Form: 10-K

Annual report pursuant to Section 13 and 15(d)

February 26, 2021

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-37351
National Storage Affiliates Trust
(Exact name of Registrant as specified in its charter)  
Maryland 46-5053858
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

8400 East Prentice Avenue, 9th Floor
Greenwood Village, Colorado 80111
(Address of principal executive offices) (Zip code)

(720) 630-2600
(Registrant's telephone number including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbols Name of each exchange on which registered
Common Shares of Beneficial Interest, $0.01 par value per share NSA
New York Stock Exchange
Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share NSA Pr A
New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes   No 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes     No  
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer,"
"accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The aggregate market value of the voting and non-voting common shares of beneficial interest of National Storage Affiliates Trust held by non-affiliates of National Storage Affiliates Trust was approximately $2.0 billion as of June 30, 2020. As of February 25, 2021, 71,359,211 common shares of beneficial interest, $0.01 par value per share, were outstanding.
Documents Incorporated by Reference
Portions of the registrant's definitive proxy statement for its annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K.




NATIONAL STORAGE AFFILIATES TRUST
TABLE OF CONTENTS
ANNUAL REPORT ON FORM 10-K
For the Fiscal Year Ended December 31, 2020
Item Page
PART I
1.
Business
1A.
Risk Factors
1B.
Unresolved Staff Comments
2.
Properties
3.
Legal Proceedings
4.
Mine Safety Disclosures
PART II
5.
Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
6.
Selected Financial Data
7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
7A.
Quantitative and Qualitative Disclosures About Market Risk
8.
Financial Statements and Supplementary Data
9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
9A.
Controls and Procedures
9B.
Other Information
PART III
10.
Directors, Executive Officers and Corporate Governance
11.
Executive Compensation
12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
13.
Certain Relationships and Related Transactions, and Director Independence
14.
Principal Accounting Fees and Services
PART IV
15.
Exhibits and Financial Statement Schedules
16.
Form 10-K Summary


2

Table of Contents
FORWARD-LOOKING STATEMENTS
National Storage Affiliates Trust and its consolidated subsidiaries (the "Company", "NSA," "we," "our", and "us") make forward-looking statements in this report 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 report 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. One of the most significant factors is the ongoing and potential impact of the current outbreak of COVID-19 on the economy, the self storage industry and the broader financial markets, which may have a significant negative impact on the Company's financial condition, results of operations and cash flows. The Company is unable to predict whether the continuing effects of the COVID-19 pandemic will trigger a further economic slowdown or a recession and to what extent the Company will experience disruptions related to the COVID-19 pandemic. The current outbreak of COVID-19 has also impacted, and is likely to continue to impact, directly or indirectly, many of the other important factors below and the risks described under Item 1A below, and the Company's subsequent filings under the Exchange Act.
Statements regarding the following subjects, among others, may be forward-looking:
market trends in our industry, interest rates, the debt and lending markets or the general economy;
our business and investment strategy;
the acquisition of properties, including those under contract, and the ability of our acquisitions to achieve underwritten capitalization rates and our ability to execute on our acquisition pipeline;
the internalization of retiring participating regional operators ("PROs") into the Company;
the timing of acquisitions;
our relationships with, and our ability and timing to attract additional, PROs;
our ability to effectively align the interests of our PROs with us and our shareholders;
the integration of our PROs and their managed portfolios into the Company, including into our financial and operational reporting infrastructure and internal control framework;
our operating performance and projected operating results, including our ability to achieve market rents and occupancy levels, reduce operating expenditures and increase the sale of ancillary products and services;
our ability to access additional off-market acquisitions;
actions and initiatives of the U.S. federal, state and local government and changes to U.S. federal, state and local government policies and the execution and impact of these actions, initiatives and policies;
the state of the U.S. economy generally or in specific geographic regions, states, territories or municipalities;
economic trends and economic recoveries;
our ability to obtain and maintain financing arrangements on favorable terms;
general volatility of the securities markets in which we participate;
the negative impacts from the continued spread of COVID-19 on the economy, the self storage industry, the broader financial markets, the Company's financial condition, results of operations and cash flows and the ability of the Company's tenants to pay rent;
changes in the value of our assets;
projected capital expenditures;
the impact of technology on our products, operations, and business;

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the implementation of our technology and best practices programs (including our ability to effectively implement our integrated Internet marketing strategy);
changes in interest rates and the degree to which our hedging strategies may or may not protect us from interest rate volatility;
impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters;
our ability to continue to qualify and maintain our qualification as a real estate investment trust for U.S. federal income tax purposes ("REIT");
availability of qualified personnel;
the timing of conversions of each series of Class B common units of limited partner interest ("subordinated performance units") in NSA OP, LP (our "operating partnership") and subsidiaries of our operating partnership into Class A common units of limited partner interest ("OP units") in our operating partnership, the conversion ratio in effect at such time and the impact of such convertibility on our diluted earnings (loss) per share;
the risks of investing through joint ventures, including whether the anticipated benefits from a joint venture are realized or may take longer to realize than expected;
estimates relating to our ability to make distributions to our shareholders in the future; and
our understanding of our competition.
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. Readers should carefully review our financial statements and the notes thereto, as well as the sections entitled "Business," "Risk Factors," "Properties," and "Management's Discussion and Analysis of Financial Condition and Results of Operations," described in Item 1, Item 1A, Item 2 and Item 7, respectively, of this Annual Report on Form 10-K and the other documents we file from time to time with the Securities and Exchange Commission. 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. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. 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.
PART I
Item 1. Business
General
National Storage Affiliates Trust is a fully integrated, self-administered and self-managed real estate investment trust organized in the state of Maryland on May 16, 2013. We have elected and we believe that we have qualified to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015. We serve as the sole general partner of our operating partnership subsidiary, NSA OP, LP (our "operating partnership"), a Delaware limited partnership formed on February 13, 2013 to conduct our business, which is focused on the ownership, operation, and acquisition of self storage properties located within the top 100 metropolitan statistical areas ("MSAs") throughout the United States. As of December 31, 2020, we held ownership interests in and operated a geographically diversified portfolio of 821 self storage properties, located in 36 states and Puerto Rico, comprising approximately 52.0 million rentable square feet, configured in approximately 413,000 storage units. According to the 2021 Self-Storage Almanac, we are the sixth largest owner and operator of self storage properties in the United States based on number of properties, self storage units, and rentable square footage. We completed our initial public offering in 2015 and our common shares of beneficial interest, $0.01 par value per share ("common shares") are listed on the New York Stock Exchange under the symbol "NSA."

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Our executive chairman of the board of trustees and former chief executive officer, Arlen D. Nordhagen, co-founded SecurCare Self Storage, Inc. in 1988 to invest in and manage self storage properties. While growing SecurCare to over 150 self storage properties, Mr. Nordhagen recognized a market opportunity for a differentiated public self storage REIT that would leverage the benefits of national scale by integrating multiple experienced regional self storage operators with local operational focus and expertise. We believe that his vision, which is the foundation of the Company, aligns the interests of our participating regional operators ("PROs"), with those of our public shareholders by allowing our PROs to participate alongside our shareholders in our financial performance and the performance of our PROs' "managed portfolios", which means, with respect to each PRO, the portfolio of properties that such PRO manages on our behalf. A key component of this strategy is to capitalize on the local market expertise and knowledge of regional self storage operators by maintaining the continuity of their roles as property managers.
We believe that our structure creates the right financial incentives to accomplish these objectives. We require our PROs to exchange the self storage properties they contribute to the Company for a combination of OP units and subordinated performance units in our operating partnership or subsidiaries of our operating partnership that issue units intended to be economically equivalent to the OP units and subordinated performance units issued by our operating partnership ("DownREIT partnerships"). OP units, which are economically equivalent to our common shares, create alignment with the performance of the Company as a whole. Subordinated performance units, which are linked to the performance of specific managed portfolios, incentivize our PROs to drive operating performance and support the sustainability of the operating cash flow generated by the self storage properties that they manage on our behalf. Because subordinated performance unit holders receive distributions only after portfolio-specific minimum performance thresholds are satisfied, subordinated performance units play a key role in aligning the interests of our PROs with us and our shareholders. Our structure thus offers PROs a unique opportunity to serve as regional property managers for their managed portfolios and directly participate in the potential upside of those properties while simultaneously diversifying their investment to include a broader portfolio of self storage properties. We believe our structure provides us with a competitive growth advantage over self storage companies that do not offer property owners the ability to participate in the performance and potential future growth of their managed portfolios.
We believe that our national platform has significant potential for continued external and internal growth. We seek to further expand our platform by continuing to recruit additional established self storage operators as well as opportunistically partnering with institutional funds and other institutional investors in strategic joint venture arrangements while integrating our operations through the implementation of centralized initiatives, including management information systems, revenue enhancement, and cost optimization programs. We are currently engaged in preliminary discussions with additional self storage operators and believe that we could add one to three more PROs in addition to the PROs we have currently, which will enhance our existing geographic footprint and allow us to enter regional markets in which we currently have limited or no market share.
On March 31, 2020, we closed on the merger and internalization of the management platform of SecurCare Self Storage, Inc. and its controlled affiliates ("SecurCare"), which prior to the merger and internalization was our largest PRO. As a result of the merger, we no longer pay any fees or reimbursements to SecurCare and distributions on the series of subordinated performance units related to SecurCare's managed portfolio were discontinued. Prior to the merger and internalization, SecurCare provided property management services to 217 of our properties located in California, Colorado, Florida, Georgia, Indiana, Kentucky, Louisiana, Mississippi, North Carolina, Ohio, Oklahoma, South Carolina and Texas. As part of the internalization, we offered and provided employment to most of SecurCare's employees, including its president and chief executive officer, David Cramer, and its other key persons, to manage SecurCare's portfolio of properties as members of our existing property management platform. Effective March 31, 2020, Mr. Cramer replaced Steven B. Treadwell as our chief operating officer and executive vice president.
Our Property Management Platform
Through our property management platform, we direct, manage and control the day-to-day operations and affairs of certain consolidated properties and our unconsolidated real estate ventures under our iStorage and SecurCare brands. As of December 31, 2020, our property management platform managed and controlled 282 of our consolidated properties and 177 of our unconsolidated real estate venture properties.

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We earn certain customary fees for managing and operating the properties in the unconsolidated real estate ventures and we facilitate tenant insurance and/or tenant warranty protection programs for tenants at these properties in exchange for half of all proceeds from such programs.
Our PROs
The Company had ten PROs as of December 31, 2020: Kevin Howard Real Estate Inc., d/b/a Northwest Self Storage and its controlled affiliates ("Northwest"), Optivest Properties LLC and its controlled affiliates ("Optivest"), Guardian Storage Centers LLC and its controlled affiliates ("Guardian"), Move It Self Storage and its controlled affiliates ("Move It"), Arizona Mini Storage Management Company d/b/a Storage Solutions and its controlled affiliates ("Storage Solutions"), Hide-Away Storage Services, Inc. and its controlled affiliates ("Hide-Away"), an affiliate of Shader Brothers Corporation d/b/a Personal Mini Storage ("Personal Mini"), Southern Storage Management Systems, Inc. d/b/a Southern Self Storage ("Southern"), affiliates of Investment Real Estate Management, LLC d/b/a Moove In Self Storage ("Moove In") and Blue Sky Self Storage, a strategic partnership between Argus Professional Storage Management and GYS Development LLC ("Blue Sky").
To capitalize on their recognized and established local brands, our PROs continue to function as property managers for their managed portfolios under their existing brands (which include various brands in addition to those discussed below). Over the long-run, we may seek to internalize our PROs and brand or co-brand each location as part of NSA.
Northwest, which is headquartered in Portland, Oregon, is our PRO responsible for covering the northwest region. Northwest provided property management services to 84 of our properties located in Idaho, Oregon and Washington as of December 31, 2020. Northwest is led by Kevin Howard, a former member of our board of trustees, who founded Northwest over 30 years ago and is recognized in the industry for his successful track record as a self storage specialist in the areas of design and development, operations and property management, consultation, and brokerage.
Optivest, which is based in Dana Point, California, is one of our PROs responsible for covering portions of the northeast and southwest regions. Optivest managed 69 of our properties located in Arizona, California, Massachusetts, Nevada, New Hampshire, New Mexico and Texas as of December 31, 2020. Optivest is run by its co-founder, Warren Allan, who has more than 25 years of financial and operational management experience in the self storage industry and is recognized as a self storage acquisition and development specialist.
Guardian, which is based in Irvine, California, is one of our PROs responsible for covering portions of the southern California and southwest regions. Guardian managed 55 of our properties located in California, Arizona and Nevada as of December 31, 2020. Guardian is led by John Minar, who has nearly 40 years of self storage acquisition, rehabilitation, ownership, operations and development experience.
Move It, which is based in Dallas, Texas, is one of our PROs responsible for covering portions of the Texas and southeast markets. Move It managed 45 of our properties located in Alabama, Florida, Louisiana, Mississippi, Tennessee and Texas as of December 31, 2020. Move It is led by its founder, Tracy Taylor, who has more than 40 years of experience in self storage development, acquisition and management, and is currently on the board of directors for the Large Owners Council of the Self Storage Association and is a former Chairman of the Self Storage Association.
Storage Solutions, which is based in Chandler, Arizona, is our PRO responsible for covering portions of the Arizona and Nevada markets. Storage Solutions managed 10 of our properties in Arizona and Nevada as of December 31, 2020. Storage Solutions is led by its founder, Bill Bohannan, who is one of the largest operators in Phoenix and has more than 35 years of self storage acquisition, development and management experience. Mr. Bohannan is recognized in the industry as a self storage acquisition, development and management specialist.
Hide-Away, which is based in Sarasota, Florida, is our PRO responsible for covering the western Florida market. Hide-Away managed 22 of our properties in western Florida as of December 31, 2020. Hide-Away is led by its founder, Steve Wilson, one of the early developers of the self storage business, who served for more than 35 years as the President of Hide-Away and its related entities, and is a former Chairman of the Self Storage Association.

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Personal Mini, which is based in Orlando, Florida, is our PRO responsible for covering portions of the central Florida market. Personal Mini managed eight of our properties in central Florida as of December 31, 2020. Personal Mini is led by Marc Smith, a self storage investor who has been involved in all facets of the self storage business. Mr. Smith is a past Chairman of the Self Storage Association, and also previously served as president of the Southeast Region of the Self Storage Association.
Southern, which is based in Palm Beach Gardens, Florida, is one of our PROs responsible for covering portions of Arizona and the southeast region, including New Orleans, the Florida Panhandle, southern Georgia, and Puerto Rico. Southern managed 32 of our properties in Arizona, Louisiana, the Florida Panhandle, southern Georgia, and Puerto Rico as of December 31, 2020. Southern is led by Bob McIntosh and Peter Cowie, who are active real estate operators with more than 30 years of self storage experience.
Moove In, which is based in York, Pennsylvania, is our PRO responsible for covering portions of the northeast region, including portions of Pennsylvania, Massachusetts, and New Jersey. Moove In managed 16 of our properties in Connecticut, Pennsylvania, Maryland, Massachusetts, and New Jersey as of December 31, 2020. Moove In is led by John Gilliland, a past Chairman of the Self Storage Association.
Blue Sky, which is a strategic partnership between Argus Professional Storage Management and GYS Development LLC and is based in the mountain west, is our PRO responsible for covering portions of Kansas, Georgia and Texas. Blue Sky managed four of our properties in Kansas and Texas as of December 31, 2020. Blue Sky is led by Lee Fredrick, Ben Vestal and Michael Perry, who have extensive experience in acquisition, development and management of self storage properties.
We benefit from the local market knowledge and active presence of our PROs, allowing us to build and foster important customer and industry relationships. These local relationships provide attractive off-market acquisition opportunities that we believe will continue to fuel additional external growth.
We believe our structure allows our PROs to optimize their established property management platforms while addressing financial and operational hurdles. Before joining us, our PROs faced challenges in securing low cost capital and had to manage multiple investors and lending relationships, making it difficult to compete with larger competitors, including public REITs, for acquisition and investment opportunities. Our PROs were also limited in their ability to raise growth capital through the sale of assets, a portfolio refinancing, or capital contributions from new equity partners. Serving as our on-the-ground acquisition teams, our PROs now have access to our broader financing sources and lower cost of capital, while our national platform allows them to benefit from economies of scale to drive operating efficiencies in a rapidly evolving, technology-driven industry.
Our Consolidated Properties
We seek to own properties that are well located in high quality sub-markets with highly accessible street access and attractive supply and demand characteristics, providing our properties with strong and stable cash flows that are less sensitive to the fluctuations of the general economy. Many of these markets have multiple barriers to entry against increased supply, including zoning restrictions against new construction and new construction costs that we believe are higher than our properties' fair market value. As of December 31, 2020, we owned a geographically diversified portfolio of 644 self storage properties, located in 33 states and Puerto Rico, comprising approximately 39.3 million rentable square feet, configured in approximately 309,000 storage units. Of these properties, 276 were acquired by us from our PROs, 367 were acquired by us from third-party sellers and one was acquired by us from the 2016 Joint Venture (as defined in Note 5 to the consolidated financial statements in Item 8). A complete listing of, and additional information about, our self storage properties is included in Item 2 of this report. 
During the year ended December 31, 2020, we acquired 77 consolidated self storage properties, of which 11 were acquired by us from our PROs and 66 were acquired by us from third-party sellers. The following is a summary of our 2020 consolidated acquisition activity (dollars in thousands):

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Number of Number of Rentable
State Properties Units Square Feet Fair Value
2020 Acquisitions:
Texas 44  18,790  2,566,225  $ 306,978 
Colorado 1,690  224,820  24,746 
Florida 2,166  256,365  35,702 
Oklahoma 1,508  222,570  14,193 
Georgia 764  109,125  8,698 
Idaho 595  91,962  7,487 
Kansas 299  102,961  4,941 
Oregon 709  92,300  13,492 
Pennsylvania 1,671  198,630  19,187 
Washington 903  139,290  15,731 
Other(1)
10  5,781  742,618  92,177 
Total 77  34,876  4,746,866  $ 543,332 

(1) Self storage properties in other states acquired during the year ended December 31, 2020 include Arizona, Connecticut, Maryland, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, and Tennessee.
During the year ended December 31, 2019, we acquired 69 consolidated self storage properties, of which 19 were acquired by us from our PROs, 49 were acquired by us from third-party sellers and one was acquired by us from the 2016 Joint Venture. The following is a summary of our 2019 consolidated acquisition activity (dollars in thousands):
Number of Number of Rentable
State Properties Units Square Feet Fair Value
2019 Acquisitions:
Florida 12  5,400  653,564  $ 90,580 
Louisiana 12  6,052  682,729  69,330 
Texas 11  5,292  801,344  79,688 
Georgia 10  5,113  658,636  70,134 
Pennsylvania 2,665  299,125  33,162 
Idaho 925  202,545  12,450 
New Jersey 1,436  191,304  18,182 
New Mexico 1,950  233,868  28,221 
Arizona 801  97,320  11,475 
Massachusetts 1,454  124,200  12,312 
Missouri 861  103,726  9,066 
Other(1)
1,011  128,937  13,230 
Total 69  32,960  4,177,298  $ 447,830 

(1) Self storage properties in other states acquired during the year ended December 31, 2019 include Maryland, New Hampshire and Oregon.
During the year ended December 31, 2019, we sold one self storage property to an unrelated third party for $6.5 million. The self storage property comprised less than 0.1 million rentable square feet configured in approximately 500 storage units.
Our Unconsolidated Real Estate Ventures
We seek to opportunistically partner with institutional funds and other institutional investors to acquire attractive portfolios utilizing a promoted return structure. We believe there is significant opportunity for continued external growth by partnering with institutional investors seeking to deploy capital in the self storage industry.

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2018 Joint Venture
As of December 31, 2020, our 2018 Joint Venture (as defined in Note 5 to the consolidated financial statements in Item 8), in which we have a 25% ownership interest, owned and operated 103 self storage properties containing approximately 7.8 million rentable square feet, configured in over 64,000 storage units and located across 17 states. During the year ended December 31, 2020, our 2018 Joint Venture acquired one self storage property containing less than 0.1 million rentable square feet, configured in approximately 600 storage units, which was combined and is being operated together with one of the 2018 Joint Venture's existing properties.
2016 Joint Venture
As of December 31, 2020, our 2016 Joint Venture (as defined in Note 5 to the consolidated financial statements in Item 8), in which we have a 25% ownership interest, owned and operated a portfolio of 74 properties containing approximately 4.9 million rentable square feet, configured in approximately 40,000 storage units and located across 13 states. During the year ended December 31, 2020, our 2016 Joint Venture acquired two self storage properties containing less than 0.1 million rentable square feet, configured in approximately 500 storage units and located in one state.
Our Competitive Strengths
We believe our unique PRO structure combined with our property management platform allows us to differentiate ourselves from other self storage operators, and the following competitive strengths enable us to effectively compete against our industry peers:
High Quality Properties in Key Growth Markets.    We held ownership interests in and operated a geographically diversified portfolio of 821 self storage properties, located in 36 states and Puerto Rico, comprising approximately 52.0 million rentable square feet, configured in approximately 413,000 storage units as of December 31, 2020. Over 75% of our consolidated portfolio is located in the top 100 MSAs, based on our 2020 net operating income ("NOI"). We believe that these properties are primarily located in high quality growth markets that have attractive supply and demand characteristics and are less sensitive to the fluctuations of the general economy. Many of these markets have multiple barriers to entry against increased supply, including zoning restrictions against new construction and new construction costs that we believe are higher than our properties' fair market value. Furthermore, we believe that our significant size and the overall geographic diversification of our portfolio reduces risks associated with specific local or regional economic downturns or natural disasters.
Differentiated, Growth-Oriented Strategy Focused on Established Operators.    We are a self storage REIT with a unique structure that supports our differentiated external growth strategy. Our PRO structure appeals to operators who are looking for access to growth capital while maintaining an economic stake in the self storage properties that each manages on the Company's behalf. These attributes entice operators to join the Company rather than sell their properties for cash consideration. Through our PRO structure, we seek to attract operators who are confident in the future performance of their properties and desire to participate in the growth of the Company. We have successfully recruited established operators across the United States with a history of efficient property management and a track record of successful acquisitions. Our structure and differentiated strategy have enabled us to build a substantial captive pipeline from existing operators as well as potentially create external growth from the recruitment of additional PROs.
Integrated Platform Utilizing Advanced Technology for Enhanced Operational Performance and Best Practices.    Our national platform allows us to capture cost savings through integration and centralization, thereby eliminating redundancies and utilizing economies of scale across the property management platforms of us and our PROs. As compared to a stand-alone operator, our national platform has greater access to lower-cost capital, reduced Internet marketing costs per customer lead, discounted property insurance expense, and reduced overhead costs. In addition, the Company has sufficient scale for various centralized functions, including financial reporting, the operation of call centers, expanding cell tower leasing, a national credit card processing program, marketing, information technology, legal support, and capital market functions, to achieve substantial cost savings over smaller, individual operators.
Our national platform utilizes advanced technology for our data warehouse program, Internet marketing, our centralized call centers, financial and property analytic dashboards, revenue optimization analytics and expense management tools to enhance operational performance. These centralized programs, which are run through our Technology and Best Practices Group, are positively impacting our business performance, and we believe that they

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will continue to be a driver of organic growth going forward. We will continue to utilize our Technology and Best Practices Group to help us benefit from the collective sharing of key operating strategies among our PROs in areas like human resource management, local marketing and operating procedures and building tenant insurance-related arrangements.
Aligned Incentive Structure with Shareholder Downside Protection.    Our structure promotes operator accountability as subordinated performance units issued to our PROs in exchange for the contribution of their properties are entitled to distributions only after those properties satisfy minimum performance thresholds. In the event of a material reduction in operating cash flow, distributions on our subordinated performance units will be reduced before or disproportionately to distributions on our common shares held by our common shareholders. In addition, we expect our PROs will generally co-invest subordinated equity in the form of subordinated performance units in each acquisition that they source from a third-party seller, and the value of these subordinated performance units will fluctuate with the performance of their managed portfolios. Therefore, our PROs are incentivized to select acquisitions that are expected to exceed minimum performance thresholds, thereby increasing the value of their subordinated equity stake. We expect that our shareholders will benefit from the higher levels of property performance that our PROs are incentivized to deliver.
Our Business and Growth Strategies
By capitalizing on our competitive strengths, we seek to increase scale, achieve optimal revenue-producing occupancy and rent levels, and increase long-term shareholder value by achieving sustainable long-term growth. Our business and growth strategies to achieve these objectives are as follows:
Maximize Property Level Cash Flow.    We strive to maximize the cash flows at our properties by leveraging the economies of scale provided by our national platform, including through the implementation of new ideas derived from our Technology and Best Practices Group. We believe that our unique PRO structure, centralized infrastructure and efficient national platform will enable us to achieve optimal market rents and occupancy, reduce operating expenses and increase the sale by our PROs of ancillary products and services, including tenant insurance, of which we receive a portion of the proceeds, truck rentals and packing supplies.
Acquire Built-in Captive Pipeline of Target Properties from Existing PROs.    We have an attractive, high quality potential acquisition pipeline (our "captive pipeline") of over 170 self storage properties valued at approximately $1.8 billion that will continue to drive our future growth. We consider a property to be in our captive pipeline if it (i) is under a management service agreement with one of our PROs, (ii) meets our property quality criteria, and (iii) is either required to be offered to us under the applicable facilities portfolio management agreement or a PRO has a reasonable basis to believe that the controlling owner of the property intends to sell the property in the next seven years.
Our PROs have management service agreements with all of the properties in our captive pipeline and hold controlling and non-controlling ownership interests in some of these properties. With respect to each property in our captive pipeline in which a PRO holds a controlling ownership interest, such PRO has agreed that it will not transfer (or permit the transfer of, to the extent possible) any interest in such self storage property without first offering or causing to be offered (if permissible) such interest to us. In addition, upon maturity of the outstanding mortgage indebtedness encumbering such property, so long as occupancy is consistent with or exceeds average local market levels, which we determine in our sole discretion, such PRO has agreed to offer or cause to be offered (if permissible) such interest to us. With respect to captive pipeline properties in which our PROs have a non-controlling ownership interest or no ownership interest, each PRO has agreed to use commercially reasonable good faith efforts to facilitate our purchase of such property. We preserve the discretion to accept or reject any of the properties that our PROs are required to, or elect to, offer (or cause to be offered) to us.
Access Additional Off-Market Acquisition Opportunities.    Our PROs and their "on-the-ground" personnel have established an extensive network of industry relationships and contacts in their respective markets. Through these local connections, our PROs are able to access acquisition opportunities that are not publicly marketed or sold through auctions. Our structure incentivizes our PROs to source acquisitions in their markets from third-party sellers and consolidate these properties into the Company. Other public self storage companies generally have acquisition teams located at their central offices, which in many instances are far removed from regional and local markets. We believe our operators' networks and close familiarity with the other operators in their markets provide us clear competitive advantages in identifying and selecting attractive acquisition opportunities.

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Recruit Additional New PROs in Target Markets.    We intend to continue to execute on our external growth strategy through additional acquisitions and contributions from future PROs in key markets. We believe there is significant opportunity for growth through consolidation of the highly fragmented composition of the market. We believe that future operators will be attracted to our unique structure, providing them with lower cost of capital, better economies of scale, and greater operational and overhead efficiencies while preserving their existing property management platforms. We intend to add one to three additional PROs to complement our existing geographic footprint and to achieve our goal of creating a highly diversified nationwide portfolio of properties focused in the top 100 MSAs. When considering a PRO candidate, we consider various factors, including the size of the potential PRO's portfolio, the quality and location of its properties, its market exposure, its operating expertise, its ability to grow its business, and its reputation with industry participants.
Strategic Joint Venture Arrangements.    We intend to continue to opportunistically partner with institutional funds and other institutional investors to acquire attractive portfolios utilizing a promoted return structure. We believe there is significant opportunity for continued external growth by partnering with institutional investors seeking to deploy capital in the self storage industry. We intend to leverage our property management platform to provide property and asset management services for future strategic joint ventures, generating additional operating profits and third party fee income. In addition, we consider the 75% third-party interest in our unconsolidated real estate ventures, which currently own 177 properties, to present a potential acquisition opportunity. This 75% third-party share of gross real estate assets is approximately $1.5 billion based on the historical book value of the joint ventures. Were we to pursue an acquisition of these interests, it could potentially drive our future growth.
Our Financing Strategy
We expect to maintain a flexible approach in financing new property acquisitions. In general, we expect to fund our property acquisitions through a combination of borrowings under bank credit facilities (including term loans and revolving facilities), property-level debt, issuances of OP equity and public and private equity and debt issuances.
As of December 31, 2020, our unsecured credit facility provided for total borrowings of $1.275 billion (the "credit facility"). The credit facility consists of the following components: (i) a revolving line of credit (the "Revolver") which provides for a total borrowing commitment up to $500.0 million, under which we may borrow, repay and re-borrow amounts, (ii) a $125.0 million tranche A term loan facility (the "Term Loan A"), (iii) a $250.0 million tranche B term loan facility (the "Term Loan B"), (iv) a $225.0 million tranche C term loan facility (the "Term Loan C"), and (v) a $175.0 million tranche D term loan facility (the "Term Loan D"). As of December 31, 2020, we had the entire amounts drawn on Term Loan A, Term Loan B, Term Loan C and Term Loan D and we had $174.0 million of outstanding borrowings under the Revolver, and the capacity to borrow an additional $320.3 million under the Revolver while remaining in compliance with the credit facility's financial covenants. As of December 31, 2020, we have an expansion option under the credit facility, which, if exercised in full, would provide for a total credit facility of $1.750 billion.
We have a credit agreement with a syndicated group of lenders for a term loan facility that matures in June 2023 (the "2023 Term Loan Facility") and is separate from the credit facility in an aggregate amount of $175.0 million. As of December 31, 2020 the entire amount was outstanding under the 2023 Term Loan Facility with an effective interest rate of 2.83%. We have an expansion option under the 2023 Term Loan Facility, which, if exercised in full, would provide for total borrowings in an aggregate amount of $400.0 million.
We have a credit agreement with a lender for a term loan facility that matures in December 2028 (the "2028 Term Loan Facility") and is separate from the credit facility and 2023 Term Loan Facility in an aggregate amount of $75.0 million. As of December 31, 2020 the entire amount was outstanding under the 2028 Term Loan Facility with an effective interest rate of 4.62%. We have an expansion option under the 2028 Term Loan Facility, which, if exercised in full, would provide for total borrowings in an aggregate amount up to $125.0 million.
We have a credit agreement with a lender for a term loan facility that matures in April 2029 (the "2029 Term Loan Facility") and is separate from the credit facility, 2023 Term Loan Facility and 2028 Term Loan Facility in an aggregate amount of $100.0 million. As of December 31, 2020 the entire amount was outstanding under the 2029 Term Loan Facility with an effective interest rate of 4.27%.
The credit facility, 2023 Term Loan Facility, 2028 Term Loan Facility, and 2029 Term Loan Facility each contain the same financial covenants and customary affirmative and negative covenants that, among other things, could limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions.

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On August 30, 2019, our operating partnership issued $100.0 million of 3.98% senior unsecured notes due August 30, 2029 (the "2029 Notes") and $50.0 million of 4.08% senior unsecured notes due August 30, 2031 (the "2031 Notes") in a private placement to certain institutional investors.
On October 22, 2020, our operating partnership issued $150.0 million of 2.99% senior unsecured notes due August 5, 2030 (the "2030 Notes") and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 (the "2032 Notes" and together with the 2029 Notes, 2030 Notes and 2031 Notes, the "Senior Unsecured Notes") in a private placement to certain institutional investors.
The Senior Unsecured Notes are subject to customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions.
We expect to employ leverage in our capital structure in amounts determined from time to time by our board of trustees. Although our board of trustees has not adopted a policy which limits the total amount of indebtedness that we may incur, it will consider a number of factors in evaluating our level of indebtedness from time to time, as well as the amount of such indebtedness that will be either fixed and variable-rate, and in making financial decisions, including, among others, the following:
the interest rate of the proposed financing;
the extent to which the financing impacts our flexibility in managing our properties;
prepayment penalties and restrictions on refinancing;
the purchase price of properties we acquire with debt financing;
our long-term objectives with respect to the financing;
our target investment returns;
the ability of particular properties, and the Company as a whole, to generate cash flow sufficient to cover expected debt service payments;
overall level of consolidated indebtedness;
timing of debt maturities;
provisions that require recourse and cross-collateralization;
corporate credit ratios including debt service coverage, debt to total market capitalization and debt to undepreciated assets; and
the overall ratio of fixed- and variable-rate debt.
Our indebtedness may be recourse, non-recourse or cross-collateralized. If the indebtedness is non-recourse, the collateral will be limited to the particular properties to which the indebtedness relates. In addition, we may invest in properties subject to existing loans secured by mortgages or similar liens on our properties, or may refinance properties acquired on a leveraged basis. We may use the proceeds from any borrowings to refinance existing indebtedness, to refinance investments, including the redevelopment of existing properties, for general working capital or for other purposes when we believe it is advisable.
Dividend Reinvestment Plan
In the future, we may adopt a dividend reinvestment plan that will permit shareholders who elect to participate in the plan to have their cash dividends reinvested in additional common shares.
Regulation
General
Generally, self storage properties are subject to various laws, ordinances and regulations, including those relating to lien sale rights and procedures, public accommodations, insurance, and the environment. Changes in any of these laws, ordinances or regulations could increase the potential liability existing or created by tenants or others on our properties. Laws, ordinances, or regulations affecting development, construction, operation, upkeep, safety

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and taxation requirements may result in significant unanticipated expenditures, loss of self storage sites or other impairments to operations, which would adversely affect our cash flows from operating activities.
Under the Americans with Disabilities Act of 1990 (the "ADA"), all places of public accommodation are required to meet certain federal requirements related to access and use by disabled persons. A number of additional U.S. federal, state and local laws may also require modifications to our properties, or restrict certain further renovations of the properties, with respect to access thereto by disabled persons. The ADA or these other laws may also apply to our website. For additional information on the ADA, see "Item 1A. Risk Factors—Risks Related to Our Business—Costs associated with complying with the ADA may result in unanticipated expenses."
Insurance activities are subject to state insurance laws and regulations as determined by the particular insurance commissioner for each state in accordance with the McCarran-Ferguson Act, as well as subject to the Gramm-Leach-Bliley Act and the privacy regulations promulgated by the Federal Trade Commission pursuant thereto.
Under various U.S. federal, state and local laws, ordinances and regulations, owners and operators of real estate may be liable for the costs of investigating and remediating certain hazardous substances or other regulated materials on or in such property. The Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended ("CERCLA") and comparable state laws typically impose strict joint and several liabilities without regard to whether the owner or operator knew of, or was responsible for, the presence of such substances or materials. The presence of such substances or materials, or the failure to properly remediate such substances, may adversely affect the owner's or operator's ability to lease, sell or rent such property or to borrow using such property as collateral. Persons who arrange for the disposal or treatment of hazardous substances or other regulated materials may be liable for the costs of removal or remediation of such substances at a disposal or treatment facility, whether or not such facility is owned or operated by such person. Certain environmental laws impose liability for release of asbestos-containing materials into the air and third-parties may seek recovery from owners or operators of real properties for personal injury associated with asbestos-containing materials. Certain environmental laws also impose liability, without regard to knowledge or fault, for removal or remediation of hazardous substances or other regulated materials upon owners and operators of contaminated property. Moreover, the past or present owner or operator of a property from which a release emanates could be liable for any personal injuries or property damages that may result from such releases, as well as any damages to natural resources that may arise from such releases. Certain environmental laws impose compliance obligations on owners and operators of real property with respect to the management of hazardous materials and other regulated substances. For example, environmental laws govern the management of asbestos-containing materials and lead-based paint. Failure to comply with these laws can result in penalties or other sanctions. In connection with the ownership, operation and management of our current or past properties and any properties that we may acquire and/or manage in the future, we could be legally responsible for environmental liabilities or costs relating to a release of hazardous substances or other regulated materials at or emanating from such property. In order to assess the potential for such liability, we conduct an environmental assessment of each property prior to acquisition and manage our properties in accordance with environmental laws while we own or operate them. We have engaged qualified, reputable and adequately insured environmental consulting firms to perform environmental site assessments of all of our properties prior to acquisition and are not aware of any environmental issues that are expected to materially impact the operations of any property. For additional information on environmental matters and regulation, see "Item 1A. Risk Factors—Risks Related to Our Business—Environmental compliance costs and liabilities associated with operating our properties may affect our results of operations."
Property management activities are often subject to state real estate brokerage laws and regulations as determined by the particular real estate commission for each state.
REIT Qualification
We have elected and we believe that we have qualified to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, (the "Code"), commencing with our taxable year ended on December 31, 2015. We generally will not be subject to U.S. federal income tax on our net taxable income to the extent that we distribute annually all of our net taxable income to our shareholders and maintain our qualification as a REIT. We believe that we have been organized and have operated in conformity with the requirements for qualification and taxation as a REIT under the Code, and we expect that our intended manner of operation will enable us to continue to meet the requirements for qualification and taxation as a REIT. To qualify, and maintain our qualification, as a REIT, we must meet on a continuing basis, through our organization and actual investment and operating results, various requirements under the Code relating to, among other things, the sources of our gross income, the composition and

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values of our assets, our distribution levels and the diversity of ownership of our shares. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we will be subject to U.S. federal income tax at regular corporate rates and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year during which we failed to qualify as a REIT. Even if we qualify for taxation as a REIT, we still may be subject to some U.S. federal, state and local taxes on our income or assets. In addition, subject to maintaining our qualification as a REIT, a portion of our business is conducted through, and a portion of our income is earned by, one or more taxable REIT subsidiaries ("TRSs"), which are subject to U.S. federal corporate income tax at regular rates. Distributions paid by us generally will not be eligible for taxation at the preferential U.S. federal income tax rates that currently apply to certain distributions received by individuals from taxable corporations, unless such distributions are attributable to dividends received by us from a TRS.
U.S. Federal Income Tax Legislation
On December 22, 2017, Congress enacted H.R. 1, also known as the Tax Cuts and Jobs Act of 2017 ("TCJA"). The TCJA made major changes to the Internal Revenue Code, including the reduction of the tax rates applicable to individuals and subchapter C corporations, a reduction or elimination of certain deductions (including new limitations on the deductibility of interest expense), permitting immediate expensing of capital expenditures and significant changes in the taxation of earnings from non-U.S. sources. The effect of the significant changes made by the TCJA remains uncertain, and additional administrative guidance is still required in order to fully evaluate the effect of many provisions. In addition, final regulations implementing certain of these new rules have not yet been issued and additional changes or corrections may still be forthcoming. While we do not currently expect this reform to have a significant impact to the Company's consolidated financial statements, stockholders are urged to consult with their tax advisors regarding the effects of the TCJA or other legislative, regulatory or administrative developments on an investment in the Company's common stock.
Competition
We compete with many other entities engaged in real estate investment activities for customers and acquisitions of self storage properties and other assets, including national, regional, and local owners, operators, and developers of self storage properties. We compete based on a number of factors including location, rental rates, security, suitability of the property's design to prospective tenants' needs, and the manner in which the property is operated and marketed. We believe that the primary competition for potential customers comes from other self storage properties within a three to five mile radius. We have positioned our properties within their respective markets as high-quality operations that emphasize tenant convenience, security, and professionalism.
We also may compete with numerous other potential buyers when pursuing a possible property for acquisition, which can increase the potential cost of a project. These competing bidders also may possess greater resources, or have a lower cost of capital, than us and therefore be in a better position to acquire a property. However, our use of OP units and subordinated performance units as transactional currency allows us to structure our acquisitions in tax-deferred transactions. As a result, potential targets who are tax-sensitive might favor us as a suitor.
Our primary national competitors in many of our markets for both tenants and acquisition opportunities include local and regional operators, institutional investors, private equity funds, as well as the other public self storage REITs, including Public Storage, CubeSmart, Extra Space Storage Inc. and Life Storage, Inc.  These entities also seek financing through similar channels to the Company. Therefore, we will continue to compete for institutional investors in a market where funds for real estate investment may decrease.
Human Capital
We seek to foster a diverse and inclusive work environment that values each individual team member’s talents and contributions, while channeling those efforts toward our common core values of integrity, accountability, humility and compassion. Our success relies on the the general professionalism of our and our PRO's site managers and staff which are contributing factors to a site's ability to successfully secure rentals, retain tenants and maintain clean and secure self storage properties. We seek to increase employee retention and well-being and our team members enjoy a robust benefit package that includes medical, dental, vision, life insurance, 401K with matching employer contribution and a performance-based bonus incentive plan. We also seek to promote diversity among our employees and management team. As of December 31, 2020, approximately 58% of our employees were women and 33% of our senior management team (Director level and above) were women, including Tamara Fischer, our President, Chief Executive Officer and member of our Board of Trustees.

