National Storage Affiliates Trust : Company Update September 2021

National Storage Affiliates Company Update

S e p t e m b e r 2 0 2 1

Forward-Looking Statements

and Non-GAAP Financial Measures

FORWARD-LOOKING STATEMENTS: We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements. The forward-looking statements contained in this presentation reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward- looking statement.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. Some of these factors are described in our annual report on Form 10-K filed with the SEC on February 26, 2021 (the "Annual Report") under the headings "business," "risk factors," "properties," and "management's discussion and analysis of financial condition and results of operations," as applicable. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This presentation and the information contained herein are for informational purposes only and may not be relied upon for any purpose, including in connection with the purchase or sale of any of our securities. Such information does not constitute an offer to sell or a solicitation of an offer to buy any security described herein.

Non-GAAP Financial Measures: This presentation contains certain non-GAAP financial measures, such as funds from operations ("FFO"), Core FFO, net operating income ("NOI"), EBITDA, and Adjusted EBITDA, which are each defined in NSA's Annual Report. These non-GAAP financial measures are presented because NSA's management believes these measures help investors understand NSA's business, performance and ability to earn and distribute cash to its shareholders by providing perspectives not immediately apparent from net income (loss). These measures are also frequently used by securities analysts, investors and other interested parties. The presentation of FFO, Core FFO, NOI, EBITDA, and Adjusted EBITDA herein are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP and should not be considered as alternative measures of liquidity. In addition, NSA's definitions and method of calculating these measures may be different from those used by other companies, and, accordingly, may not be comparable to similar measures as defined and calculated by other companies that do not use the same methodology as NSA. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures for the three months ended June 30, 2021 and 2020 are set forth in the Appendix attached hereto. In addition, reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures for the three months ended March 31, 2021, 2020, 2019, 2018, and 2017, December 31, 2020, 2019, 2018, 2017 and 2016, September 30, 2020, 2019, 2018, 2017, and 2016, and June 30, 2019, 2018, and 2017 are available in NSA's earnings releases for such period ends, which are furnished to the SEC quarterly as Exhibit 99.1 on Current Reports on Form 8-K pursuant to Item 2.02.

Information in this presentation is as of June 30, 2021, except as otherwise noted.

2 | SEPTEMBER 2021

Contents

Company Update	4
Consistent Sector-Leading Results	9
Differentiated PRO Structure Drives Growth	14
External Growth Has Momentum	18
Supply Update	21
Flexible Capital Structure Supports Future Growth	23
Appendix (including Definitions and Methodology)	26

3 | SEPTEMBER 2021

National Storage Affiliates

Company Update

NSA Snapshot as of June 30, 2021

407.1%

			Total Shareholder Return
			Since IPO in April 2015
$8.9B			$5.2B
	Total Enterprise Value			Completed Acquisitions
						Since IPO(1)
864			14.7%			95.4%
Property Portfolio			Avg. Quarterly Y-O-Y Increase			Same Store Avg. Occupancy
			in Core FFO/Share Since IPO			In Q2 2021
55.2M			through Q2 2021			21.5%
		34.1%
Rentable Square Feet			Y-O-Y Core FFO/Share Growth			Y-O-Y Same Store NOI Growth
			In Q2 2021				In Q2 2021

1. Since the Company's IPO at April 23, 2015 through June 30, 2021; includes ~$3.2 billion in wholly owned acquisitions and ~$2.0 billion in Joint Venture acquisitions.
2. Source: 2021 Self Storage Almanac

5 | SEPTEMBER 2021

Well Diversified;

Located in

36

States +

Puerto Rico

Unique

Structure with

Participating

Regional

Operators

("PROs")

6th

Largest

U.S. Operator(2)