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements of revenue and certain expenses. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the combined financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the combined statements of revenue and certain expenses in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the combined financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion, the combined financial statements referred to above present fairly, in all material respects, the revenue and certain expenses described in Note 1 to the financial statements of the Hide-Away Properties for the year ended December 31, 2015, in accordance with U.S. generally accepted accounting principles.

BASIS OF ACCOUNTING

As described in Note 1 to the combined financial statements, the statements of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and are not intended to be a complete presentation of revenue and expenses of the Hide-Away Properties. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP

Denver, Colorado

May 24, 2016

F-38

Hide-Away Properties

Combined Statements of Revenue and Certain Expenses

For the Three Months Ended March 31, 2016 (Unaudited),
and for the Year Ended December 31, 2015

(dollars in thousands)



	2016		2015
	(Unaudited)
Revenue
Rental revenue	$	3,492	$	12,837
Other property-related revenue	14		89
Total revenue	3,506		12,926
Certain Expenses
Property operating expenses	971		4,121
Real estate taxes	212		847
Supervisory and administrative fees	206		753
Total certain expenses	1,389		5,721
Revenue in excess of certain expenses	$	2,117	$	7,205

The accompanying notes are an integral part of these statements of revenue and certain expenses.

F-39

Hide-Away Properties

Notes to Combined Statements of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

National Storage Affiliates Trust (“NSA”) acquired twelve self-storage properties and two warehouses that support the mobile storage business on April 1, 2016 (the “Hide-Away Properties”) from parties related to Hide-Away Storage Services, Inc. (“Hide-Away”). Hide-Away is one of NSA’s participating regional operators.

The accompanying combined statements of revenue and certain expenses (the “Statements”) of the Hide-Away Properties have been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statements are not representative of the entire operations of the Hide-Away Properties for the periods presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the Hide-Away Properties.

The unaudited interim combined statements of revenue and certain expenses for the period from January 1, 2016 through March 31, 2016, were prepared on the same basis as the combined statements of revenue and certain expenses for the year ended December 31, 2015, and reflects all adjustments, consisting of only normal recurring adjustments, which are, in the opinion of management necessary for a fair presentation of the results of the unaudited interim period. The results of the unaudited interim period are not necessarily indicative of the expected results for the entire fiscal year.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition. Management has determined that all of the leases associated with the Hide-Away Properties are operating leases. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies, which are recognized in the period earned.

Advertising Costs. Advertising costs are primarily attributable to internet, directory and other advertising. Advertising costs were expensed in the period in which the cost was incurred. Advertising costs amounted to $35 (unaudited) and $181 for the three months ended March 31, 2016 and for the year ended December 31, 2015, respectively.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the Hide-Away Properties were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $59 (unaudited) and $297 for the three months ended March 31, 2016 and for the year ended December 31, 2015, respectively.

3. OPERATING LEASE AGREEMENTS

Leases associated with the self storage properties and the mobile storage business may generally be terminated on a month-to-month basis. Certain leases with customers for use of space in the warehouses or real property used for cellular towers and billboards have multi-year terms.

The following table summarizes the minimum lease payments for leases with lease periods greater than one year at December 31, 2015:

F-40



2016	$	237
2017	281
2018	284
2019	279
2020	115
Thereafter	169
Total	$	1,365

These amounts do not reflect future rental revenues from the renewal or replacement of existing leases and exclude reimbursements of operating expenses.

4. RELATED PARTY TRANSACTIONS

The Hide-Away Properties are subject to agreements entered into with Hide-Away that provide for a fee equal to 6% of gross revenue and a monthly accounting fee (as defined in the agreements). The amounts incurred under these agreements are included in supervisory and administrative fees in the accompanying combined statements of revenue and certain expenses. The services provided by Hide-Away consist of supervisory, administrative, leasing and related services.

The employees responsible for operation of the Hide-Away Properties are employees of Hide-Away. The amounts charged by Hide-Away for salaries, wages and benefits for the Hide-Away Properties are included in property operating expenses and amounted to $413 (unaudited) and $1,744 for the three months ended March 31, 2016 and for the year ended December 31, 2015, respectively.