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As of December 31, 2020, we had 924 employees, which includes employees of our property management platform but does not include persons employed by our PROs. As of December 31, 2020, our PROs, collectively, had approximately 760 full-time and part-time employees involved in management, operations, and reporting with respect to our self storage property portfolio.
Available Information
We file registration statements, proxy statements, our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those statements and reports with the Securities and Exchange Commission (the "SEC"). Investors may obtain copies of these statements and reports by accessing the SEC's website at www.sec.gov. Our statements and reports and any amendments to any of those statements and reports that we file with the Securities and Exchange Commission are available free of charge as soon as reasonably practicable on our website at www.nationalstorageaffiliates.com. The information contained on our website is not incorporated into this Annual Report on Form 10-K. Our common shares are listed on the New York Stock Exchange under the symbol "NSA."
Item 1A. Risk Factors
 An investment in our common shares involves a high degree of risk. Before making an investment decision, you should carefully consider the following risk factors, together with the other information contained in this Annual Report on Form 10-K. If any of the risks discussed in this Annual Report on Form 10-K occurs, our business, financial condition, liquidity and results of operations could be materially and adversely affected.
Risks Related to our Business
Adverse economic or other conditions in the markets in which we do business and more broadly associated with the real estate industry could negatively affect our occupancy levels and rental rates and therefore our operating results and the value of our self storage properties.
Our operating results are dependent upon our ability to achieve optimal occupancy levels and rental rates at our self storage properties. Adverse economic or other conditions in the markets in which we do business, particularly in our markets in California, Texas, Florida, Oregon, Georgia, Arizona and North Carolina, which accounted for approximately 20%, 13%, 11%, 10%, 6%, 6% and 5%, respectively, of our total rental and other property-related revenues for the year ended December 31, 2020, may lower our occupancy levels and limit our ability to maintain or increase rents or require us to offer rental discounts. No single customer represented a significant concentration of our 2020 revenues. However, our property portfolio, consists solely of self storage properties and is therefore subject to risks inherent in investments in a single industry. The following adverse developments, among others, in the markets in which we do business may adversely affect the operating performance of our properties:
business layoffs or downsizing, industry slowdowns, relocation of businesses and changing demographics;
periods of economic slowdown or recession, declining demand for self storage generally or in a particular area or the public perception that any of these events may occur;
local or regional real estate market conditions, such as competing properties or products, the oversupply of self storage, or vacancies or changes in self storage space market rents;
perceptions by prospective tenants of the safety, convenience and attractiveness of our properties and the neighborhoods in which they are located; and
other events affecting or shifting consumer discretionary spending.
Any of the above events may reduce our rental revenues, impair our operating results, and reduce our ability to satisfy our debt service obligations and make cash distributions to our shareholders, and the effect of the foregoing may be greater than it would be were our investments not limited to a single industry.

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We may not be successful in identifying and consummating suitable acquisitions, adding additional suitable new PROs, or integrating and operating such acquisitions, including integrating them into our financial and operational reporting infrastructure and internal control framework in a timely manner, which may impede our growth.
Our ability to expand through acquisitions is integral to our business strategy and requires us to identify suitable acquisition candidates or investment opportunities that meet our criteria and are compatible with our growth strategy. We may not be successful in identifying suitable properties or other assets that meet our acquisition criteria or in consummating acquisitions on satisfactory terms or at all. Failure to identify or consummate acquisitions will slow our growth, which could in turn adversely affect our share price.
For the potential acquisitions in our captive pipeline, we have not entered into negotiations with the respective owners of these properties and there can be no assurance as to whether we will acquire any of these properties or the actual timing of any such acquisitions. Each captive pipeline property is subject to additional due diligence and the determination by us to pursue the acquisition of the property. In addition, with respect to the captive pipeline properties in which our PROs have a non-controlling ownership interest or no ownership interest, the current owner of each property is not required to offer such property to us and there can be no assurance that we will acquire these properties.
Our ability to acquire properties on favorable terms and successfully integrate and operate them, including integrating them into our financial and operational reporting infrastructure in a timely manner, may be constrained by the following significant risks:
we face competition from national, regional and local owners, operators and developers of self storage properties, which may result in higher property acquisition prices and reduced yields;
we may not be able to achieve satisfactory completion of due diligence investigations and other customary closing conditions;
we may fail to finance an acquisition on favorable terms or at all;
we may spend more time and incur more costs than budgeted to make necessary improvements or renovations to, and to integrate and operate, acquired properties; and
we may acquire properties subject to liabilities without any recourse, or with only limited recourse, with respect to unknown liabilities such as liabilities for clean-up of undisclosed environmental contamination, tax liabilities, claims by persons dealing with the former owners of the properties and claims for indemnification by general partners, trustees, officers and others indemnified by the former owners of the properties.
The contributors of properties may make limited representations and warranties to us about the properties and may agree to indemnify us up to a specified amount for a certain period of time following the closing for breaches of those representations and warranties. However, any resulting liabilities identified may not fall within the scope or time frame covered by the indemnification, and we may be required to bear those liabilities, which may materially and adversely affect our operating results, financial condition and business.
We face competition for tenants.
We compete with many other entities engaged in real estate investment activities for tenants, including national, regional and local owners, operators and developers of self storage properties. Actions by our competitors may decrease or prevent increases in the occupancy and rental rates, while increasing the operating expenses of our properties.
Increases in taxes and regulatory compliance costs, including as a result of changes in law or property reassessments, may reduce our income and adversely impact our cash flows.
Increases in income or other taxes generally are not passed through to tenants under leases and may reduce our net income, funds from operations ("FFO"), cash flows, financial condition, ability to pay or refinance our debt obligations, ability to make cash distributions to shareholders, and the trading price of our securities.
In addition, the value of our properties may be reassessed for property tax purposes by taxing authorities including as a result of our acquisition activities. For example, our property taxes could increase due to changes in tax rates or removal of limitations on the amount by which our property taxes or property reassessments may

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increase. For example, in November 2020, there was an initiative in California, which did not pass, to remove certain limits on annual real estate tax increases of assessed value of real property. To the extent a similar future initiative is successful, it would increase the assessed value and/or tax rates applicable to self storage properties in California. We currently have 83 consolidated properties and 12 unconsolidated properties in California. Accordingly, the amount of property taxes we pay in the future may increase substantially from what we have paid in the past or from what we expected in connection with our underwriting activities, which could adversely impact our operating results, cash flow, and our ability to pay any expected dividends to our shareholders.
Similarly, in response to facing severe budgetary problems, many states and jurisdictions are considering or implementing changes in laws such as increasing sales taxes, increasing the potential liability for environmental conditions existing on properties, increasing the restrictions on discharges or other conditions, or mandating paid family leave for employees, which may result in significant unanticipated expenditures, which could result in similar adverse effects.
Our storage leases are relatively short-term in nature, which exposes us to the risk that we may have to release our units and we may be unable to do so on attractive terms, on a timely basis or at all.
Our storage leases are relatively short-term in nature, typically month-to-month, which exposes us to the risk that we may have to re-lease our units frequently and we may be unable to do so on attractive terms, on a timely basis or at all. Because these leases generally permit the tenant to leave at the end of the month without penalty, our revenues and operating results may be impacted by declines in market rental rates more quickly than if our leases were for longer terms. In addition, any delay in re-leasing units as vacancies arise would reduce our revenues and harm our operating results.
Security breaches through cyber-attacks, cyber-intrusions, or other methods could disrupt our information technology networks and related systems.
We and our PROs are increasingly dependent upon automated information technology processes and Internet commerce, and many of our and their tenants come from the telephone or over the Internet. Moreover, the nature of our and our PROs' business involves the receipt and retention of certain personal information about such tenants. In many cases, we and our PROs also rely significantly on third-party vendors to retain data, process transactions and provide other systems services. Our networks and operations could be disrupted, and sensitive data could be compromised, by physical or electronic security breaches, targeted against us, our PROs, our vendors or other organizations, including financial markets or institutions, including by way of or through cyber-attacks or cyber-intrusions over the Internet, malware, computer viruses, attachments to e-mails, phishing, employee theft or misuse, or inadequate security controls. Although we make efforts to protect the security and integrity of our networks and systems, there can be no assurance that these efforts and measures will be effective or that attempted security breaches or disruptions would not be successful, as such attacks and breaches may be difficult to detect (or not detected at all) and are becoming more sophisticated. In such event, we may experience business interruptions; data loss, ransom, misappropriation, or corruption; theft or misuse of confidential or proprietary information; or litigation and investigation by tenants, governmental or regulatory agencies, or other third parties, which could result in the payment of fines, penalties and other damages. Such events could also have other adverse impacts on us, including breaches of debt covenants, other contractual or REIT compliance obligations, or late or misstated financial reports, and significant diversion of management attention and resources. As a result, such events could have a material adverse effect on our financial condition, results of operations and cash flows and harm our business reputation or have such effects on our PROs.
Costs associated with complying with the ADA may result in unanticipated expenses.
Under the ADA and other federal, state and local laws, we are required to meet certain requirements related to access and use by disabled persons. Noncompliance with the ADA could result in the imposition of fines or an award of damages to private litigants and also could result in an order to correct any non-complying feature, which could result in substantial capital expenditures. If one or more of our properties or website is not in compliance with the ADA or similar laws, then we would be required to incur additional costs to bring the property or website into compliance. If we incur such costs and they are substantial, our financial condition, results of operations, cash flow, per share trading price of our common shares and our ability to satisfy our debt service obligations and to make cash distributions to our shareholders could be adversely affected.

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Environmental compliance costs and liabilities associated with operating our properties may affect our results of operations.
Under various U.S. federal, state and local environmental laws, ordinances and regulations, owners and operators of real estate may be liable for the costs of investigating and remediating certain hazardous substances or other regulated materials on or in such property. No assurances can be given that existing environmental studies with respect to any of our properties reveal all environmental liabilities, that any prior owner or operator of our properties did not create any material environmental condition not known to us, or that a material environmental condition does not otherwise exist as to any one or more of our properties. There also exists the risk that material environmental conditions, liabilities or compliance concerns may have arisen after the review was completed or may arise in the future. Finally, future laws, ordinances or regulations and future interpretations of existing laws, ordinances or regulations may impose additional material environmental liability.
We and certain of our PROs have tenant insurance- and/or tenant protection plan-related arrangements that are in some cases subject to state-specific governmental regulation, which may adversely affect our results.
We and certain of our PROs have tenant insurance- and/or tenant protection plan-related arrangements with regulated insurance companies and our tenants. Some of our PROs earn access fees in connection with these arrangements. We receive a portion of the fees from these PROs. The tenant insurance and tenant protection plan businesses, including the payments associated with these arrangements, are in some cases subject to state-specific governmental regulation. State regulatory authorities generally have broad discretion to grant, renew and revoke licenses and approvals, to promulgate, interpret and implement regulations, and to evaluate compliance with regulations through periodic examinations, audits and investigations of the affairs of insurance industry participants. Although these arrangements are managed by our property management platform and/or certain of our PROs who have developed marketing programs and management procedures to navigate the regulatory environment, as a result of regulatory or private action in any jurisdiction in which we operate, we may be temporarily or permanently suspended from continuing some or all of our tenant insurance- and/or tenant protection plan-related activities, or otherwise fined or penalized or suffer an adverse judgment, which could adversely affect our business and results of operations.
Privacy concerns could result in regulatory changes that may harm our business.
Personal privacy has become a significant issue in the jurisdictions in which we operate. Many jurisdictions in which we operate have imposed or in the future may impose restrictions and requirements on the use of personal information by those collecting such information. For example, the California Consumer Privacy Act of 2018, which became effective as of January 1, 2020, together with the recently enacted California Privacy Rights Act, provides consumers with expansive rights and control over personal information obtained by or shared with certain covered businesses. Changes to law or regulations or the passage of new laws affecting privacy, if applicable to our business, could impose additional costs and liability on us and could limit our use and disclosure of such information.
Uninsured losses or losses in excess of our insurance coverage could adversely affect our financial condition, operating results and cash flow.
We maintain comprehensive liability, fire, flood, earthquake, wind (as deemed necessary or as required by our lenders), extended coverage and rental loss insurance with respect to our properties. Certain types of losses, however, may be either uninsurable or not economically insurable either in total or in part (due to location or otherwise), such as losses due to earthquakes, hurricanes, tornadoes, floods, riots, acts of war or terrorism. Should an uninsured loss occur, we could lose both our investment in and anticipated profits and cash flow from a property. In addition, if any such loss is insured, we may be required to pay significant amounts on any claim for recovery of such a loss prior to our insurer being obligated to reimburse us for the loss, or the amount of the loss may exceed our coverage for the loss. We currently self-insure a portion of our commercial insurance deductible risk through our captive insurance company. To the extent that our captive insurance company is unable to bear that risk, we may be required to fund additional capital to our captive insurance company or we may be required to bear that loss. As a result, our operating results may be adversely affected.
Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties.
Because real estate investments are relatively illiquid and we have agreed and may in the future agree to certain transfer restrictions with respect to our properties, our ability to promptly sell one or more properties in our portfolio

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in response to changing economic, financial and investment conditions is limited. The real estate market is affected by many factors, such as general economic conditions, availability of financing, interest rates and other factors, including supply and demand, that are beyond our control. We cannot predict whether we will be able to sell any property for the price or on the terms set by us or whether any price or other terms offered by a prospective purchaser would be acceptable to us. We also cannot predict the length of time needed to find a willing purchaser and to close the sale of a property. In addition, we may be required to expend funds to correct defects or to make improvements before a property can be sold. We cannot assure you that we will have funds available to correct those defects or to make those improvements.
Our business could be harmed if key personnel terminate their employment with us.
Our success depends, to a significant extent, on the continued services of Arlen D. Nordhagen, Tamara D. Fischer, David Cramer and Brandon S. Togashi and the other members of our senior management team. We have entered into employment agreements with Mr. Nordhagen, Ms. Fischer, Mr. Cramer and Mr. Togashi and these employment agreements provide for an initial one-year term of employment and automatic one-year extensions thereafter unless either party provides at least 90 days' notice of non-renewal. Notwithstanding these agreements, there can be no assurance that any of them will remain employed by us. The loss of services of one or more members of our senior management team could harm our business and our prospects.
We invest in strategic joint ventures that subject us to additional risks.
Some of our investments are, and in the future may be, structured as strategic joint ventures. Part of our strategy is to opportunistically partner with institutional funds and other institutional investors to acquire attractive portfolios through a promoted return structure. These arrangements are driven by the magnitude of capital required to complete the acquisitions and maintain the acquired portfolios. Such arrangements involve risks not present where a third party is not involved, including the possibility that partners or co-venturers might become bankrupt or otherwise fail to fund their share of required capital contributions. Additionally, partners or co-venturers might at any time have economic or other business interests or goals different from us and or in competition with us.
Joint ventures generally provide for a reduced level of control over an acquired project because governance rights are shared with others. Accordingly, certain major decisions relating to joint ventures, including decisions relating to, among other things, the approval of annual budgets, sales and acquisitions of properties, financings, and certain actions relating to bankruptcy, are often made by a majority vote of the investors or by separate agreements that are reached with respect to individual decisions. In addition, such decisions may be subject to the risk that the partners or co-venturers may make business, financial or management decisions with which we do not agree or take risks or otherwise act in a manner that does not serve our best interests. Because we may not have the ability to exercise control over such operations, we may not be able to realize some or all of the benefits that we believe will be created from our involvement. At times, we and our partners or co-venturers may also each have the right to trigger a buy-sell arrangement, which could cause us to sell our interest, or acquire our partners' or co-venturers' interest, at a time when we otherwise would not have initiated such a transaction. If any of the foregoing were to occur, our business, financial condition and results of operations could suffer as a result.
The current outbreak of COVID-19 or the future outbreak of any other highly infectious or contagious diseases, could adversely impact or cause significant disruption to our financial condition, results of operations and cash flows.
We face various risks related to pandemics, epidemics and other outbreaks of highly infectious or contagious diseases, including the current global outbreak of COVID-19. As a result of the significant adverse impact of the COVID-19 pandemic to economic activity across the globe, the COVID-19 pandemic, and any future outbreak of another disease, could adversely impact our financial condition, results of operations and cash flows due to, among other factors, the following:
our tenants may be unable to meet their obligations to us in full, or at all, or may seek modifications of such obligations, which could increase uncollectible receivables and cause subsequent reductions in revenue;
reduced economic activity could result in a prolonged recession, which could negatively impact consumer discretionary spending, a reduction in move-ins at our stores or increase uncollectible receivables;
governmental or health and safety requirements or recommendations could compel a complete or partial closure of, or other operational issues at, our properties or prohibit us from charging late fees, conducting auctions and increasing prices;

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a general decline in business activity and demand for property acquisitions, expansions, and the addition of new PROs and/or joint venture partners;
interrupted availability of, including the potential for a negative health impact on, our or our PRO's personnel, could result in a deterioration in our ability to ensure business continuity;
the inability of other third-party vendors we rely on to conduct our business to operate effectively and continue to support our business and operations;
difficulty accessing debt and equity capital on attractive terms, or at all, and severe disruption or instability in the financial markets or a deterioration in credit and financing conditions may affect our access to capital necessary to fund our business; and
the financial impact of the COVID-19 pandemic, including potential decreases in cash from operations resulting therefrom, could negatively impact our future compliance with the financial covenants in our debt agreements and result in a default and potential acceleration of indebtedness, which could negatively impact our ability to make additional borrowings under our revolving credit facility and pay dividends.
The factors described above, as well as additional factors that we may not currently be aware of, could materially negatively impact our ability to collect rent and could lead to termination of leases by tenants, tenant defaults, tenant bankruptcies, decreases in demand for storage space at our properties, difficulties in accessing capital, impairment of our tangible or intangible assets and other impacts that could materially and adversely affect our financial condition, results of operations and cash flows. In addition, to the extent the COVID-19 pandemic or a future outbreak of another disease adversely affects our business and financial results it may heighten other risks described in the Risk Factors section in the Annual Report.
Risks Related to Our Structure and Our Relationships with Our PROs
Some of our PROs have limited experience operating under our capital structure, and we may not be able to achieve the desired outcomes that the structure is intended to produce.
Some of our PROs have limited experience operating under our capital structure. As a means of incentivizing our PROs to drive operating performance and support the sustainability of the operating cash flow from the properties they manage on our behalf, we issued each PRO subordinated performance units aimed at aligning the interests of our PROs with our interests and those of our shareholders. The subordinated performance units are entitled to distributions exclusively tied to the performance of each PRO's managed portfolios but only after minimum performance thresholds are satisfied. Our issuance of such units, however, may have been and could be based on inaccurate valuations and thus misallocated, which would limit or eliminate the effectiveness of our intended incentive-based program.
We are restricted in making certain property sales on account of agreements with our PROs that may require us to keep certain properties that we would otherwise sell.
The partnership unit designations related to our subordinated performance units provide that, until March 31, 2023, our operating partnership may not sell, dispose or otherwise transfer any property that is a part of the applicable self storage property portfolio relating to a series of subordinated performance units without the consent of the partners (including us) holding at least 50% of the then outstanding OP units and the consent of partners holding at least 50% of the then outstanding series of subordinated performance units that relate to the applicable property, except for sales, dispositions or other transfers of a property to wholly owned subsidiaries of our operating partnership. This restriction may require us to keep certain properties that we would otherwise sell, which could have an adverse effect on our results of operations, financial condition, cash flow and ability to execute our business plan. In addition, we may enter into agreements with future PROs that contain the same or similar restrictions or that impose such restrictions for different periods.
Our ability to terminate our facilities portfolio management agreements ("FPMAs") and asset management agreements ("AMAs") with a PRO is limited, which may adversely affect our ability to execute our business plan.
We may elect to terminate our FPMAs and AMAs with a PRO and transfer property management responsibilities over the properties managed by such PRO to us (or our designee), (i) upon certain defaults by a PRO as set forth in these agreements, or (ii) if the PRO's properties, on a portfolio basis, fail to meet certain pre-determined performance thresholds for more than two consecutive calendar years or if the operating cash flow generated by the properties of the PRO for any calendar year falls below a level that will enable us to fund minimum

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levels of distributions, debt service payments attributable to the properties, and fund the properties' allocable operating expenses. Consequently, to the extent a PRO complies with these covenants, standards, and minimum requirements, we may not be able to terminate the applicable FPMAs and AMAs and transfer property management responsibilities over such properties to us (or our designee) even if our board believes that such PRO is not properly executing our business plan and/or is failing to operate its properties to their full potential. Moreover, transferring the management responsibilities over the properties managed by a PRO may be costly or difficult to implement or may be delayed, even if we are able to and believe that such a change in portfolio and property management would be beneficial to us and our shareholders.
We may less vigorously pursue enforcement of terms of agreements entered into with our PROs because of conflicts of interest with our PROs.
Our PROs are entities that have contributed self storage properties to us in exchange for ownership interests in us. As part of each transaction, our PROs make limited representations to us regarding the entities, properties and other assets to be acquired by us in the contribution and generally agree to indemnify us for 12 months after the closing of the contribution for breaches of such representations. Such indemnification is limited, however, and we are not entitled to any other indemnification in connection with the contributions. In addition, following each contribution from a PRO, the day-to-day operations of each of the managed properties will be managed by the PRO who was the principal of the applicable property portfolios prior to the contribution. In addition, certain key persons of our PROs are members of our board or our PRO advisory committee. Consequently, we may choose not to enforce, or to enforce less vigorously, our rights under these agreements and any other agreements with our PROs due to our desire to maintain our ongoing relationship with our PROs, which could adversely affect our operating results and business.
We own self storage properties in some of the same geographic regions as our PROs and may compete for tenants with other properties managed by our PROs.
Pursuant to our FPMAs, each PRO has agreed that, without our consent, the PRO will not, and it will cause its affiliates (other than Blue Sky's sub-manager) not to, enter into any new arrangements for the management of additional self storage properties within any PRO's assigned territory. However, we have not and will not acquire all of the self storage properties of our PROs. We will therefore own self storage properties in some of the same geographic regions as our PROs, and, as a result, we and our PROs may compete for tenants. This competition may affect our ability to attract and retain tenants and may reduce the rental rates we are able to charge, which could adversely affect our operating results and business.
Our PROs may engage in other activities, diverting their attention from the management of our properties, which could adversely affect the execution of our business plan and our operating results.
Our PROs and their employees and personnel are in the business of managing self storage properties. We have agreed that our PROs may continue to manage properties not included in our portfolio, and our PROs are not obligated to dedicate any specific employees or personnel exclusively to the management of our properties. As a result, their time and efforts may be diverted from the management of our properties, which could adversely affect the execution of our business plan and our operating results.
When a PRO elects or is required to "retire" we may become exposed to new and additional costs and risks.
Under our FPMAs, after a two-year period following the initial contribution of their properties to us, a PRO may elect, or be required, to "retire" from the self storage business. Upon a retirement event, management of the properties will be transferred to us (or our designee) in exchange for OP units with a value equal to four times the average of the normalized annual EBITDA from the management contracts related to such PRO's managed portfolio over the immediately preceding 24-month period. As a result of this transfer, we may become exposed to new and additional costs and risks. Accordingly, the retirement of a PRO may adversely affect our financial condition and operating results. For example, in connection with our internalization of a retiring PRO, there can be no assurance that we will be able to retain such retiring PRO's employees, successfully hire new employees, or effectively integrate such employees and the retiring PRO's property management platform into our or another PRO's property management platform.

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Our contribution transactions were generally not negotiated on an arm's-length basis and may not be as favorable to us as if they had been negotiated with unaffiliated third parties.
We did not conduct arm's-length negotiations with certain of the parties involved regarding the terms of our contribution transactions, including the contribution agreements, FPMAs, sales commission agreements, AMAs and registration rights agreements. In the course of structuring such transactions, certain members of our senior management team and other contributors had the ability to influence the type and level of benefits that they received from us. Accordingly, the terms of such transactions may not solely reflect the best interests of us or our shareholders and may be overly favorable to the other party to such transactions and agreements.
Conflicts of interest could arise with respect to certain transactions between the holders of OP units and subordinated performance units, which include our PROs, on the one hand, and us and our shareholders, on the other.
Conflicts of interest could arise with respect to the interests of holders of OP units and subordinated performance units, on the one hand, which include members of our senior management team, PROs, and trustees and us and our shareholders, on the other. Certain business combinations, the sale, disposition or transfer of certain of our assets or the repayment of certain indebtedness that may be desirable to us and our shareholders could have adverse tax consequences to such unit holders. In addition, under Maryland law, our trustees and officers have duties to the Company in connection with their management of the Company, however, under Delaware law, as a general partner, we have fiduciary duties to our operating partnership and to the limited partners in connection with the management of our operating partnership. Our duties as a general partner may come into conflict with the duties of our trustees and officers to the Company and our shareholders and we are not required to resolve such conflicts in favor of either the Company or the limited partners in our operating partnership. Further, there can be no assurance that any procedural protections we implement to address these or other conflicts of interest will result in optimal outcomes for us and our shareholders.
The partnership agreement of our operating partnership contains provisions that may delay, defer or prevent a change in control.
The partnership agreement of our operating partnership provides that subordinated performance unit holders holding more than 50% of the voting power of the subordinated performance units must approve certain change of control transactions involving us unless, as a result of such transactions, the holders of subordinated performance units are offered a choice (1) to allow their subordinated performance units to remain outstanding without the terms thereof being materially and adversely changed or the subordinated performance units are converted into or exchanged for equity securities of the surviving entity having terms and conditions that are substantially similar to those of the subordinated performance units (it being understood that we may not be the surviving entity and that the parent of the surviving entity or the surviving entity may not be publicly traded) or (2) to receive for each subordinated performance unit an amount of cash, securities or other property payable to a holder of OP units had such holder exercised its right to exchange its subordinated performance units for OP units without taking into consideration a specified conversion penalty associated with such an exchange. In addition, in the case of any such change of control transactions in which we have not received the consent of OP unit holders holding more than 50% of the OP units (other than those held by us or our subsidiaries) and of subordinated performance unit holders holding more than 50% of the voting power of the subordinated performance units (other than those held by us or our subsidiaries), such transaction is required to be approved by a companywide vote of limited partners holding more than 50% of our outstanding OP units in which OP units (including for this purpose OP units held by us and our subsidiaries) are voted and subordinated performance units (not held by us and our subsidiaries) are voted on an applicable as converted basis and in which we will be deemed to vote the OP units held by us and our subsidiaries in proportion to the manner in which all of our outstanding common shares were voted at a shareholders meeting relating to such transaction. These approval rights could delay, deter, or prevent a transaction or a change in control that might involve a premium price for our common shares or otherwise be in the best interests of our shareholders.
Certain provisions of the Maryland General Corporation Law (the "MGCL") and of our bylaws and our declaration of trust could inhibit a change in our control and have an adverse impact on the price of our shares.
The MGCL, our bylaws and our declaration of trust contain provisions that may discourage, delay or make more difficult a change in our control. We are subject to the Maryland Business Combination Act. Our board has adopted a resolution exempting from the Maryland Business Combination Act any business combinations between us and (1) any other person, provided that the business combination is first approved by our board (including a

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majority of disinterested trustees), (2) Arlen D. Nordhagen and any of his affiliates and associates and (3) any person acting in concert with the foregoing. As a result, such persons may be able to enter into business combinations with us that may not be in the best interests of our shareholders without compliance by us with the moratorium supermajority vote requirements and other provisions of the statute. If this resolution is repealed or our board does not approve a business combination, the Maryland Business Combination Act may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer.
The Maryland Control Share Acquisition Act provides that holders of "control shares" of a Maryland real estate investment trust acquired in a "control share acquisition" have no voting rights with respect to such shares except to the extent approved by our shareholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding votes entitled to be cast by the acquirer of control shares, our officers and our trustees who are also our employees. Our bylaws exempt from the Maryland Control Share Acquisition Act acquisitions of our shares by any person. If we amend our bylaws to repeal the exemption from the Maryland Control Share Acquisition Act, the Maryland Control Share Acquisition Act also may make it more difficult for a third party to obtain control of us and increase the difficulty of consummating such an offer.
We have also adopted other measures that may make it difficult for a third party to obtain control of us, including provisions of our declaration of trust and bylaws limiting the liability of our present and former trustees and officers to us and our shareholders for money damages to the maximum extent permitted under Maryland law, requiring us to indemnify our present and former trustees and officers for actions taken in their official capacities, permitting (subject to the rights of holders of any class or series of preferred shares) removal of a trustee, with or without cause, only by the affirmative vote of at least two-thirds of the votes entitled to be cast generally in the election of trustees, and authorizing our board (without shareholder approval) to classify or reclassify our shares in one or more classes or series, to cause the issuance of additional shares and to amend our declaration of trust to increase or decrease the number of shares that we have authority to issue. These provisions, as well as other provisions of our declaration of trust and bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our shareholders.
Restrictions on ownership and transfer of our shares may restrict change of control or business combination opportunities in which our shareholders might receive a premium for their shares.
In order for us to qualify as a REIT for each taxable year, no more than 50% in value of our outstanding shares may be owned, directly or constructively, by five or fewer individuals during the last half of any calendar year, and at least 100 persons must beneficially own our shares during at least 335 days of a taxable year of 12 months, or during a proportionate portion of a shorter taxable year. "Individuals" for this purpose include natural persons, private foundations, some employee benefit plans and trusts, and some charitable trusts. To assist us in preserving our REIT qualification, among other purposes, our declaration of trust generally prohibits, among other limitations, any person from beneficially or constructively owning more than 9.8% in value or in number of shares, whichever is more restrictive, of our aggregate outstanding shares of all classes and series, the outstanding shares of any class or series of our preferred shares or our outstanding common shares. These ownership limits and the other restrictions on ownership and transfer of our shares contained in our declaration of trust could have the effect of discouraging a takeover or other transaction in which holders of our common shares might receive a premium for their shares over the then prevailing market price or which holders might believe to be otherwise in their best interests. Our board of trustees has established exemptions from these ownership limits which permits certain of our institutional investors to hold up to 20% of our common shares and up to 25% of our preferred shares.
Risks Related to Our Debt Financings
There are risks associated with our indebtedness.
Our level of debt and the limitations imposed on us by our debt agreements could have significant adverse consequences, including the following:
our cash flow may be insufficient to meet our required principal and interest payments;
to satisfy our debt obligations, we may be forced to dispose of one or more of our properties, possibly on disadvantageous terms;
our debt level could place us at a competitive disadvantage compared to our competitors with less debt; and

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we may violate our restrictive covenants or otherwise default on our obligations, which may entitled our creditors to accelerate our debt obligations, foreclose on our properties securing our debt, enforce our guarantees and/or trigger default on our other indebtedness.
Disruptions in the financial markets could affect our ability to obtain debt financing on reasonable terms or at all and have other adverse effects on us.
Uncertainty in the credit markets may negatively impact our ability to access additional debt financing or to refinance existing debt maturities on favorable terms (or at all), which may negatively affect our ability to make acquisitions or make distributions required to maintain our qualification as a REIT. A downturn in the credit markets may cause us to seek alternative sources of potentially less attractive financing, and may require us to adjust our business plans accordingly. In addition, these factors may make it more difficult for us to sell properties or may adversely affect the price we receive for properties that we do sell, as prospective buyers may experience increased costs of debt financing or difficulties in obtaining debt financing.
We depend on external sources of capital that are outside of our control, which could adversely affect our ability to acquire or develop properties, satisfy our debt obligations and/or make distributions to shareholders.
We depend on external sources of capital to acquire properties, to satisfy our debt obligations and to make distributions to our shareholders required to maintain our qualification as a REIT, and these sources of capital may not be available on favorable terms, or at all. Our access to external sources of capital depends on a number of factors, including the market's perception of our growth potential and our current and potential future earnings and our ability to continue to qualify as a REIT for U.S. federal income tax purposes. If we are unable to obtain external sources of capital, we may not be able to acquire properties when strategic opportunities exist, satisfy our debt obligations or make cash distributions to our shareholders that would permit us to qualify as a REIT or avoid paying tax on all of our net taxable income.
Increases in interest rates may increase our interest expense and adversely affect our cash flow and our ability to service our indebtedness and make cash distributions to our shareholders, and our decision to hedge against interest rate risk might not be effective.
As of December 31, 2020, we had approximately $1.9 billion of debt outstanding, of which approximately $174.0 million, or 9.1%, is subject to variable interest rates (excluding variable-rate debt subject to interest rate swaps). Although the credit markets have recently experienced historic lows in interest rates, if interest rates rise, the interest rates on variable-rate debt that we may incur in the future could be higher than current levels, which could increase our financing costs and decrease our cash flow and our ability to pay cash distributions to our shareholders.
Although we have historically sought, and may in the future seek, to manage our exposure to interest rate volatility by using interest rate hedging arrangements, these arrangements may not be effective. Developing an effective interest rate risk strategy is complex and no strategy can completely insulate us from risks associated with interest rate fluctuations. Failure to hedge effectively against interest rate changes may adversely affect our financial condition, results of operations and ability to make cash distributions to our shareholders.
The terms and covenants relating to our indebtedness could adversely impact our economic performance.
Our credit facility, term loan facilities and senior unsecured notes contain (and any new or amended facility we may enter into from time to time will likely contain) customary affirmative and negative covenants, including financial covenants that, among other things, cap our total leverage and our unsecured debt. In the event that we fail to satisfy our covenants, we would be in default under our debt agreements and may be required to repay such debt with capital from other sources. Under such circumstances, other sources of debt or equity capital may not be available to us, or may be available only on unattractive terms. Moreover, the presence of such covenants could cause us to operate our business with a view toward compliance with such covenants, which might not produce optimal returns for shareholders.
The expected discontinuance of the London interbank offered rate ("LIBOR") and transition to alternative reference rates may adversely impact our borrowings and interest rate hedging.
In July 2017, the U.K. Financial Conduct Authority, which regulates the LIBOR administrator, ICE Benchmark Administration Limited ("IBA") announced that it would cease to compel banks to participate in setting LIBOR as a benchmark by the end of 2021 and. that market participants cannot rely on LIBOR being published after 2021. On December 4, 2020, the IBA published a consultation on its intention to cease the publication of LIBOR for the most

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commonly used U.S. dollar LIBOR tenors after June 30, 2023 and for all other tenors after December 31, 2021. U.S. bank regulators are, however, encouraging banks to cease entering into new financial contracts that use LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021. Accordingly, it appears likely that LIBOR will be discontinued or modified by December 31, 2021 or June 30, 2023, depending on the currency and tenor.
The Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions convened by the U.S. Federal Reserve Board and the New York Federal Reserve, has recommended the Secured Overnight Financing Rate ("SOFR") as a more robust reference rate alternative to U.S. dollar LIBOR. SOFR is observed and backward looking, which stands in contrast with LIBOR under the current methodology, which is an estimated forward-looking rate and relies, to some degree, on the expert judgment of submitting panel members. Given that SOFR is a secured rate backed by government securities, it will be a rate that does not take into account bank credit risk (as is the case with LIBOR). SOFR is therefore likely to be lower than U.S. dollar LIBOR. To approximate economic equivalence to LIBOR, SOFR can be compounded over a relevant term and a spread adjustment may be added. Market practices related to SOFR calculation conventions continue to develop and may vary, and inconsistent calculation conventions may develop among financial products.
Many of our debt agreements and our interest rate swap agreements are linked to LIBOR, including our credit facility and term loan facilities. Before the transition dates described above, we may need to amend such agreements that utilize LIBOR as a factor in determining the interest rate based on SOFR or another new standard that is established, if any. However, these efforts may not be successful in mitigating the legal, tax and financial risk from changing the reference rate in our legacy agreements. Furthermore, the transition away from LIBOR may adversely impact our ability to manage and hedge exposures to fluctuations in interest rates using derivative instruments. There is no guarantee that a transition from LIBOR to an alternative will not result in financial market disruptions, significant increases in benchmark rates, or borrowing costs to borrowers, any of which could have an adverse effect on our business, results of operations, financial condition, and the market price of our common shares.
Risks Related to Our Qualification as a REIT
Our failure to remain qualified as a REIT would subject us to U.S. federal income tax and applicable state and local taxes, which would reduce the amount of operating cash flow to our shareholders.
We have elected and we believe that we have qualified to be taxed as a REIT commencing with our taxable year ended December 31, 2015. We have not requested, and do not intend to request a ruling from the Internal Revenue Service ("IRS"), that we qualify as a REIT. Qualification as a REIT involves the application of highly technical and complex Code provisions and Treasury Regulations promulgated thereunder for which there are limited judicial and administrative interpretations. To qualify as a REIT, we must meet, on an ongoing basis through actual operating results, various tests regarding the nature and diversification of our assets and our income, the ownership of our outstanding shares and the amount of our distributions. Our ability to satisfy these asset tests depends upon our analysis of the characterization and fair market values of our assets, some of which are not susceptible to a precise determination, and for which we will not obtain independent appraisals. Moreover, new legislation, court decisions or administrative guidance may, in each case possibly with retroactive effect, make it more difficult or impossible for us to qualify as a REIT. Thus, while we believe that we have been organized and operated and we intend to operate so that we will continue to qualify as a REIT, given the highly complex nature of the rules governing REITs, the ongoing importance of factual determinations and the possibility of future changes in our circumstances, no assurance can be given that we have qualified or will so qualify for any particular year. These considerations also might restrict the types of assets that we can acquire or services that we can provide in the future.
We own and may in the future acquire direct or indirect interests in entities that have elected or will elect to be treated as REITs under the Code (each a "Subsidiary REIT"). If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to U.S. federal income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that we would fail certain of the tests applicable to REITs, in which event we would fail to qualify as a REIT unless we qualify for certain statutory relief provisions.
If we fail to qualify as a REIT in any taxable year, and we do not qualify for certain statutory relief provisions, we would be required to pay U.S. federal income tax on our taxable income at regular corporate rates, and distributions to our shareholders would not be deductible by us in determining our taxable income. In such a case, we might need to borrow money, sell assets, or reduce or even cease making distributions in order to pay our taxes.

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Our payment of income tax would reduce significantly the amount of operating cash flow to our shareholders. Furthermore, if we fail to maintain our qualification as a REIT, we no longer would be required to make distributions to our shareholders. In addition, unless we were eligible for certain statutory relief provisions, we could not re-elect to be taxed as a REIT until the fifth calendar year following the year in which we failed to qualify.
Even if we qualify as a REIT, we may face other tax liabilities that reduce our cash flow.
Even if we qualify for taxation as a REIT, we may be subject to certain U.S. federal, state and local taxes on our income and assets, including taxes on any undistributed income, state or local income and property and transfer taxes, including real property transfer taxes. In addition, we could, in certain circumstances, be required to pay an excise or penalty tax (which could be significant in amount) in order to utilize one or more relief provisions under the Code to maintain our qualification as a REIT. Any of these taxes would decrease operating cash flow to our shareholders.
In order to qualify as a REIT, we must distribute to our shareholders each calendar year at least 90% of our net taxable income (excluding net capital gain). To the extent that we satisfy the 90% distribution requirement, but distribute less than 100% of our net taxable income (including net capital gain), we would be subject to U.S. federal corporate income tax on our undistributed net taxable income. In addition, we will incur a 4% non-deductible excise tax on the amount, if any, by which our distributions in any calendar year are less than a minimum amount specified under U.S. federal income tax laws. Although we intend to distribute our net taxable income to our shareholders in a manner that would avoid this 4% tax, there can be no assurance that we will be able to do so, due to timing differences between our actual receipt of cash and the inclusion of items in our income for U.S. federal income tax purposes, the effect of non-deductible capital expenditures, or the creation of reserves or required debt or amortization payments.
In addition, we will be subject to a 100% tax on any income from sales or other dispositions of property (other than property treated as foreclosure property under the Code) that is held as inventory or primarily for sale to customers in the ordinary course of a trade or business by a REIT, either directly or indirectly through certain pass-through subsidiaries (a "prohibited transaction"). In order to meet the REIT qualification requirements, or to avoid the imposition of the penalty tax on prohibited transactions, we may hold some of our assets or provide certain services to our tenants through one or more TRSs, which generally will be subject to U.S. federal, state and local corporate taxes. In addition, if a REIT lends money to a TRS, the TRS may be unable to deduct all or a portion of the interest paid to the REIT, which could increase the tax liability of the TRS. In addition, the Code imposes a 100% tax on certain transactions between a TRS and its parent REIT that are not conducted on an arm's length basis. We intend to structure transactions with any TRS on terms that we believe are arm's length to avoid incurring the 100% excise tax described above. There can be no assurances, however, that we will be able to avoid application of the 100% tax. Furthermore, if we acquire appreciated assets from a corporation that is or has been a subchapter C corporation in a transaction in which the adjusted tax basis of such assets in our hands is less than the fair market value of the assets, determined at the time we acquired such assets, and if we subsequently dispose of any such assets during the 5-year period following the acquisition of the assets from the C corporation, we will be subject to tax at the highest corporate tax rates on any gain from the disposition of such assets to the extent of the excess of the fair market value of the assets on the date that we acquired such assets over the basis of such assets on such date, which we refer to as built-in gains. Payment of these taxes generally could materially and adversely affect our income, cash flow, results of operations, financial condition, liquidity and prospects, and could adversely affect the value of our common shares and our ability to make distributions to our shareholders.
Complying with the REIT requirements may cause us to forgo and/or liquidate otherwise attractive investments, and in some situations, to maintain our REIT qualification, we may be forced to borrow funds during unfavorable market conditions.
To qualify as a REIT, we must ensure that at least 75% of our gross income for each taxable year, excluding certain amounts, is derived from certain real property-related sources, and at least 95% of our gross income for each taxable year, excluding certain amounts, is derived from certain real property-related sources and passive income such as dividends and interest. In addition, we must ensure that, at the end of each calendar quarter, at least 75% of the value of our total assets consists of cash, cash items, U.S. government securities and qualified real estate assets. The remainder of our investment in securities generally cannot include more than 10% of the outstanding voting securities of any one issuer (other than U.S. government securities, securities of corporations that are treated as TRSs and qualified real estate assets) or more than 10% of the total value of the outstanding securities of any one issuer (other than government securities, securities of corporations that are treated as TRSs and qualified real estate

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assets). In addition, in general, no more than 5% of the value of our assets can consist of the securities of any one issuer (other than U.S. government securities, securities of corporations that are treated as TRSs and qualified real estate assets), no more than 20% of the value of our total assets can be represented by securities of one or more TRSs and no more than 25% of the value of our assets can consist of debt instruments issued by publicly offered REITs that are not otherwise secured by real property. If we fail to comply with these asset requirements at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences.
To meet these tests, we may be required to take or forgo taking actions that we would otherwise consider advantageous. For instance, in order to satisfy the gross income or asset tests applicable to REITs under the Code, we may be required to forgo investments that we otherwise would make, and we may be required to liquidate from our portfolio otherwise attractive investments. In addition, we may be required to make distributions to shareholders at disadvantageous times or when we do not have funds readily available for distribution. As a result, we may need to borrow funds to meet the REIT distribution requirements even if the then prevailing market conditions are not favorable for these borrowings. Our access to third-party sources of capital depends on a number of factors, including the market's perception of our growth potential, our current debt levels, the per share trading price of our common shares, and our current and potential future earnings. We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune times. These actions could reduce our income and amounts available for distribution to our shareholders. Thus, compliance with the REIT requirements may hinder our investment performance.
If our operating partnership is treated as a corporation for U.S. federal income tax purposes, we will cease to qualify as a REIT.
We believe our operating partnership qualifies as a partnership for U.S. federal income tax purposes, and accordingly generally will not be subject to U.S. federal income tax on its income. Instead, each of its partners, including us, will be required to pay tax on its allocable share of our operating partnership's income. No assurance can be provided, however, that the IRS will not challenge our operating partnership's status as a partnership for U.S. federal income tax purposes, or that a court would not sustain such a challenge. If the IRS were successful in treating our operating partnership as a corporation for U.S. federal income tax purposes, we would fail to meet the gross income tests and certain of the asset tests applicable to REITs, we would cease to qualify as a REIT, and both we and our operating partnership would become subject to U.S. federal, state and local income tax. The payment by our operating partnership of income tax would reduce significantly the amount of cash available to our operating partnership to satisfy obligations to make principal and interest payments on its debt and to make distribution to its partners, including us.
Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
The REIT provisions of the Code may limit our ability to hedge our assets and operations. Under these provisions, any income that we generate from transactions intended to hedge our interest rate risk will be excluded from gross income for purposes of the REIT 75% and 95% gross income tests if (i) the instrument (a) hedges interest rate risk on liabilities used to carry or acquire real estate assets or (b) hedges an instrument described in clause (a) for a period following the extinguishment of the liability or the disposition of the asset that was previously hedged by the hedged instrument, and (ii) the relevant instrument is properly identified under applicable Treasury regulations. Income from hedging transactions that does not meet these requirements will generally constitute non-qualifying income for purposes of both the REIT 75% and 95% gross income tests. As a result of these rules, we may have to limit our use of hedging techniques that might otherwise be advantageous or implement those hedges through a TRS. This could increase the cost of our hedging activities because our TRS would be subject to tax on gains or expose us to greater risks associated with changes in interest rates than we would otherwise want to bear, and we generally would not benefit from losses in our TRS, although, subject to limitation, such losses may be carried forward to offset future taxable income of the TRS.


