On August 1, 2016, the Company acquired a 22 self storage property portfolio with an estimated fair value of $154.0 million (the "CPA 17 Portfolio") from unrelated third party sellers controlled by Corporate Property Associates 17 - Global Incorporated ("CPA 17"). The Company previously disclosed pro forma financial information related to certain closed and probable acquisitions, including other adjustments (the "Previously Disclosed Acquisitions") and the Company's initial public offering (the "IPO") in Exhibit 99.2 to the Current Report on Form 8-K/A filed by the Company on May 25, 2016 (the “Form 8-K/A”). This previously disclosed pro forma financial information was as of and for the three months ended March 31, 2016 and for the year ended December 31, 2015. The Previously Disclosed Acquisitions included one self storage property that was considered probable of acquisition as of May 25, 2016 that was acquired by the Company on June 1, 2016. Herein, the Company has supplemented this previously disclosed pro forma financial information by including the pro forma effect of the acquisitions of the CPA 17 Portfolio from unrelated third party sellers controlled by CPA17.

On July 6, 2016, the Company closed a follow-on public offering of 12,046,250 of its common shares, which included 1,571,250 common shares sold upon the exercise in full by the underwriters of their option to purchase additional shares, at a public offering price of $20.75 per share. The Company received aggregate net proceeds from the offering of approximately $237.7 million after deducting the underwriting discount and estimated offering expenses.  The Company contributed the net proceeds from this follow-on offering to its operating partnership which used the proceeds to repay outstanding borrowings under the Revolver and for general corporate and working capital purposes. Because the follow-on offering is not directly related to the acquisition of the CPA 17 Portfolio to which we give pro forma effect, a pro forma adjustment is not reflected for the impact of the follow-on offering in the unaudited pro forma condensed consolidated financial statements.

(A) Historical Balance Sheet.    Represents the historical condensed consolidated balance sheet of the Company as of March 31, 2016.

(B) Previously Disclosed Acquisitions.   Represents the pro forma adjustments related to the Previously Disclosed Acquisitions in Exhibit 99.2 to the Form 8-K/A. The Previously Disclosed Acquisitions include one Probable Acquisition that closed on June 1, 2016.

(C) CPA 17 Portfolio.    Reflects the acquisition of the CPA 17 Portfolio. The allocation of purchase price shown in the table below is based on the Company's estimates and is subject to change based on the final determination of the fair value of assets acquired and liabilities incurred. Presented below is a summary that reflects an estimate of the purchase price allocation to the assets acquired and liabilities incurred (dollars in thousands):

(D) Acquisition Costs.    The Company expects to incur aggregate acquisition costs of approximately $1.1 million in connection with the acquisition of the CPA 17 Portfolio. Acquisition costs are primarily comprised of consulting fees incurred to identify, qualify and close acquisitions. These acquisition costs will be paid with proceeds from borrowings under the Company's Revolver and result in an increase in outstanding indebtedness in the unaudited pro forma condensed consolidated balance sheet as of March 31, 2016. Additionally, as discussed further in Note K, the Company allocates U.S. generally accepted accounting principles ("GAAP") income (loss) utilizing the hypothetical liquidation at book value ("HLBV") method, in which the Company allocates income or loss based on the change in each unitholders’ claim on the net assets of its operating partnership at period end after adjusting for any distributions or contributions made during such period. Accordingly, the transaction costs to which the Company gives pro forma effect are allocated to the previously existing unitholders and resulted in pro forma charges to retained (deficit) earnings and noncontrolling interests of $0.5 million and $0.6 million, respectively.

(E) Historical Statement of Operations for the Three Months Ended March 31, 2016.     Reflects the historical condensed consolidated statement of operations of the Company for the three months ended March 31, 2016.

(F) Impact of the Previously Disclosed Acquisitions.   Represents the pro forma adjustments related to the Previously Disclosed Acquisitions in Exhibit 99.2 to the Form 8-K/A. The Previously Disclosed Acquisitions include one Probable Acquisition that closed on June 1, 2016.