5. SUBSEQUENT EVENTS

Management has evaluated the events and transactions that have occurred through May 24, 2016, the date that the Statements were available to be issued, and noted no items requiring adjustment of the Statements or additional disclosure.

F-41

INDEPENDENT AUDITORS REPORT

To National Storage Affiliates Trust

We have audited the accompanying combined statements of revenue and certain expenses of the SecurCare Oklahoma Properties for the years ended December 31, 2015, 2014 and 2013 and the related notes to the combined financial statements.

MANAGEMENT'S RESPONSIBILITY FOR COMBINED FINANCIAL STATEMENTS

Management is responsible for the preparation and fair presentation of these combined financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the combined financial statements that are free from material misstatement, whether due to fraud or error.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these combined financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free from material misstatement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion, the combined financial statements referred to above present fairly, in all material respects, the revenue and certain expenses described in Note 1 to the combined financial statements of the SecurCare Oklahoma Properties for the years ended December 31, 2015, 2014 and 2013 in accordance with U.S. generally accepted accounting principles.

BASIS OF ACCOUNTING

As described in Note 1 to the combined financial statements, the statements of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and are not intended to be a complete presentation of revenue and expenses of the SecurCare Oklahoma Properties. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP

Denver, Colorado

May 24, 2016

F-42

SecurCare Oklahoma Properties

Combined Statements of Revenue and Certain Expenses

For the Years Ended December 31, 2015, 2014 and 2013
(dollars in thousands)



	2015		2014		2013

Revenue
Rental revenue	$	1,327	$	1,102	$	1,043
Other property-related revenue	24		19		9
Total revenue	1,351		1,121		1,052
Certain Expenses
Property operating expenses	354		343		327
Real estate taxes	126		126		86
Supervisory and administrative fees	74		61		55
Total certain expenses	554		530		468
Revenue in excess of certain expenses	$	797	$	591	$	584

The accompanying notes are an integral part of these statements of revenue and certain expenses.

F-43

SecurCare Oklahoma Properties

Notes to Combined Statements of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

National Storage Affiliates Trust (“NSA”) acquired three self storage properties on January 1, 2016 (the “SecurCare Oklahoma Properties” or “Oklahoma Properties”) through SecurCare Self Storage, Inc. (“SecurCare”). The properties have been owned and managed by SecurCare from 2012 through the date that NSA acquired the properties. One of the properties was destroyed by a tornado during 2013 and subsequently reconstructed, with operations re-commencing in late 2013.

The accompanying combined statements of revenue and certain expenses (the “Statements”) of the SecurCare Oklahoma Properties have been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statements are not representative of the entire operations of the SecurCare Oklahoma Properties for the periods presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the SecurCare Oklahoma Properties.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition. Management has determined that all of the leases associated with the SecurCare Oklahoma Properties are operating leases, which may be terminated on a month-to-month basis. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies, which are recognized in the period earned.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the SecurCare Oklahoma Properties were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $9, $11 and $7 for the years ended December 31, 2015, 2014 and 2013, respectively.

3. RELATED PARTY TRANSACTIONS

The SecurCare Oklahoma Properties are subject to agreements entered into with SecurCare that provide for a fee equal to 5% to 6% of gross revenue (as defined in the agreements). The amounts incurred under these agreements are included in supervisory and administrative fees in the accompanying combined statements of revenue and certain expenses. The services provided by SecurCare consist of supervisory, administrative, leasing and related services.

The employees responsible for operation of the Oklahoma Properties are employees of SecurCare. The amounts charged by SecurCare for salaries, wages and benefits for the Oklahoma Properties are included in property operating expenses and amounted to $141, $134 and $128 for the years ended December 31, 2015, 2014 and 2013, respectively.

4. SUBSEQUENT EVENTS

F-44

INDEPENDENT AUDITORS REPORT

To National Storage Affiliates Trust

We have audited the accompanying statement of revenue and certain expenses of the Fondren Self Storage Property for the year ended December 31, 2015, and the related notes to the financial statement.