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The ability of our board of trustees to revoke our REIT election without shareholder approval may cause adverse consequences to our shareholders.
Our declaration of trust provides that the board of trustees may revoke or otherwise terminate our REIT election, without the approval of our shareholders, if the board determines that it is no longer in our best interest to attempt to, or continue to, qualify as a REIT. If we cease to qualify as a REIT, we would become subject to U.S. federal income tax on our net taxable income and we generally would no longer be required to distribute any of our net taxable income to our shareholders, which may have adverse consequences on our total return to our shareholders.
Legislative or regulatory tax changes related to REITs could materially and adversely affect our business.
At any time, the U.S. federal income tax laws or regulations governing REITs or the administrative interpretations of those laws or regulations may be changed, possibly with retroactive effect. We cannot predict if or when any new U.S. federal income tax law, regulation or administrative interpretation, or any amendment to any existing U.S. federal income tax law, regulation or administrative interpretation, will be adopted, promulgated or become effective or whether any such law, regulation or interpretation may take effect retroactively. We and our shareholders could be adversely affected by any such change in, or any new, U.S. federal income tax law, regulation or administrative interpretation.
Risks Related to Our Common Shares and Preferred Shares
Common shares and preferred shares eligible for future sale may have adverse effects on our share price.
Subject to applicable law and the rules of any stock exchange on which our shares may be listed or traded, our board, without common shareholder approval, may authorize us to issue additional authorized and unissued common shares and preferred shares on the terms and for the consideration it deems appropriate and may amend our declaration of trust to increase the total number of shares, or the number of shares of any class or series, that we are authorized to issue. In addition, our operating partnership may issue OP units, which are redeemable for cash or, at our option exchangeable on a one-for-one basis into common shares after an agreed period of time and certain other conditions, preferred units of limited partnership interest, which are redeemable for cash or, at our option exchangeable on a one-for-one basis into our 6.000% Series A cumulative redeemable preferred shares of beneficial interest ("Series A Preferred Shares") and subordinated performance units, which are only convertible into OP units beginning two years following the initial issuance of the applicable series and then (i) at the holder's election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate or (ii) at our election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations.
Notwithstanding the two-year lock out period on conversions of subordinated performance units into OP units, if such subordinated performance units were convertible into OP units as of December 31, 2020, each subordinated performance unit would on average hypothetically convert into 1.23 OP units, or into an aggregate of approximately 16.4 million OP units. These amounts are based on historical financial information for the trailing twelve months ended December 31, 2020. The hypothetical conversion is calculated by dividing the average cash available for distribution, or CAD, per subordinated performance unit by 110% of the CAD per OP unit over the same period. We anticipate that as our CAD grows over time, the conversion ratio will also grow, including to levels that may exceed this amount. The actual number of OP units into which such subordinated performance units will become convertible may vary significantly and will depend upon the applicable conversion penalty and the actual CAD to the OP units and the actual CAD to the converted subordinated performance units in the one-year period ending prior to conversion. We have also granted registration rights to those persons who will be eligible to receive common shares issuable upon exchange of OP units and preferred shares issuable upon exchange preferred units issued in our contribution transactions.
We cannot predict the effect, if any, of future sales of our common or preferred shares or the availability of shares for future sales, on the market price of our common or preferred shares. The market price of our common shares may decline significantly when the restrictions on resale by certain of our shareholders lapse. Sales of substantial amounts of common or preferred shares or the perception that such sales could occur may adversely affect the prevailing market price for our common shares.

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We cannot assure our ability to pay dividends in the future.
Historically, we have paid quarterly common share dividends to our shareholders and quarterly distributions to our operating partnership unitholders, and we intend to continue to pay such dividends and distributions in amounts such that all or substantially all of our net taxable income in each year is distributed, which, along with other factors, should enable us to continue to qualify for the tax benefits accorded to a REIT under the Code. We have not established a minimum dividends payment level, and all future distributions will be made at the discretion of our board. Our ability to pay dividends will depend upon, among other factors:
the operational and financial performance of our properties; 
capital expenditures with respect to existing and newly acquired properties; 
general and administrative expenses associated with our operation as a publicly-held REIT;
maintenance of our REIT qualification;
the amount of, and the interest rates on, our debt and the ability to refinance our debt;
the absence of significant expenditures relating to environmental and other regulatory matters; and 
other risk factors described in this Annual Report on Form 10-K.
Certain of these matters are beyond our control and any significant difference between our expectations and actual results could have a material adverse effect on our cash flow and our ability to make distributions to shareholders.
Future offerings of debt or equity securities, which may rank senior to our common shares, may adversely affect the market price of our common shares.
If we decide to issue debt securities in the future, which would rank senior to our common shares, it is likely that they will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. Additionally, any equity securities or convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of our common shares and may result in dilution to owners of such shares. We and, indirectly, our shareholders will bear the cost of issuing and servicing such securities. Because our decision to issue debt or equity securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. Thus, holders of our common shares will bear the risk of our future offerings reducing the market price of our shares and diluting the value of their common share holdings in us.
Item 1B. Unresolved Staff Comments
None.

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Item 2. Properties
As of December 31, 2020, we held ownership interests in and operated a geographically diversified portfolio of 821 self storage properties, located in 36 states and Puerto Rico, comprising approximately 52.0 million rentable square feet, configured in approximately 413,000 storage units. Of these properties, we consolidated 644 self storage properties that contain approximately 39.3 million rentable square feet and we held a 25% ownership interest in 177 unconsolidated real estate venture properties that contain approximately 12.7 million rentable square feet.
The following table sets forth summary information regarding our consolidated properties by state as of December 31, 2020.
Number of Number of Rentable % of Rentable Period-end
State/Territory Properties Units Square Feet Square Feet Occupancy
Texas 115  48,302  6,822,196  17.3  % 89.2  %
California(1)
83  49,656  6,228,471  15.9  % 95.4  %
Oregon 63  25,204  3,197,270  8.0  % 88.8  %
Florida 49  31,097  3,275,014  8.3  % 91.6  %
Georgia 46  19,788  2,656,034  6.8  % 91.5  %
North Carolina 34  15,748  1,952,920  5.0  % 93.7  %
Oklahoma 33  15,324  2,124,882  5.4  % 90.3  %
Arizona 32  17,277  2,011,851  5.1  % 91.2  %
Louisiana(1)
26  12,326  1,536,257  3.9  % 85.5  %
Kansas 18  5,996  866,430  2.2  % 90.0  %
Colorado 16  6,723  838,476  2.1  % 91.1  %
Indiana 16  8,774  1,134,420  2.9  % 93.6  %
Washington 16  5,397  718,013  1.8  % 88.7  %
Nevada 13  6,730  846,537  2.2  % 93.5  %
New Hampshire 11  5,039  617,791  1.6  % 92.5  %
Missouri 10  4,515  589,465  1.5  % 77.0  %
Ohio 3,649  461,393  1.2  % 90.3  %
Pennsylvania 4,317  497,395  1.3  % 92.1  %
Puerto Rico 4,457  431,162  1.1  % 95.9  %
Idaho 1,439  262,331  0.7  % 97.4  %
Maryland 2,894  286,222  0.7  % 88.6  %
New Mexico 3,128  391,418  1.0  % 92.2  %
Illinois 1,991  271,136  0.7  % 83.0  %
Massachusetts 1,626  218,750  0.6  % 93.1  %
New Jersey 2,198  271,749  0.7  % 87.6  %
South Carolina 1,212  147,580  0.4  % 93.8  %
Mississippi 865  114,411  0.3  % 87.8  %
Alabama 764  110,616  0.3  % 81.4  %
Connecticut 421  41,541  0.1  % 97.3  %
Kentucky 380  60,950  0.2  % 93.0  %
Minnesota 264  47,950  0.1  % 87.1  %
New York 456  47,959  0.1  % 85.1  %
Tennessee 899  113,969  0.3  % 91.7  %
Virginia 598  81,915  0.2  % 92.9  %
Total/Weighted Average 644  309,454  39,274,474  100.0  % 91.1  %
(1) Six of the California properties and two of the Louisiana properties are subject to non-cancelable leasehold interest agreements that are classified as operating leases. See "Note 13. Leases" in Item 8. "Financial Statements and Supplementary Data."

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The following table sets forth summary information regarding our unconsolidated real estate venture properties by state as of December 31, 2020.
Number of Number of Rentable % of Rentable Period-end
State Properties Units Square Feet Square Feet Occupancy
Florida 27  15,167  1,722,321  13.5  % 90.5  %
Michigan 24  15,614  1,978,748  15.5  % 91.7  %
New Jersey 15  10,524  1,226,303  9.6  % 93.6  %
Alabama 14  5,525  826,232  6.5  % 91.1  %
Ohio 14  9,392  1,124,521  8.8  % 86.0  %
California 12  6,701  793,035  6.2  % 92.5  %
Georgia 11  6,133  872,233  6.9  % 90.5  %
Other(1)
60  34,981  4,185,800  33.0  % 88.3  %
Total 177  104,037  12,729,193  100.0  % 90.0  %

(1) Other states in the unconsolidated real estate ventures include Arizona, Delaware, Illinois, Massachusetts, Minnesota, Mississippi, Nevada, New York, Oklahoma, Pennsylvania, Rhode Island, Tennessee, Texas and Virginia.
Our portfolio consists of self storage properties that are designed to offer customers convenient, affordable, and secure storage units. Generally, our properties are in highly visible locations clustered in states or markets with strong population and job growth and are specifically designed to accommodate residential and commercial tenants with features such as security systems, electronic gate entry, easy access, climate control, and pest control. Our units typically range from 25 square feet to 300 square feet, and some of our properties also offer outside storage for vehicles, boats, and equipment. We provide 24-hour access to many storage units through computer controlled access systems, as well as alarm and sprinkler systems on many of our individual storage units. Almost all of the storage units in our portfolio are leased on a month-to-month basis providing us the flexibility to increase rental rates over time as market conditions permit. Additional information on our consolidated self storage properties is contained in "Schedule III - Real Estate and Accumulated Depreciation" in this Annual Report on Form 10-K.
Item 3. Legal Proceedings
We are not currently subject to any legal proceedings that we consider to be material.
Item 4. Mine Safety Disclosures
Not applicable.

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PART II
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common shares have been listed and traded on the NYSE under the symbol "NSA" since April 22, 2015. Prior to that time there was no public market for our common shares.
Holders
As of February 25, 2021, the Company had 79 record holders of its common shares. The 79 holders of record do not include the beneficial owners of common shares whose shares are held by a broker or bank. Such information was obtained from our transfer agent and registrar.
Dividends
Since our initial quarter as a publicly-traded REIT, we have made regular quarterly distributions to our shareholders. Holders of common shares are entitled to receive distributions when declared by our board of trustees out of any assets legally available for that purpose. In order to maintain our status as a REIT, we are required to distribute at least 90% of our "REIT taxable income," which is generally equivalent to our net taxable ordinary income, determined without regard to the deduction for dividends paid and excluding net capital gains to our shareholders annually in order to maintain our REIT qualification for U.S. federal income tax purposes.
Common share dividends are characterized for U.S. federal income tax purposes as ordinary income, capital gains, return of capital or a combination thereof. Each year we communicate to shareholders the tax characterization of the common share dividends paid during the preceding year. Our tax return for the year ended December 31, 2020 has not yet been filed and consequently, the taxability information presented for our dividends paid in 2020 is based upon management's estimate. The following table summarizes the taxability of our dividends per common share for the year ended December 31, 2020:
Year Ended
December 31, 2020
Ordinary Income $ 0.991288  73.4  %
Return of Capital 0.358712  26.6  %
Total $ 1.350000  100.0  %
Equity Compensation Plan Information
Information about our equity compensation plans is incorporated by reference to Item 12 of Part III of this Annual Report on Form 10-K.
Unregistered Sales of Equity Securities
During the three months ended December 31, 2020, the Company, in its capacity as general partner of its operating partnership, caused the operating partnership to issue 187,735 common shares to satisfy redemption requests from certain limited partners.
As of February 25, 2021, other than those OP units held by the Company, 32,387,721 OP units were outstanding (including 724,540 outstanding Long-Term Incentive Plan Units ("LTIP units") and 1,924,918 outstanding OP units in certain consolidated subsidiaries of the operating partnership ("DownREIT OP units"), which are convertible into, or exchangeable for, OP units on a one-for-one basis, subject to certain conditions).
These issuances were exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.

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Performance Graph
The following chart compares the yearly cumulative total shareholder return for our common shares with the cumulative shareholder return of companies on (i) the S&P 500 Index, (ii) the Russell 2000 and (iii) the Nareit All Equity REIT Index as provided by Nareit for the period beginning December 31, 2015 and ending December 31, 2020.
nsa-20201231_g1.jpg
Period Ending
Index 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
National Storage Affiliates Trust $ 100  $ 135  $ 174  $ 176  $ 232  $ 260 
S&P 500 100  112  136  130  171  203 
Russell 2000 100  121  139  124  155  186 
Nareit All Equity REIT Index 100  109  118  114  146  139 
The foregoing item assumes $100.00 invested on December 31, 2015, with dividends reinvested. The Performance Graph will not be deemed to be incorporated by reference into any filing by NSA under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that NSA specifically incorporates the same by reference.
Item 6. Selected Financial Data
None.

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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the financial statements and notes thereto included in Item 8. "Financial Statements and Supplementary Data" as well as Item 1. "Business," Item 1A. "Risk Factors," and Item 2. "Properties," respectively, in this Annual Report on Form 10-K.
Overview
National Storage Affiliates Trust is a fully integrated, self-administered and self-managed real estate investment trust organized in the state of Maryland on May 16, 2013. We have elected and we believe that we have qualified to be taxed as a REIT commencing with our taxable year ended December 31, 2015. We serve as the sole general partner of our operating partnership, a Delaware limited partnership formed on February 13, 2013 to conduct our business, which is focused on the ownership, operation, and acquisition of self storage properties located within the top 100 MSAs throughout the United States.
COVID-19
We continue to closely monitor the impact of the COVID-19 pandemic on all aspects of our business. The outbreak of COVID-19 in many countries, including the United States, has adversely impacted economic activity. As cases of COVID-19 have continued to increase, most states and municipalities have reacted by instituting, extending or reinstating quarantines, mandating business and school closures, requiring restrictions on travel, "shelter-in-place" and/or "stay-at-home" orders, and imposing restrictions on the types of businesses that may continue to operate. These containment measures generally do not apply to businesses, like ours, which are designated as "essential," but may apply to certain of our tenants, employees, vendors, lenders and joint venture partners.
As of the date of this report, our stores continue to operate and we are in compliance with federal, state and local COVID-19 guidelines and mandates. In response to the pandemic, we have increased the level and frequency of cleaning and sanitation of our self storage facilities and enacted recommended social distancing guidelines. Many of our stores feature online rental capabilities whereby a customer can complete the entire rental process online and receive an access code to the storage facility. For the remainder of our stores that do not yet benefit from the online rental feature, the combination of call center and email communication eliminates the need for any physical contact between customers and employees.
Due to the pandemic, we experienced a moderate slowdown in overall business activity during the second quarter of 2020. However, we observed sustained improvement in our property operating results during the third and fourth quarters of 2020. We continue to take proactive measures to maintain the strength of our business and manage the impact of COVID-19 on our operations and liquidity, including the following:
We resumed rental rate increases for in-place tenants at the vast majority of our stores during the third quarter of 2020;
We are continuing to diligently manage operating expenses, including store-level personnel costs, marketing and repairs and maintenance expenses. We also incurred lower corporate travel costs during the year ended December 31, 2020 compared to expectations at the beginning of the year;
We continue to closely monitor our liquidity position. As of December 31, 2020, we had the capacity to borrow remaining revolving line of credit commitments of $320.3 million with less than $5 million of debt maturing through 2022;
On October 22, 2020, we issued $150.0 million of 2.99% senior unsecured notes due August 5, 2030 and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 in a private placement;
We completed an underwritten public offering of 4,900,000 common shares of beneficial interest under forward sale agreements at a public offering price of $33.15 per share (the "forward offering"). On December 30, 2020 we settled a portion of the forward offering by physically delivering 1,850,510 common shares to the forward purchasers for net proceeds of approximately $60.0 million;
We remain committed to acquiring properties at appropriate risk-adjusted returns. We believe our acquisition opportunities through our captive pipeline and relationship-based third-party deals sourced by our PROs will

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continue to be a differentiating factor for us to prudently deploy capital, including through the issuance of OP equity.
The above discussion is intended to provide shareholders with certain information regarding the impacts of the COVID-19 pandemic on our business and management’s efforts to respond to those impacts. We are unable to predict the impact of the COVID-19 pandemic on our business for the year ended December 31, 2021 and thereafter. We will continue to monitor its effects and will adjust our operations as necessary. As a result of the rapid development, fluidity and uncertainty surrounding this situation, we expect that such information will change, potentially significantly, going forward and may not be indicative of the actual impact of the COVID-19 pandemic on our financial condition, results of operations and cash flows for the year ended December 31, 2021 and future periods. See "Risk Factors" under Item 1A.
Our Structure
Our structure promotes operator accountability as subordinated performance units issued to our PROs in exchange for the contribution of their properties are entitled to distributions only after those properties satisfy minimum performance thresholds. In the event of a material reduction in operating cash flow, distributions on our subordinated performance units will be reduced before or disproportionately to distributions on our common shares held by our common shareholders. In addition, we expect our PROs will generally co-invest subordinated equity in the form of subordinated performance units in each acquisition that they source, and the value of these subordinated performance units will fluctuate with the performance of their managed portfolios. Therefore, our PROs are incentivized to select acquisitions that are expected to exceed minimum performance thresholds, thereby increasing the value of their subordinated equity stake. We expect that our shareholders will benefit from the higher levels of property performance that our PROs are incentivized to deliver.
Our PROs
We had ten PROs as of December 31, 2020: Northwest, Optivest, Guardian, Move It, Storage Solutions, Hide Away, Personal Mini, Southern, Moove In and Blue Sky. We seek to further expand our platform by continuing to recruit additional established self storage operators, while integrating our operations through the implementation of centralized initiatives, including management information systems, revenue enhancement, and cost optimization programs. Our national platform allows us to capture cost savings by eliminating redundancies and utilizing economies of scale across the property management platforms of our PROs while also providing greater access to lower-cost capital.
Our Property Management Platform
Through our property management platform, we direct, manage and control the day-to-day operations and affairs of certain consolidated properties and our unconsolidated real estate ventures under our iStorage and SecurCare brands. As of December 31, 2020, our property management platform managed and controlled 282 of our consolidated properties and 177 of our unconsolidated real estate venture properties.
We earn certain customary fees for managing and operating the properties in the unconsolidated real estate ventures and we facilitate tenant insurance and/or tenant warranty protection programs for tenants at these properties in exchange for half of all proceeds from such programs.
Our Consolidated Properties
We seek to own properties that are well located in high quality sub-markets with highly accessible street access and attractive supply and demand characteristics, providing our properties with strong and stable cash flows that are less sensitive to the fluctuations of the general economy. Many of these markets have multiple barriers to entry against increased supply, including zoning restrictions against new construction and new construction costs that we believe are higher than our properties' fair market value.
As of December 31, 2020, we owned a geographically diversified portfolio of 644 self storage properties, located in 33 states and Puerto Rico, comprising approximately 39.3 million rentable square feet, configured in approximately 309,000 storage units. Of these properties, 276 were acquired by us from our PROs, 367 were acquired by us from third-party sellers and one was acquired by us from the 2016 Joint Venture.

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Our Unconsolidated Real Estate Ventures
We seek to opportunistically partner with institutional funds and other institutional investors to acquire attractive portfolios utilizing a promoted return structure. We believe there is significant opportunity for continued external growth by partnering with institutional investors seeking to deploy capital in the self storage industry.
2018 Joint Venture
As of December 31, 2020, our 2018 Joint Venture, in which we have a 25% interest, owned and operated a portfolio of 103 properties containing approximately 7.8 million rentable square feet, configured in approximately 64,000 storage units and located across 17 states.
2016 Joint Venture
As of December 31, 2020, our 2016 Joint Venture, in which we have a 25% ownership interest, owned and operated a portfolio of 74 properties containing approximately 4.9 million rentable square feet, configured in approximately 40,000 storage units and located across 13 states.
Results of Operations
When reviewing our results of operations it is important to consider the timing of acquisition activity. We acquired 77 self storage properties during the year ended December 31, 2020 and 69 self storage properties during the year ended December 31, 2019. As a result of these and other factors, we do not believe that our historical results of operations discussed and analyzed below are comparable or necessarily indicative of our future results of operations or cash flows.
To help analyze the operating performance of our self storage properties, we also discuss and analyze operating results relating to our same store portfolio. Our same store portfolio is defined as those properties owned and operated since the first day of the earliest year presented, excluding any properties sold, expected to be sold or subject to significant changes such as expansions or casualty events which cause the portfolio's year-over-year operating results to no longer be comparable.
The following discussion and analysis of the results of our operations and financial condition for the year ended December 31, 2020 compared to the year ended December 31, 2019 should be read in conjunction with the accompanying consolidated financial statements included in Item 8. The discussion and analysis of the results of our operations and financial condition for the year ended December 31, 2019 compared to the year ended December 31, 2018, can be found in Part II, "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on February 26, 2020.
Certain figures, such as interest rates and other percentages, included in this section have been rounded for ease of presentation. Percentage figures included in this section have not in all cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this section may vary slightly from those obtained by performing the same calculations using the figures in our consolidated financial statements or in the associated text. Certain other amounts that appear in this section may similarly not sum due to rounding.
Year Ended December 31, 2020 compared to the Year Ended December 31, 2019
Net income was $79.5 million for the year ended December 31, 2020, compared to $66.0 million for the year ended December 31, 2019, an increase of $13.5 million. The increase was primarily due to an increase in net operating income ("NOI") resulting from self storage properties acquired during 2019 and 2020 and a decrease in GAAP losses from the Company's unconsolidated real estate ventures partially offset by increases in depreciation and amortization, interest expense, non-operating expense, acquisition costs and a decrease in gains from the sale of self storage properties. For a description of NOI, see "Non-GAAP Financial measures – NOI".
Overview
As of December 31, 2020, our same store portfolio consisted of 500 self storage properties. See "---Results of Operations" above for the definition of our same store portfolio. The following table illustrates the changes in rental revenue, other property-related revenue, management fees and other revenue, property operating expenses, and other

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expenses for the year ended December 31, 2020 compared to the year ended December 31, 2019 (dollars in thousands):
Year Ended December 31,
2020 2019 Change
Rental revenue
Same store portfolio
$ 330,583  $ 325,755  $ 4,828 
Non-same store portfolio
64,077  29,104  34,973 
Total rental revenue
394,660  354,859  39,801 
Other property-related revenue
Same store portfolio
12,137  11,316  821 
Non-same store portfolio
2,387  986  1,401 
Total other property-related revenue
14,524  12,302  2,222 
Property operating expenses
Same store portfolio
101,134  100,588  546 
Non-same store portfolio
22,352  9,759  12,593 
Total property operating expenses
123,486  110,347  13,139 
Net operating income
Same store portfolio
241,586  236,483  5,103 
Non-same store portfolio
44,112  20,331  23,781 
Total net operating income
285,698  256,814  28,884 
Management fees and other revenue 23,038  20,735  2,303 
General and administrative expenses (43,640) (44,030) 390 
Depreciation and amortization (117,174) (105,119) (12,055)
Other (808) (1,551) 743 
Other (expense) income
Interest expense (62,595) (56,464) (6,131)
Equity in earnings (losses) of unconsolidated real estate ventures
265  (4,970) 5,235 
Acquisition costs (2,424) (1,317) (1,107)
Non-operating (expense) income (1,211) 452  (1,663)
Gain on sale of self storage properties —  2,814  (2,814)
Other expense
(65,965) (59,485) (6,480)
Income before income taxes
81,149  67,364  13,785 
Income tax expense
(1,671) (1,351) (320)
Net income
79,478  66,013  13,465 
Net income attributable to noncontrolling interests (30,869) (62,030) 31,161 
Net income attributable to National Storage Affiliates Trust
48,609  3,983  44,626 
Distributions to preferred shareholders (13,097) (12,390) (707)
Net income (loss) attributable to common shareholders
$ 35,512  $ (8,407) $ 43,919 
Total Revenue
Our total revenue increased by $44.3 million, or 11.4%, for the year ended December 31, 2020, as compared to the year ended December 31, 2019. This increase was primarily attributable to incremental revenue from 77 self storage properties acquired during the year ended December 31, 2020, increases in management fees and other revenue from our unconsolidated real estate ventures and an increase in total portfolio average occupancy from 88.4% for the year ended December 31, 2019 to 89.3% for the year ended December 31, 2020. Average occupancy

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is calculated based on the average of the month-end occupancy immediately preceding the period presented and the month-end occupancies included in the respective period presented.
Rental Revenue
Rental revenue increased by $39.8 million, or 11.2%, for the year ended December 31, 2020, as compared to the year ended December 31, 2019. The increase in rental revenue was due to a $35.0 million increase in non-same store rental revenue which was primarily attributable to incremental rental revenue of $20.4 million from 77 self storage properties acquired during 2020, and $15.3 million from 69 self storage properties acquired during 2019. Same store portfolio rental revenues increased $4.8 million, or 1.5%, due to a 0.2% increase, from $12.12 to $12.15, in annualized same store rental revenue (including fees and net of any discounts and uncollectible customer amounts) divided by average occupied square feet ("average annualized rental revenue per occupied square foot"), driven primarily by increased contractual lease rates for in-place tenants and an increase in average occupancy from 88.6% for the year ended December 31, 2019 to 89.6% for the year ended December 31, 2020.
Other Property-Related Revenue
Other property-related revenue represents ancillary income from our self storage properties, such as tenant insurance-related access fees and sales of storage supplies. Other property-related revenue increased by $2.2 million, or 18.1%, for the year ended December 31, 2020, as compared to the year ended December 31, 2019. This increase primarily resulted from a $1.4 million increase in non-same store other property-related revenue which was primarily attributable to incremental other property-related revenue of $0.9 million from 77 self storage properties acquired during 2020, and $0.6 million from 69 self storage properties acquired during 2019.
Management Fees and Other Revenue
Management fees and other revenue, which are primarily related to managing and operating the unconsolidated real estate ventures, were $23.0 million for the year ended December 31, 2020, compared to $20.7 million for the year ended December 31, 2019, an increase of $2.3 million or 11.1%. This increase was primarily attributable to incremental tenant insurance fees and dividends from an investment in a tenant reinsurance company made during 2019.
Property Operating Expenses
Property operating expenses were $123.5 million for the year ended December 31, 2020 compared to $110.3 million for the year ended December 31, 2019, an increase of $13.2 million, or 11.9%. The increase in property operating expenses resulted from a $12.6 million increase in non-same store property operating expenses that was primarily attributable to incremental property operating expenses of $7.8 million from 77 self storage properties acquired during 2020, and $4.9 million from 69 self storage properties acquired during 2019.
General and Administrative Expenses
General and administrative expenses decreased $0.4 million, or 0.9%, for the year ended December 31, 2020, compared to the year ended December 31, 2019. This decrease was attributable to decreases in supervisory and administrative fees charged by our PROs of $3.6 million primarily as a result of the cessation of payments to SecurCare following the merger and internalization of the management platform of SecurCare, partially offset by increases in costs related to our property management platform of $2.6 million due to the internalization of the management platform of SecurCare and an increase in store count.
Depreciation and Amortization
Depreciation and amortization increased $12.1 million, or 11.5%, for the year ended December 31, 2020, compared to the year ended December 31, 2019. This increase was primarily attributable to incremental depreciation expense related to the 77 self storage properties acquired during 2020, partially offset by a decrease in amortization of customer in-place leases from $11.3 million for the year ended December 31, 2019 to $9.0 million for the year ended December 31, 2020.
Interest Expense
Interest expense increased $6.1 million, or 10.9%, for the year ended December 31, 2020, compared to the year ended December 31, 2019. The increase in interest expense was primarily attributable to additional borrowings consisting of $155.0 million of additional term loan borrowings under the Company's credit facility in July 2019, $100.0 million of borrowings under the 2029 Term Loan Facility in April 2019, the issuance of the $150.0 million

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senior unsecured notes in a private placement in August 2019 and higher outstanding borrowings under the Revolver.
Equity In Earnings (Losses) Of Unconsolidated Real Estate Ventures
Equity in earnings (losses) of unconsolidated real estate ventures represents our share of earnings and losses incurred through our 25% ownership interests in the 2018 Joint Venture and the 2016 Joint Venture. During the year ended December 31, 2020, we recorded $0.3 million of equity in earnings from our unconsolidated real estate ventures compared to $5.0 million of losses for the year ended December 31, 2019. This was primarily the result of incremental losses from our 2018 Joint Venture during the year ended December 31, 2019 driven by real estate depreciation and amortization of customer in-place leases following the acquisition of the Initial 2018 Joint Venture Portfolio in September 2018.
Gain On Sale of Self Storage Properties
Gain on sale of self storage properties was $2.8 million for the year ended December 31, 2019. During the year ended December 31, 2019, we sold one self storage property to an unrelated third party for gross proceeds of $6.5 million.
Net Income Attributable to Noncontrolling Interests
As discussed in Note 2 to the consolidated financial statements in Item 8, we allocate U.S. generally accepted accounting principles ("GAAP") income (loss) utilizing the HLBV method, in which we allocate income or loss based on the change in each unitholders' claim on the net assets of our operating partnership at period end after adjusting for any distributions or contributions made during such period.
Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to noncontrolling interests. Net income attributable to noncontrolling interests was $30.9 million for the year ended December 31, 2020, compared to $62.0 million for the year ended December 31, 2019.
Critical Accounting Policies and Use of Estimates
Our financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates and assumptions, including those that impact our most critical accounting policies. We base our estimates and assumptions on historical experience and on various other factors that we believe are reasonable under the circumstances. Actual results may differ from these estimates. We believe the following are our most critical accounting policies.
Principles of Consolidation and Presentation of Noncontrolling Interests
Our consolidated financial statements include the accounts of our operating partnership and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities.
The limited partner ownership interests in our operating partnership that are held by owners other than us are referred to as noncontrolling interests. Noncontrolling interests also include ownership interests in DownREIT partnerships held by entities other than our operating partnership. Noncontrolling interests in a subsidiary are generally reported as a separate component of equity in our consolidated balance sheets. In our statements of operations, the revenues, expenses and net income or loss related to noncontrolling interests in our operating partnership are included in the consolidated amounts, with net income or loss attributable to the noncontrolling interests deducted separately to arrive at the net income or loss solely attributable to us.
When we obtain an economic interest in an entity, we evaluate the entity to determine if the entity is deemed a variable interest entity ("VIE"), and if we are deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, we consider the provisions of additional guidance to determine whether the general partner controls a limited partnership or similar entity when the limited partners have certain rights. We consolidate all entities that are VIEs and of which the Company is deemed to be the primary beneficiary.

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Self Storage Properties and Customer In-Place Leases
Self storage properties are carried at historical cost less accumulated depreciation and any impairment losses. When self storage properties are acquired, the purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed based on estimated fair values. The purchase price is allocated to the individual properties based on the fair value determined using an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates, which take into account the relative size, age, and location of the individual properties along with current and projected occupancy and relative rental rates or appraised values, if available. Tangible assets are allocated to land, buildings and related improvements, and furniture and equipment.
In allocating the purchase price for a self storage property acquisition, we determine whether the acquisition includes intangible assets. We allocate a portion of the purchase price to an intangible asset attributed to the value of customer in-place leases. Because the majority of tenant leases are on a month-to-month basis, this intangible asset represents the estimated value of the leases in effect on the acquisition date. This intangible asset is amortized to expense using the straight-line method over 12 months, the estimated average remaining rental period for the leases.
Non-GAAP Financial Measures
FFO and Core FFO
Funds from operations, or FFO, is a widely used performance measure for real estate companies and is provided here as a supplemental measure of our operating performance. The December 2018 Nareit Funds From Operations White Paper - 2018 Restatement, which we refer to as the White Paper, defines FFO as net income (as determined under GAAP), excluding: real estate depreciation and amortization, gains and losses from the sale of certain real estate assets, gains and losses from change in control, mark-to-market changes in value recognized on equity securities, impairment write-downs of certain real estate assets and impairment of investments in entities when it is directly attributable to decreases in the value of depreciable real estate held by the entity and after items to record unconsolidated partnerships and joint ventures on the same basis. Distributions declared on subordinated performance units and DownREIT subordinated performance units represent our allocation of FFO to noncontrolling interests held by subordinated performance unitholders and DownREIT subordinated performance unitholders. For purposes of calculating FFO attributable to common shareholders, OP unitholders, and LTIP unitholders, we exclude distributions declared on subordinated performance units, DownREIT subordinated performance units, preferred shares and preferred units. We define Core FFO as FFO, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our core operating performance. These further adjustments consist of acquisition costs, organizational and offering costs, gains on debt forgiveness, gains (losses) on early extinguishment of debt, and after adjustments for unconsolidated partnerships and joint ventures.
Management uses FFO and Core FFO as key performance indicators in evaluating the operations of our properties. Given the nature of our business as a real estate owner and operator, we consider FFO and Core FFO as key supplemental measures of our operating performance that are not specifically defined by GAAP. We believe that FFO and Core FFO are useful to management and investors as a starting point in measuring our operational performance because FFO and Core FFO exclude various items included in net income (loss) that do not relate to or are not indicative of our operating performance such as gains (or losses) from sales of self storage properties and depreciation, which can make periodic and peer analyses of operating performance more difficult. Our computation of FFO and Core FFO may not be comparable to FFO reported by other REITs or real estate companies.
FFO and Core FFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues, operating income and net income (loss). FFO and Core FFO do not represent cash generated from operating activities determined in accordance with GAAP and are not a measure of liquidity or an indicator of our ability to make cash distributions. We believe that to further understand our performance, FFO and Core FFO should be compared with our reported net income (loss) and considered in addition to cash flows computed in accordance with GAAP, as presented in our consolidated financial statements.

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The following table presents a reconciliation of net income (loss) to FFO and Core FFO for the periods presented (in thousands, except per share and unit amounts):
Year Ended December 31,
2020 2019 2018
Net income $ 79,478  $ 66,013  $ 56,326 
Add (subtract):
Real estate depreciation and amortization 115,757  103,835  87,938 
Company's share of unconsolidated real estate venture real estate depreciation and amortization
15,297  19,889  10,233 
Gain on sale of self storage properties —  (2,814) (391)
Mark-to-market changes in value on equity securities
142  (610) — 
Company's share of unconsolidated real estate venture loss on sale of properties
—  202  205 
Distributions to preferred shareholders and unitholders
(14,055) (13,243) (10,822)
FFO attributable to subordinated performance unitholders(1)
(29,708) (34,121) (27,111)
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
166,911  139,151  116,378 
Add:
Acquisition costs 2,424  1,317  663 
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders
$ 169,335  $ 140,468  $ 117,041 
Weighted average shares and units outstanding - FFO and Core FFO:(2)
Weighted average shares outstanding - basic 66,547  58,208  53,293 
Weighted average restricted common shares outstanding 30  28  29 
Weighted average effect of outstanding forward offering agreement(3)
60  —  — 
Weighted average OP units outstanding
29,863  30,277  28,977 
Weighted average DownREIT OP unit equivalents outstanding
1,906  1,848  1,835 
Weighted average LTIP units outstanding
543  585  694 
Total weighted average shares and units outstanding - FFO and Core FFO
98,949  90,946  84,828 
FFO per share and unit $ 1.69  $ 1.53  $ 1.37 
Core FFO per share and unit $ 1.71  $ 1.54  $ 1.38 

(1) Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented.
(2) NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in our operating partnership on a one-for-one basis, subject to certain adjustments in each case. Subordinated performance units, DownREIT subordinated performance units, and LTIP units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). See footnote(1) to the following table for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit.
(3) Represents the dilutive effect of the forward offering from the application of the treasury stock method.

