National Storage Affiliates Trust (NSA) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 09, 2016
Entity [Abstract]
Entity Registrant Name	National Storage Affiliates Trust
Entity Central Index Key	1,618,563
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		23,023,841

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate
Self storage properties	$ 1,234,541	$ 1,147,201
Less accumulated depreciation	(76,810)	(68,100)
Self storage properties, net	1,157,731	1,079,101
Cash and cash equivalents	8,489	6,665
Restricted cash	2,889	2,712
Debt issuance costs, net	1,530	1,923
Other assets, net	9,215	8,648
Total assets	1,179,854	1,099,049
Liabilities
Debt financing	634,312	567,795
Accounts payable and accrued liabilities	14,380	9,694
Deferred revenue	6,058	5,513
Total liabilities	$ 654,750	$ 583,002
Commitments and contingencies
Equity
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 23,023,841 and 23,015,751 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 230	$ 230
Additional paid-in capital	239,014	236,392
Retained (deficit) earnings	(2,384)	11
Accumulated other comprehensive loss	(693)	0
Total shareholders' equity	236,167	236,633
Noncontrolling interests	288,937	279,414
Total equity	525,104	516,047
Total liabilities and equity	$ 1,179,854	$ 1,099,049

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, authorized (in shares)	250,000,000	250,000,000
Common shares of beneficial interest, issued (in shares)	23,023,841	23,015,751
Common shares of beneficial interest, outstanding (in shares)	23,023,841	23,015,751

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUE
Rental revenue	$ 38,501	$ 27,418
Other property-related revenue	1,148	873
Total revenue	39,649	28,291
OPERATING EXPENSES
Property operating expenses	13,277	9,842
General and administrative expenses	4,335	3,613
Depreciation and amortization	10,892	9,877
Total operating expenses	28,504	23,332
Income from operations	11,145	4,959
OTHER INCOME (EXPENSE)
Interest expense	(4,941)	(6,982)
Acquisition costs	(1,288)	(599)
Organizational and offering expenses	0	(58)
Non-operating expense	(114)	(91)
Other income (expense)	(6,343)	(7,730)
Net income (loss)	4,802	(2,771)
Net (income) loss attributable to noncontrolling interests	(2,592)	2,771
Net income (loss) attributable to National Storage Affiliates Trust	$ 2,210	$ 0
Earnings (loss) per share - basic (in dollars per share)	$ 0.10	$ 0
Earnings (loss) per share - diluted (in dollars per share)	$ 0.07	$ 0
Weighted average shares outstanding - basic (in shares)	23,005	1
Weighted average shares outstanding - diluted (in shares)	67,994	1
Dividends declared per common share (in dollars per share)	$ 0.20	$ 0

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 4,802	$ (2,771)
Other comprehensive income (loss)
Unrealized loss on derivative contracts	(1,895)	(1,166)
Reclassification of other comprehensive loss to interest expense	403	385
Other comprehensive loss	(1,492)	(781)
Comprehensive income (loss)	3,310	(3,552)
Comprehensive (income) loss attributable to noncontrolling interests	(1,793)	3,552
Comprehensive income (loss) attributable to National Storage Affiliates Trust	$ 1,517	$ 0