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS

Management is responsible for the preparation and fair presentation of the financial statement in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statement that are free from material misstatement, whether due to fraud or error.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the financial statement based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement of revenue and certain expenses. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the combined statement of revenue and certain expenses in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion, the financial statement referred to above presents fairly, in all material respects, the revenue and certain expenses described in Note 1 to the financial statement of the Fondren Self Storage Property for the year ended December 31, 2015, in accordance with U.S. generally accepted accounting principles.

BASIS OF ACCOUNTING

As described in Note 1 to the financial statement, the statement of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and is not intended to be a complete presentation of revenue and expenses of the Fondren Self Storage Property. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP

Denver, Colorado

May 24, 2016

F-45

Fondren Self Storage Property

Statement of Revenue and Certain Expenses

For the Year Ended December 31, 2015

(dollars in thousands)



	2015

Revenue
Rental revenue	$	530
Other property-related revenue	16
Total revenue	546
Certain Expenses
Property operating expenses	195
Real estate taxes	64
Supervisory and administrative fees	32
Total certain expenses	291
Revenue in excess of certain expenses	$	255

The accompanying notes are an integral part of these statements of revenue and certain expenses.

F-46

Fondren Self Storage Property

Notes to Combined Statement of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

National Storage Affiliates Trust (“NSA”) acquired one self-storage property on January 22, 2016 (the “Fondren Self Storage Property” or “Fondren”) through Move It Self Storage, LP (“Move It”). The property has been managed by Move It from 2002 through the date that NSA acquired the property. Move It is one of NSA’s participating regional operators.

The accompanying statement of revenue and certain expenses (the “Statement”) of the Fondren Self Storage Property has been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statement is not representative of the entire operations of the Fondren Self Storage Property for the period presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the Fondren Self Storage Property.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates. The preparation of the financial statement in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Revenue Recognition. Management has determined that all of the leases associated with the Fondren Self Storage Property are operating leases, which generally may be terminated on a month-to-month basis. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies, which are recognized in the period earned.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the Fondren Self Storage Property were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $15 for the year ended December 31, 2015.

3. RELATED PARTY TRANSACTIONS

The Fondren Self Storage Property is subject to an agreement entered into with Move It that provides for a fee equal to 6% of gross revenue (as defined in the agreement and subject to a minimum). The amounts incurred under the agreement are included in supervisory and administrative fees in the accompanying statement of revenue and certain expenses. The services provided by Move It consist of supervisory, administrative, leasing and related services.

The employees responsible for operation of Fondren are employees of Move It. The amounts charged by Move It for salaries, wages and benefits for Fondren are included in property operating expenses and amounted to $57 for the year ended December 31, 2015.

4. SUBSEQUENT EVENTS

Management has evaluated the events and transactions that have occurred through May 24, 2016, the date that the Statement was available to be issued, and noted no items requiring adjustment of the Statement or additional disclosure.

F-47

INDEPENDENT AUDITORS REPORT

To National Storage Affiliates Trust

We have audited the accompanying statement of revenue and certain expenses of the Granite Clover Self Storage Properties for the year ended December 31, 2015, and the related notes to the financial statement.

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS

AUDITORS' RESPONSIBILITY

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement of revenue and certain expenses. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the combined statement of revenue and certain expenses in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion, the financial statement referred to above presents fairly, in all material respects, the revenue and certain expenses described in Note 1 to the financial statement of the Granite Clover Self Storage Properties for the year ended December 31, 2015, in accordance with U.S. generally accepted accounting principles.

BASIS OF ACCOUNTING

As described in Note 1 to the financial statement, the statement of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and is not intended to be a complete presentation of revenue and expenses of the Granite Clover Self Storage properties. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP

Denver, Colorado

May 24, 2016

F-48

Granite Clover Self Storage Properties

Combined Statement of Revenue and Certain Expenses

For the Year Ended December 31, 2015

(dollars in thousands)



	2015

Revenue
Rental revenue	$	2,226
Other property-related revenue	3
Total revenue	2,229
Certain Expenses
Property operating expenses	645
Real estate taxes	242
Total certain expenses	887
Revenue in excess of certain expenses	$	1,342

The accompanying notes are an integral part of these statements of revenue and certain expenses.