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The following table presents a reconciliation of earnings (loss) per share - diluted to FFO and Core FFO per share and unit for the periods presented:
Year Ended December 31,
2020 2019 2018
Earnings (loss) per share - diluted $ 0.53  $ (0.15) $ 0.07 
Impact of the difference in weighted average number of shares(1)
(0.16) 0.05  (0.03)
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(2)
0.30  0.69  0.49 
Add real estate depreciation and amortization 1.17  1.14  1.04 
Add Company's share unconsolidated venture real estate depreciation and amortization
0.15  0.22  0.12 
Subtract gain on sale of self storage properties
—  (0.03) — 
Mark-to-market changes in value recognized on equity securities
—  (0.01) — 
FFO attributable to subordinated performance unitholders
(0.30) (0.38) (0.32)
FFO per share and unit
1.69  1.53  1.37 
Add acquisition costs and Company's share of unconsolidated real estate venture acquisition costs
0.02  0.01  0.01 
Core FFO per share and unit
$ 1.71  $ 1.54  $ 1.38 
(1) Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares, the treasury stock method for certain unvested LTIP units, and includes the assumption of a hypothetical conversion of subordinated performance units and DownREIT subordinated performance units into OP units, even though such units may only be convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. For additional information about the conversion of subordinated performance units, DownREIT subordinated performance units and LTIP units into OP units, see Note 10 to the consolidated financial statements in Item 8. The computation of weighted average shares and units for FFO and Core FFO per share and unit includes all restricted common shares and LTIP units that participate in distributions and excludes all subordinated performance units and DownREIT subordinated performance units because their effect has been accounted for through the allocation of FFO to the related unitholders based on distributions declared.
(2) Represents the effect of adjusting the numerator to consolidated net income (loss) prior to GAAP allocations for noncontrolling interests, after deducting preferred share and unit distributions, and before the application of the two-class method and treasury stock method, as described in footnote (1).
NOI
Net operating income, or NOI, represents rental revenue plus other property-related revenue less property operating expenses. NOI is not a measure of performance calculated in accordance with GAAP.
We believe NOI is useful to investors in evaluating our operating performance because:
NOI is one of the primary measures used by our management and our PROs to evaluate the economic productivity of our properties, including our ability to lease our properties, increase pricing and occupancy and control our property operating expenses;
NOI is widely used in the real estate industry and the self storage industry to measure the performance and value of real estate assets without regard to various items included in net income that do not relate to or are not indicative of operating performance, such as depreciation and amortization, which can vary depending upon accounting methods, the book value of assets, and the impact of our capital structure; and
We believe NOI helps our investors to meaningfully compare the results of our operating performance from period to period by removing the impact of our capital structure (primarily interest expense on our outstanding indebtedness) and depreciation of the cost basis of our assets from our operating results.
There are material limitations to using a non-GAAP measure such as NOI, including the difficulty associated with comparing results among more than one company and the inability to analyze certain significant items, including depreciation and interest expense, that directly affect our net income (loss). We compensate for these limitations by considering the economic effect of the excluded expense items independently as well as in connection

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with our analysis of net income (loss). NOI should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues and net income (loss).
The following table presents a reconciliation of net income (loss) to NOI for the periods presented (dollars in thousands):
Year Ended December 31,
2020 2019 2018
Net income $ 79,478  $ 66,013  $ 56,326 
(Subtract) add:
Management fees and other revenue (23,038) (20,735) (12,310)
General and administrative expenses 43,640  44,030  35,924 
Other 808  1,551  296 
Depreciation and amortization 117,174  105,119  89,147 
Interest expense 62,595  56,464  42,724 
Equity in (earnings) losses of unconsolidated real estate ventures
(265) 4,970  1,423 
Acquisition costs 2,424  1,317  663 
Income tax expense 1,671  1,351  818 
Gain on sale of self storage properties —  (2,814) (391)
Non-operating expense (income) 1,211  (452) 91 
Net operating income
$ 285,698  $ 256,814  $ 214,711 
Our consolidated NOI shown in the table above does not include our proportionate share of NOI for our unconsolidated real estate ventures. For additional information about our 2018 Joint Venture and 2016 Joint Venture see Note 5 to the consolidated financial statements in Item 8.
EBITDA and Adjusted EBITDA
We define EBITDA as net income (loss), as determined under GAAP, plus interest expense, loss on early extinguishment of debt, income taxes, depreciation and amortization expense and the Company's share of unconsolidated real estate venture depreciation and amortization. We define Adjusted EBITDA as EBITDA plus acquisition costs, organizational and offering expenses, equity-based compensation expense, losses on sale of properties and impairment of long-lived assets, minus gains on sale of properties and debt forgiveness, and after adjustments for unconsolidated partnerships and joint ventures. These further adjustments eliminate the impact of items that we do not consider indicative of our core operating performance. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
We present EBITDA and Adjusted EBITDA because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. EBITDA and Adjusted EBITDA have limitations as an analytical tool. Some of these limitations are:
EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements, for capital expenditures, contractual commitments or working capital needs;
EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;
Adjusted EBITDA excludes equity-based compensation expense, which is and will remain a key element of our overall long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period;

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EBITDA and Adjusted EBITDA do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and
other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures.
We compensate for these limitations by considering the economic effect of the excluded expense items independently as well as in connection with our analysis of net income (loss). EBITDA and Adjusted EBITDA should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as total revenues and net income (loss).
The following table presents a reconciliation of net loss to EBITDA and Adjusted EBITDA for the periods presented (dollars in thousands):
Year Ended December 31,
2020 2019 2018
Net income $ 79,478  $ 66,013  $ 56,326 
Add:
Depreciation and amortization 117,174  105,119  89,147 
Company's share of unconsolidated real estate venture depreciation and amortization
15,297  19,889  10,233 
Income tax expense 1,671  1,351  818 
Interest expense 62,595  56,464  42,724 
EBITDA
276,215  248,836  199,248 
Add:
Acquisition costs 2,424  1,317  663 
Gain on sale of self storage properties —  (2,814) (391)
Company's share of unconsolidated real estate venture loss on sale of properties
—  202  205 
Equity-based compensation expense 4,278  4,527  3,837 
Adjusted EBITDA
$ 282,917  $ 252,068  $ 203,562 

Liquidity and Capital Resources
Liquidity Overview
Liquidity is the ability to meet present and future financial obligations. Our primary source of liquidity is cash flow from our operations. Additional sources are proceeds from equity and debt offerings, and debt financings including borrowings under the credit facility, 2023 Term Loan Facility, 2028 Term Loan Facility and 2029 Term Loan Facility.
Our short-term liquidity requirements consist primarily of property operating expenses, property acquisitions, capital expenditures, general and administrative expenses and principal and interest on our outstanding indebtedness. A further short-term liquidity requirement relates to distributions to our common and preferred shareholders and holders of preferred units, OP units, subordinated performance units, LTIP units, DownREIT OP units and DownREIT subordinated performance units. We expect to fund short-term liquidity requirements from our operating cash flow, cash on hand and borrowings under our credit facility.
Our long-term liquidity needs consist primarily of the repayment of debt, property acquisitions, and capital expenditures. We acquire properties through the use of cash, preferred units, OP units and subordinated performance units in our operating partnership or DownREIT partnerships. We expect to meet our long-term liquidity requirements with operating cash flow, cash on hand, secured and unsecured indebtedness, and the issuance of equity and debt securities.
The availability of credit and its related effect on the overall economy may affect our liquidity and future financing activities, both through changes in interest rates and access to financing. Currently, interest rates are low compared to historical levels. Our ability to access capital on favorable terms as well as to use cash from operations

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to continue to meet our liquidity needs, all of which are highly uncertain and cannot be predicted, could be affected by various risks and uncertainties, including, but not limited to, the effects of the COVID-19 pandemic. We believe that, as a publicly-traded REIT, we will have access to multiple sources of capital to fund our long-term liquidity requirements, including the incurrence of additional debt and the issuance of debt and additional equity securities. However, we cannot assure you that this will be the case.
Cash Flows
At December 31, 2020, we had $18.7 million in cash and cash equivalents and $3.0 million of restricted cash, a decrease in cash and cash equivalents of $1.8 million and a decrease in restricted cash of $0.7 million from December 31, 2019. Restricted cash primarily consists of escrowed funds deposited with financial institutions for real estate taxes, insurance, and other reserves for capital improvements in accordance with our loan agreements. The following discussion relates to changes in cash due to operating, investing, and financing activities, which are presented in our consolidated statements of cash flows included in Item 8 of this report.
Operating Activities
Cash provided by our operating activities was $220.7 million for the year ended December 31, 2020 compared to $196.7 million for the year ended December 31, 2019, an increase of $24.0 million. Our operating cash flow increased primarily due to 69 self storage properties acquired during the year ended December 31, 2019 that generated cash flow for the entire year ended December 31, 2020 and 77 self storage properties that were acquired during the year ended December 31, 2020. These increases were partially offset by higher cash payments for interest expense.
Investing Activities
Cash used in investing activities was $509.7 million for the year ended December 31, 2020 compared to $393.0 million for the year ended December 31, 2019. The primary uses of cash for the year ended December 31, 2020 were for our acquisition of 77 self storage properties for cash consideration of $496.5 million, deposits for potential acquisitions of $1.1 million, capital expenditures of $16.4 million and contributions to unconsolidated real estate ventures of $4.4 million partially offset by $7.6 million of proceeds from the sale of equity securities and $1.5 million of distributions from unconsolidated real estate ventures. The primary uses of cash for the year ended December 31, 2019 were for our acquisition of 69 self storage properties for cash consideration of $371.1 million, the acquisition of equity securities for $12.7 million, deposits for potential acquisitions of $4.4 million, capital expenditures of $20.6 million and the acquisition of the interest in a reinsurance company and related cash flows of $6.6 million, partially offset by distributions from unconsolidated real estate ventures of $11.5 million, $6.3 million of proceeds from the sale of one self storage property and $5.4 million of proceeds from the sale of equity securities.
Capital expenditures totaled $16.4 million, $20.6 million and $19.0 million during the years ended December 31, 2020, 2019 and 2018 respectively. We generally fund post-acquisition capital additions from cash provided by operating activities.
We categorize our capital expenditures broadly into three primary categories:
recurring capital expenditures, which represent the portion of capital expenditures that are deemed to replace the consumed portion of acquired capital assets and extend their useful life;
value enhancing capital expenditures, which represent the portion of capital expenditures that are made to enhance the revenue and value of an asset from its original purchase condition; and
acquisitions capital expenditures, which represent the portion of capital expenditures capitalized during the current period that were identified and underwritten prior to a property's acquisition.

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The following table presents a summary of the capital expenditures for these categories, along with a reconciliation of the total for these categories to the capital expenditures reported in the accompanying consolidated statements of cash flows for the periods presented (dollars in thousands):
Year Ended December 31,
2020 2019 2018
Recurring capital expenditures $ 6,057  $ 8,708  $ 6,001 
Value enhancing capital expenditures 4,026  4,420  3,563 
Acquisitions capital expenditures 6,064  8,305  9,356 
Total capital expenditures 16,147  21,433  18,920 
Change in accrued capital spending 248  (839) 94 
Capital expenditures per statement of cash flows $ 16,395  $ 20,594  $ 19,014 
Financing Activities
Cash provided by our financing activities was $286.5 million for the year ended December 31, 2020 compared to $204.3 million for the year ended December 31, 2019. Our sources of financing cash flows for the year ended December 31, 2020 primarily consisted of $680.0 million of borrowings under the Revolver and $250.0 million of borrowings under our 2030 Notes and 2032 Notes and $82.9 million of proceeds from the issuance of common shares. Our primary uses of financing cash flows for the year ended December 31, 2020 were for principal payments on existing debt of $546.1 million (which included $505.5 million of principal repayments under the Revolver and $40.6 million of scheduled fixed rate mortgage principal payments), distributions to noncontrolling interests of $73.8 million, distributions to common shareholders of $90.1 million and distributions to preferred shareholders of $13.1 million. Our sources of financing cash flows for the year ended December 31, 2019 primarily consisted of $572.0 million of borrowings under our credit facility, $100.0 million of borrowings under our 2029 Term Loan Facility, $150.0 million of borrowings under our Senior Unsecured Notes, $70.6 million of proceeds from the issuance of common shares and $43.6 million of proceeds from the issuance of Series A Preferred Shares. Our primary uses of financing cash flows for the year ended December 31, 2019 were for principal payments on existing debt of $561.6 million (which included $556.5 million of principal repayments under the Revolver and $5.1 million of scheduled fixed rate mortgage principal payments), distributions to noncontrolling interests of $76.0 million, distributions to common shareholders of $74.5 million and distributions to preferred shareholders of $12.4 million.
Credit Facility and Term Loan Facilities
As of December 31, 2020, our credit facility provided for total borrowings of $1.275 billion, consisting of five components: (i) a Revolver which provides for a total borrowing commitment up to $500.0 million, whereby we may borrow, repay and re-borrow amounts under the Revolver, (ii) a $125.0 million Term Loan A, (iii) a $250.0 million Term Loan B, (iv) a $225.0 million Term Loan C and (v) a $175.0 million Term Loan D. The Revolver matures in January 2024; provided that we may elect to extend the maturity to July 2024 by paying an extension fee of 0.075% of the total borrowing commitment thereunder at the time of extension and meeting other customary conditions with respect to compliance. The Term Loan A matures in January 2023, the Term Loan B matures in July 2024, the Term Loan C matures in January 2025 and the Term Loan D matures in July 2026. The Revolver, Term Loan A, Term Loan B, Term Loan C and Term Loan D are not subject to any scheduled reduction or amortization payments prior to maturity. As of December 31, 2020, we have an expansion option under the credit facility, which, if exercised in full, would provide for a total credit facility of $1.750 billion.
As of December 31, 2020, $125.0 million was outstanding under the Term Loan A with an effective interest rate of 3.74%, $250.0 million was outstanding under the Term Loan B with an effective interest rate of 2.91%, $225.0 million was outstanding under the Term Loan C with an effective interest rate of 2.80% and $175.0 million was outstanding under the Term Loan D with an effective interest rate of 3.57%. As of December 31, 2020, we would have had the capacity to borrow remaining Revolver commitments of $320.3 million while remaining in compliance with the credit facility's financial covenants.
We have a 2023 Term Loan Facility that matures in June 2023 and is separate from the credit facility in an aggregate amount of $175.0 million. As of December 31, 2020 the entire amount was outstanding under the 2023 Term Loan Facility with an effective interest rate of 2.83%. We have an expansion option under the 2023 Term

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Loan Facility, which, if exercised in full, would provide for total borrowings in an aggregate amount of $400.0 million.
We have a 2028 Term Loan Facility that matures in December 2028 and is separate from the credit facility and 2023 Term Loan Facility in an aggregate amount of $75.0 million. As of December 31, 2020 the entire amount was outstanding under the 2028 Term Loan Facility with an effective interest rate of 4.62%. We have an expansion option under the 2028 Term Loan Facility, which, if exercised in full, would provide for total borrowings in an aggregate amount up to $125.0 million.
We have a 2029 Term Loan Facility that matures in April 2029 and is separate from the credit facility, 2023 Term Loan Facility and 2028 Term Loan Facility in an aggregate amount of $100.0 million. As of December 31, 2020 the entire amount was outstanding under the 2029 Term Loan Facility with an effective interest rate of 4.27%.
For a summary of our financial covenants and additional detail regarding our credit facility, 2023 Term Loan Facility, 2028 Term Loan Facility and 2029 Term Loan Facility, please see Note 8 to the consolidated financial statements in Item 8.
2029 And 2031 Senior Unsecured Notes
On August 30, 2019, our operating partnership issued $100.0 million of 3.98% senior unsecured notes due August 30, 2029 and $50.0 million of 4.08% senior unsecured notes due August 30, 2031 in a private placement to certain institutional investors.
2030 And 2032 Senior Unsecured Notes
As discussed in Note 8 to the consolidated financial statements in Item 8, on October 22, 2020, our operating partnership issued $150.0 million of 2.99% senior unsecured notes due August 5, 2030 and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 in a private placement to certain institutional investors.
Contractual Obligations
The following table summarizes information contained elsewhere in this Annual Report on Form 10-K regarding payments due under contractual obligations and commitments on an undiscounted basis as of December 31, 2020 (dollars in thousands):
Year Ending December 31,
2021 2022 2023 2024 2025 Thereafter Total
Debt financings:
Principal(1)
$ 7,670  $ 4,374  $ 376,813  $ 445,964  $ 227,185  $ 860,608  $ 1,922,614 
Interest(2)
63,692  63,502  54,589  44,251  32,807  105,809  364,650 
Real estate leasehold interests
1,444  1,459  1,464  1,470  1,521  35,206  42,564 
Office leases
471  465  430  450  456  624  2,896 
Total $ 73,277  $ 69,800  $ 433,296  $ 492,135  $ 261,969  $ 1,002,247  $ 2,332,724 
(1)Includes scheduled principal and maturity payments related to our debt financings.
(2)Interest is calculated until the maturity date (without regard to any extension that may be elected by the Company) based on the outstanding principal balance and the effective interest rate as of December 31, 2020.
Equity Transactions
Issuance of Common Shares and Series A Preferred Shares
As discussed in Note 3 to the consolidated financial statements in Item 8, on March 31, 2020, we closed on the mergers of SecurCare and DLAN with and into wholly-owned subsidiaries of the Company. In connection with the mergers, we issued 8,105,192 common shares to the former owners of SecurCare and DLAN.
During the year ended December 31, 2020, we sold 743,915 of our common shares through at the market offerings. The common shares were sold at an average offering price of $33.01 per share, resulting in net proceeds to us of approximately $22.9 million after deducting compensation payable by us to the agents and offering expenses.

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During September 2020, we completed an underwritten public offering of 4,500,000 common shares under forward sale agreements at a public offering price of $33.15 per share. The underwriters were granted a 30-day option to purchase up to an additional 675,000 common shares at the same price, which they partially exercised for an additional 400,000 common shares on October 6, 2020. On December 30, 2020, the Company settled a portion of the forward offering by physically delivering 1,850,510 common shares to the forward purchasers for net proceeds of approximately $60.0 million. As of December 31, 2020, 3,049,490 shares remained outstanding under the forward sale agreements.
During the year ended December 31, 2020, after receiving notices of redemption from certain OP unitholders, we elected to issue 892,070 common shares to such holders in exchange for 892,070 OP units in satisfaction of the operating partnership's redemption obligations.
During the year ended December 31, 2020, the Company issued 28,467 common shares in exchange for $1.0 million of principal payment reimbursements received during the year ended December 31, 2020 related to mortgages assumed in connection with the acquisition of self storage properties from PROs during the year ended December 31, 2014.
During the year ended December 31, 2020, after receiving notices of redemption from certain Series A-1 preferred unitholders, we elected to issue 5,600 Series A preferred shares to such holders in exchange for 5,600 Series A-1 preferred units in satisfaction of the operating partnership's redemption obligations.
Issuance of OP Equity
In connection with the 77 properties acquired during the year ended December 31, 2020, we issued $37.2 million of OP equity (consisting of 755,007 OP units, 28,894 LTIP units and 303,528 subordinated performance units). In addition, we issued 28,892 LTIP units to consultants that will vest upon the completion of expansion projects.
As discussed in Note 3 to the consolidated financial statements in Item 8, during the year ended December 31, 2020, the Company issued 445,701 OP units upon the conversion of 332,738 subordinated performance units and 246,156 OP units upon the conversion of an equivalent number of LTIP units.
Dividends and Distributions
During the year ended December 31, 2020, the Company paid $90.1 million of distributions to common shareholders, $13.1 million of distributions to preferred shareholders and distributed $73.8 million to noncontrolling interests.
On February 25, 2021, our board of trustees declared a cash dividend and distribution, respectively, of $0.35 per common share and OP unit to shareholders and OP unitholders of record as of March 15, 2021. On February 25, 2021, our board of trustees also declared cash distributions of $0.375 per Series A Preferred Share and Series A-1 preferred unit to shareholders and unitholders of record as of March 15, 2021. In addition, we expect to declare a cash distribution in the first quarter of 2021 to our subordinated performance unitholders of record as of March 15, 2021. Such dividends and distributions are expected to be paid on March 31, 2021.
Cash Distributions from our Operating Partnership
Under the LP Agreement of our operating partnership, to the extent that we, as the general partner of our operating partnership, determine to make distributions to the partners of our operating partnership out of the operating cash flow or capital transaction proceeds generated by a real property portfolio managed by one of our PROs, the holders of the series of subordinated performance units that relate to such portfolio are entitled to share in such distributions. Under the LP Agreement of our operating partnership, operating cash flow with respect to a portfolio of properties managed by one of our PROs is generally an amount determined by us, as general partner of our operating partnership, equal to the excess of property revenues over property related expenses from that portfolio. In general, property revenue from the portfolio includes:
(i)all receipts, including rents and other operating revenues;
(ii)any incentive, financing, break-up and other fees paid to us by third parties;
(iii)amounts released from previously set aside reserves; and
(iv)any other amounts received by us, which we allocate to the particular portfolio of properties.

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In general, property-related expenses include all direct expenses related to the operation of the properties in that portfolio, including real property taxes, insurance, property-level general and administrative expenses, employee costs, utilities, property marketing expense, property maintenance and property reserves and other expenses incurred at the property level. In addition, other expenses incurred by our operating partnership will also be allocated by us, as general partner, to the property portfolio and will be included in the property-related expenses of that portfolio. Examples of such other expenses include:
(i)corporate-level general and administrative expenses;
(ii)out-of-pocket costs, expenses and fees of our operating partnership, whether or not capitalized;
(iii)the costs and expenses of organizing and operating our operating partnership;
(iv)amounts paid or due in respect of any loan or other indebtedness of our operating partnership during such period;
(v)extraordinary expenses of our operating partnership not previously or otherwise deducted under item (ii) above;
(vi)any third-party costs and expenses associated with identifying, analyzing, and presenting a proposed property to us and/or our operating partnership; and
(vii)reserves to meet anticipated operating expenditures, debt service or other liabilities, as determined by us.
To the extent that we, as the general partner of our operating partnership, determine to make distributions to the partners of our operating partnership out of the operating cash flow of a real property portfolio managed by one of our PROs, operating cash flow from a property portfolio is required to be allocated to OP unitholders and to the holders of series of subordinated performance units that relate to such property portfolio as follows:
First, an amount is allocated to OP unitholders in order to provide OP unitholders (together with any prior allocations of capital transaction proceeds) with a cumulative preferred allocation on the unreturned capital contributions attributed to the OP units in respect of such property portfolio. The preferred allocation for all of our existing portfolios is 6%. As of December 31, 2020, our operating partnership had an aggregate of $1,811.6 million of unreturned capital contributions with respect to common shareholders and OP unitholders, with respect to the various property portfolios.
Second, an amount is allocated to the holders of the series of subordinated performance units relating to such property portfolio in order to provide such holders with an allocation (together with prior distributions of capital transaction proceeds) on their unreturned capital contributions. Although the subordinated allocation for the subordinated performance units is non-cumulative from period to period, if the operating cash flow from a property portfolio related to a series of subordinated performance units is sufficient, in the judgment of the general partner (with the approval of a majority of our independent trustees), to fund distributions to the holders of such series of subordinated performance units, but we, as the general partner of our operating partnership, decline to make distributions to such holders, the amount available but not paid as distributions will be added to the subordinated allocation corresponding to such series of subordinated performance units. The subordinated allocation for the outstanding subordinated performance units is 6%. As of December 31, 2020, an aggregate of $129.6 million of unreturned capital contributions has been allocated to the various series of subordinated performance units.
Thereafter, any additional operating cash flow is allocated to OP unitholders and the applicable series of subordinated performance units equally.
Following the allocation described above, we as the general partner of our operating partnership, will generally cause our operating partnership to distribute the amounts allocated to the relevant series of subordinated performance units to the holders of such series of subordinated performance units. We, as the general partner, may cause our operating partnership to distribute the amounts allocated to OP unitholders or may cause our operating partnership to retain such amounts to be used by our operating partnership for any purpose. Any operating cash flow that is attributable to amounts retained by our operating partnership pursuant to the preceding sentence will generally be available to be allocated as an additional capital contribution to the various property portfolios.
The foregoing description of the allocation of operating cash flow between the OP unitholders and subordinated performance unitholders is used for purposes of determining distributions to holders of subordinated performance units but does not necessarily represent the operating cash flow that will be distributed to OP unitholders (or paid as

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dividends to holders of our common shares). Any distribution of operating cash flow allocated to the OP unitholders will be made at our discretion (and paid as dividends to holders of our common shares at the discretion of our board of trustees).
Under the LP Agreement of our operating partnership, capital transactions are transactions that are outside the ordinary course of our operating partnership's business, involve the sale, exchange, other disposition, or refinancing of any property, and are designated as capital transactions by us, as the general partner. To the extent the general partner determines to distribute capital transaction proceeds, the proceeds from capital transactions involving a particular property portfolio are required to be allocated to OP unitholders and to the series of subordinated performance units that relate to such property portfolio as follows:
First, an amount determined by us, as the general partner, of such capital transaction proceeds is allocated to OP unitholders in order to provide OP unitholders (together with any prior allocations of operating cash flow) with a cumulative preferred allocation on the unreturned capital contributions attributed to the OP unitholders in respect of such property portfolio that relate to such capital transaction plus an additional amount equal to such unreturned capital contributions.
Second, an amount determined by us, as the general partner, is allocated to the holders of the series of subordinated performance units relating to such property portfolio in order to provide such holders with a non-cumulative subordinated allocation on the unreturned capital contributions made by such holders in respect of such property portfolio that relate to such capital transaction plus an additional amount equal to such unreturned capital contributions.
The preferred allocation and subordinated allocation with respect to capital transaction proceeds for each portfolio is equal to the preferred allocation and subordinated allocation for distributions of operating cash flow with respect to that portfolio.
Thereafter, any additional capital transaction proceeds are allocated to OP unitholders and the applicable series of subordinated performance units equally.
Following the allocation described above, we, as the general partner of our operating partnership, will generally cause our operating partnership to distribute the amounts allocated to the relevant series of subordinated performance units to the holders of such series of subordinated performance units. We, as general partner of our operating partnership, may cause our operating partnership to distribute the amounts allocated to the OP unitholders or may cause our operating partnership to retain such amounts to be used by our operating partnership for any purpose. Any capital transaction proceeds that are attributable to amounts retained by our operating partnership pursuant to the preceding sentence will generally be available to be allocated as an additional capital contribution to the various property portfolios.
The foregoing allocation of capital transaction proceeds between the OP unitholders and subordinated performance unitholders is used for purposes of determining distributions to holders of subordinated performance units but does not necessarily represent the capital transaction proceeds that will be distributed to OP unitholders (or paid as dividends to holders of our common shares). Any distribution of capital transaction proceeds allocated to the OP unitholders will be made at our discretion (and paid as dividends to holders of our common shares at the discretion of our board of trustees).
Our OP units are redeemable for cash or, at our option exchangeable on a one-for-one basis into common shares after an agreed period of time and certain other conditions. Our subordinated performance units are only convertible into OP units following a two year lock-out period and then (i) at the holder's election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate or (ii) at our election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations.
Notwithstanding the two-year lock out period on conversions of subordinated performance units into OP units, if such subordinated performance units were convertible into OP units as of December 31, 2020, each subordinated performance unit would on average hypothetically convert into 1.23 OP units, or into an aggregate of approximately 16.4 million OP units. These amounts are based on historical financial information for the trailing twelve months ended December 31, 2020. The hypothetical conversion is calculated by dividing the average cash available for distribution, or CAD, per subordinated performance unit by 110% of the CAD per OP unit over the same period. We anticipate that as our CAD grows over time, the conversion ratio will also grow, including to levels that may exceed

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this amount. The actual number of OP units into which such subordinated performance units will become convertible may vary significantly and will depend upon the applicable conversion penalty and the actual CAD to the OP units and the actual CAD to the converted subordinated performance units in the one-year period ending prior to conversion. We have also granted registration rights to those persons who will be eligible to receive common shares issuable upon exchange of OP units issued in our formation transactions and certain contribution transactions.
Allocation of Capital Contributions
We, as the general partner of our operating partnership, in our discretion, have the right to increase or decrease, as appropriate, the amount of capital contributions allocated to our operating partnership in general and to each series of subordinated performance units to reflect capital expenditures made by our operating partnership in respect of each portfolio, the sale or refinancing of all or a portion of the properties comprising the portfolio, the distribution of capital transaction proceeds by our operating partnership, the retention by our operating partnership of cash for working capital purposes and other events impacting the amount of capital contributions allocated to the holders. In addition, to avoid conflicts of interests, any decision by us to increase or decrease allocations of capital contributions must also be approved by a majority of our independent trustees.
Off-Balance Sheet Arrangements
Except as disclosed in the notes to our financial statements, as of December 31, 2020, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purposes entities, which typically are established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. Further, except as disclosed in the notes to our financial statements, as of December 31, 2020, we have not guaranteed any obligations of unconsolidated entities nor made any commitments to provide funding to any such entities that creates any material exposure to any financing, liquidity, market or credit risk.
Segment 
We manage our business as one reportable segment consisting of investments in self storage properties located in the United States. Although we operate in several markets, these operations have been aggregated into one reportable segment based on the similar economic characteristics among all markets.
Seasonality 
The self storage business is subject to minor seasonal fluctuations. A greater portion of revenues and profits are realized from May through September. Historically, our highest level of occupancy has typically been in July, while our lowest level of occupancy has typically been in February. Results for any quarter may not be indicative of the results that may be achieved for the full fiscal year.
Inflation
Inflation in the United States has been relatively low in recent years and did not have a material impact on our results of operations for the years ended December 31, 2020, 2019 and 2018. Although the impact of inflation has been relatively insignificant in recent years, it remains a factor in the U.S. economy and may increase the cost of acquiring or replacing self storage properties and related improvements, as well as real estate property taxes, employee salaries, wages and benefits, utilities, and other expenses. Because our tenant leases are month-to-month, we may be able to rapidly adjust our rental rates to minimize the adverse impact of any inflation which could mitigate our exposure to increases in costs and expenses resulting from inflation.
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk
Market risk refers to the risk of loss from adverse changes in market prices and interest rates. Our future income, cash flows, and fair values of financial instruments are dependent upon prevailing market interest rates. The primary market risk to which we believe we are exposed is interest rate risk. Interest rate risk is highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, and other factors beyond our control. We use interest rate swaps to moderate our exposure to interest rate risk by effectively converting the interest on variable rate debt to a fixed rate. We make limited use of other derivative financial instruments and we do not use them for trading or other speculative purposes.

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As of December 31, 2020, we had $174.0 million of debt subject to variable interest rates (excluding variable-rate debt subject to interest rate swaps). If one-month LIBOR were to increase or decrease by 100 basis points, the increase or decrease in interest expense on the variable-rate debt (excluding variable-rate debt subject to interest rate swaps) would decrease or increase future earnings and cash flows by approximately $1.7 million annually.
Interest rate risk amounts were determined by considering the impact of hypothetical interest rates on our financial instruments. These analyses do not consider the effect of any change in overall economic activity that could occur. Further, in the event of a change of that magnitude, we may take actions to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, these analyses assume no changes in our financial structure.
Item 8. Financial Statements and Supplementary Data
The independent registered public accounting firm's reports, consolidated financial statements and schedule listed in the accompanying index are filed as part of this report and incorporated herein by this reference. See "Index to Financial Statements" on page F-1 of this Annual Report on Form 10-K.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Disclosure Controls and Procedures
A review and evaluation was performed by our management, including our Chief Executive Officer (the "CEO") and Chief Financial Officer (the "CFO"), of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Annual Report on Form 10-K. Based on that review and evaluation, the CEO and CFO have concluded that our current disclosure controls and procedures, as designed and implemented, were effective.
Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in our periodic reports.
Management's Annual Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, our principal executive and principal financial officers and effected by our board of trustees, audit committee, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP and includes those policies and procedures that:
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and trustees; and
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2020. In making this assessment, our management used criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013 Framework).

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Based on this assessment, our management believes that, as of December 31, 2020, our internal control over financial reporting was effective based on those criteria.
The Company’s independent registered public accounting firm has issued an attestation report on the Company’s internal control over financial reporting.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information
None.
PART III
Item 10. Directors, Executive Officers and Corporate Governance
The information regarding our trustees, executive officers and certain other matters required by Item 401 of Regulation S-K is incorporated herein by reference to our definitive proxy statement relating to our annual meeting of shareholders (the "Proxy Statement"), to be filed with the SEC within 120 days after December 31, 2020.
The information regarding compliance with Section 16(a) of the Exchange Act required by Item 405 of Regulation S-K is incorporated herein by reference to the Proxy Statement to be filed with the SEC within 120 days after December 31, 2020.
The information regarding our Code of Business Conduct and Ethics required by Item 406 of Regulation S-K is incorporated herein by reference to the Proxy Statement to be filed with the SEC within 120 days after December 31, 2020.
The information regarding certain matters pertaining to our corporate governance required by Item 407(c)(3), (d)(4) and (d)(5) of Regulation S-K is incorporated by reference to the Proxy Statement to be filed with the SEC within 120 days after December 31, 2020.
Item 11. Executive Compensation
The information regarding executive compensation and other compensation related matters required by Items 402 and 407(e)(4) and (e)(5) of Regulation S-K is incorporated herein by reference to the Proxy Statement to be filed with the SEC within 120 days after December 31, 2020.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The tables on equity compensation plan information and beneficial ownership of the Company required by Items 201(d) and 403 of Regulation S-K are incorporated herein by reference to the Proxy Statement to be filed with the SEC within 120 days after December 31, 2020.
Item 13. Certain Relationships and Related Transactions, and Director Independence
The information regarding transactions with related persons, promoters and certain control persons and trustee independence required by Items 404 and 407(a) of Regulation S-K is incorporated herein by reference to the Proxy Statement to be filed with the SEC within 120 days after December 31, 2020.
Item 14. Principal Accounting Fees and Services
The information concerning principal accounting fees and services and the Audit Committee's pre-approval policies and procedures required by Item 14 is incorporated herein by reference to the Proxy Statement to be filed with the SEC within 120 days after December 31, 2020.




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PART IV
Item 15. Exhibits, Financial Statement Schedules
(a)(1) The financial statements listed in the Index to Financial Statements on Page F-1 of this report are filed as part of this report and incorporated herein by reference.
(a)(2) The financial statement schedule listed in the Index to Financial Statements on Page F-1 of this report is filed as part of this report and incorporated herein by reference.
(a)(3) The Exhibit Index is incorporated herein by reference.

INDEX TO EXHIBITS
Exhibit Number Exhibit Description

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Second Amended and Restated Credit Agreement (the "Keybank Credit Agreement") dated as of July 29, 2019 by and among NSA OP, LP, as Borrower, the lenders from time to time party thereto, and KeyBank National Association, as Administrative Agent, and joined in for certain purposes by certain Subsidiaries of the Borrower and National Storage Affiliates Trust, with Keybanc Capital Markets Inc., and PNC Capital Markets LLC, as Co-Bookrunners and Co-Lead Arrangers, PNC Bank, National Association, as Syndication Agent, U.S. Bank National Association and BMO Capital Markets Corp. as Co-Lead Arrangers and Co-Documentation Agents, Wells Fargo Securities, LLC as Co-Lead Arranger, Wells Fargo Bank, National Association, as Co-Documentation Agent, and CitiBank, N.A., as Co-Lead Arranger and Co-Documentation Agent for the Revolving Credit Facility (Exhibit 10.1 to the Quarterly Report on Form 10-Q, filed with the SEC on November 1, 2019, is incorporated herein by this reference)

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101.INS* XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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101.SCH* Inline XBRL Taxonomy Extension Schema
101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB* Inline XBRL Taxonomy Extension Label Linkbase
101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase
104* Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
* Filed herewith.

Item 16. Form 10-K Summary
None.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

National Storage Affiliates Trust
By: /s/ TAMARA D. FISCHER
Tamara D. Fischer
president and chief executive officer
(principal executive officer)
Date: February 26, 2021


POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Tamara D. Fischer and Brandon S. Togashi, and each of them, with full power to act without the other, such person's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign this Form 10-K and any and all amendments thereto, and to file the same, with exhibits and schedules thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing necessary or desirable to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.


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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned and in the capacities and on the dates indicated.
Signature Title Date
National Storage Affiliates Trust
/s/ TAMARA D. FISCHER trustee, president and chief executive officer February 26, 2021
Tamara D. Fischer (principal executive officer)
/s/ BRANDON S. TOGASHI chief financial officer February 26, 2021
Brandon S. Togashi (principal accounting and financial officer)
/s/ ARLEN D. NORDHAGEN executive chairman of the board of trustees February 26, 2021
Arlen D. Nordhagen
/s/ GEORGE L. CHAPMAN trustee February 26, 2021
George L. Chapman
/s/ PAUL W. HYLBERT, JR. trustee February 26, 2021
Paul W. Hylbert, Jr.
/s/ CHAD L. MEISINGER trustee February 26, 2021
Chad L. Meisinger
/s/ STEVEN G. OSGOOD trustee February 26, 2021
Steven G. Osgood
/s/ DOMINIC M. PALAZZO trustee February 26, 2021
Dominic M. Palazzo
/s/ REBECCA L. STEINFORT trustee February 26, 2021
Rebecca L. Steinfort
/s/ MARK VAN MOURICK trustee February 26, 2021
Mark Van Mourick
/s/ J. TIMOTHY WARREN trustee February 26, 2021
J. Timothy Warren
/s/ CHARLES F. WU trustee February 26, 2021
Charles F. Wu


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NATIONAL STORAGE AFFILIATES TRUST
INDEX TO FINANCIAL STATEMENTS
Page
Financial Statements:
Reports of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of December 31, 2020 and 2019
Consolidated Statements of Operations for the Years Ended December 31, 2020, 2019 and 2018
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2020, 2019 and 2018
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2020, 2019 and 2018
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019 and 2018
Notes to the Consolidated Financial Statements
Financial Statement Schedule:
Schedule III - Real Estate and Accumulated Depreciation
All other schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.


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Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees
National Storage Affiliates Trust:

Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of National Storage Affiliates Trust and subsidiaries (the Company) as of December 31, 2020 and 2019, the related consolidated statements of operations, comprehensive income (loss), changes in equity, and cash flows for each of the years in the three‑year period ended December 31, 2020, and the related notes, and the financial statement schedule, Schedule III – Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the years in the three‑year period ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 26, 2021 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgment. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Evaluation of purchase price allocation for self storage property acquisitions
As discussed in Notes 2 and 6 to the consolidated financial statements, during 2020, the Company acquired $543.3 million of self storage properties that were recorded as asset acquisitions. The purchase price in an asset acquisition is allocated to the tangible and intangible assets acquired and liabilities assumed based on their relative fair value. Assets acquired and liabilities assumed primarily comprise land, buildings and related improvements, customer in-place leases, furniture and equipment, and assumed mortgage loans.
We identified the evaluation of purchase price allocation of self storage property acquisitions as a critical audit matter. This is due to the subjective and complex auditor judgment that was required to evaluate the Company’s estimated fair value of land, buildings, and improvements. In particular, there was a high degree of auditor judgment required to evaluate the comparable sales information for land assets and costs that would be incurred to replace building and improvement assets.
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The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s process to estimate fair value, including controls related to developing estimated fair values of land, buildings, and improvements. We compared and evaluated estimated fair value of land, buildings, and improvements against purchase price allocations for similar land, buildings, and improvements acquired by the Company. With the assistance of valuation professionals with specialized skills and knowledge, we evaluated the estimated fair value of land by comparing the Company’s estimates to independently developed ranges using publicly available market data of recent land sales. We evaluated the Company’s estimated costs of replacing buildings and improvements. We compared the estimated costs to market data, including appraisal guides used to estimate the depreciated value of similar self storage structures.

/s/ KPMG LLP
We have served as the Company’s auditor since 2013.
Denver, Colorado
February 26, 2021
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Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees
National Storage Affiliates Trust:
Opinion on Internal Control Over Financial Reporting
We have audited National Storage Affiliates Trust and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2020 and 2019, the related consolidated statements of operations, comprehensive income (loss), changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2020, and the related notes, and the financial statement schedule, Schedule III – Real Estate and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 26, 2021 expressed an unqualified opinion on those consolidated financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ KPMG LLP
Denver, Colorado
February 26, 2021
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NATIONAL STORAGE AFFILIATES TRUST
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share amounts)

December 31,
2020 2019
ASSETS
Real estate
Self storage properties $ 3,639,192  $ 3,091,719 
Less accumulated depreciation (443,623) (337,822)
Self storage properties, net 3,195,569  2,753,897 
Cash and cash equivalents 18,723  20,558 
Restricted cash 2,978  3,718 
Debt issuance costs, net 2,496  3,264 
Investment in unconsolidated real estate ventures 202,533  214,061 
Other assets, net 68,149  65,441 
Operating lease right-of-use assets 23,129  23,306 
Total assets $ 3,513,577  $ 3,084,245 
LIABILITIES AND EQUITY
Liabilities
Debt financing $ 1,916,971  $ 1,534,047 
Accounts payable and accrued liabilities 47,043  37,966 
Interest rate swap liabilities 77,918  19,943 
Operating lease liabilities 24,756  24,665 
Deferred revenue 16,414  15,523 
Total liabilities 2,083,102  1,632,144 
Commitments and contingencies (Note 12)
Equity
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,732,719 and 8,727,119 issued and outstanding at December 31, 2020 and 2019, at liquidation preference
218,318  218,178 
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 71,293,117 and 59,659,108 shares issued and outstanding at December 31, 2020 and 2019, respectively
713  597 
Additional paid-in capital 1,050,714  905,763 
Distributions in excess of earnings (251,704) (197,075)
Accumulated other comprehensive loss (49,084) (7,833)
Total shareholders' equity 968,957  919,630 
Noncontrolling interests 461,518  532,471 
Total equity 1,430,475  1,452,101 
Total liabilities and equity $ 3,513,577  $ 3,084,245 

See notes to consolidated financial statements.

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NATIONAL STORAGE AFFILIATES TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)


Year Ended December 31,
2020 2019 2018
REVENUE
Rental revenue $ 394,660  $ 354,859  $ 308,403 
Other property-related revenue 14,524  12,302  10,183 
Management fees and other revenue 23,038  20,735  12,310 
Total revenue 432,222  387,896  330,896 
OPERATING EXPENSES
Property operating expenses 123,486  110,347  103,875 
General and administrative expenses 43,640  44,030  35,924 
Depreciation and amortization 117,174  105,119  89,147 
Other 808  1,551  296 
Total operating expenses 285,108  261,047  229,242 
OTHER (EXPENSE) INCOME
Interest expense (62,595) (56,464) (42,724)
Equity in earnings (losses) of unconsolidated real estate ventures
265  (4,970) (1,423)
Acquisition costs (2,424) (1,317) (663)
Non-operating (expense) income (1,211) 452  (91)
Gain on sale of self storage properties   2,814  391 
Other expense (65,965) (59,485) (44,510)
Income before income taxes 81,149  67,364  57,144 
Income tax expense (1,671) (1,351) (818)
Net income 79,478  66,013  56,326 
Net income attributable to noncontrolling interests
(30,869) (62,030) (42,217)
Net income attributable to National Storage Affiliates Trust
48,609  3,983  14,109 
Distributions to preferred shareholders
(13,097) (12,390) (10,350)
Net income (loss) attributable to common shareholders
$ 35,512  $ (8,407) $ 3,759 
Earnings (loss) per share - basic and diluted $ 0.53  $ (0.15) $ 0.07 
Weighted average shares outstanding - basic
66,547  58,208  53,293 
Weighted average shares outstanding - diluted
66,607  58,208  53,293 

See notes to consolidated financial statements.

