National Storage Affiliates Trust — Director's Dealing 2016

Jan 5, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: National Storage Affiliates Trust (NSA)
CIK: 0001618563
Period of Report: 2015-12-31

Reporting Person: Howard Kevin Maxen (Director, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-12-31	Class A OP Units	$	P	9337	Acquired		Common shares of beneficial interest, $0.01 par value (9337.0)	Indirect

Footnotes

F1: One year after the transaction date, the Reporting Person will have the right to cause NSA OP, LP (the "Partnership") to redeem all or a portion of the Reporting Person's Class A common units of limited partner interest (the "Class A OP Units") of the Partnership reported in this Form 4 for cash in an amount equal to the market value of an equivalent number of common shares of beneficial interest of National Storage Affiliates Trust (the "Issuer"), or at the Issuer's option, common shares of beneficial interest on a one-for-one basis, subject to certain adjustments.

F2: Consists of 3,141 Class A OP Units of the Partnership issued to Howard Family Limited Partnership I and 6,196 Class A OP Units issued to Howard Family Limited Partnership II, for which the Reporting Person has or shares voting and/or investment power. This filing shall not be deemed to be an admission that the Reporting Person is the beneficial owner of any of the securities reported herein, and the Reporting Person disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein.

F3: N/A

F4: The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transaction above is 4,135,486 Class A OP Units, which includes those Class A OP Units previously reported and the Class A OP Units reported herein (together with those securities convertible into, or exchangeable for, such Class A OP Units as specified therein). The 4,135,486 Class A OP Units do not include derivative securities of other classes or non-derivative securities of the Reporting Person that were previously reported.