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Shares [Member]	Additional Paid-in Capital [Member]	Retained (Deficit) Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interests [Member]	OP Units and Subordinated Performance Units [Member]	OP Units and Subordinated Performance Units [Member]Noncontrolling Interests [Member]	LTIP units [Member]	LTIP units [Member]Noncontrolling Interests [Member]
Balances (in shares) at Dec. 31, 2015	23,015,751	23,015,751
Balances at Dec. 31, 2015	$ 516,047	$ 230	$ 236,392	$ 11	$ 0	$ 279,414
Increase (Decrease) in Stockholders' Equity [Roll Forward]
OP equity recorded in business combination							$ 18,630	$ 18,630	$ 438	$ 438
Effect of changes in ownership for consolidated entities	0		2,592			(2,592)
Equity-based compensation expense	598		30			568
Issuance of restricted common shares (in shares)		8,090
Issuance of restricted common shares, value	0
Reduction in receivables from partners of OP	353					353
Other comprehensive loss	(1,492)				(693)	(799)
Common share dividends	(4,605)			(4,605)	0
Distributions to limited partners of OP	(9,667)					(9,667)
Net income (loss)	$ 4,802			2,210	0	2,592
Balances (in shares) at Mar. 31, 2016	23,023,841	23,023,841
Balances at Mar. 31, 2016	$ 525,104	$ 230	$ 239,014	$ (2,384)	$ (693)	$ 288,937

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 4,802	$ (2,771)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	10,892	9,877
Amortization of debt issuance costs	587	990
Amortization of debt discount and premium, net	(467)	(353)
Unrealized loss on fair value of derivatives	0	126
LTIP units issued for acquisition expenses	0	366
Equity-based compensation expense	598	638
Change in assets and liabilities, net of effects of business combinations:
Restricted cash	17	(100)
Other assets	(1,108)	(559)
Accounts payable and accrued liabilities	2,189	1,147
Deferred revenue	199	287
Net Cash Provided by Operating Activities	17,709	9,648
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of self storage properties	(62,669)	(6,991)
Capital expenditures	(696)	(1,020)
Deposits and advances for self storage property acquisitions	(97)	(381)
Expenditures for corporate furniture, equipment and other	(209)	(33)
Change in restricted cash designated for capital expenditures	(98)	(24)
Net Cash Used In Investing Activities	(63,769)	(8,449)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under debt financings	79,500	21,000
Receipts for OP unit subscriptions	265	500
Collection of receivables from issuance of OP equity	193	372
Principal payments under debt financings	(18,572)	(16,489)
Payment of dividends to common shareholders	(4,605)	0
Distributions to noncontrolling interests	(8,777)	(6,288)
Debt issuance costs	(113)	(584)
Equity offering costs	(7)	(391)
Net Cash Provided by (Used In) Financing Activities	47,884	(1,880)
Increase (Decrease) in Cash and Cash Equivalents	1,824	(681)
CASH AND CASH EQUIVALENTS
Beginning of period	6,665	9,009
End of period	8,489	8,328
Supplemental Cash Flow Information
Cash paid for interest	4,717	6,241
Consideration exchanged in business combinations:
Issuance of OP units and subordinated performance units	18,630	8,954
Deposits on acquisitions applied to purchase price	631	0
LTIP units vesting upon acquisition of properties	438	0
Assumption of mortgages payable	5,861	16,442
Note payable to related party to settle assumed mortgages	0	4,054
Other net liabilities assumed	584	70
Notes receivable settled upon acquisition of properties	0	1,778
Fair value of noncontrolling interests in acquired subsidiaries	0	6,770
Increase in OP unit subscription liability through reduced distributions	107	91
Settlement of acquisition receivables through reduced distributions	160	141
Accrued distributions to noncontrolling interests	$ 623	$ 0