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NATIONAL STORAGE AFFILIATES TRUST
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(dollars in thousands)

Year Ended December 31,
2020 2019 2018
Net income $ 79,478  $ 66,013  $ 56,326 
Other comprehensive income (loss)
Unrealized (loss) gain on derivative contracts
(73,544) (29,941) 3,598 
Reclassification of other comprehensive loss (income) to interest expense
14,520  (3,337) (1,817)
Other comprehensive (loss) income
(59,024) (33,278) 1,781 
Comprehensive income 20,454  32,735  58,107 
Comprehensive income attributable to noncontrolling interests
(9,390) (49,977) (43,244)
Comprehensive income (loss) attributable to National Storage Affiliates Trust
$ 11,064  $ (17,242) $ 14,863 

See notes to consolidated financial statements.

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NATIONAL STORAGE AFFILIATES TRUST
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(dollars in thousands, except share amounts)

Accumulated
Additional Distributions Other
Preferred Shares Common Shares Paid-in in Excess of Comprehensive Noncontrolling Total
Number Amount Number Amount Capital Earnings (Loss) Income Interests Equity
Balances, December 31, 2017 6,900,000  $ 172,500  50,284,934  $ 503  $ 711,467  $ (55,729) $ 12,282  $ 430,464  $ 1,271,487 
OP equity recorded in connection with property acquisitions:
Series A-1 preferred units, OP units and subordinated performance units, net of offering costs
—  —  —  —  —  27,962  27,962 
Redemptions of OP units —  —  462,778  5  5,904  —  172  (6,081)  
Issuance of common shares, net of offering costs
—  —  5,900,000  59  175,557  —  —  —  175,616 
Effect of changes in ownership for consolidated entities
—  —  —  —  (48,830) —  410  48,420   
Issuance of OP units —  —  —  —  —  —  —  1,236  1,236 
Equity-based compensation expense
—  —  —  —  253  —  —  3,584  3,837 
Issuance of restricted common shares
—  —  12,311  —  —  —  —  —   
Vesting and forfeitures of restricted common shares
—  —  (6,014) —  (75) —  —  —  (75)
Reduction in receivables from partners of the operating partnership
—  —  —  —  —  —  —  642  642 
Preferred share dividends —  —  —  —  —  (10,350) —  —  (10,350)
Common share dividends —  —  —  —  —  (62,152) —  —  (62,152)
Distributions to noncontrolling interests
—  —  —  —  —  —  —  (64,011) (64,011)
Other comprehensive income —  —  —  —  —  —  754  1,027  1,781 
Net income —  —  —  —  —  14,109  —  42,217  56,326 
Balances, December 31, 2018 6,900,000  172,500  56,654,009  567  844,276  (114,122) 13,618  485,460  1,402,299 
Issuance of preferred shares, net of offering costs
1,785,680  44,642  —  —  (1,018) —  —  —  43,624 
OP equity recorded in connection with property acquisitions:
See notes to consolidated financial statements.

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NATIONAL STORAGE AFFILIATES TRUST
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
(dollars in thousands, except share amounts)

Accumulated
Additional Distributions Other
Preferred Shares Common Shares Paid-in in Excess of Comprehensive Noncontrolling Total
Number Amount Number Amount Capital Earnings (Loss) Income Interests Equity
Series A-1 preferred units, OP units and subordinated performance units, net of offering costs
—  —  —  —  —  —  —  51,321  51,321 
Redemptions of Series A-1 preferred units 41,439  1,036  —  —  20  —  —  (1,056)  
Redemptions of OP units
—  —  581,001  6  4,794  —  (41) (4,759)  
Issuance of common shares, net of offering costs
—  —  2,412,770  24  71,867  —  —  —  71,891 
Effect of changes in ownership for consolidated entities
—  —  —  —  (14,429) —  (185) 14,614   
Issuance of OP units
—  —  —  —  —  —  —  8,540  8,540 
Equity-based compensation expense
—  —  —  —  322  —  —  4,205  4,527 
Issuance of LTIP units for acquisition expenses
—  —  —  —  —  —  —  179  179 
Issuance of restricted common shares
—  —  18,218  —  —  —  —  —   
Vesting and forfeitures of restricted common shares, net
—  —  (6,890) —  (69) —  —  —  (69)
Reduction in receivables from partners of the operating partnership
—  —  —  —  —  —  —  505  505 
Preferred share dividends
—  —  —  —  —  (12,390) —  —  (12,390)
Common share dividends
—  —  —  —  —  (74,546) —  —  (74,546)
Distributions to noncontrolling interests
—  —  —  —  —  —  —  (76,515) (76,515)
Other comprehensive loss —  —  —  —  —  —  (21,225) (12,053) (33,278)
Net income
—  —  —  —  —  3,983  —  62,030  66,013 
Balances, December 31, 2019 8,727,119  218,178  59,659,108  597  905,763  (197,075) (7,833) 532,471  1,452,101 
OP equity issued for property acquisitions:
OP units and subordinated performance units, net of offering costs
—  —  —  —  —  —  —  36,222  36,222 
See notes to consolidated financial statements.

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NATIONAL STORAGE AFFILIATES TRUST
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
(dollars in thousands, except share amounts)

Accumulated
Additional Distributions Other
Preferred Shares Common Shares Paid-in in Excess of Comprehensive Noncontrolling Total
Number Amount Number Amount Capital Earnings (Loss) Income Interests Equity
LTIP units
—  —  —  —  —  —  —  1,011  1,011 
Redemptions of Series A-1 preferred units
5,600  140  —  —    —  —  (140)  
Redemptions of OP units
—  —  892,070  9  10,479  —  (685) (9,803)  
Issuance of common shares, net of offering costs
—  —  2,622,892  26  83,878  —  —  —  83,904 
Merger and internalization of PRO, net of issuance costs
—  —  8,105,192  81  43,499  —  (402) (33,583) 9,595 
Effect of changes in ownership for consolidated entities
—  —  —  —  6,825  —  (2,619) (4,206)  
Equity-based compensation expense
—  —  —  —  364  —  —  3,914  4,278 
Issuance of LTIP units for acquisition expenses
—  —  —  —  —  —  —  40  40 
Issuance of restricted common shares
—  —  21,861  —  —  —  —  —   
Vesting and forfeitures of restricted common shares, net
—  —  (8,006) —  (94) —  —  —  (94)
Reduction in receivables from partners of the operating partnership
—  —  —  —  —  —  —  310  310 
Preferred share dividends
—  —  —  —  —  (13,097) —  —  (13,097)
Common share dividends
—  —  —  —  —  (90,141) —  —  (90,141)
Distributions to noncontrolling interests
—  —  —  —  —  —  —  (74,108) (74,108)
Other comprehensive loss
—  —  —  —  —  —  (37,545) (21,479) (59,024)
Net income
—  —  —  —  —  48,609  —  30,869  79,478 
Balances, December 31, 2020 8,732,719  $ 218,318  71,293,117  $ 713  $ 1,050,714  $ (251,704) $ (49,084) $ 461,518  $ 1,430,475 

See notes to consolidated financial statements.

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NATIONAL STORAGE AFFILIATES TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)

Year Ended December 31,
2020 2019 2018
OPERATING ACTIVITIES
Net income $ 79,478  $ 66,013  $ 56,326 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
117,174  105,119  89,147 
Amortization of debt issuance costs
3,088  2,913  2,569 
Amortization of debt discount and premium, net
(1,075) (1,427) (1,469)
Gain on sale of self storage properties
  (2,814) (391)
Mark-to-market changes in value on equity securities
142  (610)  
Equity-based compensation expense
4,278  4,527  3,837 
Equity in (earnings) losses of unconsolidated real estate ventures
(265) 4,970  1,423 
Distributions from unconsolidated real estate ventures
14,634  14,551  8,187 
Change in assets and liabilities, net of effects of self storage property acquisitions:
Other assets (3,440) 110  (5,713)
Accounts payable and accrued liabilities 7,445  5,617  6,597 
Deferred revenue (805) (2,318) 1,283 
Net Cash Provided by Operating Activities
220,654  196,651  161,796 
INVESTING ACTIVITIES
Acquisition of self storage properties
(496,509) (371,096) (313,712)
Capital expenditures
(16,395) (20,594) (19,014)
Investments in and advances to unconsolidated real estate ventures
(4,382)   (165,642)
Distributions from unconsolidated real estate ventures
1,494  11,543   
Deposits and advances for self storage property and other acquisitions
(1,087) (4,438) (20,977)
Expenditures for corporate furniture, equipment and other
(364) (862) (403)
Acquisition of equity securities
  (12,674)  
Proceeds from sale of equity securities
7,560  5,356   
Acquisition of interest in reinsurance company and related cash flows
  (6,600)  
Net proceeds from sale of self storage properties
  6,335  5,259 
Net Cash Used In Investing Activities
(509,683) (393,030) (514,489)
FINANCING ACTIVITIES
Proceeds from issuance of common shares
82,917  70,637  175,616 
Proceeds from issuance of preferred shares
  43,624   
Borrowings under debt financings
929,500  822,000  822,500 
Receipts for OP unit subscriptions
661  1,271  1,211 
Principal payments under debt financings
(546,147) (561,628) (507,239)
Payment of dividends to common shareholders
(90,141) (74,546) (62,152)
Payment of dividends to preferred shareholders
(13,097) (12,390) (10,350)
Distributions to noncontrolling interests
(73,798) (76,010) (63,350)
See notes to consolidated financial statements.

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NATIONAL STORAGE AFFILIATES TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(dollars in thousands)



Year Ended December 31,
2020 2019 2018
Debt issuance costs
(2,471) (8,487) (2,860)
Equity offering costs
(970) (179) (727)
Net Cash Provided by Financing Activities
286,454  204,292  352,649 
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash
(2,575) 7,913  (44)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of year 24,276  16,363  16,407 
End of year $ 21,701  $ 24,276  $ 16,363 


Supplemental Cash Flow Information
Cash paid for interest $ 59,346  $ 52,666  $ 40,475 
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Consideration exchanged in property acquisitions:
Issuance of OP units and subordinated performance units
$ 37,233  $ 51,826  $ 28,063 
Deposits on acquisitions applied to purchase price
4,438  20,977  5,050 
Assumption of mortgages payable
    7,581 
Other net liabilities assumed
3,626  2,403  2,167 
Merger and internalization of PRO:
Redemptions and conversions of partnership interests
33,583    — 
Issuance of common shares for management platform
10,301    — 
Issuance of OP unit subscription liability through reduced distributions
987  1,253  1,236 
Settlement of acquisition receivables through reduced distributions
310  505  642 
Increase in OP unit subscription liability through reduced distributions
    19 
Change in payables for offering costs 970  (321) 626 
Settlement of offering expenses from equity issuance proceeds
207  1,241  575 
Operating lease right-of-use assets on balance sheet due to implementation of leases standard
  23,306  — 
Operating lease liabilities on balance sheet due to implementation of leases standard
  24,665  — 

See notes to consolidated financial statements.

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NATIONAL STORAGE AFFILIATES TRUST
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS






1. ORGANIZATION AND NATURE OF OPERATIONS
National Storage Affiliates Trust was organized in the state of Maryland on May 16, 2013 and is a fully integrated, self-administered and self-managed real estate investment trust focused on the self storage sector. As used herein, "NSA," the "Company," "we," "our," and "us" refers to National Storage Affiliates Trust and its consolidated subsidiaries, except where the context indicates otherwise. The Company has elected and believes that it has qualified to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") commencing with its taxable year ended December 31, 2015.
Through its controlling interest as the sole general partner of NSA OP, LP (its "operating partnership"), a Delaware limited partnership formed on February 13, 2013, the Company is focused on the ownership, operation, and acquisition of self storage properties located within the top 100 MSAs in the United States. Pursuant to the Agreement of Limited Partnership (as amended, the "LP Agreement") of its operating partnership, the Company's operating partnership is authorized to issue preferred units, Class A Units ("OP units"), different series of Class B Units ("subordinated performance units"), and Long-Term Incentive Plan Units ("LTIP units"). The Company also owns certain of its self storage properties through other consolidated limited partnership subsidiaries of its operating partnership, which the Company refers to as "DownREIT partnerships." The DownREIT partnerships issue equity ownership interests that are intended to be economically equivalent to the Company's OP units ("DownREIT OP units") and subordinated performance units ("DownREIT subordinated performance units").
The Company owned 644 consolidated self storage properties in 33 states and Puerto Rico with approximately 39.3 million rentable square feet (unaudited) in approximately 309,000 storage units as of December 31, 2020. These properties are managed with local operational focus and expertise by the Company and its participating regional operators ("PROs"). These PROs are Kevin Howard Real Estate Inc., d/b/a Northwest Self Storage and its controlled affiliates ("Northwest"), Optivest Properties LLC and its controlled affiliates ("Optivest"), Guardian Storage Centers LLC and its controlled affiliates ("Guardian"), Move It Self Storage and its controlled affiliates ("Move It"), Arizona Mini Storage Management Company d/b/a Storage Solutions and its controlled affiliates ("Storage Solutions"), Hide-Away Storage Services, Inc. and its controlled affiliates ("Hide-Away"), an affiliate of Shader Brothers Corporation d/b/a Personal Mini Storage ("Personal Mini"), Southern Storage Management Systems, Inc. d/b/a Southern Self Storage ("Southern"), affiliates of Investment Real Estate Management, LLC d/b/a Moove In Self Storage ("Moove In") and Blue Sky Self Storage, LLC ("Blue Sky").
On March 31, 2020, the Company closed on the mergers of SecurCare Self Storage, Inc. and its controlled affiliates ("SecurCare"), which prior to the merger and internalization was the Company's largest PRO, and DLAN Corporation ("DLAN") with and into wholly-owned subsidiaries of the Company. As a result of the mergers, SecurCare's property management platform and related intellectual property were internalized by the Company, and the Company no longer pays any supervisory and administrative fees or reimbursements to SecurCare. In addition, distributions on the series of subordinated performance units related to SecurCare's managed portfolio were discontinued. As part of the internalization, most of SecurCare's employees and other key persons were offered and provided employment by the Company and continue managing SecurCare's portfolio of properties as members of the Company's existing property management platform.
As of December 31, 2020, the Company also managed through its property management platform an additional portfolio of 177 properties owned by the Company's unconsolidated real estate ventures. These properties contain approximately 12.7 million rentable square feet, configured in approximately 104,000 storage units and located across 21 states. The Company owns a 25% equity interest in each of its unconsolidated real estate ventures.
As of December 31, 2020, in total, the Company operated and held ownership interests in 821 self storage properties located across 36 states and Puerto Rico with approximately 52.0 million rentable square feet in approximately 413,000 storage units.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP").

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Principles of Consolidation
The Company's consolidated financial statements include the accounts of its operating partnership and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities.
When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity ("VIE"), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether the general partner controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates all entities that are VIEs and of which the Company is deemed to be the primary beneficiary. The Company has determined that its operating partnership is a VIE. The sole significant asset of National Storage Affiliates Trust is its investment in its operating partnership, and consequently, substantially all of the Company's assets and liabilities represent those assets and liabilities of its operating partnership.
As of December 31, 2020, the Company's operating partnership was the primary beneficiary of, and therefore consolidated, 21 DownREIT partnerships that are considered VIEs, which owned 34 self storage properties. The net book value of the real estate owned by these VIEs was $225.1 million and $233.1 million as of December 31, 2020 and December 31, 2019, respectively. For certain DownREIT partnerships which are subject to fixed rate mortgages payable, the carrying value of such fixed rate mortgages payable held by these VIEs was $100.7 million and $136.4 million as of December 31, 2020 and December 31, 2019, respectively. The creditors of the consolidated VIEs do not have recourse to the Company's general credit.
Noncontrolling Interests
All of the limited partner equity interests ("OP equity") in its operating partnership not held by the Company are reflected as noncontrolling interests. Noncontrolling interests also include ownership interests in DownREIT partnerships held by entities other than the Company's operating partnership. In the consolidated statements of operations, the Company allocates net income (loss) attributable to noncontrolling interests to arrive at net income (loss) attributable to National Storage Affiliates Trust.
For transactions that result in changes to the Company's ownership interest in its operating partnership, the carrying amount of noncontrolling interests is adjusted to reflect such changes. The difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interests is adjusted is reflected as an adjustment to additional paid-in capital on the consolidated balance sheets.
Self Storage Properties
Self storage properties are carried at historical cost less accumulated depreciation and any impairment losses. Major replacements and betterments, which improve or extend the life of an asset, are capitalized. Expenditures for ordinary repairs and maintenance are expensed as incurred and are included in property operating expenses. Estimated depreciable lives of self storage properties are determined by considering the age and other indicators about the condition of the assets at the respective dates of acquisition, resulting in a range of estimated useful lives for assets within each category. All self storage property assets are depreciated using the straight-line method. Buildings and improvements are depreciated over estimated useful lives primarily between seven and 40 years; furniture and equipment are depreciated over estimated useful lives primarily between three and 10 years.
When a self storage property is acquired, the purchase price of the acquired self storage property is allocated to land, buildings and improvements, furniture and equipment, customer in-place leases, assumed real estate leasehold interests, and other assets acquired and liabilities assumed, based on the estimated fair value of each component. When a portfolio of self storage properties is acquired, the purchase price is allocated to the individual self storage properties based on the fair value determined using an income approach with appropriate risk-adjusted capitalization rates, which take into account the relative size, age and location of the individual self storage properties.
Cash and Cash Equivalents
The Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. From time to time, the Company maintains cash balances in financial institutions in excess of federally insured limits. The Company has never experienced a loss that resulted from exceeding federally insured limits.

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Restricted Cash
The Company's restricted cash consists of escrowed funds deposited with financial institutions for real estate taxes, insurance and other reserves for capital improvements in accordance with the Company's loan agreements.
Customer In-place Leases
In allocating the purchase price for a self storage property acquisition, the Company determines whether the acquisition includes intangible assets. The Company allocates a portion of the purchase price to an intangible asset attributed to the value of customer in-place leases. This intangible asset is amortized to expense using the straight-line method over 12 months, the estimated average rental period for the leases. Substantially all of the leases in place at acquired properties are at market rates, as the leases are month-to-month contracts.
Impairment of Long-Lived Assets
The Company evaluates long-lived assets for impairment when events and circumstances indicate that there may be impairment. When events or changes in circumstances indicate that the Company's long-lived assets may not be recoverable, the carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value attributable to the assets. If an asset's carrying value is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. For the periods presented, no assets were determined to be impaired under this policy.
Costs of Raising Capital
Commissions, legal fees and other costs that are directly associated with equity offerings are capitalized as deferred offering costs, pending a determination of the success of the offering. Deferred offering costs related to successful offerings are charged to additional paid-in capital within equity in the period it is determined that the offering was successful.
Debt issuance costs are amortized over the estimated life of the related debt using the straight-line method, which approximates the effective interest rate method. Amortization of debt issuance costs is included in interest expense in the accompanying statements of operations.
Revenue Recognition
Rental revenue
Rental revenue consists of space rentals and related fees. Management has determined that all of the Company's leases are operating leases. Substantially all leases may be terminated on a month-to-month basis and 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
Other property-related revenue primarily consists of ancillary revenues such as tenant insurance and/or tenant warranty protection-related access fees and sales of storage supplies which are recognized in the period earned.
The Company and certain of the Company’s PROs have tenant insurance- and/or tenant warranty protection plan-related arrangements with insurance companies and the Company’s tenants. During the years ended December 31, 2020, 2019 and 2018, the Company recognized $11.1 million, $9.1 million and $7.5 million, respectively, of tenant insurance and tenant warranty protection plan revenues.
The Company sells boxes, packing supplies, locks and other retail merchandise at its properties. During the years ended December 31, 2020, 2019 and 2018, the Company recognized retail sales of $1.8 million, $1.7 million and $1.5 million, respectively.
Management fees and other revenue
Management fees and other revenue consist of property management fees, platform fees, call center fees, acquisition fees, and a portion of tenant warranty protection or tenant insurance proceeds that the Company earns for managing and operating its unconsolidated real estate ventures.
With respect to both the 2018 Joint Venture and the 2016 Joint Venture, the Company provides supervisory and administrative property management services, centralized call center services, and technology platform and revenue

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management services to the properties in the unconsolidated real estate ventures. The property management fees are equal to 6% of monthly gross revenues and net sales revenues from the assets of the unconsolidated real estate ventures, and the platform fees are equal to $1,250 per month per unconsolidated real estate venture property. With respect to the 2016 Joint Venture only, the call center fees are equal to 1% of each of monthly gross revenues and net sales revenues from the 2016 Joint Venture properties. During the years ended December 31, 2020, 2019 and 2018, the Company recognized property management fees, call center fees and platform fees of $13.1 million, $12.8 million and $7.8 million, respectively.
For acquisition fees, the Company provides sourcing, underwriting and administration services to the unconsolidated real estate ventures. The 2016 Joint Venture paid the Company a $4.1 million acquisition fee equal to 0.65% of the gross capitalization (including debt and equity) of the original 66-property 2016 Joint Venture portfolio (the "Initial 2016 JV Portfolio") in 2016, at the time of the Initial 2016 JV Portfolio acquisition. The 2018 Joint Venture paid the Company a $4.0 million acquisition fee related to the initial acquisition of properties by the 2018 Joint Venture (the "Initial 2018 JV Portfolio") during the year ended December 31, 2018, at the time of the Initial 2018 JV Portfolio acquisition. These fees are refundable to the unconsolidated real estate ventures, on a prorated basis, if the Company is removed as the managing member during the initial four year life of the unconsolidated real estate ventures and as such, the Company's performance obligation for these acquisition fees are satisfied over a four year period. Accordingly, the Company's performance obligation related to the Initial 2016 JV Portfolio was satisfied during the year ended December 31, 2020. As of December 31, 2020 and 2019, the Company had deferred revenue related to the acquisition fees of $1.3 million and $2.8 million, respectively.
The Company also earns acquisition fees for properties acquired by the unconsolidated real estate ventures subsequent to the Initial 2016 JV Portfolio and the Initial 2018 JV Portfolio. These fees are based on a percentage of the gross capitalization of the acquired assets determined by the members of the 2016 Joint Venture and the 2018 Joint Venture, and are generally earned when the unconsolidated real estate ventures obtain title and control of an acquired property. During the years ended December 31, 2020, 2019 and 2018, the Company recognized acquisition fees of $1.7 million, $1.8 million and $1.6 million, respectively.
An affiliate of the Company facilitates tenant warranty protection or tenant insurance programs for tenants of the properties in the unconsolidated real estate ventures in exchange for 50% of all proceeds from such programs at each unconsolidated real estate venture property. During the years ended December 31, 2020, 2019 and 2018, the Company recognized $6.3 million, $4.7 million and $2.4 million, respectively, of revenue related to these activities.
Advertising Costs
The Company incurs advertising costs primarily attributable to internet, directory and other advertising. Advertising costs are included in property operating expenses in the accompanying statements of operations. These costs are expensed in the period in which the cost is incurred. The Company incurred advertising costs of $5.8 million, $5.2 million and $4.1 million for the years ended December 31, 2020, 2019 and 2018, respectively.
Acquisition Costs
The Company incurs title, legal and consulting fees, and other costs associated with the completion of acquisitions. The Company's self storage property acquisitions are accounted for as asset acquisitions, and accordingly, acquisition costs directly related to the self storage property acquisitions were capitalized as part of the basis of the acquired properties. Indirect acquisition costs remain included in acquisition costs in the accompanying statements of operations in the period in which they were incurred.
Income Taxes
The Company has elected and believes it has qualified to be taxed as a REIT under sections 856 through 860 of the U.S. Internal Revenue Code (the "Code") commencing with the taxable year ended December 31, 2015. To qualify as a REIT, among other things, the Company is required to distribute at least 90% of its REIT taxable income to its shareholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income tax on the earnings distributed currently to its shareholders that it derives from its REIT qualifying activities. If the Company fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain provisions set forth in the Code, all of the Company's taxable income would be subject to federal and state income taxes at regular corporate rates.
The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries ("TRS") for federal

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income tax purposes. Certain activities that the Company undertakes must be conducted by a TRS, such as performing non-customary services for its customers, facilitating sales by PROs of tenant insurance and holding assets that the Company is not permitted to hold directly. A TRS is subject to federal and state income taxes.
On June 25, 2014, the Company formed NSA TRS, LLC ("NSA TRS"), a Delaware limited liability company. The Company has elected to treat NSA TRS as a TRS, and consequently, NSA TRS is subject to U.S. federal and state corporate income taxes. Deferred tax assets and liabilities are recognized to the extent of any differences between the financial reporting and tax bases of assets and liabilities. No material deferred tax assets and liabilities were recorded as of December 31, 2020 and 2019.
The Company did not have any unrecognized tax benefits related to uncertain tax positions as of December 31, 2020 and 2019. Future amounts of accrued interest and penalties, if any, related to uncertain tax positions will be recorded as a component of income tax expense. The Company does not expect that the amount of unrecognized tax benefits will change significantly in the next 12 months.
The Company's material taxing jurisdiction is the U.S. federal jurisdiction; the 2017 tax year is the earliest period that remains open to examination by these taxing jurisdictions.
Earnings per Share
Basic earnings per share is calculated based on the weighted average number of the Company's common shares of beneficial interest, $0.01 par value per share ("common shares"), outstanding during the period. Diluted earnings per share is calculated by further adjusting for the dilutive impact using the treasury stock method for any share options and unvested share equivalents outstanding during the period and the if-converted method for any convertible securities outstanding during the period.
As more fully described below under "–Allocation of Net Income (Loss)", the Company allocates GAAP income (loss) utilizing the hypothetical liquidation at book value ("HLBV") method, which could result in net income (or net loss) attributable to National Storage Affiliates Trust during a period when the Company reports consolidated net loss (or net income), or net income (or net loss) attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income (or net loss). The computations of basic and diluted earnings (loss) per share may be materially affected by these disproportionate income (loss) allocations, resulting in volatile fluctuations of basic and diluted earnings (loss) per share.
Equity-Based Awards
The measurement and recognition of compensation cost for all equity-based awards granted to officers, employees and consultants is based on estimated fair values. Compensation cost is recognized on a straight-line basis over the requisite service periods of each award with non-graded vesting. For awards granted which contain a graded vesting schedule and the only condition for vesting is a service condition, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. For awards granted for which vesting is subject to a performance condition, compensation cost is recognized over the requisite service period if and when the Company concludes it is probable that the performance condition will be achieved.
The estimated fair value of all equity-based awards issued to PROs and their affiliates in connection with self storage property acquisitions is included in the cost of the respective acquisitions. The estimated fair value of such awards is measured at the date the self storage properties are acquired, as this date represents satisfaction of the performance condition and coincides with the award vesting.
Derivative Financial Instruments
The Company carries all derivative financial instruments on the balance sheet at fair value. Fair value of derivatives is determined by reference to observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship. The Company's use of derivative instruments has been limited to interest rate swap and cap agreements. The fair values of derivative instruments are included in other assets and accounts payable and accrued liabilities in the accompanying balance sheets. For derivative instruments not designated as cash flow hedges, the unrealized gains and losses are included in interest expense in the accompanying statements of operations. For derivatives designated as cash flow hedges, the effective portion of the changes in the fair value of the derivatives is initially reported in accumulated other

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comprehensive income (loss) in the Company's balance sheets and subsequently reclassified into earnings when the hedged transaction affects earnings.
The valuation of interest rate swap and cap agreements is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
Fair Value Measurements
When measuring fair value of financial instruments that are required to be recorded or disclosed at fair value, the Company uses a three-tier measurement hierarchy which prioritizes the inputs used to calculate fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
Investments in Unconsolidated Real Estate Ventures
The Company’s investments in its unconsolidated real estate ventures are recorded under the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, the Company’s investments in unconsolidated real estate ventures are stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings (losses) is recognized based on the Company’s ownership interest in the earnings (losses) of the unconsolidated real estate ventures. The Company follows the "nature of the distribution approach" for classification of distributions from its unconsolidated real estate ventures in its consolidated statements of cash flows. Under this approach, distributions are reported on the basis of the nature of the activity or activities that generated the distributions as either a return on investment, which are classified as operating cash flows, or a return of investment (e.g., proceeds from the unconsolidated real estate ventures' sale of assets) which are reported as investing cash flows.
Segment Reporting
The Company manages its business as one reportable segment consisting of investments in self storage properties located in the United States. Although the Company operates in several markets, these operations have been aggregated into one reportable segment based on the similar economic characteristics among all markets.
Allocation of Net Income (Loss)
The distribution rights and priorities set forth in the operating partnership's LP Agreement differ from what is reflected by the underlying percentage ownership interests of the operating partnership's 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 commonly applied to equity investments where cash distribution percentages vary at different points in time and are not directly linked to an equity holder’s ownership percentage.
The HLBV method is a balance sheet-focused approach to income (loss) allocation. 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. Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership, and net income (loss) attributable to National Storage Affiliates Trust could be more or less net income than actual cash distributions received and more or less income or

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loss than what may be received in the event of an actual liquidation. Additionally, the HLBV method could result in net income (or net loss) attributable to National Storage Affiliates Trust during a period when the Company reports consolidated net loss (or net income), or net income (or net loss) attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income (or net loss). The computations of basic and diluted earnings (loss) per share may be materially affected by these disproportionate income (loss) allocations, resulting in volatile fluctuations of basic and diluted earnings (loss) per share.
Other Comprehensive Income (Loss)
The Company has cash flow hedge derivative instruments that are measured at fair value with unrealized gains or losses recognized in other comprehensive income (loss) with a corresponding adjustment to accumulated other comprehensive income (loss) within equity, as discussed further in Note 14. Under the HLBV method of allocating income (loss) discussed above, a calculation is prepared at each balance sheet date by applying the HLBV method including, and excluding, the assets and liabilities resulting from the Company's cash flow hedge derivative instruments to determine comprehensive income (loss) attributable to National Storage Affiliates Trust. As a result of the distribution rights and priorities set forth in the operating partnership's LP Agreement, in any given period, other comprehensive income (loss) may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership and as compared to their respective allocation of net income (loss).
Gain on sale of self storage properties
The Company recognizes gains from disposition of facilities only upon closing in accordance with the guidance on sales of nonfinancial assets. Profit on real estate sold is recognized upon closing when all, or substantially all, of the promised consideration has been received and is nonrefundable and the Company has transferred control of the facilities to the purchaser.
Goodwill
Goodwill represents the costs of business acquisitions in excess of the fair value of identifiable net assets acquired. The Company evaluates goodwill for potential impairment annually, or whenever impairment indicators are present. The Company determined that there was no impairment to goodwill during the years ended December 31, 2020 and 2019.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications
Certain amounts in the consolidated financial statements and related notes have been reclassified to conform to the current year presentation. Such reclassifications do not impact the Company's previously reported financial position or net income (loss).
Recent Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board issued ASU 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the year ended December 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. See Note 14 for additional detail about the Company's derivatives.

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3. SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS
Shareholders' Equity
Internalization and Acquisition of PRO
As discussed in Note 1 and further below, on March 31, 2020, the Company closed on the previously announced mergers of SecurCare and DLAN with and into wholly-owned subsidiaries of the Company. In connection with the mergers, the Company issued 8,105,192 common shares to the owners of SecurCare and DLAN, which represented a 1% discount to an aggregate of 8,187,052 OP units that each of SecurCare and DLAN owned or was entitled to receive immediately prior to the mergers (after rounding up to the next whole number of common shares). Of the total number of common shares issued to the owners of SecurCare, 4,063,571 common shares were issued to Arlen Nordhagen, the Company's executive chairman and former chief executive officer, who owned approximately 53% of SecurCare's outstanding shares, and 1,858,737 common shares were issued to David Cramer, the Company's chief operating officer, who owned approximately 24% of SecurCare's outstanding shares. In connection with the mergers and the issuance of the Company's common shares to Mr. Nordhagen and Mr. Cramer, the Company formed a special committee of independent and disinterested trustees (the "Special Committee") to evaluate the merits and terms of the proposed transaction. In analyzing the proposed transaction, the Special Committee engaged an independent third party financial advisor to assist the Special Committee in analyzing and assessing the transaction, and to opine on the fairness to the Company of the consideration to be paid by the Company in the mergers. The Special Committee approved and recommended that the Company's board of trustees approve the proposed transaction. The transaction was approved unanimously by the disinterested trustees of the Company's board of trustees on February 19, 2020.
Forward Equity Offering
On September 22, 2020, the Company entered into an underwriting agreement, as well as certain forward sale agreements, with a syndicate of banks acting as underwriters, forward sellers, and/or forward purchasers in connection with an underwritten public offering of 4,500,000 common shares at a public offering price of $33.15 per share (the "forward offering"). The underwriters were granted a 30-day option to purchase up to an additional 675,000 common shares at the same price, which they partially exercised for an additional 400,000 common shares on October 6, 2020. Therefore, the forward sellers or their affiliates, at the Company's request, borrowed from third parties and sold to the underwriters an aggregate of 4,900,000 common shares, which the underwriters sold at an offering price of $33.15 per share, for proceeds of approximately $162.4 million. As a result of this forward construct, the Company did not receive any proceeds from the sale of such shares at closing. The Company has determined that the forward sale agreements agreements are not considered to be derivative instruments under the guidance within ASC 815.
On December 30, 2020, the Company settled a portion of the forward offering by physically delivering 1,850,510 common shares to the forward purchasers for net proceeds of approximately $60.0 million. As of December 31, 2020, 3,049,490 shares remained outstanding under the forward sale agreements.
Series A Preferred Shares
The 6.000% cumulative redeemable preferred shares of beneficial interest ("Series A Preferred Shares") rank senior to the Company's common shares with respect to rights and rights upon its liquidation, dissolution or winding up. Dividends on the Series A Preferred Shares, which are payable quarterly in arrears, are cumulative from the date of original issuance in the amount of $1.50 per share each year. Generally, the Series A Preferred Shares become redeemable by the Company beginning in October 2022 for a cash redemption price of $25.00 per share, plus accrued but unpaid dividends.
At the Market ("ATM") Program
On February 27, 2019, the Company entered into a sales agreement with certain sales agents, pursuant to which the Company may sell from time to time up to $250.0 million of the Company's common shares and 6.000% Series A Preferred Shares in sales deemed to be "at the market" offerings. The sales agreement contemplates that, in addition to the issuance and sale by the Company of offered shares to or through the sale agents, the Company may enter into separate forward sale agreements with any forward purchaser. Forward sale agreements, if any, will include only the Company's common shares and will not include any Series A Preferred Shares. If the Company enters into a forward sale agreement with any forward purchaser, such forward purchaser will attempt to borrow from third parties and sell, through the related agent, acting as sales agent for such forward purchaser (each, a

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"forward seller"), offered shares, in an amount equal to the offered shares subject to such forward sale agreement, to hedge such forward purchaser’s exposure under such forward sale agreement. The Company may offer the common shares and Series A Preferred Shares through the agents, as the Company's sales agents, or, as applicable, as forward seller, or directly to the agents or forward sellers, acting as principals, by means of, among others, ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale or at negotiated prices.
During the year ended December 31, 2020, the Company sold 743,915 of its common shares through the ATM program at an average offering price of $33.01 per share, resulting in net proceeds to the Company of approximately $22.9 million, after deducting compensation payable by the Company to such agents and offering expenses.
During the year ended December 31, 2019, the Company sold 2,375,000 of its common shares through the ATM program at an average offering price of $30.06 per share, resulting in net proceeds to the Company of approximately $70.6 million, after deducting compensation payable by the Company to such agents and offering expenses. In addition, during the year ended December 31, 2019, the Company sold 1,785,680 of its Series A Preferred Shares through the ATM program at an average offering price of $24.84 per share, resulting in net proceeds to the Company of approximately $43.6 million, after deducting compensation payable by the Company to such agents and offering expenses.
Noncontrolling Interests
All of the OP equity in the Company's operating partnership not held by the Company are reflected as noncontrolling interests. Noncontrolling interests also include ownership interests in DownREIT partnerships held by entities other than the Company's operating partnership. NSA is the general partner of its operating partnership and is authorized to cause its operating partnership to issue additional partner interests, including OP units and subordinated performance units, at such prices and on such other terms as it determines in its sole discretion.
As of December 31, 2020 and 2019, units reflecting noncontrolling interests consisted of the following:
December 31,
2020 2019
Series A-1 preferred units 637,382  642,982 
OP units 29,616,809  30,188,305 
Subordinated performance units 9,030,872  11,014,195 
LTIP units 734,196  743,566 
DownREIT units
DownREIT OP units 1,924,918  1,848,261 
DownREIT subordinated performance units 4,337,111  4,371,622 
Total 46,281,288  48,808,931 
Series A-1 Preferred Units
The 6.000% Series A-1 Cumulative Redeemable Preferred Units ("Series A-1 preferred units") rank senior to OP units and subordinated performance units in the Company's operating partnership with respect to distributions and liquidation. The Series A-1 preferred units have a stated value of $25.00 per unit and receive distributions at an annual rate of 6.000%. These distributions are cumulative. The Series A-1 preferred units are redeemable at the option of the holder after the first anniversary of the date of issuance, which redemption obligations may be satisfied at the Company’s option in cash in an amount equal to the market value of an equivalent number of the Company's 6.000% Series A Preferred Shares or the issuance of 6.000% Series A Preferred Shares on a one-for-one basis, subject to adjustments. Generally, the Series A-1 preferred units become redeemable by the Company beginning ten years after the initial issuance of each Series A-1 preferred unit at a stated value of $25.00 per unit, plus accrued but unpaid distributions. The decrease in Series A-1 preferred units outstanding from December 31, 2019 to December 31, 2020 was due to the redemption of 5,600 Series A-1 preferred units for Series A preferred shares.

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OP Units and DownREIT OP units
OP units in the Company's operating partnership are redeemable for cash or, at the Company's option, exchangeable for common shares on a one-for-one basis, and DownREIT OP units are redeemable for cash or, at the Company's option, exchangeable for OP units in its operating partnership on a one-for-one basis, subject to certain adjustments in each case. The holders of OP units are generally not entitled to elect redemption until one year after the issuance of the OP units. The holders of DownREIT OP units are generally not entitled to elect redemption until five years after the date of the contributor's initial contribution.
The decrease in OP units outstanding from December 31, 2019 to December 31, 2020 was due to the redemption of 892,070 OP units for common shares, the exchange of 368,500 DownREIT OP units in redemption of an equivalent number of outstanding OP units, which were subsequently retired by the operating partnership and the exchange of 47,328 OP units for an equivalent number of subordinated performance units offset by the following: 445,701 OP units issued upon the conversion of 332,738 subordinated performance units (as discussed further below), 755,007 OP units issued in connection with the acquisition of self storage properties and 246,156 LTIP units which were converted into an equivalent number of OP units. In addition, in connection with the completion of the SecurCare and DLAN mergers, the Company's operating partnership retired 710,462 OP Units.
The increase in DownREIT OP units outstanding from December 31, 2019 to December 31, 2020 was due to the exchange of 368,500 DownREIT OP units held by the operating partnership in redemption of an equivalent number of outstanding OP Units, which were subsequently retired by the operating partnership, and the issuance of 115,888 DownREIT OP units related to the conversion of 34,511 DownREIT subordinated performance units (as discussed further below) partially offset by the contribution of 407,731 DownREIT OP units (which were previously included in the above table because they were not held by the Company) to the operating partnership in connection with the SecurCare and DLAN mergers.
Subordinated Performance Units and DownREIT Subordinated Performance Units
Subordinated performance units may also, under certain circumstances, be convertible into OP units which are exchangeable for common shares as described above, and DownREIT subordinated performance units may, under certain circumstances, be exchangeable for subordinated performance units on a one-for-one basis. Subordinated performance units are only convertible into OP units after a two year lock-out period and then generally (i) at the holder’s election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate or (ii) at the Company's election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations. The holders of DownREIT subordinated performance units are generally not entitled to elect redemption until at least five years after the date of the contributor's initial contribution.
Following such lock-out period, a holder of subordinated performance units in the Company's operating partnership may elect a voluntary conversion one time each year on or prior to December 1st to convert a pre-determined portion of such subordinated performance units into OP units in the Company's operating partnership, with such conversion effective January 1st of the following year, with each subordinated performance unit being converted into the number of OP units determined by dividing the average cash available for distribution, or CAD, per unit on the series of specific subordinated performance units over the one-year period prior to conversion by 110% of the CAD per unit on the OP units determined over the same period. CAD per unit on the series of specific subordinated performance units and OP units is determined by the Company based generally upon the application of the provisions of the LP Agreement applicable to the distributions of operating cash flow and capital transactions proceeds.
The decrease in subordinated performance units outstanding from December 31, 2019 to December 31, 2020 was due to the retirement of 2,001,441 subordinated performance units in connection with the SecurCare merger and the voluntary conversion of 332,738 subordinated performance units into 445,701 OP units, partially offset by the issuance of 303,528 subordinated performance units for co-investment by the Company's PROs in connection with the acquisition of self storage properties and 47,328 subordinated performance units issued in exchange for an equivalent number of OP units.
The decrease in DownREIT subordinated performance units outstanding from December 31, 2019 to December 31, 2020 was due to the conversion of 34,511 DownREIT subordinated performance units into 115,888 DownREIT OP units.