(G) Impact of the CPA 17 Portfolio.   The table below reflects the revenue and certain expenses for the three months ended March 31, 2016 for the CPA 17 Portfolio (dollars in thousands):

   (H) Incremental General and Administrative Expenses. The Company has entered into agreements with affiliates of the PROs to provide supervisory and administrative services related to the self storage properties under NSA ownership. Under the asset management agreements, the Company pays a fee ranging from 5% to 6% of gross revenue for the related self storage properties. These supervisory and administrative fees are included in general and administrative expenses in the Company's historical financial statements. A pro forma adjustment has been reflected for the contractual fees under such asset management agreements as if such asset management agreements had been entered into on January 1, 2015 and the contractual rates thereunder had been applied to the gross revenue of the CPA 17 Portfolio. For the three months ended March 31, 2016 and the year ended December 31, 2015, pro forma adjustments of less than $0.1 million and $0.1 million, respectively, are reflected for incremental supervisory and administrative fees as if the contractual rates had been applied to the gross revenue of the CPA 17 Portfolio for the respective periods presented.

(I) Incremental Depreciation and Amortization.  For the three months ended March 31, 2016 and the year ended December 31, 2015, pro forma adjustments of $1.1 million and $8.6 million, respectively, are reflected for incremental depreciation and amortization of the CPA 17 Portfolio.

(J) Interest Expense. Pro forma adjustments for interest expense are required to reflect the pro forma debt structure as if the CPA 17 Portfolio had been owned for the entirety of the applicable periods. The Company assumed borrowings under the Company's credit facility for the purchase price of the CPA 17 Portfolio with interest computed based on the effective interest rate of 2.04% as of March 31, 2016.

(K) Net (Income) Loss Attributable to Noncontrolling Interests.    The distribution rights and priorities set forth in the operating partnership's Agreement of Limited Partnership differ from what is reflected by the underlying percentage ownership interests of the unitholders. Accordingly, the Company allocates GAAP income (loss) utilizing the HLBV method, in which the Company allocates income or loss based on the change in each unitholders’ claim on the net assets of its operating partnership at

period end after adjusting for any distributions or contributions made during such period. The HLBV method is a balance sheet-focused approach. A calculation is prepared at each balance sheet date to determine the amount that unitholders would receive if the operating partnership were to liquidate all of its assets (at GAAP net book value) and distribute the resulting proceeds to its creditors and unitholders based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is used to derive each unitholder's share of the income (loss) for the period. After giving pro forma effect to the acquisition of the CPA 17 Portfolio, the application of the HLBV method resulted in an adjustment to increase the noncontrolling interests' share of net income by $0.3 million for the three months March 31, 2016 and the noncontrolling interests' share of net losses by $4.0 million for the year ended December 31, 2015. The Company’s application of the HLBV method for pro forma purposes does not include assumptions regarding distributions that might have been paid on the common shares of the Company and limited partner interests in its operating partnership resulting from the self storage property acquisitions that are included in the pro forma financial information but excluded from the historical financial information, as such assumptions would require projections and estimates of management’s intentions that are not factually supportable.

(L) Earnings Per Share.    The following is a summary of the elements used in calculating pro forma basic and diluted earnings (loss) per common share for the three months ended March 31, 2016 and the year ended December 31, 2015 (dollars in thousands, except per share amounts):

(M) Historical Statement of Operations for the Year Ended December 31, 2015.     Reflects the historical condensed consolidated statement of operations of the Company for the year ended December 31, 2015.

(N) Impact of the Previously Disclosed Acquisitions and IPO.  Represents the pro forma adjustments related to the Previously Disclosed Acquisitions and the Company's IPO in Exhibit 99.2 to the Form 8-K/A. The Previously Disclosed Acquisitions include one Probable Acquisition that closed on June 1, 2016.

(O) Impact of the CPA 17 Portfolio.   The table below reflects the revenue and certain expenses for the year ended December 31, 2015 for the CPA 17 Portfolio (dollars in thousands):