National Storage Affiliates Trust Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS

3 Months Ended

Mar. 31, 2016

As of March 31, 2016 and December 31, 2015, units reflecting noncontrolling interests consisted of the following:



	March 31,	December 31,
	2016	2015
OP units	22,528,274	21,556,006
Subordinated performance units	9,441,708	9,302,989
LTIP units	2,947,837	2,784,761
DownREIT units
DownREIT OP units	1,834,786	1,834,786
DownREIT subordinated performance units	4,386,999	4,386,999
Total	41,139,604	39,865,541

While the Company controls its operating partnership and manages the daily operations of its operating partnership's business, the Company did not have an ownership interest or share in its operating partnership's profits and losses prior to the completion of the Company's initial public offering. The increase in OP Units and subordinated performance units outstanding from December 31, 2015 to March 31, 2016 was related to the acquisition of self storage properties. The increase in LTIP units outstanding from December 31, 2015 to March 31, 2016 was due to the issuance of 163,076 compensatory LTIP units to employees during the three months ended March 31, 2016.