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LTIP Units
LTIP units are a special class of partnership interest in the Company's operating partnership that allow the holder to participate in the ordinary and liquidating distributions received by holders of the OP units (subject to the achievement of specified levels of profitability by the Company's operating partnership or the achievement of certain events). LTIP units may also, under certain circumstances, be convertible into OP units on a one-for-one basis, which are then exchangeable for common shares as described above. LTIP units do not have full parity with OP units with respect to liquidating distributions and may not receive ordinary distributions until such parity is reached pursuant to the terms of the LP Agreement. If such parity is reached under the LP Agreement, upon vesting, vested LTIP units may be converted into an equal number of OP units, and thereafter have all the rights of OP units, including redemption rights. See Note 9 for additional information about the Company's LTIP Units.
The decrease in LTIP units outstanding from December 31, 2019 to December 31, 2020 was due to the conversion of 246,156 LTIP units into an equivalent number of OP units offset by the issuance of 236,786 compensatory LTIP units to employees, trustees and consultants, net of forfeitures.
4. SELF STORAGE PROPERTIES
Self storage properties are summarized as follows (dollars in thousands):
December 31,
2020 2019
Land $ 738,863  $ 649,938 
Buildings and improvements 2,892,490  2,435,171 
Furniture and equipment 7,839  6,610 
Total self storage properties 3,639,192  3,091,719 
Less accumulated depreciation (443,623) (337,822)
Self storage properties, net $ 3,195,569  $ 2,753,897 

Depreciation expense related to self storage properties amounted to $105.9 million, $92.2 million and $76.3 million for the years ended December 31, 2020, 2019 and 2018, respectively.
5. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
2018 Joint Venture
As of December 31, 2020, the Company's unconsolidated real estate venture, formed in September 2018 with an affiliate of Heitman America Real Estate REIT LLC (the "2018 Joint Venture"), in which the Company has a 25% ownership interest, owned and operated a portfolio of 103 self storage properties containing approximately 7.8 million rentable square feet, configured in over 64,000 storage units and located across 17 states.
The 2018 Joint Venture acquired one self storage property for $9.7 million during the year ended December 31, 2020, which was combined and is being operated together with one of the 2018 Joint Venture's existing properties. The 2018 Joint Venture financed the acquisition with $4.7 million of debt financing and $5.0 million of capital contributions from the 2018 Joint Venture members, of which the Company contributed $1.3 million for its 25% proportionate share.
2016 Joint Venture
As of December 31, 2020, the Company's unconsolidated real estate venture, formed in September 2016 with a state pension fund advised by Heitman Capital Management LLC (the "2016 Joint Venture"), in which the Company has a 25% ownership interest, owned and operated a portfolio of 74 properties containing approximately 4.9 million rentable square feet, configured in approximately 40,000 storage units and located across 13 states.

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The 2016 Joint Venture acquired two self storage properties for $12.1 million during the year ended December 31, 2020. The 2016 Joint Venture financed these acquisitions with capital contributions from the 2016 Joint Venture members, of which the Company contributed $3.1 million for its 25% proportionate share.
The Company's investments in the 2018 Joint Venture and 2016 Joint Venture are accounted for using the equity method of accounting and are included in investment in unconsolidated real estate ventures in the Company’s consolidated balance sheets. The Company’s earnings from its investments in the 2018 Joint Venture and 2016 Joint Venture are presented in equity in earnings (losses) of unconsolidated real estate ventures on the Company’s consolidated statements of operations.
The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of December 31, 2020 and December 31, 2019 (in thousands):
December 31,
2020 2019
ASSETS
Self storage properties, net $ 1,799,522  $ 1,835,235 
Other assets 24,397  22,413 
Total assets $ 1,823,919  $ 1,857,648 
LIABILITIES AND EQUITY
Debt financing $ 1,000,464  $ 989,182 
Other liabilities 21,612  20,487 
Equity 801,843  847,979 
Total liabilities and equity $ 1,823,919  $ 1,857,648 
The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the years ended December 31, 2020 and 2019 and the period ended December 31, 2018 (in thousands):
Year Ended December 31,
2020 2019 2018
Total revenue $ 164,762  $ 162,827  $ 94,507 
Property operating expenses 49,632  49,845  30,229 
Net operating income 115,130  112,982  64,278 
Supervisory, administrative and other expenses
(10,935) (10,818) (6,397)
Depreciation and amortization (61,188) (79,556) (40,930)
Interest expense (41,204) (39,936) (20,718)
Loss on sale of self storage properties   (806) (820)
Acquisition and other expenses (969) (1,971) (1,188)
Net income (loss) $ 834  $ (20,105) $ (5,775)
The combined condensed operating information in the table above only includes information for the 2018 Joint Venture following the acquisition of the Initial 2018 JV Portfolio in September 2018.
6. SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS
Acquisitions
The Company acquired 77 self storage properties and two expansion projects to existing properties with an estimated fair value of $543.3 million during the year ended December 31, 2020 and 69 self storage properties with an estimated fair value of $447.8 million during the year ended December 31, 2019. Of these acquisitions, during the year ended December 31, 2020, 11 self storage properties with an estimated fair value of $92.9 million were acquired by the Company from its PROs. During the year ended December 31, 2019, 19 self storage properties with

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an estimated fair value of $131.3 million were acquired by the Company from its PROs and one self storage property with an estimated fair value of $4.1 million was acquired by the Company from the 2016 Joint Venture.
The self storage property acquisitions were accounted for as asset acquisitions and accordingly, during the years ended December 31, 2020 and 2019, $4.7 million and $3.6 million, respectively, of transaction costs related to the acquisitions were capitalized as part of the basis of the acquired properties. The Company recognized the estimated fair value of the acquired assets and assumed liabilities on the respective dates of such acquisitions. The Company allocated a portion of the purchase price to identifiable intangible assets consisting of customer in-place leases which were recorded at estimated fair values of $11.7 million and $10.9 million during the years ended December 31, 2020 and 2019, respectively, resulting in a total fair value of $531.6 million and $436.9 million allocated to real estate during the years ended December 31, 2020 and 2019, respectively.
The following table summarizes, by calendar quarter, the investments in self storage property acquisitions completed by the Company during the years ended December 31, 2020 and 2019 (dollars in thousands):
Acquisitions closed during the Three Months Ended: Summary of Investment
Number of Properties Cash and Acquisition Costs
Value of OP Equity(1)
Other Liabilities Total
March 31, 2020 36 $ 214,584  $ 7,217  $ 972  $ 222,773 
June 30, 2020 4 30,198  5,842  207  36,247 
September 30, 2020 4 20,173  3,427  204  23,804 
December 31, 2020 33 237,517  20,747  2,244  260,508 
Total
77 $ 502,472  $ 37,233  $ 3,627  $ 543,332 
March 31, 2019 32 $ 160,531  $ 33,356  $ 674  $ 194,561 
June 30, 2019 24 168,442  15,515  1,378  185,335 
September 30, 2019 6 34,624  950  197  35,771 
December 31, 2019 7 30,004  2,005  154  32,163 
Total
69 $ 393,601  $ 51,826  $ 2,403  $ 447,830 
(1)Value of OP equity represents the fair value of Series A-1 preferred units, OP units, subordinated performance units, and LTIP units.
The results of operations for these self storage acquisitions are included in the Company's statements of operations beginning on the respective closing date for each acquisition. The accompanying statements of operations includes aggregate revenue of $21.3 million and operating losses of $0.3 million related to the 77 self storage properties acquired during the year ended December 31, 2020. For the year ended December 31, 2019, the accompanying statements of operations includes aggregate revenue of $30.4 million and operating income of $2.5 million related to the 69 self storage properties acquired during such period.
Acquisition of PRO Management Company
As discussed in Note 1 and Note 3, on March 31, 2020, the Company closed on the previously announced mergers of SecurCare and DLAN with and into wholly-owned subsidiaries of the Company. The mergers were accounted for as a business combination whereby the Company acquired additional interests in its operating partnership and DownREIT partnerships. Accordingly, this portion of the transaction was accounted for as a change in ownership of a consolidated subsidiary, resulting in a reduction to noncontrolling interests equal to the net book value of the acquired subsidiary interests.
In connection with the mergers, SecurCare's property management platform and related intellectual property were internalized by the Company. Under the terms of the Company's facilities portfolio management agreement with SecurCare, in connection with a retirement event leading to the internalization of SecurCare's property management platform, SecurCare was entitled to receive OP units in exchange for its property management platform and related intellectual property based on a contractual formula. Using this formula, the Company determined that SecurCare was entitled to receive an equivalent of 348,020 OP units totaling $10.3 million, based on the acquisition date closing price of the Company's common shares. The Company allocated the total purchase price to the estimated fair value of tangible and intangible assets acquired, and liabilities assumed. The Company allocated a portion of the purchase price to tangible fixed assets of $0.1 million and intangible assets consisting of a management contract with an estimated fair value of $4.6 million and the SecurCare trade name with an estimated

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fair value of $3.2 million. The excess of the aggregate consideration paid over the identified assets acquired and liabilities assumed, equal to $2.4 million, was allocated to goodwill. The tangible and intangible assets related to the internalization are reported in other assets, net in the Company's condensed consolidated balance sheets.
The Company’s fair value measurements were based, in part, on valuations prepared by an independent valuation firm and the allocation of the purchase price required a significant amount of judgment. The Company measured the fair value of the management contract asset based on discounted future cash flows expected under the management contract from a market participant perspective. The management contract asset will be charged to amortization expense on a straight-line basis over 15 years, which represents the time period over which the majority of value was attributed in the Company’s discounted cash flow model. The Company measured the fair value of the trade name, which has an indefinite life and is not amortized, using the relief from royalty method.
The allocation of the purchase price requires judgment and was based on the Company's valuations, estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed. This estimation process was completed during the year ended December 31, 2020.
Dispositions
During the year ended December 31, 2019, the Company sold one self storage property to an unrelated third party. The gross sales price was $6.5 million and the Company recognized $2.8 million of gain on the sale.
7. OTHER ASSETS
Other assets consist of the following (dollars in thousands):
December 31,
2020 2019
Customer in-place leases, net of accumulated amortization of $5,322 and $7,267, respectively
$ 6,460  $ 3,704 
Receivables:
Trade, net 2,734  2,809 
PROs and other affiliates 2,974  2,773 
Receivable from unconsolidated real estate ventures 5,825  4,765 
Property acquisition deposits 1,087  4,438 
Interest rate swaps   980 
Equity securities   7,703 
Prepaid expenses and other 7,099  4,762 
Corporate furniture, equipment and other, net 1,673  1,925 
Trade name 6,380  3,200 
Management contracts, net of accumulated amortization of $3,222 and $2,272, respectively
11,998  8,349 
Tenant reinsurance intangible, net of accumulated amortization of $903 and $317, respectively
13,737  14,283 
Goodwill 8,182  5,750 
Total $ 68,149  $ 65,441 

Amortization expense related to customer in-place leases amounted to $9.0 million, $11.3 million and $11.6 million for the years ended December 31, 2020, 2019 and 2018, respectively.
The Company measured the fair value of the trade name, which has an indefinite life and is not amortized, using the relief from royalty method at acquisition.
The management contract assets are charged to amortization expense on a straight-line basis over 15 years, which represents the time period over which the majority of value was attributed in the Company’s discounted cash flow models. Amortization expense related to the management contracts amounted to $1.0 million, $0.7 million and $0.7 million for the years ended December 31, 2020, 2019 and 2018 respectively.

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Amortization expense related to the tenant reinsurance intangible amounted to $0.6 million and $0.3 million for the years ended December 31, 2020 and 2019 respectively. See Note 11 for additional details about the Company's tenant reinsurance intangible asset.
Future Intangible Asset Amortization
As of December 31, 2020, the estimated aggregate amortization expense for the Company's customer in-place leases, management contracts and tenant reinsurance intangible asset for the succeeding five years are as follows (in thousands):
Year Ending December 31, Total Aggregate Estimated Amortization Expense
2021 $ 8,049 
2022 1,604 
2023 1,604 
2024 1,603 
2025 1,600 
Thereafter 17,735 
Total $ 32,195 

8. DEBT FINANCING
The Company's outstanding debt as of December 31, 2020 and 2019 is summarized as follows (dollars in thousands):
December 31,
Interest Rate(1)
2020 2019
Credit Facility:
Revolving line of credit 1.44% $ 174,000  $  
Term loan A 3.74% 125,000  125,000 
Term loan B 2.91% 250,000  250,000 
Term loan C 2.80% 225,000  225,000 
Term loan D 3.57% 175,000  175,000 
2023 Term loan facility 2.83% 175,000  175,000 
2028 Term loan facility 4.62% 75,000  75,000 
2029 Term loan facility 4.27% 100,000  100,000 
2029 Senior Unsecured Notes 3.98% 100,000  100,000 
2030 Senior Unsecured Notes 2.99% 150,000   
2031 Senior Unsecured Notes 4.08% 50,000  50,000 
2032 Senior Unsecured Notes 3.09% 100,000   
Fixed rate mortgages payable 4.26% 223,614  264,260 
Total principal 1,922,614  1,539,260 
Unamortized debt issuance costs and debt premium, net
(5,643) (5,213)
Total debt $ 1,916,971  $ 1,534,047 

(1)Represents the effective interest rate as of December 31, 2020. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings.

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Credit Facility
On July 29, 2019, the operating partnership, as borrower, the Company, and certain of the operating partnership's subsidiaries, as subsidiary guarantors, entered into a second amended and restated credit agreement with a syndicated group of lenders, which extended the maturities, enhanced the terms in line with the current market and increased the total borrowing capacity under the Company's unsecured credit facility by $255.0 million for a total of $1.275 billion (the "credit facility"). The credit facility consists of the following components: (i) a revolving line of credit (the "Revolver") which provides for a total borrowing commitment up to $500.0 million, under which the Company may borrow, repay and re-borrow amounts, (ii) a $125.0 million tranche A term loan facility (the "Term Loan A"), (iii) a $250.0 million tranche B term loan facility (the "Term Loan B"), (iv) a $225.0 million tranche C term loan facility (the "Term Loan C"), and (v) a $175.0 million tranche D term loan facility (the "Term Loan D"). The Company has an expansion option under the credit facility, which if exercised in full, would provide for a total borrowing capacity under the credit facility of $1.750 billion.
The Revolver matures in January 2024; provided that the Company may elect to extend the maturity to July 2024 by paying an extension fee of 0.075% of the total borrowing commitment thereunder at the time of extension and meeting other customary conditions with respect to compliance. The Term Loan A matures in January 2023, the Term Loan B matures in July 2024, the Term Loan C matures in January 2025 and the Term Loan D matures in July 2026. The credit facility is not subject to any scheduled reduction or amortization payments prior to maturity.
Interest rates applicable to loans under the credit facility are determined based on a 1, 2, 3 or 6 month LIBOR period (as elected by the Company at the beginning of any applicable interest period) plus an applicable margin or a base rate, determined by the greatest of the Key Bank prime rate, the federal funds rate plus 0.50% or one month LIBOR plus 1.00%, plus an applicable margin. The applicable margins for the credit facility are leverage based and range from 1.15% to 2.20% for LIBOR loans and 0.15% to 1.20% for base rate loans; provided that after such time as the Company achieves an investment grade rating as defined in the credit facility, the Company may elect (but is not required to elect) (a "credit rating pricing election") that the credit facility be subject to applicable margins ranging from 0.78% to 2.25% for LIBOR loans and 0.00% to 1.25% for base rate loans. The Company is also required to pay usage based fees ranging from 0.15% to 0.20% with respect to the unused portion of the Revolver; provided that if the Company makes a credit rating pricing election under the credit facility, the Company will be required to pay rating based fees ranging from 0.125% to 0.300% with respect to the entire Revolver in lieu of any usage based fees.
On July 29, 2019, the Company entered into interest rate swap agreements which together with the Company's existing interest rate swap agreements, fix the interest rates through maturity for the Term Loan A, Term Loan B, Term Loan C and Term Loan D. As of December 31, 2020, the Term Loan A, Term Loan B, Term Loan C and Term Loan D had effective interest rates of 3.74%, 2.91%, 2.80% and 3.57%, respectively.
As of December 31, 2020, the Company had outstanding letters of credit totaling $5.7 million and would have had the capacity to borrow remaining Revolver commitments of $320.3 million while remaining in compliance with the credit facility's financial covenants described in the following paragraph.
The Company is required to comply with the following financial covenants under the credit facility:
Maximum total leverage ratio not to exceed 60%, provided, however, the Company is permitted to maintain a ratio of up to 65% up to two (2) consecutive fiscal quarters immediately following the quarter in which a material acquisition (as defined in the credit facility) occurs
Minimum fixed charge coverage ratio of at least 1.5x
Maximum unsecured debt to unencumbered asset value ratio not to exceed 60%, provided, however, the Company shall be permitted to maintain a ratio of up to 65% up to two (2) consecutive fiscal quarters immediately following the quarter in which a material acquisition (as defined in the credit facility) occurs
Unencumbered adjusted net operating income to unsecured interest expense of at least 2.0x
On July 29, 2019, the financial covenants and certain other terms of the 2023 Term Loan Facility, 2028 Term Loan Facility and 2029 Term Loan Facility were amended to make such terms substantially similar to those in the credit facility.
In addition, the terms of the credit facility contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions. At December 31, 2020, the Company was in compliance with all such covenants.

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2023 Term Loan Facility
On June 30, 2016, the Company entered into a credit agreement with a syndicated group of lenders to make available a term loan facility that matures in June 2023 (the "2023 Term Loan Facility") in an aggregate amount of $100.0 million. On June 5, 2018, the Company's operating partnership and the Company entered into the Second Amendment (the "Second Amendment") to the Credit Agreement, whereby the Company's operating partnership, among other things, partially exercised its existing $100.0 million expansion option in an aggregate amount equal to $75.0 million, increasing the aggregate amount outstanding under the 2023 Term Loan Facility to $175.0 million. The Company also increased the remaining expansion option by $200.0 million, for a total expansion option of $225.0 million. If the remaining expansion option is exercised in full, the total expansion option would provide for a total borrowing capacity under the 2023 Term Loan Facility in an aggregate amount of $400.0 million.
The entire outstanding principal amount of, and all accrued but unpaid interest, is due on the maturity date. Interest rates applicable to loans under the 2023 Term Loan Facility are payable during such periods as such loans are LIBOR loans, at the applicable LIBOR based on a 1, 2, 3 or 6 month LIBOR period (as elected by the Company at the beginning of any applicable interest period) plus an applicable margin, and during the period that such loans are base rate loans, at the base rate under the 2023 Term Loan Facility in effect from time to time plus an applicable margin. The base rate under the 2023 Term Loan Facility is equal to the greatest of the Capital One prime rate, the federal funds rate plus 0.50% or one month LIBOR plus 1.00%. The applicable margin for the 2023 Term Loan Facility is leverage-based and ranges from 1.30% to 1.70% for LIBOR loans and 0.30% to 0.70% for base rate loans; provided that after such time as the Company achieves an investment grade rating from at least two rating agencies, the Company may elect (but is not required to elect) that the 2023 Term Loan Facility is subject to the rating based on applicable margins ranging from 0.90% to 1.75% for LIBOR Loans and 0.00% to 0.75% for base rate loans.
The Company is required to comply with the same financial covenants under the 2023 Term Loan Facility as it is with the credit facility. In addition, the terms of the 2023 Term Loan Facility contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions.
2028 Term Loan Facility
On December 21, 2018, the Company entered into a credit agreement with Huntington National Bank to make available a term loan facility that matures in December 2028 (the "2028 Term Loan Facility") in an aggregate amount of $75.0 million. The entire outstanding principal amount of, and all accrued but unpaid interest, is due on the maturity date. The Company has an expansion option under the 2028 Term Loan Facility, which, if exercised in full, would provide for a total 2028 Term Loan Facility in an aggregate amount of $125.0 million.
Interest rates applicable to loans under the 2028 Term Loan Facility are payable during such periods as such loans are LIBOR loans, at the applicable LIBOR based on a 1, 2, 3 or 6 month LIBOR period (as elected by the Company at the beginning of any applicable interest period) plus an applicable margin, and during the period that such loans are base rate loans, at the base rate under the 2028 Term Loan Facility in effect from time to time plus an applicable margin. The base rate under the 2028 Term Loan Facility is equal to the greatest of the Huntington National Bank prime rate, the federal funds rate plus 0.50% or one month LIBOR plus 1.00%. The applicable margin for the 2028 Term Loan Facility is leverage-based and ranges from 1.80% to 2.35% for LIBOR loans and 0.80% to 1.35% for base rate loans; provided that after such time as the Company achieves an investment grade rating from at least two rating agencies, the Company may elect (but is not required to elect) that the 2028 Term Loan Facility is subject to the rating based on applicable margins ranging from 1.40% to 2.25% for LIBOR Loans and 0.40% to 1.25% for base rate loans.
The Company is required to comply with the same financial covenants under the 2028 Term Loan Facility as it is with the credit facility and the 2023 Term Loan Facility. In addition, the terms of the 2028 Term Loan Facility contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions.
2029 Term Loan Facility
On April 24, 2019, the Company entered into a credit agreement with BMO Harris Bank N.A. to make available an unsecured term loan facility that matures in April 2029 (the "2029 Term Loan Facility") in an aggregate amount

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of $100.0 million. The entire outstanding principal amount of, and all accrued but unpaid interest, is due on the maturity date.
Interest rates applicable to loans under the 2029 Term Loan Facility are payable during such periods as such loans are LIBOR loans, at the applicable LIBOR based on a 1, 2, 3 or 6 month LIBOR period (as elected by the Company at the beginning of any applicable interest period) plus an applicable margin, and during the period that such loans are base rate loans, at the base rate under the 2029 Term Loan Facility in effect from time to time plus an applicable margin. The base rate under the 2029 Term Loan Facility is equal to the greatest of the BMO Harris Bank prime rate, the federal funds rate plus 0.50% or one month LIBOR plus 1.00%. The applicable margin for the 2029 Term Loan Facility is leverage-based and ranges from 1.85% to 2.30% for LIBOR loans and 0.85% to 1.30% for base rate loans; provided that after such time as the Company achieves an investment grade rating from at least two rating agencies, the Company may elect (but is not required to elect) that the 2029 Term Loan Facility be subject to rating-based margins ranging from 1.40% to 2.25% for LIBOR Loans and 0.40% to 1.25% for base rate loans.
On April 24, 2019, the Company also entered into an interest rate swap agreement with a notional amount of $100.0 million that matures in April 2029 fixing the interest rate of the 2029 Term Loan Facility at an effective interest rate of 4.27%.
The Company is required to comply with the same financial covenants under the 2029 Term Loan Facility as it is with the credit facility, 2023 Term Loan Facility and the 2028 Term Loan Facility. In addition, the terms of the 2029 Term Loan Facility contain customary affirmative and negative covenants that are consistent with those contained in the 2023 Term Loan Facility and 2028 Term Loan Facility, and, among other things, limit the Company's ability to make distributions, make certain investments, incur debt, incur liens and enter into certain transactions.
2029 And 2031 Senior Unsecured Notes
On August 30, 2019, the operating partnership issued $100.0 million of 3.98% senior unsecured notes due August 30, 2029 (the "2029 Notes") and $50.0 million of 4.08% senior unsecured notes due August 30, 2031 (the "2031 Notes") in a private placement to certain institutional accredited investors. The senior unsecured notes are governed by a Note Purchase Agreement, dated July 30, 2019 (the "2019 Note Purchase Agreement"), by and among the operating partnership as issuer, the Company, and the purchasers of senior unsecured notes.
Interest is payable semiannually, on August 30th and February 28th of each year, commencing on February 28, 2020. The 2029 Notes and 2031 Notes are senior unsecured obligations of the Company and will be jointly and severally guaranteed by certain of the Company's subsidiaries, as subsidiary guarantors, upon issuance. The 2029 Notes and 2031 Notes rank pari passu with the credit facility, the 2023 Term Loan Facility, 2028 Term Loan Facility, 2029 Term Loan Facility, 2030 Notes and 2032 Notes (defined below). The 2019 Note Purchase Agreement contains financial covenants that are substantially similar to those described under the heading "Credit Facility" above. In addition, the terms of the 2019 Note Purchase Agreement contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions. At December 31, 2020, the Company was in compliance with all such covenants.
2030 And 2032 Senior Unsecured Notes
On October 22, 2020, the operating partnership issued $150.0 million of 2.99% senior unsecured notes due August 5, 2030 (the "2030 Notes") and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 (the "2032 Notes") in a private placement to certain institutional investors. The senior unsecured notes are governed by a Note Purchase Agreement dated August 4, 2020 (the "2020 Note Purchase Agreement"), by and among the operating partnership as issuer, the Company, and the purchasers of the senior unsecured notes.
Interest is payable semiannually, on August 30th and February 28th of each year, commencing on February 28, 2021. The senior unsecured notes are senior unsecured obligations of the Company and are jointly and severally guaranteed by certain of the Company's subsidiaries, as subsidiary guarantors. The senior unsecured notes rank pari passu with the credit facility, 2023 Term Loan Facility, 2028 Term Loan Facility, 2029 Term Loan Facility, 2029 Notes and 2031 Notes. The 2020 Note Purchase Agreement contains financial covenants that are substantially similar to those of the Company's credit facility. In addition, the terms of the 2020 Note Purchase Agreement contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make

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distributions or certain investments, incur debt, incur liens and enter into certain transactions. At December 31, 2020, the Company was in compliance with all such covenants.
Fixed Rate Mortgages Payable
Fixed rate mortgages have scheduled maturities at various dates through October 2031, and have effective interest rates that range from 3.63% to 5.00%. Principal and interest are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity.
Future Debt Maturities
Based on existing debt agreements in effect as of December 31, 2020, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (in thousands):
Year Ending December 31, Scheduled Principal and Maturity Payments Premium Amortization and Unamortized Debt Issuance Costs Total
2021 $ 7,670  $ (1,675) $ 5,995 
2022 4,374  (1,665) 2,709 
2023 376,813  (1,312) 375,501 
2024 445,964  (943) 445,021 
2025 227,185  (371) 226,814 
Thereafter 860,608  323  860,931 
$ 1,922,614  $ (5,643) $ 1,916,971 

9. EQUITY-BASED AWARDS
The Company grants awards in the form of LTIP units and restricted common shares to provide equity based incentive compensation to members of its senior management team, independent trustees, advisers, consultants, other personnel, and as consideration for self storage property acquisitions.
LTIP units were first granted under the 2013 Long-Term Incentive Plan (the "2013 Plan"), which authorized up to 2.5 million LTIP units for issuance. In connection with the Company's initial public offering, the Company terminated the 2013 Plan but the awards granted thereunder remained outstanding after its termination. Restricted common shares were first granted under the 2015 National Storage Affiliates Trust Equity Incentive Plan (the "2015 Plan"), which authorizes the Company's compensation, nominating, and corporate governance committee to grant share options, restricted common shares, phantom shares, dividend equivalent rights, LTIP units and other restricted limited partnership units issued by its operating partnership and other equity-based awards up to an aggregate of 5% of the common shares issued and outstanding from time to time on a fully diluted basis (assuming, if applicable, the exercise of all outstanding options and the conversion of all warrants and convertible securities, including OP units and LTIP units, into common shares).
As of December 31, 2020, the Company did not have outstanding under its equity compensation plan, any options, warrants or rights to purchase the Company's common shares.
LTIP Units
Through December 31, 2020, an aggregate of 2,474,710 LTIP units have been issued under the 2013 Plan, 996,562 LTIP units have been issued under the 2015 Plan, and 373,353 LTIP units have been issued under the LP Agreement. Some of the granted LTIP units vested immediately or upon completion of the Company's initial public offering. Others vest upon the contribution of self storage properties or along a schedule at certain times through February 19, 2024.
Compensatory Grants
The Company grants two types of compensatory LTIP units, time-based LTIP unit awards that are subject to time-based vesting typically over a period of one to three years from the grant date, so long as such person remains an employee or trustee, and performance-based LTIP unit awards, which are designed to align the interests of the Company's executive officers with those of the Company's shareholders in a pay-for-performance structure. The

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performance-based LTIP unit awards vest contingent upon the achievement of performance criteria measured over a period of three years from the grant date, which is based on the Company's total shareholder return ("TSR") relative to the TSR of the companies in the Morgan Stanley Capital International US REIT Index and the Company's TSR relative to the TSR of its peers in the self storage industry. The value of the performance-based LTIP unit awards takes into consideration the probability that the awards will ultimately vest; therefore previously recorded compensation expense is not adjusted in the event that the performance criteria is not achieved.
Compensation expense related to compensatory LTIP units granted to members of the Company's senior management team, the Company's independent trustees, advisers, consultants and other personnel is included in general and administrative expense in the accompanying statements of operations. Total compensation cost recognized for the compensatory LTIP unit awards was $3.9 million, $4.2 million and $3.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. At December 31, 2020, total unvested compensation cost not yet recognized was $4.4 million. The Company expects to recognize this compensation cost over a period of approximately 3.2 years. If the grantee has a termination of service for any reason during the vesting period, the unvested LTIP units will be forfeited.
Time-based LTIP unit awards are granted with a fair value equal to the closing market price of the Company's common shares on the date of grant. The following table summarizes activity for the time-based LTIP unit awards for the years ended December 31, 2020, 2019 and 2018:
Time-Based LTIP Unit Awards
2020 2019 2018
Number of LTIP units Weighted Average Grant-Date Fair Value Number of LTIP units Weighted Average Grant-Date Fair Value Number of LTIP units Weighted Average Grant-Date Fair Value
Outstanding unvested at beginning of year
181,937  $ 26.55  223,812  $ 23.54  227,766  $ 20.37 
Granted 111,898  30.14  101,167  27.80  100,176  27.08 
Vested (115,935) 26.52  (138,028) 22.59  (104,130) 20.18 
Forfeited (7,635) 26.72  (5,014) 26.25     
Unvested at end of year 170,265  $ 28.93  181,937  $ 26.55  223,812  $ 23.54 
The aggregate fair value of the time-based LTIP unit awards that vested during the years ended December 31, 2020, 2019 and 2018 was $3.1 million, $3.1 million and $2.1 million, respectively.
The following table summarizes activity for the performance-based LTIP unit awards granted during the year ended December 31, 2020, 2019 and 2018, including the minimum, target and maximum number of LTIP units that may be earned upon the achievement of the performance criteria measured over the period of three years from the grant date.
Performance-Based LTIP Unit Awards
Minimum Target Maximum Weighted Average Grant-Date Fair Value
Outstanding unvested at December 31, 2017
  40,390  90,874  $ 27.63 
Granted   46,017  69,025  24.67 
Outstanding unvested at December 31, 2018
  86,407  159,899  $ 26.35 
Granted   53,128  106,252  29.76 
Outstanding unvested at December 31, 2019
  139,535  266,151  $ 27.71 
Granted   53,835  107,667  35.67 
Vested   (40,390) (90,874) 27.63 
Forfeited   (18,493) (32,930) 27.53 
Outstanding unvested at December 31, 2020
  134,487  250,014  $ 30.69 
The aggregate fair value of the performance-based LTIP unit awards that vested during the year ended December 31, 2020 was $1.1 million. The fair value of the performance-based LTIP unit awards, which have a

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market condition, is estimated on the date of grant using a Monte Carlo simulation. The simulation requires assumptions for expected volatility, risk-free rate of return, and dividend yield. The following table summarizes the assumptions used to value the performance-based LTIP unit awards granted during the years ended December 31, 2020, 2019 and 2018:
2020 2019 2018
Risk-free interest rate 1.37  % 2.51  % 2.04  %
Dividend yield 4.13  % 4.54  % 4.11  %
Expected volatility 24.43  % 25.40  % 24.44  %
Acquisition Consideration Grants
On December 31, 2013, the Company granted 1,683,560 LTIP units under the 2013 Plan and on January 23, 2020 the Company granted 28,894 LTIP units under the LP Agreement as part of the consideration for self storage property acquisitions and contributions. The following table summarizes activity for acquisition grants during the years ended December 31, 2020, 2019 and 2018:
Total LTIP units
Total unvested units, December 31, 2017
224,000 
Units vested in 2017  
Total unvested units, December 31, 2018
224,000 
Units vested in 2018  
Total unvested units, December 31, 2019
224,000 
Units vested in 2020
 
Units granted in 2020
28,894 
Total unvested units, December 31, 2020
252,894 

As of December 31, 2020, the remaining unvested LTIP units will vest as additional self storage properties are contributed or sourced. The fair value of such LTIP units will be recorded as additional acquisition consideration based on the fair value in the period such acquisitions are completed.
Grants to Consultants
During the years ended December 31, 2020, 2019 and 2018, the Company issued 28,892, 5,714 and 174 LTIP units, respectively, that were immediately vested to consultants that provided acquisition services. During the years ended December 31, 2020, 2019 and 2018, the self storage properties acquired were accounted for as asset acquisitions and accordingly, the acquisition costs related to the LTIP units granted to consultants were capitalized as part of the basis of the acquired properties. The aggregate fair value of the LTIP units was $1.0 million, $0.2 million and less than $0.1 million for the years ended December 31, 2020, 2019 and 2018, respectively.
Restricted Common Shares
Through December 31, 2020, an aggregate of 94,215 restricted common shares have been issued under the 2015 Plan. These restricted common shares vest over a weighted average period of approximately 3.1 years. Restricted common shares are granted with a fair value equal to the closing market price of the Company's common shares on the date of grant. 

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The following table summarizes activity for restricted common shares for the years ended December 31, 2020, 2019 and 2018:
Year Ended December 31,
2020 2019 2018
Number of Restricted Common Shares Weighted Average Grant-Date Fair Value Number of Restricted Common Shares Weighted Average Grant-Date Fair Value Number of Restricted Common Shares Weighted Average Grant-Date Fair Value
Outstanding at beginning of year
25,779  $ 26.26  22,589  $ 24.83  21,585  $ 22.43 
Granted 21,861  36.19  18,218  26.46  12,311  27.26 
Vested (12,471) 25.85  (10,734) 23.54  (8,041) 21.88 
Forfeited (5,240) 32.00  (4,294) 25.61  (3,266) 25.35 
Unvested at end of year 29,929  $ 32.68  25,779  $ 26.26  22,589  $ 24.83 

The aggregate fair value of restricted common shares that vested during the years ended December 31, 2020, 2019 and 2018 was $0.3 million, $0.3 million and $0.2 million respectively. Total compensation cost recognized for restricted common shares during the years ended December 31, 2020, 2019 and 2018 was $0.4 million, $0.3 million and $0.3 million, respectively. At December 31, 2020, total unvested compensation cost not yet recognized was $0.6 million. The Company expects to recognize this compensation cost over a period of approximately 3.1 years. If the grantee has a termination of service for any reason during the vesting period, the unvested restricted common shares will be forfeited. Compensation expense related to restricted common shares is included in general and administrative expense in the accompanying statements of operations.
10. EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per share amounts):
Year Ended December 31,
2020 2019 2018
Earnings (loss) per common share - basic and diluted
Numerator
Net income $ 79,478  $ 66,013  $ 56,326 
Net income attributable to noncontrolling interests
(30,869) (62,030) (42,217)
Net income attributable to National Storage Affiliates Trust
48,609  3,983  14,109 
Distributions to preferred shareholders (13,097) (12,390) (10,350)
Distributed and undistributed earnings allocated to participating securities
(44) (35) (27)
Net income (loss) attributable to common shareholders - basic and diluted
$ 35,468  $ (8,442) $ 3,732 
Denominator
Weighted average shares outstanding - basic
66,547  58,208  53,293 
Effect of dilutive securities:
Weighted average effect of outstanding forward offering agreement 60     
Weighted average shares outstanding - diluted
66,607  58,208  53,293 
Earnings (loss) per share - basic and diluted $ 0.53  $ (0.15) $ 0.07 
Dividends declared per common share
$ 1.35  $ 1.27  $ 1.16 

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As discussed in Note 2, 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. Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to National Storage Affiliates Trust and noncontrolling interests, resulting in volatile fluctuations of basic and diluted earnings (loss) per share.
Outstanding equity interests of the Company's operating partnership and DownREIT partnerships are considered potential common shares for purposes of calculating diluted earnings (loss) per share as the unitholders may, through the exercise of redemption rights, obtain common shares, subject to various restrictions. Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by further adjusting for the dilutive impact using the treasury stock method for unvested LTIP units subject to a service condition outstanding during the period and the if-converted method for any convertible securities outstanding during the period.
Generally, following certain lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at the Company's option, exchangeable for common shares on a one-for-one basis, subject to certain adjustments and DownREIT OP units are redeemable for cash or, at the Company's option, exchangeable for OP units in its operating partnership on a one-for-one basis, subject to certain adjustments in each case.
LTIP units may also, under certain circumstances, be convertible into OP units on a one-for-one basis, which are then exchangeable for common shares as described above. Vested LTIP units and unvested LTIP units that vest based on a service condition are allocated income or loss in a similar manner as OP units. Unvested LTIP units subject to a service condition are evaluated for dilution using the treasury stock method. For the year ended December 31, 2020, 420,280 unvested LTIP units that vest based on a service condition are excluded from the calculation of diluted earnings (loss) per share as they are not dilutive to earnings (loss) per share. For the year ended December 31, 2020, 252,894 unvested LTIP units that vest upon the future acquisition of properties are excluded from the calculation of diluted earnings (loss) per share because the contingency for the units to vest has not been attained as of the end of the reported period.
Subordinated performance units may also, under certain circumstances, be convertible into OP units which are exchangeable for common shares as described above, and DownREIT subordinated performance units may, under certain circumstances, be exchangeable for subordinated performance units on a one-for-one basis. Subordinated performance units are only convertible into OP units, after a two year lock-out period and then generally (i) at the holder’s election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate or (ii) at the Company's election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations. Although subordinated performance units may only be convertible after a two year lock-out period, the Company assumes a hypothetical conversion of each subordinated performance unit (including each DownREIT subordinated performance unit) into OP units (with subsequently assumed redemption into common shares) for the purposes of calculating diluted weighted average common shares. This hypothetical conversion is calculated using historical financial information, and as a result, is not necessarily indicative of the results of operations, cash flows or financial position of the Company upon expiration of the two-year lock out period on conversions.
For the years ended December 31, 2020, 2019 and 2018, potential common shares totaling 48.2 million, 54.2 million and 50.6 million, respectively, related to OP units, DownREIT OP units, subordinated performance units, DownREIT subordinated performance units and vested LTIP units have been excluded from the calculation of diluted earnings (loss) per share as they are not dilutive to earnings (loss) per share.
Participating securities, which consist of unvested restricted common shares, receive dividends equal to those received by common shares. The effect of participating securities for the periods presented above is calculated using the two-class method of allocating distributed and undistributed earnings.
11. RELATED PARTY TRANSACTIONS
Supervisory and Administrative Fees
For the self storage properties that are managed by the PROs, the Company has entered into asset management agreements with the PROs to provide leasing, operating, supervisory and administrative services. The asset management agreements generally provide for fees ranging from 5% to 6% of gross revenue for the managed self

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storage properties. During the years ended December 31, 2020, 2019 and 2018, the Company incurred $16.4 million, $20.0 million and $16.9 million, respectively, for supervisory and administrative fees to the PROs. Such fees are included in general and administrative expenses in the accompanying statements of operations.
Payroll Services
For the self storage properties that are managed by the PROs, the employees responsible for operation of the self storage properties are generally employees of the PROs who charge the Company for the costs associated with the respective employees. For the years ended December 31, 2020, 2019 and 2018, the Company incurred $25.9 million, $32.0 million and $29.5 million, respectively, for payroll and related costs reimbursable to these PROs. Such costs are included in property operating expenses in the accompanying statements of operations.
Due Diligence Costs
During the years ended December 31, 2020, 2019 and 2018, the Company incurred $0.5 million, $0.7 million and $0.4 million, respectively, of expenses payable to certain PROs related to self storage property acquisitions sourced by the PROs. These expenses, which are based on the volume of transactions sourced by the PROs, are intended to reimburse the PROs for due diligence costs incurred in the sourcing and underwriting process. For the years ended December 31, 2020, 2019 and 2018 these due diligence costs are capitalized as part of the basis of the acquired self storage properties.
Notes Receivable
 In connection with the acquisition of 16 self storage properties from PROs during the year ended December 31, 2014, the Company assumed certain mortgages that provided for interest at above-market rates. The sellers of the self storage properties agreed to reimburse the Company for the difference between the fair value and the contractual value of the assumed mortgages which amounted to $5.2 million. Due to the structure of the transaction, the amount owed to the Company was considered a receivable for the issuance of equity and was recorded as an offset against equity. During the years ended December 31, 2020 and 2019, the Company received above-market interest reimbursements from the sellers totaling $1.0 million and $1.3 million, respectively.
In addition, in exchange for $1.0 million and $1.3 million of principal payment reimbursements received related to these assumed mortgages during the years ended December 31, 2020 and 2019, the Company issued 28,467 and 37,770 common shares to the sellers during the years ended December 31, 2020 and 2019, respectively.
Self Storage Property Acquisitions
During the year ended December 31, 2020, the Company acquired one self storage property for $7.5 million from an entity that was partially owned by Arlen Nordhagen, the Company's executive chairman and former chief executive officer, and David Cramer, the Company's chief operating officer. Of the total consideration paid, Mr. Nordhagen's and Mr. Cramer's interest was approximately 58,376 OP Units with a value of $1.5 million and 29,689 OP Units with a value $0.7 million, respectively.
During the year ended December 31, 2020, the Company acquired one self storage property for $8.3 million from a company in which an entity controlled by J. Timothy Warren, a trustee of the Company, was an investor. Mr. Warren's adult children held an ownership interest in such entity. Of the total consideration paid, the interest of Mr. Warren's children was approximately 16,620 OP Units with a value of $0.5 million.
During the year ended December 31, 2019, the Company issued 11,100 subordinated performance units to an affiliate of Personal Mini (the Company's executive chairman and former chief executive officer, Arlen D. Nordhagen, has a noncontrolling minority ownership interest in this affiliate of Personal Mini), for $0.4 million of co-investment related to the acquisition of a self storage property from an unrelated third party.
During the year ended December 31, 2019, the Company acquired one self storage property from the 2016 Joint Venture for $4.1 million.
Acquisition of Interest in Reinsurance Company and Related Cash Flows
On June 1, 2019, the Company, as acquiror, and Ground Up Development LLC ("Ground Up"), an affiliate of SecurCare and of the Company's executive chairman and former chief executive officer, Arlen D. Nordhagen, entered into a Contribution and Purchase Agreement (the "Ground Up Contribution Agreement") whereby the Company acquired Ground Up’s ownership interest (approximately 5.5%) in SBOA TI Reinsurance Ltd. (the "Reinsurance Company"), a Cayman Islands exempted company. The Reinsurance Company provides reinsurance

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for a self storage tenant insurance program issued by a licensed insurance company, whereby tenants of the Company's self storage facilities and tenants of other operators participating in the program can purchase insurance to cover damage or destruction to their personal property while stored at such facilities. The Company will now be entitled to receive its share of distributions of any profits generated by the Reinsurance Company, depending on actual losses incurred by the program. As part of the transaction, the Company also acquired the rights to the access fees previously earned by Ground Up associated with the tenant insurance-related arrangements. For the Company's properties managed by SecurCare, in addition to the tenant insurance revenues the Company received directly from the program insurer, the Company also receives these additional access fees.
The consideration paid for the interest in the Reinsurance Company was $15.1 million, which consisted of $6.6 million of cash and 285,512 OP units totaling $8.5 million. Of the total consideration transferred, Arlen D. Nordhagen received $2.2 million of cash and 95,170 OP Units totaling approximately $2.8 million. The Ground Up Contribution Agreement contains customary representations, warranties, covenants and agreements of the Company and Ground Up.
The Company allocated the total purchase price to the estimated fair value of the assets acquired, consisting of $0.5 million of equity interest in the Reinsurance Company and $14.6 million as an intangible related to the acquired access fees and rights to control the tenant insurance-related arrangements. These assets are reported in other assets, net in the Company's consolidated balance sheets. The intangible asset is amortized on a straight-line basis over 25 years, which approximates the weighted average remaining useful life of the SecurCare-managed properties, and is recorded in depreciation and amortization expense in the Company's consolidated statements of operations.
12. COMMITMENTS AND CONTINGENCIES
Legal Proceedings
The Company is subject to litigation, claims, and assessments that may arise in the ordinary course of its business activities. Such matters include contractual matters, employment related issues, and regulatory proceedings. Although occasional adverse decisions or settlements may occur, the Company believes that the final disposition of such matters will not have a material adverse effect on the Company's financial position, results of operations, or liquidity.
13. LEASES
The Company determines if a contractual arrangement is a lease at inception. As a lessee, the Company has non-cancelable lease agreements for real estate and its corporate office space that are classified as operating leases. The Company's operating leases are included in operating lease right-of-use ("ROU") assets and operating lease liabilities in its consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's operating leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the discount rate for the present value of the lease payments. To the extent that the lease agreements provide for fixed increases throughout the term of the lease, the Company recognizes lease expense on a straight-line basis over the expected lease terms.
Real Estate Leasehold Interests
The Company has eight properties that are subject to non-cancelable leasehold interest agreements with remaining lease terms ranging from 14 to 72 years, inclusive of extension options that the Company anticipates exercising. Rent expense under these leasehold interest agreements is included in property operating expenses in the accompanying consolidated statements of operations and amounted to $1.8 million, $1.6 million and $1.6 million for the years ended December 31, 2020, 2019 and 2018, respectively.
Office Leases
The Company has entered into non-cancelable lease agreements for its corporate office space with remaining lease terms ranging from two to eight years. Rent expense related to these office leases is included in general and administrative expenses in the accompanying consolidated statements of operations and amounted to $0.4 million, $0.3 million and $0.2 million for the years ended December 31, 2020, 2019 and 2018, respectively.