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND NATURE OF OPERATIONS	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 intends to elect and qualify as a real estate investment trust ("REIT") for U.S. federal income tax purposes commencing with its taxable year ending 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 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 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 we refer 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 completed its initial public offering on April 28, 2015, pursuant to which it sold 23,000,000 of the Company's common shares of beneficial interest, $0.01 par value per share ("common shares"), at a price of $13.00 per share, which included 3,000,000 common shares sold upon the exercise in full by the underwriters of their option to purchase additional shares. These transactions resulted in net proceeds to the Company of approximately $278.1 million , after deducting the underwriting discount and before additional expenses associated with the offering. The Company contributed the net proceeds from its initial public offering to its operating partnership in exchange for 23,000,000 OP units. OP Units are the economic equivalent of the Company's common shares and for each common share issued by the Company, its operating partnership issues a corresponding OP Unit to NSA in exchange for the contribution of the proceeds from the share issuances. Immediately prior to the completion of the Company's initial public offering on April 28, 2015, the Company redeemed 1,000 common shares held by National Storage Affiliates Holdings, LLC ("Holdings"), an entity formed on February 13, 2013, for no consideration. Prior to this redemption, the Company was 100% owned by Holdings and the only assets of Holdings were 126,400 OP units and 1,000 common shares. The Company owned 293 self storage properties in 17 states with approximately 16.8 million rentable square feet in approximately 130,000 storage units as of March 31, 2016 . These properties are managed with local operational focus and expertise by the Company's participating regional operators ("PROs"). These PROs are SecurCare Self Storage, Inc. and its controlled affiliates ("SecurCare"), 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"), and Arizona Mini Storage Management Company d/b/a Storage Solutions and its controlled affiliates ("Storage Solutions"). As discussed in Note 12, on April 1, 2016, the Company completed its acquisition of a portfolio of self storage properties from parties related to Hide-Away Storage Services, Inc. ("Hide-Away") of Sarasota, Florida, and added Hide-Away as the Company's seventh PRO.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP") and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. Principles of Consolidation The Company's 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. During the three months ended March 31, 2016, the Company adopted ASU 2015-02 and concluded that although its operating partnership and certain DownREIT partnerships now meet the criteria as a VIE, no change was required to the Company's accounting for any of its interests in less than wholly owned DownREIT partnerships or its operating partnership. 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. Accordingly, there has been no change to the recognized amounts in the Company's consolidated balance sheets and statements of operations or amounts reported in the Company's consolidated statements of cash flows. As of March 31, 2016 , 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 $260.6 million and $262.6 million as of March 31, 2016 and December 31, 2015, respectively. The carrying value of fixed rate mortgages payable held by these VIEs was $42.8 million and $43.2 million as of March 31, 2016 and December 31, 2015, 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 in the 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 operating partnership or its subsidiaries. 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 interest is adjusted is reflected as an adjustment to additional paid-in capital on the consolidated balance sheets. 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 unitholders. Accordingly, the Company allocates GAAP income (loss) utilizing the hypothetical liquidation at book value ("HLBV") method, in which the Company allocates income or loss based on the change in each unitholders’ claim on the net assets of its operating partnership at period end after adjusting for any distributions or contributions made during such period. 