F-49

Granite Clover Self Storage Properties

Notes to Combined Statement of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

National Storage Affiliates Trust (“NSA”) acquired five self-storage properties in New Hampshire on February 22, 2016 (the “Granite Clover Self Storage Properties” or “Granite Clover”) from an unrelated third-party (the “Seller”).

The accompanying combined statement of revenue and certain expenses (the “Statement”) of the Granite Clover Self Storage Properties has been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statement is not representative of the entire operations of the Granite Clover Self Storage Properties for the period presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the Granite Clover Self Storage Properties.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition. Management has determined that all of the leases associated with the Granite Clover Self Storage Properties are operating leases, which may be terminated on a month-to-month basis. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies, which are recognized in the period earned.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the Granite Clover Self Storage Properties were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $21 for the year ended December 31, 2015.

3. SUBSEQUENT EVENTS

F-50

INDEPENDENT AUDITORS REPORT

To National Storage Affiliates Trust

We have audited the accompanying combined statements of revenue and certain expenses of the Gulf Coast Properties for the year ended December 31, 2015, and the related notes to the financial statements.

MANAGEMENT'S RESPONSIBILITY FOR COMBINED FINANCIAL STATEMENTS

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these combined financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion, the combined financial statements referred to above present fairly, in all material respects, the revenue and certain expenses described in Note 1 to the combined financial statements of the Gulf Coast Properties for the year ended December 31, 2015, in accordance with U.S. generally accepted accounting principles.

BASIS OF ACCOUNTING

As described in Note 1 to the combined financial statements, the statements of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and are not intended to be a complete presentation of revenue and expenses of the Gulf Coast Properties. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP

Denver, Colorado

May 24, 2016

F-51

Gulf Coast Properties

Combined Statements of Revenue and Certain Expenses

For the Three Months Ended March 31, 2016 (Unaudited),
and for the Year Ended December 31, 2015

(dollars in thousands)



	2016		2015
	(Unaudited)
Revenue
Rental revenue	$	770	$	3,000
Other property-related revenue	10		46
Total revenue	780		3,046
Certain Expenses
Property operating expenses	201		982
Real estate taxes	50		201
Supervisory and administrative fees	40		155
Total certain expenses	291		1,338
Revenue in excess of certain expenses	$	489	$	1,708

The accompanying notes are an integral part of these statements of revenue and certain expenses.

F-52

Gulf Coast Properties

Notes to Combined Statements of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

National Storage Affiliates Trust (“NSA”) acquired five self-storage properties located in Louisianna, Mississippi, and Alabama on April 12, 2016 (the “Gulf Coast Properties” or “Gulf Coast”) from and unrelated third party (the “Seller”).

The accompanying combined statements of revenue and certain expenses (the “Statements”) of the Gulf Coast Properties have been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statements are not representative of the entire operations of the Gulf Coast Properties for the periods presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the Gulf Coast Properties.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition. Management has determined that all of the leases associated with the Gulf Coast Properties are operating leases, which generally may be terminated on a month-to-month basis. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies, which are recognized in the period earned.

Advertising Costs. Advertising costs are primarily attributable to internet, directory and other advertising. Advertising costs were expensed in the period in which the cost was incurred. Advertising costs amounted to $1 (unaudited) and $19 for the three months ended March 31, 2016 and the year ended December 31, 2015, respectively.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the Gulf Coast Properties were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $5 (unaudited) and $40 for the three months ended March 31, 2016 and the year ended December 31, 2015, respectively.

3. RELATED PARTY TRANSACTIONS

The Gulf Coast Properties are subject to agreements entered into with CubeSmart Asset Management, LLC (“CubeSmart”) that provide for a fee equal to 5% of gross revenue (as defined in the agreements and subject to a minimum). The amounts incurred under these agreements are included in supervisory and administrative fees in the accompanying combined statements of revenue and certain expenses. The services provided by CubeSmart consist of supervisory, administrative, leasing and related services.