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The weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases as of December 31, 2020 are as follows:
December 31, 2020
Weighted-average remaining lease term
Real estate leasehold interests 28 years
Office leases 6 years
Weighted-average remaining discount rate
Real estate leasehold interests 4.9  %
Office leases 3.8  %
As of December 31, 2020, the future minimum lease payments under the Company's operating leases, for which the Company is a lessee, are as follows (in thousands):
Year Ending December 31, Real Estate Leasehold Interests Office Leases Total
2021 $ 1,444  $ 471  $ 1,915 
2022 1,459  465  1,924 
2023 1,464  430  1,894 
2024 1,470  450  1,920 
2025 1,521  456  1,977 
2026 through 2092 35,206  624  35,830 
Total lease payments $ 42,564  $ 2,896  $ 45,460 
Less imputed interest (20,374) (330) (20,704)
Total $ 22,190  $ 2,566  $ 24,756 

As of December 31, 2019, the future minimum lease payments under the Company's operating leases, for which the Company is a lessee, are as follows (in thousands):
Year Ending December 31, Real Estate Leasehold Interests Office Leases Total
2020 $ 1,419  $ 286  $ 1,705 
2021 1,444  387  1,831 
2022 1,459  381  1,840 
2023 1,464  346  1,810 
2024 1,470  353  1,823 
2025 through 2092 36,728  691  37,419 
Total lease payments $ 43,984  $ 2,444  $ 46,428 
Less imputed interest (21,440) (323) (21,763)
Total $ 22,544  $ 2,121  $ 24,665 


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14. FAIR VALUE MEASUREMENTS
Recurring Fair Value Measurements
The Company sometimes limits its exposure to interest rate fluctuations by entering into interest rate swap agreements. The interest rate swap agreements moderate the Company's exposure to interest rate risk by effectively converting the interest on variable rate debt to a fixed rate. The Company measures its interest rate swap derivatives at fair value on a recurring basis. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly into earnings.
Information regarding the Company's interest rate swaps measured at fair value, which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (dollars in thousands):
Interest Rate Swaps Designated as Cash Flow Hedges
Fair value at December 31, 2018 $ 14,247 
Cash flow hedge ineffectiveness included in accumulated other comprehensive income
68 
Gains on interest rate swaps reclassified into interest expense from accumulated other comprehensive income
(3,337)
Unrealized losses on interest rate swaps included in accumulated other comprehensive income
(29,941)
Fair value at December 31, 2019 $ (18,963)
Fair value at December 31, 2019 $ (18,963)
Cash flow hedge ineffectiveness included in accumulated other comprehensive income
69 
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income
14,520 
Unrealized losses on interest rate swaps included in accumulated other comprehensive income
(73,544)
Fair value at December 31, 2020 $ (77,918)
As of December 31, 2020 and 2019, the Company had outstanding interest rate swaps designated as cash flow hedges with aggregate notional amounts of $1,125.0 million and $1,125.0 million, respectively. As of December 31, 2020, the Company's swaps had a weighted average remaining term of 3.3 years. The fair value of these swaps are presented within other assets and accounts payable and accrued liabilities in the accompanying balance sheets, and the Company recognizes any changes in the fair value as an adjustment of accumulated other comprehensive income (loss) within equity to the extent of their effectiveness. If the forward rates at December 31, 2020 remain constant, the Company estimates that during the next 12 months, the Company would reclassify into earnings approximately $20.0 million of the unrealized losses included in accumulated other comprehensive income (loss). If market interest rates increase above the 1.90% weighted average fixed rate under these interest rate swaps the Company will benefit from net cash payments due to it from its counterparty to the interest rate swaps.
There were no transfers between levels during the years ended December 31, 2020 and 2019. For financial assets and liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including LIBOR yield curves. The Company uses valuation techniques for Level 2 financial assets and liabilities which include LIBOR yield curves at the reporting date as well as assessing counterparty credit risk. Counterparties to these contracts are highly rated financial institutions. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company's derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the counterparties. As of December 31, 2020 and 2019, the Company determined that the effect of credit valuation adjustments on the overall valuation of its derivative positions are not significant to the overall valuation of its derivatives. Therefore, the Company has determined that its derivative valuations are appropriately classified in Level 2 of the fair value hierarchy.

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Fair Value Disclosures
The carrying values of cash and cash equivalents, restricted cash, trade receivables, accounts payable and accrued liabilities and equity securities reflected in the balance sheets at December 31, 2020 and 2019, approximate fair value due to the short term nature of these financial assets and liabilities. The carrying value of variable rate debt financing reflected in the balance sheets at December 31, 2020 and 2019 approximates fair value as the changes in their associated interest rates reflect the current market and credit risk is similar to when the loans were originally obtained.
The fair values of fixed rate mortgages were estimated using the discounted estimated future cash payments to be made on such debt; the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality (categorized within Level 2 of the fair value hierarchy). The combined principal balance of the Company's fixed rate mortgages payable was approximately $223.6 million as of December 31, 2020 with a fair value of approximately $249.7 million. In determining the fair value, the Company estimated a weighted average market interest rate of approximately 2.12%, compared to the weighted average contractual interest rate of 4.69%. The combined principal balance of the Company's fixed rate mortgages was approximately $264.3 million as of December 31, 2019 with a fair value of approximately $280.9 million. In determining the fair value as of December 31, 2019, the Company estimated a weighted average market interest rate of approximately 3.28%, compared to the weighted average contractual interest rate of 4.81%.
15. SUBSEQUENT EVENTS
Self Storage Property Acquisitions
In January and February 2021, the Company acquired 13 self storage properties for approximately $84.5 million. Consideration for these acquisitions included approximately $78.1 million of net cash, the assumption of $0.6 million of other working capital liabilities and OP equity of approximately $5.8 million (consisting of the issuance of 126,867 OP Units and 31,119 subordinated performance units). In connection with these acquisitions, the Company reimbursed the PROs for approximately $0.2 million of due diligence costs related to the self storage properties sourced by the PROs.
Subordinated Performance Unit To OP Unit Conversions
Subordinated performance units are convertible into OP units after a two year lock-out period and then generally (i) at the holder’s election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate (a "voluntary conversion") or (ii) at the Company's election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations.
Following such lock-out period, a holder of subordinated performance units in the Company's operating partnership may elect a voluntary conversion one time each year prior to December 1st to convert a pre-determined portion of such subordinated performance units into OP units in the Company's operating partnership, with such conversion effective January 1st of the following year with each subordinated performance unit being converted into the number of OP units determined by dividing the average cash available for distribution, or CAD, per unit on the series of specific subordinated performance units over the one-year period prior to conversion by 110% of the CAD per unit on the OP units determined over the same period. CAD per unit on the series of specific subordinated performance units and OP units is determined by the Company based generally upon the application of the provisions of the operating partnership agreement applicable to the distributions of operating cash flow and capital transactions proceeds.
During the year ended December 31, 2020, the Company received notices requesting the conversion of 32,741 subordinated performance units. Effective January 1, 2021, the Company issued 63,033 OP units in satisfaction of such conversion requests.


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NATIONAL STORAGE AFFILIATES TRUST
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2020
(dollars in thousands)

Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Mobile AL $ 991  $ 4,874  $ 806  $ 991  $ 5,680  $ 6,671  $ 1,532  4/12/2016
Lake Havasu City-Kingman AZ 671  1,572  300  671  1,872  2,543  582  4/1/2014
Lake Havasu City-Kingman AZ 722  2,546  82  722  2,628  3,350  1,007  7/1/2014
Lake Havasu City-Kingman AZ 711  5,438  7  711  5,445  6,156  46  10/29/2020
Phoenix-Mesa-Scottsdale AZ 1,089  6,607  106  1,089  6,713  7,802  1,963  6/30/2014
Phoenix-Mesa-Scottsdale AZ 3,813  7,831  98  3,813  7,929  11,742  1,780  9/30/2014
Phoenix-Mesa-Scottsdale AZ 1,375  2,613  105  1,375  2,718  4,093  1,085  9/30/2014
Phoenix-Mesa-Scottsdale AZ 1,653  7,531  60  1,653  7,591  9,244  1,483  10/1/2014
Phoenix-Mesa-Scottsdale AZ 1,661  3,311  105  1,661  3,416  5,077  846  10/1/2014
Phoenix-Mesa-Scottsdale AZ 1,050  5,359  59  1,050  5,418  6,468  843  1/1/2015
Phoenix-Mesa-Scottsdale AZ 1,198  1,921  52  1,198  1,973  3,171  533  5/1/2015
Phoenix-Mesa-Scottsdale AZ 1,324  3,626  91  1,324  3,717  5,041  820  5/1/2015
Phoenix-Mesa-Scottsdale AZ 3,816  4,348  56  3,816  4,404  8,220  938  5/1/2015
Phoenix-Mesa-Scottsdale AZ 5,576  6,746  307  5,576  7,053  12,629  1,729  5/19/2016
Phoenix-Mesa-Scottsdale AZ 1,506  2,881  297  1,609  3,178  4,787  545  7/29/2016
Phoenix-Mesa-Scottsdale AZ 2,120  5,442  29  2,120  5,471  7,591  721  2/13/2017
Phoenix-Mesa-Scottsdale AZ 1,809  4,787  80  1,809  4,867  6,676  602  1/4/2018
Phoenix-Mesa-Scottsdale AZ 840  5,274  33  840  5,307  6,147  639  1/4/2018
Phoenix-Mesa-Scottsdale AZ 2,111  7,963  37  2,111  8,000  10,111  888  1/4/2018
Phoenix-Mesa-Scottsdale AZ 748  4,027  215  748  4,242  4,990  562  1/11/2018
Phoenix-Mesa-Scottsdale AZ 676  4,098  91  676  4,189  4,865  486  1/11/2018
Phoenix-Mesa-Scottsdale AZ 1,011  3,453  76  1,011  3,529  4,540  401  1/11/2018
Phoenix-Mesa-Scottsdale AZ 1,125  3,554  81  1,125  3,635  4,760  485  1/11/2018
Phoenix-Mesa-Scottsdale AZ 949  7,351  84  949  7,435  8,384  718  1/11/2018
Phoenix-Mesa-Scottsdale AZ 1,419  5,504  73  1,419  5,577  6,996  640  1/11/2018
Phoenix-Mesa-Scottsdale AZ 1,117  5,918  228  1,117  6,146  7,263  596  2/1/2018
Phoenix-Mesa-Scottsdale AZ 1,231  5,107  58  1,231  5,165  6,396  384  1/1/2019
Phoenix-Mesa-Scottsdale AZ 806  4,041  234  806  4,275  5,081  240  6/19/2019
Tucson AZ 421  3,855  127  421  3,982  4,403  825  8/29/2013
Tucson AZ 716  1,365  29  716  1,394  2,110  516  8/29/2013
Tucson AZ 358  2,047  518  358  2,565  2,923  394  1/4/2018
Tucson AZ 439  2,501  62  439  2,563  3,002  330  1/4/2018
Tucson AZ 606  2,580  424  606  3,004  3,610  433  1/4/2018
Bakersfield CA 511  2,804  213  511  3,017  3,528  621  8/1/2016

F-41

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Bakersfield CA 1,409  3,907  204  1,228  4,111  5,339  756  8/1/2016
Bakersfield CA 1,882  3,858  115  1,882  3,973  5,855  841  8/1/2016
Bakersfield CA 1,355  4,678  315  1,355  4,993  6,348  985  8/1/2016
Bakersfield CA 1,306  3,440  149  1,306  3,589  4,895  921  8/1/2016
Bakersfield CA 1,016  3,638  127  1,016  3,765  4,781  650  8/1/2016
Bakersfield CA 1,579  3,357  132  1,579  3,489  5,068  757  8/1/2016
Bakersfield CA 750  5,802  131  750  5,933  6,683  1,072  8/1/2016
Fresno CA 840  7,502  503  840  8,005  8,845  1,956  8/1/2016
Los Angeles-Long Beach-Anaheim CA 1,530  5,799  321  1,530  6,120  7,650  810  8/1/2016
Los Angeles-Long Beach-Anaheim CA 2,345  6,820  712  2,345  7,532  9,877  1,015  8/1/2016
Los Angeles-Long Beach-Anaheim CA 1,350  11,266  176  1,350  11,442  12,792  1,723  8/1/2016
Los Angeles-Long Beach-Anaheim CA 763  6,258  262  763  6,520  7,283  1,009  8/1/2016
Los Angeles-Long Beach-Anaheim CA 6,641  8,239  94  6,641  8,333  14,974  1,773  4/1/2014
Los Angeles-Long Beach-Anaheim CA 1,122  1,881  83  1,122  1,964  3,086  559  6/30/2014
Los Angeles-Long Beach-Anaheim CA 14,109  23,112  396  14,109  23,508  37,617  6,153  9/17/2014
Los Angeles-Long Beach-Anaheim CA 7,186  12,771  297  7,186  13,068  20,254  3,328  9/17/2014
Los Angeles-Long Beach-Anaheim(4) CA   7,106  99    7,205  7,205  1,774  9/17/2014
Los Angeles-Long Beach-Anaheim CA 2,366  4,892  142  2,366  5,034  7,400  1,348  9/17/2014
Los Angeles-Long Beach-Anaheim(3) CA 2,871  3,703  56  2,871  3,759  6,630  860  10/7/2014
Los Angeles-Long Beach-Anaheim(3) CA 5,448  10,015  363  5,448  10,378  15,826  2,766  10/7/2014
Los Angeles-Long Beach-Anaheim(4) CA   13,150  56    13,206  13,206  2,669  1/1/2015
Los Angeles-Long Beach-Anaheim(4) CA   10,084  134    10,218  10,218  976  10/3/2017
Modesto CA 1,526  12,032  68  1,526  12,100  13,626  1,995  11/10/2016
Modesto CA 773  5,655  19  773  5,674  6,447  783  11/10/2016
Nonmetropolitan Area CA 425  7,249  22  425  7,271  7,696  1,086  11/10/2016
Riverside-San Bernardino-Ontario CA 1,842  3,420  56  1,842  3,476  5,318  730  1/1/2015
Riverside-San Bernardino-Ontario CA 1,981  3,323  95  1,981  3,418  5,399  891  1/1/2015
Riverside-San Bernardino-Ontario(3) CA 3,418  9,907  145  3,418  10,052  13,470  1,955  8/5/2015
Riverside-San Bernardino-Ontario(3) CA 1,913  6,072  85  1,913  6,157  8,070  1,417  8/5/2015
Riverside-San Bernardino-Ontario(3) CA 772  4,044  108  772  4,152  4,924  1,133  8/5/2015
Riverside-San Bernardino-Ontario(3) CA 597  5,464  94  597  5,558  6,155  1,106  8/5/2015
Riverside-San Bernardino-Ontario(3) CA 3,022  8,124  105  3,022  8,229  11,251  1,869  8/5/2015
Riverside-San Bernardino-Ontario(3) CA 2,897  5,725  677  2,467  6,402  8,869  1,849  8/5/2015
Riverside-San Bernardino-Ontario(3) CA 2,835  5,589  859  2,164  6,448  8,612  1,698  8/5/2015
Riverside-San Bernardino-Ontario(3) CA 2,484  5,903  86  2,484  5,989  8,473  1,084  8/5/2015

F-42

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Riverside-San Bernardino-Ontario(3) CA 1,139  5,054  36  1,139  5,090  6,229  1,094  10/1/2015
Riverside-San Bernardino-Ontario(3) CA 1,401  4,577  30  1,401  4,607  6,008  769  10/1/2015
Riverside-San Bernardino-Ontario(3) CA 925  3,459  52  925  3,511  4,436  782  10/1/2015
Riverside-San Bernardino-Ontario(3) CA 1,174  2,556  108  1,174  2,664  3,838  698  10/1/2015
Riverside-San Bernardino-Ontario(3) CA 1,506  2,913  47  1,506  2,960  4,466  618  10/1/2015
Riverside-San Bernardino-Ontario(3) CA 631  2,307  82  631  2,389  3,020  669  10/1/2015
Riverside-San Bernardino-Ontario(3) CA 1,318  2,394  60  1,318  2,454  3,772  659  10/1/2015
Riverside-San Bernardino-Ontario(3) CA 1,942  2,647  37  1,942  2,684  4,626  845  10/1/2015
Riverside-San Bernardino-Ontario(3) CA 1,339  2,830  64  1,339  2,894  4,233  705  10/1/2015
Riverside-San Bernardino-Ontario(3) CA 1,105  2,672  59  1,105  2,731  3,836  799  10/1/2015
Riverside-San Bernardino-Ontario(3) CA 1,542  2,127  44  1,542  2,171  3,713  631  10/1/2015
Riverside-San Bernardino-Ontario(3) CA 1,478  4,534  51  1,478  4,585  6,063  788  10/1/2015
Riverside-San Bernardino-Ontario CA 3,245  4,420  1,461  3,245  5,881  9,126  1,700  5/16/2016
Riverside-San Bernardino-Ontario CA 670  8,613  463  670  9,076  9,746  1,389  8/1/2016
Riverside-San Bernardino-Ontario CA 538  3,921  392  538  4,313  4,851  713  8/1/2016
Riverside-San Bernardino-Ontario CA 382  3,442  415  382  3,857  4,239  628  8/1/2016
Riverside-San Bernardino-Ontario CA 806  3,852  570  806  4,422  5,228  736  8/1/2016
Riverside-San Bernardino-Ontario CA 570  4,238  388  570  4,626  5,196  720  8/1/2016
Riverside-San Bernardino-Ontario CA 345  3,270  200  345  3,470  3,815  601  8/1/2016
Riverside-San Bernardino-Ontario CA 252  4,419  406  252  4,825  5,077  764  9/1/2016
Riverside-San Bernardino-Ontario CA 2,691  3,950  217  2,691  4,167  6,858  633  9/1/2016
Riverside-San Bernardino-Ontario CA 302  4,169  128  302  4,297  4,599  680  5/8/2017
Riverside-San Bernardino-Ontario CA 896  6,397  604  896  7,001  7,897  1,081  5/31/2017
Riverside-San Bernardino-Ontario(3) CA 552  3,010  130  552  3,140  3,692  1,035  5/16/2008
Riverside-San Bernardino-Ontario CA 1,342  4,446  286  1,342  4,732  6,074  1,845  4/1/2013
Riverside-San Bernardino-Ontario CA 1,672  2,564  74  1,672  2,638  4,310  749  4/1/2014
Riverside-San Bernardino-Ontario CA 978  1,854  316  978  2,170  3,148  860  5/30/2014
Riverside-San Bernardino-Ontario CA 1,068  2,609  249  1,068  2,858  3,926  909  5/30/2014
Riverside-San Bernardino-Ontario CA 1,202  2,032  109  1,202  2,141  3,343  632  6/30/2014
Riverside-San Bernardino-Ontario CA 1,803  2,758  252  1,803  3,010  4,813  1,111  6/30/2014
Riverside-San Bernardino-Ontario CA 1,337  4,489  80  1,337  4,569  5,906  1,201  6/30/2014
Riverside-San Bernardino-Ontario CA 846  2,508  130  846  2,638  3,484  974  7/1/2014
Riverside-San Bernardino-Ontario CA 1,026  4,552  96  1,026  4,648  5,674  1,162  9/17/2014
Riverside-San Bernardino-Ontario CA 1,878  5,104  101  1,878  5,205  7,083  1,162  9/17/2014
Riverside-San Bernardino-Ontario CA 3,974  6,962  151  3,974  7,113  11,087  2,254  10/1/2014

F-43

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Riverside-San Bernardino-Ontario CA 2,018  3,478  751  2,018  4,229  6,247  1,742  10/1/2014
Riverside-San Bernardino-Ontario CA 1,644  2,588  64  1,644  2,652  4,296  366  5/17/2018
Sacramento-Roseville-Arden-Arcade CA 1,195  8,407  37  1,195  8,444  9,639  1,134  11/10/2016
Sacramento-Roseville-Arden-Arcade CA 1,652  9,510  227  1,652  9,737  11,389  1,004  9/26/2018
San Diego-Carlsbad CA 4,318  19,775  1,113  4,323  20,888  25,211  2,761  8/1/2016
San Diego-Carlsbad(3) CA 3,703  5,582  140  3,703  5,722  9,425  1,299  9/17/2014
San Diego-Carlsbad CA 3,544  4,915  342  3,544  5,257  8,801  1,294  10/1/2014
San Diego-Carlsbad(4) CA   5,568  178    5,746  5,746  970  1/1/2015
San Diego-Carlsbad(4) CA   4,041  77    4,118  4,118  1,269  1/31/2015
Stockton-Lodi CA 559  5,514  15  559  5,529  6,088  772  11/10/2016
Stockton-Lodi CA 1,710  8,995  53  1,710  9,048  10,758  1,441  11/10/2016
Stockton-Lodi CA 1,637  11,901  55  1,637  11,956  13,593  1,293  7/31/2017
Colorado Springs CO 455  1,351  65  455  1,416  1,871  501  8/29/2007
Colorado Springs CO 588  2,162  1,140  588  3,302  3,890  1,072  3/26/2008
Colorado Springs CO 632  3,118  420  632  3,538  4,170  1,259  3/26/2008
Colorado Springs CO 414  1,535  378  414  1,913  2,327  678  5/1/2008
Colorado Springs(3) CO 300  1,801  129  300  1,930  2,230  575  6/1/2009
Colorado Springs CO 766  5,901  681  766  6,582  7,348  862  10/19/2017
Colorado Springs CO 1,499  6,088  7  1,499  6,095  7,594  156  3/27/2020
Colorado Springs CO 1,724  6,432  7  1,724  6,439  8,163  179  5/20/2020
Colorado Springs CO 236  661  3  236  664  900  9  9/8/2020
Colorado Springs CO 1,220  2,374  12  1,220  2,386  3,606  36  9/8/2020
Colorado Springs CO 1,041  2,961    1,041  2,961  4,002  5  12/17/2020
Denver-Aurora-Lakewood CO 868  128  2,306  868  2,434  3,302  655  6/22/2009
Denver-Aurora-Lakewood CO 938  8,449  42  938  8,491  9,429  1,021  11/1/2016
Fort Collins CO 3,213  3,087  244  3,213  3,331  6,544  1,148  8/29/2007
Fort Collins CO 2,514  1,786  117  2,514  1,903  4,417  651  8/29/2007
Pueblo CO 156  2,797  17  156  2,814  2,970  473  2/17/2016
Norwich-New London CT 852  6,006  14  852  6,020  6,872  8  12/2/2020
Cape Coral-Fort Myers(3) FL 4,122  8,453  81  4,122  8,534  12,656  1,437  4/1/2016
Crestview-Fort Walton Beach-Destin FL 684  12,857  40  684  12,897  13,581  667  1/1/2019
Crestview-Fort Walton Beach-Destin FL 2,001  12,948  34  2,001  12,982  14,983  624  6/21/2019
Crestview-Fort Walton Beach-Destin FL 813  3,509  89  813  3,598  4,411  137  12/17/2019
Crestview-Fort Walton Beach-Destin FL 1,285  5,292  215  1,285  5,507  6,792  231  12/17/2019
Crestview-Fort Walton Beach-Destin FL 407  14,655  160  407  14,815  15,222  412  1/14/2020

F-44

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Crestview-Fort Walton Beach-Destin FL 1,179  8,405  328  1,179  8,733  9,912  309  1/16/2020
Deltona-Daytona Beach-Ormond Beach FL 1,778  8,489  32  1,778  8,521  10,299  179  6/8/2020
Gainesville FL 1,072  4,698  111  1,072  4,809  5,881  588  1/10/2018
Gainesville FL 264  2,369  108  264  2,477  2,741  233  12/18/2018
Gainesville FL 457  2,120  350  457  2,470  2,927  141  12/19/2019
Jacksonville FL 2,087  19,473  238  2,087  19,711  21,798  2,400  11/10/2016
Jacksonville FL 1,629  4,929  359  1,629  5,288  6,917  882  11/10/2016
Jacksonville FL 527  2,434  940  527  3,374  3,901  655  12/20/2017
Lakeland-Winter Haven(3) FL 972  2,159  168  972  2,327  3,299  543  5/4/2015
Naples-Immokalee-Marco Island(3) FL 3,849  16,688  446  3,849  17,134  20,983  2,411  4/1/2016
North Port-Sarasota-Bradenton(3) FL 2,211  5,682  84  2,211  5,766  7,977  942  4/1/2016
North Port-Sarasota-Bradenton(3) FL 2,488  7,282  171  2,488  7,453  9,941  1,157  4/1/2016
North Port-Sarasota-Bradenton(3) FL 1,767  5,955  60  1,767  6,015  7,782  1,058  4/1/2016
North Port-Sarasota-Bradenton FL 2,143  5,005  3,890  3,373  8,895  12,268  1,849  10/11/2016
North Port-Sarasota-Bradenton(3) FL 1,924  4,514  316  1,924  4,830  6,754  910  4/1/2016
North Port-Sarasota-Bradenton FL 1,176  3,421  20  1,176  3,441  4,617  563  4/1/2016
North Port-Sarasota-Bradenton(3) FL 1,839  8,377  69  1,839  8,446  10,285  1,179  4/1/2016
North Port-Sarasota-Bradenton(3) FL 2,507  7,766  82  2,507  7,848  10,355  1,200  4/1/2016
North Port-Sarasota-Bradenton(3) FL 1,685  5,439  112  1,685  5,551  7,236  931  4/1/2016
North Port-Sarasota-Bradenton(3) FL 437  5,128  199  437  5,327  5,764  923  4/1/2016
North Port-Sarasota-Bradenton FL 1,015  3,031  53  1,015  3,084  4,099  480  4/1/2016
North Port-Sarasota-Bradenton FL 1,985  4,299  905  1,985  5,204  7,189  793  1/31/2017
North Port-Sarasota-Bradenton FL 1,336  4,085  4  1,336  4,089  5,425  486  4/6/2017
North Port-Sarasota-Bradenton FL 2,105  8,217  45  2,105  8,262  10,367  657  1/1/2019
Orlando-Kissimmee-Sanford FL 2,426  9,314  173  2,426  9,487  11,913  1,352  11/10/2016
Orlando-Kissimmee-Sanford FL 2,166  4,672  119  2,166  4,791  6,957  770  11/10/2016
Orlando-Kissimmee-Sanford FL 4,583  8,752  148  4,583  8,900  13,483  1,587  11/10/2016
Orlando-Kissimmee-Sanford FL 4,181  4,268  215  4,181  4,483  8,664  697  6/30/2017
Palm Bay-Melbourne-Titusville FL 1,125  4,362  25  1,125  4,387  5,512  293  1/1/2019
Panama City FL 2,332  6,847  23  2,332  6,870  9,202  389  6/21/2019
Panama City FL 810  3,105  45  810  3,150  3,960  148  8/22/2019
Pensacola-Ferry Pass-Brent FL 1,025  8,157  185  1,025  8,342  9,367  879  10/3/2017
Pensacola-Ferry Pass-Brent FL 841  5,075  258  841  5,333  6,174  650  2/20/2018
Pensacola-Ferry Pass-Brent FL 644  4,785  176  644  4,961  5,605  424  12/12/2018
Pensacola-Ferry Pass-Brent FL 1,182  5,008  33  1,182  5,041  6,223  282  6/21/2019

F-45

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Punta Gorda(3) FL 1,157  2,079  816  1,157  2,895  4,052  413  4/27/2017
Tampa-St. Petersburg-Clearwater(3) FL 5,436  10,092  67  5,436  10,159  15,595  1,716  4/1/2016
Tampa-St. Petersburg-Clearwater(3) FL 361  1,238  120  361  1,358  1,719  419  5/4/2015
Tampa-St. Petersburg-Clearwater FL 3,581  2,612  190  3,581  2,802  6,383  564  5/1/2017
Tampa-St. Petersburg-Clearwater FL 4,708  13,984  160  4,708  14,144  18,852  1,643  5/24/2017
Tampa-St. Petersburg-Clearwater FL 2,063  5,351  207  2,063  5,558  7,621  429  8/28/2018
Tampa-St. Petersburg-Clearwater FL 1,248  2,937  14  1,248  2,951  4,199  110  12/18/2019
The Villages FL 897  6,132  61  897  6,193  7,090  599  1/1/2019
Albany GA 785  3,917  6  785  3,923  4,708  6  12/18/2020
Atlanta-Sandy Springs-Roswell GA 515  687  137  515  824  1,339  308  8/29/2007
Atlanta-Sandy Springs-Roswell GA 272  1,357  538  272  1,895  2,167  627  8/29/2007
Atlanta-Sandy Springs-Roswell GA 702  1,999  583  702  2,582  3,284  934  8/29/2007
Atlanta-Sandy Springs-Roswell GA 1,413  1,590  216  1,413  1,806  3,219  667  8/29/2007
Atlanta-Sandy Springs-Roswell GA 341  562  152  341  714  1,055  295  8/29/2007
Atlanta-Sandy Springs-Roswell GA 553  847  184  553  1,031  1,584  422  8/29/2007
Atlanta-Sandy Springs-Roswell GA 85  445  305  85  750  835  327  9/28/2007
Atlanta-Sandy Springs-Roswell(3) GA 494  2,215  284  494  2,499  2,993  862  9/28/2007
Atlanta-Sandy Springs-Roswell GA 1,614  2,476  1,732  1,614  4,208  5,822  676  7/29/2015
Atlanta-Sandy Springs-Roswell GA 1,595  2,143  2,062  1,595  4,205  5,800  741  7/29/2015
Atlanta-Sandy Springs-Roswell GA 666  5,961  369  666  6,330  6,996  820  7/17/2017
Atlanta-Sandy Springs-Roswell GA 1,028  7,041  101  1,028  7,142  8,170  1,095  10/19/2017
Atlanta-Sandy Springs-Roswell GA 748  3,382  103  748  3,485  4,233  474  10/19/2017
Atlanta-Sandy Springs-Roswell GA 703  4,014  133  703  4,147  4,850  555  10/19/2017
Atlanta-Sandy Springs-Roswell GA 1,873  9,109  135  1,873  9,244  11,117  1,137  10/19/2017
Atlanta-Sandy Springs-Roswell GA 547  4,073  63  547  4,136  4,683  540  10/19/2017
Atlanta-Sandy Springs-Roswell GA 1,499  5,279  91  1,499  5,370  6,869  707  10/19/2017
Atlanta-Sandy Springs-Roswell GA 763  5,135  92  763  5,227  5,990  573  10/19/2017
Atlanta-Sandy Springs-Roswell GA 795  2,941  87  600  3,028  3,628  394  10/19/2017
Atlanta-Sandy Springs-Roswell GA 1,356  7,516  75  1,356  7,591  8,947  953  10/19/2017
Atlanta-Sandy Springs-Roswell GA 912  5,074  113  912  5,187  6,099  582  10/19/2017
Atlanta-Sandy Springs-Roswell GA 570  3,477  156  570  3,633  4,203  495  10/19/2017
Atlanta-Sandy Springs-Roswell GA 1,052  7,102  104  1,052  7,206  8,258  794  10/19/2017
Atlanta-Sandy Springs-Roswell GA 430  3,470  75  430  3,545  3,975  672  3/29/2016
Atlanta-Sandy Springs-Roswell GA 972  2,342  68  972  2,410  3,382  420  8/17/2016
Atlanta-Sandy Springs-Roswell GA 919  3,899  116  919  4,015  4,934  414  5/21/2018

F-46

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Atlanta-Sandy Springs-Roswell GA 520  3,708  50  520  3,758  4,278  284  1/4/2019
Atlanta-Sandy Springs-Roswell GA 765  2,872  69  765  2,941  3,706  230  1/4/2019
Atlanta-Sandy Springs-Roswell GA 686  3,821  69  686  3,890  4,576  249  1/4/2019
Atlanta-Sandy Springs-Roswell GA 527  10,404  71  527  10,475  11,002  428  7/24/2019
Augusta-Richmond County GA 84  539  232  84  771  855  290  8/29/2007
Augusta-Richmond County GA 205  686  230  205  916  1,121  327  8/29/2007
Augusta-Richmond County GA 1,424  10,439  170  1,424  10,609  12,033  674  2/5/2019
Augusta-Richmond County GA 875  6,231  110  875  6,341  7,216  368  5/28/2019
Augusta-Richmond County GA 1,277  7,494  152  1,277  7,646  8,923  485  5/28/2019
Columbus(3) GA 169  342  171  169  513  682  179  5/1/2009
Macon GA 180  840  70  180  910  1,090  316  9/28/2007
Savannah GA 1,741  1,160  487  1,741  1,647  3,388  505  8/29/2007
Savannah(3) GA 597  762  194  597  956  1,553  352  9/28/2007
Savannah GA 409  1,335  76  409  1,411  1,820  557  1/31/2014
Savannah GA 811  1,181  217  811  1,398  2,209  576  6/25/2014
Savannah GA 1,280  7,211  144  1,280  7,355  8,635  471  5/15/2019
Savannah GA 642  3,135  53  642  3,188  3,830  120  1/7/2020
Valdosta GA 1,321  3,320  40  1,321  3,360  4,681  237  1/1/2019
Nonmetropolitan Area GA 599  3,714  30  599  3,744  4,343  196  8/30/2019
Coeur d Alene ID 868  5,011    868  5,011  5,879  8  12/23/2020
Coeur d Alene ID 401  1,005    401  1,005  1,406  2  12/23/2020
Nonmetropolitan Area ID 1,133  5,634  34  1,133  5,668  6,801  493  4/1/2019
Nonmetropolitan Area ID 362  2,523  26  362  2,549  2,911  171  6/24/2019
Nonmetropolitan Area ID 413  2,114  35  413  2,149  2,562  129  6/24/2019
St. Louis IL 225  4,394  203  225  4,597  4,822  614  8/28/2017
St. Louis IL 179  5,154  338  179  5,492  5,671  761  8/28/2017
St. Louis IL 226  3,088  253  226  3,341  3,567  514  8/28/2017
St. Louis IL 174  3,338  274  174  3,612  3,786  499  9/25/2017
Indianapolis-Carmel-Anderson IN 855  7,273  46  855  7,319  8,174  1,259  2/16/2016
Indianapolis-Carmel-Anderson IN 815  3,844  22  815  3,866  4,681  825  2/16/2016
Indianapolis-Carmel-Anderson IN 688  3,845  51  688  3,896  4,584  836  2/16/2016
Indianapolis-Carmel-Anderson IN 626  4,049  59  626  4,108  4,734  775  2/25/2016
Indianapolis-Carmel-Anderson IN 1,118  4,444  295  1,118  4,739  5,857  1,174  2/25/2016
Indianapolis-Carmel-Anderson IN 614  5,487  59  614  5,546  6,160  925  2/25/2016
Indianapolis-Carmel-Anderson IN 619  2,140  25  619  2,165  2,784  516  11/10/2016

F-47

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Indianapolis-Carmel-Anderson IN 689  6,944  48  689  6,992  7,681  1,007  11/10/2016
Indianapolis-Carmel-Anderson IN 609  3,172  43  609  3,215  3,824  640  11/10/2016
Indianapolis-Carmel-Anderson IN 532  5,441  45  532  5,486  6,018  784  11/10/2016
Indianapolis-Carmel-Anderson IN 433  5,817  28  433  5,845  6,278  798  11/10/2016
Indianapolis-Carmel-Anderson IN 688  5,413  51  688  5,464  6,152  906  11/10/2016
Indianapolis-Carmel-Anderson IN 575  5,168  80  575  5,248  5,823  816  11/10/2016
Indianapolis-Carmel-Anderson IN 522  5,366  39  522  5,405  5,927  787  11/10/2016
Indianapolis-Carmel-Anderson IN 528  2,877  34  528  2,911  3,439  459  10/19/2017
Indianapolis-Carmel-Anderson IN 1,257  6,694  46  1,257  6,740  7,997  889  10/19/2017
Kansas City KS 816  5,432  145  816  5,577  6,393  768  10/19/2017
Kansas City KS 975  6,967  208  975  7,175  8,150  1,043  10/19/2017
Kansas City KS 719  5,143  177  719  5,320  6,039  666  10/19/2017
Kansas City(3) KS 521  5,168  207  521  5,375  5,896  573  3/1/2018
Kansas City KS 640  3,367  159  640  3,526  4,166  394  5/31/2018
Kansas City KS 533  3,138  127  533  3,265  3,798  345  5/31/2018
Kansas City KS 499  4,041  152  499  4,193  4,692  458  5/31/2018
Kansas City KS 724  4,245  162  724  4,407  5,131  437  5/31/2018
Wichita(3) KS 1,156  5,662  186  1,156  5,848  7,004  675  3/1/2018
Wichita(3) KS 721  3,395  177  721  3,572  4,293  423  3/1/2018
Wichita(3) KS 443  3,635  98  443  3,733  4,176  405  3/1/2018
Wichita KS 630  7,264  150  630  7,414  8,044  657  3/1/2018
Wichita KS 430  1,740  65  430  1,805  2,235  208  3/1/2018
Wichita KS 655  1,831  134  655  1,965  2,620  238  5/31/2018
Wichita KS 393  3,950  163  393  4,113  4,506  443  5/31/2018
Wichita KS 1,353  2,241  273  1,353  2,514  3,867  354  8/28/2018
Wichita KS 989  2,824    989  2,824  3,813  6  12/30/2020
Wichita KS 370  623    370  623  993  2  12/30/2020
Louisville/Jefferson County KY 2,174  3,667  49  2,174  3,716  5,890  799  5/1/2015
Baton Rouge LA 386  1,744  127  386  1,871  2,257  349  4/12/2016
Baton Rouge LA 1,098  5,208  583  1,098  5,791  6,889  1,146  4/12/2016
Baton Rouge LA 1,203  3,156  292  1,203  3,448  4,651  696  7/21/2016
Baton Rouge LA 755  2,702  296  755  2,998  3,753  596  7/21/2016
New Orleans-Metairie LA 1,287  6,235  166  1,287  6,401  7,688  1,118  4/12/2016
New Orleans-Metairie LA 1,076  6,677  68  1,076  6,745  7,821  1,065  1/10/2019
New Orleans-Metairie LA 1,274  1,987  41  1,274  2,028  3,302  252  1/10/2019