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. 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 loss than what may be received in the event of an actual liquidation. Additionally, the HLBV method could result in net income attributable to National Storage Affiliates Trust during a period when the Company reports a consolidated net loss, or net income attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income. 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 loss within equity, as discussed further in Note 11 . 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). 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. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. ASU 2014-09 is effective for the Company on January 1, 2018, with early application permitted for the Company on January 1, 2017. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which modifies the current consolidation guidance. Under this guidance, limited partnerships may no longer be viewed as VIEs if the limited partners hold certain rights over the general partner. Alternatively, limited partnerships not previously viewed as VIEs may now be considered VIEs in the absence of such rights. The Company adopted ASU 2015-02 during the three months ended March 31, 2016, as more fully described above, see " –Principles of Consolidation". In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest, which requires the presentation of debt issuance costs as a direct deduction from the carrying amount of the related debt liabilities. In August 2015, the FASB issued ASU 2015-15 that permits debt issuance costs related to line-of-credit arrangements to be presented as an asset and amortized over the term of the line-of-credit arrangement regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted ASUs 2015-03 and 2015-15 during the three months ended March 31, 2016. The adoption resulted in the reclassification of certain debt issuance costs from assets to a reduction in the carrying amount of the Company's debt financings applied retrospectively to all periods. These reclassifications totaled $2.6 million and $2.8 million as of March 31, 2016 and December 31, 2015, respectively. Debt issuance costs related to the Company's senior revolving credit facility (the "revolving line of credit") remain classified within "Debt issuance costs, net" in the Company's consolidated balance sheets. In February 2016, the FASB issued ASU 2016-02, Leases, which amends the existing guidance for accounting for leases, including requiring lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases and lessees to recognize most leases on-balance sheet as lease liabilities with corresponding right-of-use assets. ASU 2016-02 is effective for the Company on January 1, 2019, with early application permitted. ASU 2016-02 requires a modified retrospective approach, with entities applying the new guidance at the beginning of the earliest period presented in the financial statements in which they first apply the new standard, with certain elective transition relief. The Company is evaluating the effect that ASU 2016-02 will have on its operating leases, consolidated financial statements and related disclosures.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS As of March 31, 2016 and December 31, 2015 , units reflecting noncontrolling interests consisted of the following: March 31, December 31, 2016 2015 OP units 22,528,274 21,556,006 Subordinated performance units 9,441,708 9,302,989 LTIP units 2,947,837 2,784,761 DownREIT units DownREIT OP units 1,834,786 1,834,786 DownREIT subordinated performance units 4,386,999 4,386,999 Total 41,139,604 39,865,541 While the Company controls its operating partnership and manages the daily operations of its operating partnership's business, the Company did not have an ownership interest or share in its operating partnership's profits and losses prior to the completion of the Company's initial public offering. The increase in OP Units and subordinated performance units outstanding from December 31, 2015 to March 31, 2016 was related to the acquisition of self storage properties. The increase in LTIP units outstanding from December 31, 2015 to March 31, 2016 was due to the issuance of 163,076 compensatory LTIP units to employees during the three months ended March 31, 2016.