The employees responsible for operation of the Gulf Coast Properties are employees of CubeSmart. The amounts charged by CubeSmart for salaries, wages and benefits for Gulf Coast are included in property operating expenses and amounted to $91 (unaudited) and $356 for the three months ended March 31, 2016 and the year ended December 31, 2015, respectively.

F-53

4. SUBSEQUENT EVENTS

Management has evaluated the events and transactions that have occurred through May 24, 2016, the date that the Statements was available to be issued, and noted no items requiring adjustment of the Statement or additional disclosure.

F-54

INDEPENDENT AUDITORS REPORT

To National Storage Affiliates Trust

We have audited the accompanying statement of revenue and certain expenses of the Storage Central Property for the year ended December 31, 2015, and the related notes to the financial statements.

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements of revenue and certain expenses. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the statements of revenue and certain expenses in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion, the financial statements referred to above present fairly, in all material respects, the revenue and certain expenses described in Note 1 to the financial statements of the Storage Central Property for the year ended December 31, 2015, in accordance with U.S. generally accepted accounting principles.

BASIS OF ACCOUNTING

As described in Note 1 to the financial statements, the statements of revenue and certain expenses have been prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, and is not intended to be a complete presentation of revenue and expenses of the Storage Central Property. Our opinion is not modified with respect to this matter.

/s/ EKS&H LLLP

Denver, Colorado

May 24, 2016

F-55

Storage Central Property

Statements of Revenue and Certain Expenses

For the Three Months Ended March 31, 2016 (Unaudited),
and for the Year Ended December 31, 2015

(dollars in thousands)



	2016		2015
	(Unaudited)
Revenue
Rental revenue	$	262	$	969
Other property-related revenue	9		49
Total revenue	271		1,018
Certain Expenses
Property operating expenses	36		170
Real estate taxes	12		50
Total certain expenses	48		220
Revenue in excess of certain expenses	$	223	$	798

The accompanying notes are an integral part of these statements of revenue and certain expenses.

F-56

Storage Central Property

Notes to Combined Statement of Revenue and Certain Expenses

(dollars in thousands)

1. BASIS OF PRESENTATION

National Storage Affiliates Trust (“NSA”) acquired one self-storage property located in Oregon on April 15, 2016 (the “Storage Central Property” or “Storage Central”) from an unrelated third party (the “Seller”).

The accompanying statements of revenue and certain expenses (the “Statements”) of the Storage Central Property have been prepared pursuant to Rule 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the Statements are not representative of the entire operations of the Storage Central Property for the periods presented as certain items are excluded. Such omitted items consist of depreciation and amortization, interest expense, and administrative costs not directly related to the future operations of the Storage Central Property.

The unaudited interim statement of revenue and certain expenses for the period from January 1, 2016 through March 31, 2016, was prepared on the same basis as the statements of revenue and certain expenses for the year ended December 31, 2015, and reflects all adjustments, consisting of only normal recurring adjustments, which are, in the opinion of management necessary for a fair presentation of the results of the unaudited interim period. The results of the unaudited interim period are not necessarily indicative of the expected results for the entire fiscal year.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition. Management has determined that all of the leases associated with the Storage Central Property are operating leases, which may be terminated on a month-to-month basis. Rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue consists of ancillary revenues such as tenant insurance commissions and sales of storage supplies, which are recognized in the period earned.

Advertising Costs. Advertising costs are primarily attributable to internet, directory and other advertising. Advertising costs were expensed in the period in which the cost was incurred. Advertising costs amounted to $2 (unaudited) and $8 for the three months ended March 31, 2016 and for the year ended December 31, 2015, respectively.

Repairs and Maintenance. Major replacements and betterments that improved or extended the life of the Storage Central Property were capitalized. Expenditures for ordinary repairs and maintenance were expensed as incurred. Repairs and maintenance amounted to $0 (unaudited) and $19 for the three months ended March 31, 2016 and for the year ended December 31, 2015, respectively.

3. SUBSEQUENT EVENTS

F-57