F-48

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
New Orleans-Metairie LA 994  8,548  35  994  8,583  9,577  477  1/10/2019
New Orleans-Metairie LA 607  9,211  274  607  9,485  10,092  544  1/10/2019
New Orleans-Metairie LA 819  4,291  289  819  4,580  5,399  368  1/10/2019
New Orleans-Metairie LA 327  4,423  84  327  4,507  4,834  278  1/10/2019
New Orleans-Metairie LA 852  4,138  40  852  4,178  5,030  290  1/10/2019
New Orleans-Metairie LA 633  870  36  633  906  1,539  119  1/10/2019
New Orleans-Metairie LA 682  4,790  483  682  5,273  5,955  392  1/10/2019
New Orleans-Metairie LA 773  7,056  49  773  7,105  7,878  404  1/10/2019
New Orleans-Metairie LA 742  3,278  24  742  3,302  4,044  279  1/10/2019
New Orleans-Metairie(4) LA 96  3,615  23  96  3,638  3,734  201  9/18/2019
Shreveport-Bossier City LA 971  3,474  171  1,549  5,055  6,604  934  5/5/2015
Shreveport-Bossier City LA 964  3,573  105  964  3,678  4,642  948  5/5/2015
Shreveport-Bossier City LA 772  2,906  133  772  3,039  3,811  775  5/5/2015
Shreveport-Bossier City LA 479  1,439  72  479  1,511  1,990  408  5/5/2015
Shreveport-Bossier City LA 475  854  103  475  957  1,432  309  5/5/2015
Shreveport-Bossier City LA 645  2,004  70  645  2,074  2,719  453  10/19/2017
Shreveport-Bossier City LA 654  3,589  82  654  3,671  4,325  443  10/19/2017
Shreveport-Bossier City LA 906  3,618  71  906  3,689  4,595  489  10/19/2017
Shreveport-Bossier City(4) LA   5,113  94    5,207  5,207  535  10/19/2017
Boston-Cambridge-Newton MA 696  5,830  81  696  5,911  6,607  255  1/16/2020
Springfield MA 1,036  5,131  129  1,036  5,260  6,296  294  9/17/2019
Springfield MA 891  4,944  123  891  5,067  5,958  258  9/17/2019
Worchester MA 414  4,122  105  414  4,227  4,641  560  6/30/2017
Baltimore-Columbia-Towson MD 2,219  8,271    2,219  8,271  10,490  175  6/30/2020
California-Lexington Park MD 827  4,936  130  827  5,066  5,893  643  2/16/2018
California-Lexington Park MD 965  6,738  145  965  6,883  7,848  1,052  7/31/2017
California-Lexington Park MD 550  2,409  121  550  2,530  3,080  441  9/6/2017
Washington-Arlington-Alexandria MD 717  3,303  69  717  3,372  4,089  334  1/3/2019
Minneapolis-St. Paul-Bloomington MN 840  2,913    840  2,913  3,753  5  12/29/2020
Kansas City MO 541  4,874  227  541  5,101  5,642  578  5/31/2018
Kansas City MO 461  5,341  139  461  5,480  5,941  557  5/31/2018
Kansas City MO 341  3,748  207  341  3,955  4,296  422  5/31/2018
St. Louis MO 1,675  10,606  269  1,675  10,875  12,550  1,135  9/26/2018
St. Louis MO 352  7,100  309  352  7,409  7,761  1,057  8/28/2017
St. Louis MO 163  1,025  54  163  1,079  1,242  165  8/28/2017

F-49

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
St. Louis MO 354  4,034  146  354  4,180  4,534  590  8/28/2017
St. Louis MO 634  3,886  147  634  4,033  4,667  148  12/18/2019
St. Louis MO 1,012  3,328  146  1,012  3,474  4,486  153  12/18/2019
St. Louis MO 1,247  11,431    1,247  11,431  12,678  17  12/29/2020
Gulfport-Biloxi-Pascagoula MS 645  2,413  288  645  2,701  3,346  763  4/12/2016
Nonmetropolitan Area(3) MS 224  1,052  159  224  1,211  1,435  368  5/1/2009
Nonmetropolitan Area(3) MS 382  803  202  382  1,005  1,387  316  5/1/2009
Charlotte-Concord-Gastonia NC 1,871  4,174  117  1,871  4,291  6,162  931  5/1/2015
Charlotte-Concord-Gastonia(3) NC 1,108  3,935  97  1,108  4,032  5,140  890  5/4/2015
Charlotte-Concord-Gastonia(3) NC 2,301  4,458  256  2,301  4,714  7,015  1,147  5/4/2015
Charlotte-Concord-Gastonia(3) NC 1,862  3,297  112  1,862  3,409  5,271  869  9/2/2015
Durham-Chapel Hill NC 1,711  4,180  137  1,711  4,317  6,028  835  5/1/2015
Durham-Chapel Hill NC 390  1,025  270  390  1,295  1,685  484  8/29/2007
Durham-Chapel Hill(3) NC 663  2,743  282  663  3,025  3,688  1,062  9/28/2007
Durham-Chapel Hill NC 1,024  1,383  430  1,024  1,813  2,837  633  9/28/2007
Fayetteville(3) NC 1,195  2,072  26  1,195  2,098  3,293  413  10/1/2015
Fayetteville(3) NC 830  3,710  114  830  3,824  4,654  624  10/1/2015
Fayetteville NC 636  2,169  1,687  636  3,856  4,492  1,305  8/29/2007
Fayetteville(3) NC 151  5,392  492  151  5,884  6,035  1,976  9/28/2007
Fayetteville NC 1,319  3,444  51  1,319  3,495  4,814  837  10/10/2013
Fayetteville NC 772  3,406  69  772  3,475  4,247  754  10/10/2013
Fayetteville(3) NC 1,276  4,527  70  1,276  4,597  5,873  927  12/20/2013
Greensboro-High Point NC 873  769  215  873  984  1,857  404  8/29/2007
Jacksonville NC 1,265  2,123  299  1,265  2,422  3,687  736  5/1/2015
Nonmetropolitan Area NC 530  2,394  23  530  2,417  2,947  558  12/11/2014
Nonmetropolitan Area NC 667  2,066  22  667  2,088  2,755  513  12/11/2014
Nonmetropolitan Area(3) NC 689  3,153  46  689  3,199  3,888  702  5/6/2015
Nonmetropolitan Area NC 2,093  2,045  96  2,093  2,141  4,234  432  8/4/2017
Nonmetropolitan Area NC 173  2,193  36  173  2,229  2,402  317  7/17/2018
Raleigh NC 396  1,700  198  396  1,898  2,294  702  8/29/2007
Raleigh NC 393  1,190  230  393  1,420  1,813  510  8/29/2007
Raleigh NC 907  2,913  155  907  3,068  3,975  1,063  8/29/2007
Raleigh NC 1,578  4,678  116  1,578  4,794  6,372  926  5/4/2015
Raleigh NC 1,075  6,716  9  1,075  6,725  7,800  10  12/22/2020
Wilmington NC 1,881  4,618  67  1,881  4,685  6,566  954  5/1/2015

F-50

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Wilmington NC 1,283  1,747  343  1,141  2,090  3,231  711  8/29/2007
Wilmington(3) NC 860  828  104  860  932  1,792  330  9/28/2007
Wilmington NC 1,720  9,032  123  1,720  9,155  10,875  634  11/7/2018
Wilmington NC 2,021  8,136  116  2,021  8,252  10,273  625  11/7/2018
Wilmington NC 3,083  12,487  106  3,083  12,593  15,676  811  11/7/2018
Winston-Salem NC 362  529  96  362  625  987  233  8/29/2007
Boston-Cambridge-Newton NH 899  3,863  58  899  3,921  4,820  722  9/22/2015
Boston-Cambridge-Newton NH 1,488  7,300  155  1,488  7,455  8,943  1,952  7/1/2014
Boston-Cambridge-Newton NH 1,597  3,138  126  1,597  3,264  4,861  671  2/22/2016
Boston-Cambridge-Newton NH 1,445  2,957  4,916  1,445  7,873  9,318  667  2/22/2016
Manchester-Nashua NH 1,786  6,100  100  1,786  6,200  7,986  1,075  2/22/2016
Manchester-Nashua NH 1,395  5,573  46  1,395  5,619  7,014  911  2/22/2016
Nonmetropolitan Area NH 632  1,040  474  632  1,514  2,146  524  6/24/2013
Nonmetropolitan Area NH 197  901  84  197  985  1,182  395  6/24/2013
Nonmetropolitan Area NH 2,053  5,425  52  2,053  5,477  7,530  853  6/15/2017
Nonmetropolitan Area NH 1,528  2,686  54  1,528  2,740  4,268  658  2/22/2016
Nonmetropolitan Area NH 1,344  4,872  187  1,344  5,059  6,403  410  3/8/2019
New York-Newark-Jersey City NJ 742  3,810  25  742  3,835  4,577  400  3/1/2019
New York-Newark-Jersey City NJ 831  6,318  70  831  6,388  7,219  583  3/1/2019
New York-Newark-Jersey City NJ 1,449  7,560  442  1,449  8,002  9,451  313  3/20/2020
Vineland-Bridgeton NJ 180  5,831  279  180  6,110  6,290  463  4/15/2019
Albuquerque NM 1,089  2,845  199  1,089  3,044  4,133  771  8/31/2016
Albuquerque NM 854  3,436  88  854  3,524  4,378  610  9/19/2016
Albuquerque NM 1,247  2,753  158  1,247  2,911  4,158  218  3/21/2019
Albuquerque NM 2,448  11,065  178  2,448  11,243  13,691  541  5/20/2019
Albuquerque NM 2,386  7,658  123  2,386  7,781  10,167  463  5/20/2019
Carson City NV 985  1,438  412  995  1,850  2,845  259  12/13/2018
Las Vegas-Henderson-Paradise NV 1,757  4,223  78  1,757  4,301  6,058  820  9/20/2016
Las Vegas-Henderson-Paradise NV 1,121  1,510  236  1,121  1,746  2,867  414  9/20/2016
Las Vegas-Henderson-Paradise NV 2,160  4,544  288  2,160  4,832  6,992  699  11/17/2016
Las Vegas-Henderson-Paradise NV 1,047  7,413  359  1,047  7,772  8,819  811  4/11/2018
Las Vegas-Henderson-Paradise NV 1,169  3,616  240  1,169  3,856  5,025  1,589  12/23/2013
Las Vegas-Henderson-Paradise NV 389  2,850  214  389  3,064  3,453  882  4/1/2014
Las Vegas-Henderson-Paradise NV 794  1,406  293  794  1,699  2,493  611  7/1/2014
Las Vegas-Henderson-Paradise NV 2,362  8,445  189  2,362  8,634  10,996  931  8/15/2017

F-51

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Las Vegas-Henderson-Paradise NV 2,157  2,753  118  2,157  2,871  5,028  444  8/15/2017
Las Vegas-Henderson-Paradise NV 1,296  8,039  235  1,296  8,274  9,570  853  8/15/2017
Las Vegas-Henderson-Paradise NV 828  2,030  283  828  2,313  3,141  404  8/29/2017
Las Vegas-Henderson-Paradise NV 3,864  2,870  1,028  3,976  3,898  7,874  817  8/29/2017
New York-Newark-Jersey City NY 1,191  11,389  3  1,191  11,392  12,583  17  12/22/2020
Canton-Massillon OH 83  2,911  53  83  2,964  3,047  498  11/10/2016
Canton-Massillon OH 292  2,107  113  292  2,220  2,512  751  11/10/2016
Cincinnati OH 2,059  11,660  53  2,059  11,713  13,772  1,130  9/6/2018
Cleveland-Elyria OH 169  2,702  57  169  2,759  2,928  442  11/10/2016
Cleveland-Elyria OH 193  3,323  46  193  3,369  3,562  484  11/10/2016
Cleveland-Elyria OH 490  1,050  33  490  1,083  1,573  278  11/10/2016
Cleveland-Elyria OH 845  4,916  42  845  4,958  5,803  829  11/10/2016
Cleveland-Elyria OH 842  2,044  42  842  2,086  2,928  557  11/10/2016
Oklahoma City OK 388  3,142  249  388  3,391  3,779  1,210  5/29/2007
Oklahoma City OK 213  1,383  114  213  1,497  1,710  540  5/29/2007
Oklahoma City OK 561  2,355  634  561  2,989  3,550  1,182  5/29/2007
Oklahoma City OK 349  2,368  630  349  2,998  3,347  1,175  5/29/2007
Oklahoma City OK 466  2,544  123  466  2,667  3,133  953  5/29/2007
Oklahoma City OK 144  1,576  232  144  1,808  1,952  688  5/29/2007
Oklahoma City OK 168  1,696  302  168  1,998  2,166  748  5/29/2007
Oklahoma City OK 220  1,606  144  220  1,750  1,970  635  5/30/2007
Oklahoma City OK 376  1,460  70  376  1,530  1,906  530  5/30/2007
Oklahoma City OK 337  2,788  104  337  2,892  3,229  1,024  5/30/2007
Oklahoma City OK 814  3,161  1,244  814  4,405  5,219  1,276  5/30/2007
Oklahoma City OK 590  1,502  1,827  590  3,329  3,919  1,084  8/29/2007
Oklahoma City OK 205  1,772  605  205  2,377  2,582  886  5/1/2009
Oklahoma City OK 701  4,926  12  701  4,938  5,639  699  9/1/2016
Oklahoma City OK 1,082  4,218  30  1,082  4,248  5,330  747  1/1/2016
Oklahoma City OK 736  2,925  18  736  2,943  3,679  628  1/1/2016
Oklahoma City OK 1,135  3,759  30  1,135  3,789  4,924  702  1/1/2016
Oklahoma City OK 888  4,310    888  4,310  5,198  7  12/29/2020
Oklahoma City OK 591  1,413    591  1,413  2,004  3  12/30/2020
Oklahoma City OK 1,771  4,973    1,771  4,973  6,744  10  12/31/2020
Tulsa OK 548  1,892  113  548  2,005  2,553  700  8/29/2007
Tulsa OK 764  1,386  452  764  1,838  2,602  695  8/29/2007

F-52

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Tulsa OK 1,305  2,533  173  1,305  2,706  4,011  964  8/29/2007
Tulsa OK 940  2,196  385  940  2,581  3,521  931  8/29/2007
Tulsa OK 59  466  389  59  855  914  327  8/29/2007
Tulsa OK 426  1,424  300  426  1,724  2,150  679  8/29/2007
Tulsa OK 250  667  259  250  926  1,176  335  8/29/2007
Tulsa(3) OK 944  2,085  62  944  2,147  3,091  711  2/14/2008
Tulsa(3) OK 892  2,421  32  892  2,453  3,345  807  2/14/2008
Tulsa OK 492  1,343  202  492  1,545  2,037  493  4/1/2008
Tulsa OK 505  1,346  734  505  2,080  2,585  888  4/1/2008
Tulsa OK 466  1,270  159  466  1,429  1,895  494  4/1/2008
Tulsa(3) OK 1,103  4,431  475  1,103  4,906  6,009  2,249  6/10/2013
Bend-Redmond OR 295  1,369  71  295  1,440  1,735  519  4/1/2013
Bend-Redmond OR 1,692  2,410  79  1,692  2,489  4,181  1,077  4/1/2013
Bend-Redmond(3) OR 571  1,917  29  571  1,946  2,517  579  6/10/2013
Bend-Redmond(3) OR 397  1,180  159  397  1,339  1,736  604  6/10/2013
Bend-Redmond OR 690  1,983  854  690  2,837  3,527  766  5/1/2014
Bend-Redmond OR 722  2,151  16  722  2,167  2,889  635  5/1/2014
Bend-Redmond OR 800  2,836  14  800  2,850  3,650  836  5/1/2014
Bend-Redmond OR 2,688  10,731  87  2,688  10,818  13,506  1,905  4/15/2016
Corvallis OR 382  1,465  50  382  1,515  1,897  552  12/30/2013
Eugene OR 710  1,539  115  710  1,654  2,364  591  4/1/2013
Eugene OR 842  1,674  49  842  1,723  2,565  657  4/1/2013
Eugene(3) OR 414  1,990  11  414  2,001  2,415  512  6/10/2013
Eugene(3) OR 1,149  2,061  158  1,149  2,219  3,368  642  6/10/2013
Eugene OR 728  3,230  157  728  3,387  4,115  788  12/30/2013
Eugene OR 1,601  2,686  173  1,601  2,859  4,460  1,206  4/1/2014
Nonmetropolitan Area OR 997  1,874  17  997  1,891  2,888  483  12/1/2014
Portland-Vancouver-Hillsboro OR 2,670  8,709  92  2,670  8,801  11,471  1,290  8/10/2015
Portland-Vancouver-Hillsboro OR 771  4,121  5  771  4,126  4,897  422  11/15/2017
Portland-Vancouver-Hillsboro OR 2,002  14,445  245  2,002  14,690  16,692  1,794  12/14/2017
Portland-Vancouver-Hillsboro OR 851  2,063  29  851  2,092  2,943  565  4/1/2013
Portland-Vancouver-Hillsboro OR 1,704  2,313  212  1,704  2,525  4,229  886  4/1/2013
Portland-Vancouver-Hillsboro OR 1,254  2,787  67  1,254  2,854  4,108  768  4/1/2013
Portland-Vancouver-Hillsboro OR 2,808  4,437  53  2,808  4,490  7,298  1,417  4/1/2013
Portland-Vancouver-Hillsboro OR 1,015  2,184  10  1,015  2,194  3,209  616  4/1/2013

F-53

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Portland-Vancouver-Hillsboro(3) OR 1,077  3,008  193  1,077  3,201  4,278  822  6/10/2013
Portland-Vancouver-Hillsboro(3) OR 1,072  2,629  99  1,072  2,728  3,800  811  6/10/2013
Portland-Vancouver-Hillsboro(3) OR 2,217  3,766  25  2,217  3,791  6,008  982  6/10/2013
Portland-Vancouver-Hillsboro(3) OR 1,334  2,324  144  1,334  2,468  3,802  763  6/10/2013
Portland-Vancouver-Hillsboro(3) OR 996  2,525  182  996  2,707  3,703  795  6/10/2013
Portland-Vancouver-Hillsboro OR 1,496  3,372  331  1,496  3,703  5,199  907  6/24/2013
Portland-Vancouver-Hillsboro OR 954  3,026  142  954  3,168  4,122  736  6/24/2013
Portland-Vancouver-Hillsboro OR 1,627  2,388  101  1,627  2,489  4,116  691  6/24/2013
Portland-Vancouver-Hillsboro OR 2,509  4,200  256  2,509  4,456  6,965  1,204  12/30/2013
Portland-Vancouver-Hillsboro OR 787  1,915  89  787  2,004  2,791  533  12/30/2013
Portland-Vancouver-Hillsboro OR 1,703  4,729  46  1,703  4,775  6,478  1,156  4/1/2014
Portland-Vancouver-Hillsboro OR 738  2,483  12  738  2,495  3,233  606  4/1/2014
Portland-Vancouver-Hillsboro OR 1,690  2,995  245  1,690  3,240  4,930  613  4/1/2014
Portland-Vancouver-Hillsboro OR 1,200  9,531  396  1,200  9,927  11,127  3,289  5/30/2014
Portland-Vancouver-Hillsboro OR 401  3,718  120  401  3,838  4,239  1,042  5/30/2014
Portland-Vancouver-Hillsboro OR 1,160  3,291  42  1,160  3,333  4,493  877  6/30/2014
Portland-Vancouver-Hillsboro OR 1,435  4,342  24  1,435  4,366  5,801  1,152  6/30/2014
Portland-Vancouver-Hillsboro OR 1,478  4,127  14  1,478  4,141  5,619  1,085  6/30/2014
Portland-Vancouver-Hillsboro OR 1,402  3,196  51  1,402  3,247  4,649  811  6/30/2014
Portland-Vancouver-Hillsboro OR 3,538  4,938  32  3,398  4,012  7,410  1,048  6/30/2014
Portland-Vancouver-Hillsboro OR 1,501  3,136  31  1,501  3,167  4,668  827  6/30/2014
Portland-Vancouver-Hillsboro OR 1,746  3,393  43  1,746  3,436  5,182  920  8/27/2014
Portland-Vancouver-Hillsboro OR 1,014  3,017  31  1,014  3,048  4,062  847  8/27/2014
Portland-Vancouver-Hillsboro OR 2,202  3,477  282  2,202  3,759  5,961  1,038  10/20/2014
Portland-Vancouver-Hillsboro OR 1,764  7,360  31  1,764  7,391  9,155  1,651  12/16/2014
Portland-Vancouver-Hillsboro OR 860  3,740  4  860  3,744  4,604  486  1/11/2017
Portland-Vancouver-Hillsboro OR 410  622  182  410  804  1,214  193  7/14/2016
Portland-Vancouver-Hillsboro OR 1,258  6,298  12  1,258  6,310  7,568  764  11/21/2016
Portland-Vancouver-Hillsboro OR 2,334  7,726  67  2,339  7,793  10,132  1,175  12/6/2016
Portland-Vancouver-Hillsboro OR 1,048  3,549  40  1,048  3,589  4,637  413  8/16/2018
Nonmetropolitan Area OR 427  1,648  25  427  1,673  2,100  432  8/27/2014
Nonmetropolitan Area(3) OR 474  1,789  163  474  1,952  2,426  585  6/10/2013
Salem OR 472  2,880  4  472  2,884  3,356  211  10/24/2018
Salem OR 1,405  2,650  432  1,405  3,082  4,487  1,151  4/1/2014
Salem OR 492  1,248  78  492  1,326  1,818  321  4/20/2016

F-54

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Salem OR 408  2,221  62  408  2,283  2,691  198  2/1/2019
Salem OR 1,709  6,225  2  1,709  6,227  7,936  161  4/24/2020
Nonmetropolitan Area OR 1,108  2,100  20  1,108  2,120  3,228  584  12/5/2014
Nonmetropolitan Area OR 658  4,572  91  658  4,663  5,321  201  1/31/2020
Lancaster PA 1,393  6,642  3  1,393  6,645  8,038  559  3/1/2019
Lancaster PA 712  3,821  11  712  3,832  4,544  350  3/1/2019
Lancaster PA 599  4,712  9  599  4,721  5,320  291  3/1/2019
Lancaster PA 520  2,135  19  520  2,154  2,674  160  3/1/2019
Lancaster PA 671  5,098    671  5,098  5,769  91  7/14/2020
Lancaster PA 1,706  11,180  19  1,706  11,199  12,905  137  9/16/2020
Philadelphia-Camden-Wilmington PA 625  7,377  223  625  7,600  8,225  515  4/15/2019
York-Hanover PA 586  3,266  14  586  3,280  3,866  349  3/1/2019
Ponce PR 745  4,813  31  745  4,844  5,589  518  9/6/2018
San Juan-Carolina-Caguas PR 1,095  8,073  63  1,095  8,136  9,231  670  9/6/2018
San Juan-Carolina-Caguas PR 1,205  9,967  89  1,205  10,056  11,261  717  9/6/2018
San Juan-Carolina-Caguas PR 1,266  15,805  93  1,266  15,898  17,164  967  9/6/2018
San Juan-Carolina-Caguas PR 356  1,892  90  356  1,982  2,338  210  9/6/2018
San Juan-Carolina-Caguas PR 573  2,373  341  573  2,714  3,287  307  9/6/2018
Charlotte-Concord-Gastonia(3) SC 924  3,086  76  924  3,162  4,086  666  5/4/2015
Greenville-Anderson-Mauldin SC 82  838  179  82  1,017  1,099  360  8/29/2007
Greenville-Anderson-Mauldin SC 92  976  162  92  1,138  1,230  427  8/29/2007
Spartanburg SC 535  1,934  35  535  1,969  2,504  453  11/12/2015
Memphis TN 533  8,943    533  8,943  9,476  16  12/17/2020
Amarillo(3) TX 80  877  114  80  991  1,071  317  5/1/2009
Amarillo(3) TX 78  697  166  78  863  941  293  5/1/2009
Amarillo(3) TX 147  810  159  147  969  1,116  311  5/1/2009
Austin-Round Rock TX 936  6,446  207  692  6,653  7,345  662  10/19/2017
Austin-Round Rock TX 937  5,319  113  937  5,432  6,369  1,242  6/24/2013
Austin-Round Rock TX 1,395  2,790  43  1,395  2,833  4,228  988  6/24/2013
Austin-Round Rock TX 768  1,923  367  768  2,290  3,058  633  10/29/2014
Austin-Round Rock TX 1,783  17,579  112  1,783  17,691  19,474  1,133  6/7/2019
Austin-Round Rock TX 605  8,703  34  605  8,737  9,342  459  6/7/2019
Austin-Round Rock TX 1,014  7,645    1,014  7,645  8,659  10  12/29/2020
Austin-Round Rock TX 2,022  6,547    2,022  6,547  8,569  11  12/29/2020
Austin-Round Rock TX 1,243  8,266    1,243  8,266  9,509  10  12/29/2020

F-55

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Brownsville-Harlingen TX 845  2,364  77  845  2,441  3,286  555  9/4/2014
Brownsville-Harlingen TX 639  1,674  121  639  1,795  2,434  500  9/4/2014
Brownsville-Harlingen TX 386  2,798  220  386  3,018  3,404  592  5/2/2016
Brownsville-Harlingen TX 1,577  7,825  71  1,577  7,896  9,473  246  1/23/2020
Brownsville-Harlingen TX 920  4,040  39  920  4,079  4,999  131  1/23/2020
Brownsville-Harlingen TX 958  7,665  41  958  7,706  8,664  284  1/23/2020
Brownsville-Harlingen TX 721  5,605  43  721  5,648  6,369  179  1/23/2020
Brownsville-Harlingen TX 677  4,220  52  677  4,272  4,949  127  1/23/2020
Brownsville-Harlingen TX 896  5,990  49  896  6,039  6,935  168  1/23/2020
Brownsville-Harlingen TX 320  1,612  34  320  1,646  1,966  58  1/23/2020
Brownsville-Harlingen TX 1,203  6,005  44  1,203  6,049  7,252  183  1/23/2020
Brownsville-Harlingen TX 981  4,851  41  981  4,892  5,873  149  1/23/2020
Brownsville-Harlingen TX 1,008  5,968  66  1,008  6,034  7,042  205  1/23/2020
Brownsville-Harlingen TX 1,308  7,426  225  1,308  7,651  8,959  237  1/23/2020
Brownsville-Harlingen TX 490  3,163  33  490  3,196  3,686  111  1/23/2020
Brownsville-Harlingen TX 445  1,804  29  445  1,833  2,278  16  10/16/2020
College Station-Bryan TX 618  2,512  143  618  2,655  3,273  903  8/29/2007
College Station-Bryan TX 551  349  282  551  631  1,182  250  8/29/2007
College Station-Bryan TX 295  988  187  295  1,175  1,470  378  4/1/2008
College Station-Bryan TX 51  123  81  51  204  255  82  4/1/2008
College Station-Bryan TX 110  372  195  110  567  677  173  4/1/2008
College Station-Bryan TX 62  208  26  62  234  296  79  4/1/2008
Dallas-Fort Worth-Arlington TX 164  865  54  164  919  1,083  325  8/29/2007
Dallas-Fort Worth-Arlington TX 155  105  56  155  161  316  69  9/28/2007
Dallas-Fort Worth-Arlington TX 98  282  219  98  501  599  199  9/28/2007
Dallas-Fort Worth-Arlington TX 264  106  166  264  272  536  137  9/28/2007
Dallas-Fort Worth-Arlington(3) TX 376  803  138  376  941  1,317  359  9/28/2007
Dallas-Fort Worth-Arlington(3) TX 338  681  109  338  790  1,128  282  9/28/2007
Dallas-Fort Worth-Arlington TX 1,388  4,195  61  1,388  4,256  5,644  1,090  6/24/2013
Dallas-Fort Worth-Arlington TX 1,859  5,293  156  1,859  5,449  7,308  1,348  7/25/2013
Dallas-Fort Worth-Arlington TX 379  2,212  143  379  2,355  2,734  826  7/25/2013
Dallas-Fort Worth-Arlington TX 1,397  5,250  114  1,397  5,364  6,761  1,264  7/25/2013
Dallas-Fort Worth-Arlington TX 3,587  10,424  116  3,587  10,540  14,127  1,574  7/25/2013
Dallas-Fort Worth-Arlington TX 649  1,637  184  649  1,821  2,470  761  7/25/2013
Dallas-Fort Worth-Arlington TX 396  1,411  340  396  1,751  2,147  627  4/29/2015

F-56

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Dallas-Fort Worth-Arlington TX 1,263  3,346  186  1,263  3,532  4,795  955  10/19/2015
Dallas-Fort Worth-Arlington TX 1,421  2,349  559  1,421  2,908  4,329  732  6/1/2016
Dallas-Fort Worth-Arlington TX 710  3,578  147  710  3,725  4,435  584  10/19/2017
Dallas-Fort Worth-Arlington TX 421  2,668  172  421  2,840  3,261  407  10/19/2017
Dallas-Fort Worth-Arlington TX 3,034  5,862  19  3,034  5,881  8,915  13  12/8/2020
El Paso TX 338  1,275  46  338  1,321  1,659  460  8/29/2007
El Paso TX 94  400  172  94  572  666  213  8/29/2007
Houston-The Woodlands-Sugar Land TX 698  2,648  298  698  2,946  3,644  670  7/20/2015
Houston-The Woodlands-Sugar Land TX 1,042  3,061  530  1,042  3,591  4,633  828  1/22/2016
Houston-The Woodlands-Sugar Land TX 1,426  2,910  136  1,426  3,046  4,472  541  6/13/2017
Houston-The Woodlands-Sugar Land TX 826  3,683  253  826  3,936  4,762  590  1/4/2018
Houston-The Woodlands-Sugar Land TX 649  4,077  77  649  4,154  4,803  582  1/4/2018
Houston-The Woodlands-Sugar Land TX 291  4,980  42  291  5,022  5,313  268  5/7/2019
Houston-The Woodlands-Sugar Land TX 539  2,664  16  539  2,680  3,219  165  6/7/2019
Houston-The Woodlands-Sugar Land TX 4,004  4,991  108  4,004  5,099  9,103  505  6/7/2019
Houston-The Woodlands-Sugar Land TX 2,959  5,875  78  2,959  5,953  8,912  419  6/7/2019
Houston-The Woodlands-Sugar Land TX 799  4,769  73  799  4,842  5,641  283  6/7/2019
Houston-The Woodlands-Sugar Land TX 687  3,668  92  687  3,760  4,447  253  6/7/2019
Houston-The Woodlands-Sugar Land TX 295  2,403  64  295  2,467  2,762  139  6/7/2019
Houston-The Woodlands-Sugar Land TX 2,613  10,645    2,613  10,645  13,258  15  12/29/2020
Houston-The Woodlands-Sugar Land TX 2,545  9,051    2,545  9,051  11,596  13  12/29/2020
Houston-The Woodlands-Sugar Land TX 2,163  7,364    2,163  7,364  9,527  12  12/29/2020
Houston-The Woodlands-Sugar Land TX 4,719  9,290    4,719  9,290  14,009  13  12/29/2020
Houston-The Woodlands-Sugar Land TX 1,430  5,283    1,430  5,283  6,713  8  12/29/2020
Houston-The Woodlands-Sugar Land TX 1,582  7,451    1,582  7,451  9,033  11  12/29/2020
Houston-The Woodlands-Sugar Land TX 695  4,464    695  4,464  5,159  6  12/31/2020
Killeen-Temple TX 203  4,065  259  203  4,324  4,527  582  2/2/2017
Killeen-Temple TX 1,128  6,149  244  1,128  6,393  7,521  872  8/8/2017
Killeen-Temple TX 721  4,166  27  721  4,193  4,914  165  12/13/2019
Longview(3) TX 651  671  109  651  780  1,431  252  5/1/2009
Longview(3) TX 104  489  167  104  656  760  205  5/1/2009
Longview(3) TX 310  966  213  310  1,179  1,489  368  5/1/2009
Longview TX 2,466  3,559  227  2,466  3,786  6,252  925  6/19/2014
McAllen–Edinburg–Mission  TX 1,217  2,738  330  1,243  3,068  4,311  1,062  7/31/2014
McAllen–Edinburg–Mission  TX 1,973  4,517  97  1,973  4,614  6,587  1,279  9/4/2014

F-57

Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
McAllen–Edinburg–Mission  TX 1,295  3,929  109  1,295  4,038  5,333  1,092  9/4/2014
McAllen–Edinburg–Mission  TX 3,079  7,574  131  3,079  7,705  10,784  2,248  9/4/2014
McAllen–Edinburg–Mission  TX 1,017  3,261  93  1,017  3,354  4,371  889  9/4/2014
McAllen–Edinburg–Mission  TX 803  2,914  110  803  3,024  3,827  659  9/4/2014
McAllen–Edinburg–Mission  TX 2,249  4,966  76  2,249  5,042  7,291  1,434  9/4/2014
McAllen–Edinburg–Mission  TX 1,118  3,568  111  1,118  3,679  4,797  844  9/4/2014
McAllen–Edinburg–Mission  TX 627  4,400  43  627  4,443  5,070  128  1/23/2020
McAllen–Edinburg–Mission  TX 965  4,526  39  965  4,565  5,530  161  1/23/2020
McAllen–Edinburg–Mission  TX 863  6,582  43  863  6,625  7,488  226  1/23/2020
McAllen–Edinburg–Mission  TX 378  3,485  27  378  3,512  3,890  103  1/23/2020
McAllen–Edinburg–Mission  TX 654  3,966  44  654  4,010  4,664  125  1/23/2020
McAllen–Edinburg–Mission  TX 675  4,701  29  675  4,730  5,405  141  1/23/2020
McAllen–Edinburg–Mission  TX 625  4,372  34  625  4,406  5,031  131  1/23/2020
McAllen–Edinburg–Mission  TX 829  6,809  67  829  6,876  7,705  191  1/23/2020
McAllen–Edinburg–Mission  TX 227  1,199  43  227  1,242  1,469  42  1/23/2020
McAllen–Edinburg–Mission  TX 620  4,093  19  620  4,112  4,732  145  1/23/2020
McAllen–Edinburg–Mission  TX 787  3,753  35  787  3,788  4,575  118  1/23/2020
McAllen–Edinburg–Mission  TX 1,461  6,659    1,461  6,659  8,120  9  12/10/2020
Midland(3) TX 691  1,588  175  691  1,763  2,454  548  5/1/2009
Nonmetropolitan Area TX 959  1,640  60  959  1,700  2,659  451  6/25/2014
Odessa(3) TX 168  561  133  168  694  862  223  5/1/2009
San Angelo(3) TX 381  986  128  381  1,114  1,495  336  5/1/2009
San Antonio-New Braunfels TX 614  2,640  109  614  2,749  3,363  841  4/1/2014
San Antonio-New Braunfels TX 715  4,566  92  715  4,658  5,373  612  10/19/2017
San Antonio-New Braunfels TX 275  4,893  216  275  5,109  5,384  258  6/7/2019
San Antonio-New Braunfels TX 715  4,222  100  715  4,322  5,037  174  1/23/2020
San Antonio-New Braunfels TX 576  2,754  79  576  2,833  3,409  98  1/23/2020
San Antonio-New Braunfels TX 747  3,198  78  747  3,276  4,023  110  1/23/2020
San Antonio-New Braunfels TX 656  2,496  17  656  2,513  3,169  78  1/23/2020
San Antonio-New Braunfels TX 1,550  8,173  107  1,550  8,280  9,830  251  1/23/2020
San Antonio-New Braunfels TX 1,014  4,809  73  1,014  4,882  5,896  156  1/23/2020
San Antonio-New Braunfels TX 974  8,545  8  974  8,553  9,527  10  12/29/2020
San Antonio-New Braunfels TX 3,683  4,394    3,683  4,394  8,077  9  12/31/2020
Washington-Arlington-Alexandria VA 1,516  12,633  75  1,516  12,708  14,224  1,335  7/21/2017
Nonmetropolitan Area(3) WA 810  1,530  19  810  1,549  2,359  741  6/10/2013

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Table of Contents
Location Initial Cost to Company Gross Carrying Amount at Year-End
MSA(1)
State/Territory Land Buildings and
Improvements
Subsequent
Additions
Land Buildings and
Improvements
Total(2)
Accumulated
Depreciation
Date
Acquired
Nonmetropolitan Area(3) WA 998  1,862  119  998  1,981  2,979  893  6/10/2013
Longview WA 448  2,356  21  448  2,377  2,825  505  9/3/2015
Portland-Vancouver-Hillsboro WA 421  2,313  12  421  2,325  2,746  611  4/1/2013
Portland-Vancouver-Hillsboro WA 1,903  2,239  10  1,903  2,249  4,152  727  4/1/2013
Portland-Vancouver-Hillsboro(3) WA 923  2,821  16  923  2,837  3,760  727  6/10/2013
Portland-Vancouver-Hillsboro WA 935  2,045  15  935  2,060  2,995  528  4/1/2014
Portland-Vancouver-Hillsboro WA 478  2,158  174  478  2,332  2,810  660  4/1/2014
Portland-Vancouver-Hillsboro WA 2,023  3,484  50  2,023  3,534  5,557  1,055  8/27/2014
Portland-Vancouver-Hillsboro WA 1,870  4,632  7  1,870  4,639  6,509  747  1/11/2017
Portland-Vancouver-Hillsboro WA 422  2,271  11  422  2,282  2,704  245  3/29/2018
Portland-Vancouver-Hillsboro WA 1,105  2,121  25  1,105  2,146  3,251  552  10/3/2014
Seattle-Tacoma-Bellevue WA 770  3,203  62  770  3,265  4,035  966  4/1/2014
Seattle-Tacoma-Bellevue WA 1,438  3,280  77  1,438  3,357  4,795  956  9/18/2014
Spokane-Spokane Valley WA 1,463  10,075    1,463  10,075  11,538  17  12/23/2020
Spokane-Spokane Valley WA 841  3,039    841  3,039  3,880  5  12/23/2020
Total $ 738,797  $ 2,785,187  $ 114,690  $ 738,863  $ 2,900,329  $ 3,639,192  $ 443,623 
(1) Refers to metropolitan statistical area (MSA) as defined by the U.S. Census Bureau.
(2) The aggregate cost of land and depreciable property for Federal income tax purposes was approximately $3.2 billion (unaudited) at December 31, 2020.
(3) As of December 31, 2020, 86 of our self storage properties were encumbered by an aggregate of $223.6 million of debt financing.
(4) Property subject to a long-term lease agreement.
Note: The Company only owns one class of real estate, which is self storage properties. The estimated useful lives of the individual assets that comprise buildings and improvements range from 3 years to 40 years. The category for buildings and improvements in the table above includes furniture and equipment.


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Table of Contents
NATIONAL STORAGE AFFILIATES TRUST
SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION
For the Years Ended December 31, 2020, 2019 and 2018
(in thousands)


2020 2019 2018
Self Storage properties:
Balance at beginning of year $ 3,091,719  $ 2,637,723  $ 2,275,233 
Acquisitions and improvements
547,667  458,132  366,522 
Reclassification from assets held for sale      
Write-off of fully depreciated assets and other
(194)   (323)
Dispositions   (4,136) (3,709)
Reclassification to assets held for sale      
Balance at end of year $ 3,639,192  $ 3,091,719  $ 2,637,723 
Accumulated depreciation:
Balance at beginning of year $ 337,822  $ 246,261  $ 170,358 
Depreciation expense 105,866  92,177  76,299 
Write-off of fully depreciated assets and other
(65)    
Dispositions   (616) (396)
Assets held for sale      
Balance at end of year $ 443,623  $ 337,822  $ 246,261 


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