SELF STORAGE PROPERTIES

SELF STORAGE PROPERTIES	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
SELF STORAGE PROPERTIES	SELF STORAGE PROPERTIES Self storage properties are summarized as follows (dollars in thousands): March 31, December 31, 2016 2015 Land $ 332,912 $ 315,867 Buildings and improvements 899,272 829,093 Furniture and equipment 2,357 2,241 Total self storage properties 1,234,541 1,147,201 Less accumulated depreciation (76,810 ) (68,100 ) Self storage properties, net $ 1,157,731 $ 1,079,101 Depreciation expense related to self storage properties amounted to $8.6 million and $6.3 million during the three months ended March 31, 2016 and 2015 , respectively.

SELF STORAGE PROPERTY ACQUISITI

SELF STORAGE PROPERTY ACQUISITIONS	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
SELF STORAGE PROPERTY ACQUISITIONS	SELF STORAGE PROPERTY ACQUISITIONS The Company acquired 17 self storage properties with an estimated fair value of $88.8 million during the three months ended March 31, 2016 . Of these acquisitions, four self storage properties with an estimated fair value of $18.4 million were acquired by the Company from its PROs. These self storage property acquisitions were accounted for as business combinations whereby the Company recognized the estimated fair value of the acquired assets and assumed liabilities on the respective dates of such acquisitions. The Company preliminarily 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 identifiable intangible assets consisting of customer in-place leases which were recorded at estimated fair value of $2.1 million , resulting in a total fair value of $86.7 million allocated to real estate. The following table summarizes the consideration for the business combinations completed by the Company during the three months ended March 31, 2016 (dollars in thousands): Acquisitions Closed During the Three Months Ended: Summary of Consideration Number of Properties Value of OP Equity (1) Liabilities Assumed (Assets Acquired) Total Fair Value Cash Mortgages Other March 31, 2016 17 $ 63,300 $ 19,068 $ 5,861 $ 584 $ 88,813 (1) Value of OP equity represents the fair value of OP units, subordinated performance units and LTIP units. The results of operations for these business combinations are included in the Company's statements of operations beginning on the respective closing date for each acquisition. For the three months ended March 31, 2016 , the accompanying statements of operations includes aggregate total revenue of $1.1 million and an operating loss of less than $0.1 million related to the 17 self storage properties acquired. Acquisition costs in the accompanying statements of operations include consulting fees, transaction expenses, and other costs related to business combinations, which amounted to $1.3 million for the three months ended March 31, 2016 . Pro Forma Financial Information The pro forma financial information set forth below reflects adjustments to the historical data of the Company to give effect to the acquisitions and related financing activities for (i) the 22 self storage properties discussed in Note 12 that were acquired subsequent to March 31, 2016 , as if each acquisition had occurred on January 1, 2015, (ii) 15 of the 17 self storage properties acquired during the three months ended March 31, 2016 , as if the acquisitions had occurred on January 1, 2015 (pro forma financial information is not presented for two of the self storage properties acquired during the three months ended March 31, 2016 since the information required is not available to the Company and (iii) each of the six self storage properties that were acquired during the three months ended March 31, 2015, as if each had occurred on January 1, 2014 ( five of the six properties acquired during the three months ended March 31, 2015 were acquired on January 1, 2015 and are therefore included in the historical results for the entirety of the three months ended March 31, 2015). As described in greater detail above, given that certain information with respect to the self storage properties the Company acquired during the three months ended March 31, 2016 and subsequent to March 31, 2016 is not available to the Company, readers of this Form 10-Q and investors are cautioned not to place undue reliance on the Company's pro forma financial information. The pro forma information presented below does not purport to represent what the actual results of operations would have been for the periods indicated, nor does it purport to represent the Company's future results of operations. The following table summarizes on a pro forma basis the results of operations for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended 2016 2015 Pro forma revenue: Historical results $ 39,649 $ 28,291 Acquisitions subsequent to March 31, 2016 4,702 4,212 Acquisitions during the three months ended March 31, 2016 (1) 842 1,759 Acquisitions during the three months ended March 31, 2015 (excluding those in historical results) — 86 Total $ 45,193 $ 34,348 Pro forma net income (loss): (2) Historical results $ 4,802 $ (2,771 ) Acquisitions subsequent to March 31, 2016 1,181 (741 ) Acquisitions during the three months ended March 31, 2016 (1) 1,592 (1,708 ) Acquisitions during the three months ended March 31, 2015 (excluding those in historical results) — 891 Total $ 7,575 $ (4,329 ) (1) Reflects 15 of the 17 self storage properties acquired during this period because the information required with respect to the two remaining acquisitions during this period is not available to the Company. (2) Significant assumptions and adjustments in preparation of the pro forma information include the following: (i) for the cash portion of the purchase price, the Company assumed borrowings under the Company's revolving line of credit with interest computed based on the effective interest rate of 2.04% as of March 31, 2016 ; (ii) for assumed debt financing directly associated with the acquisition of specific self storage properties, interest was computed for the entirety of the periods presented using the effective interest rates under such financings; and (iii) for acquisition costs of $1.3 million incurred during the three months ended March 31, 2016 , pro forma adjustments give effect to these costs as if they were incurred on January 1, 2015.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following (dollars in thousands): March 31, December 31, 2016 2015 Customer in-place leases, net of accumulated amortization of $5,195 and $4,312, respectively $ 4,199 $ 4,209 Receivables: Trade, net 1,013 1,093 PROs and other affiliates 165 232 Property acquisition deposits 229 763 Interest rate derivative assets — 331 Prepaid expenses and other 2,926 1,486 Corporate furniture, equipment and other, net 683 534 Total $ 9,215 $ 8,648

DEBT FINANCING

DEBT FINANCING	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING The Company's outstanding debt as of March 31, 2016 and December 31, 2015 is summarized as follows (dollars in thousands): Interest March 31, December 31, Rate (1) 2016 2015 Credit Facility: Revolving line of credit 2.04% $ 259,475 $ 187,975 Term loan 2.74% 200,000 200,000 Fixed rate mortgages payable 3.97% 172,201 176,911 Total principal 631,676 564,886 Unamortized debt issuance costs and debt premium, net 2,636 2,909 Total debt $ 634,312 $ 567,795 (1) Represents the effective interest rate as of March 31, 2016 . 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. Credit Facility On August 13, 2015, the Company entered into an amendment with a syndicated group of lenders consisting of 11 financial institutions to increase the total borrowing capacity under its unsecured credit facility (the "credit facility"), which was originally entered into on April 1, 2014, by $125.0 million for a total credit facility of $550.0 million . The Company has an additional expansion option under the credit facility, which if exercised, would provide for a total borrowing capacity of $700.0 million . The credit facility consists of two components: • A senior revolving credit facility (the "revolving line of credit"), which provides for a total borrowing commitment up to $350.0 million , whereby the Company may borrow, repay and re-borrow amounts under the revolving line of credit. The borrowing commitment is subject to a borrowing base calculation, which only includes self storage properties with an occupancy rate of at least 75% on a combined basis. As of March 31, 2016 , the Company had the capacity to borrow $90.5 million , subject to the borrowing base calculation. The Company is required to pay a fee which ranges from 0.20% to 0.25% of unused borrowings under the revolving line of credit. As of March 31, 2016 , the pricing grid under the revolving line of credit provides for an interest rate equal to one-month London Interbank Offered Rate ("LIBOR") plus 1.60% . The revolving line of credit matures in March 2017 and the Company may elect an extension of the maturity date until March 2018 by paying an extension fee equal to 0.20% of the total borrowing commitment at the time of the extension. • A $200.0 million senior term loan (the "term loan") which provides that amounts borrowed may be repaid at any time but not re-borrowed. As of March 31, 2016 , the pricing grid under the term loan provides for an interest rate equal to one-month LIBOR plus 1.50% . No principal payments are required under the term loan until the maturity date in March 2018. The terms of the credit facility limit the Company's ability to make distributions, incur additional debt, and acquire or sell significant assets. The credit facility requires compliance with certain financial and non-financial covenants, including a maximum total leverage ratio, a minimum fixed charge coverage ratio, and minimum net worth, which were not impacted by the increase amendment discussed above. At March 31, 2016 , the Company was in compliance with all such covenants. As discussed further in Note 12, on May 6, 2016 , the Company amended and restated its credit facility with a syndicated group of lenders. The amendment increased the credit facility's total borrowing capacity, extended the maturity dates, and reallocated borrowings among the term loan tranches and a revolving line of credit. Fixed Rate Mortgages Payable Fixed rate mortgages have scheduled maturities at various dates through November 2024, and have effective interest rates that range from 2.43% to 5.00% . Principal and interest are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. Future Debt Obligations Based on existing debt agreements in effect as of March 31, 2016 , the scheduled principal and maturity payments for outstanding borrowings under the Company's credit facility and fixed rate mortgages 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 Remainder of 2016 $ 9,420 $ 645 $ 10,065 2017 275,629 322 275,951 2018 209,191 621 209,812 2019 3,468 713 4,181 2020 37,635 360 37,995 2021 5,798 2 5,800 After 2022 90,535 (27 ) 90,508 $ 631,676 $ 2,636 $ 634,312

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three months ended March 31, 2016 and 2015 , respectively (in thousands, except per share amounts): Three Months Ended 2016 2015 Earnings (loss) per common share - basic and diluted Numerator Net income (loss) $ 4,802 $ (2,771 ) Net (income) loss attributable to noncontrolling interests (2,592 ) 2,771 Net income (loss) attributable to National Storage Affiliates Trust 2,210 — Distributed and undistributed earnings allocated to participating securities (4 ) — Net income (loss) attributable to common shareholders - basic 2,206 — Effect of assumed conversion of dilutive securities 2,571 — Net income (loss) attributable to common shareholders - diluted $ 4,777 $ — Denominator Weighted average shares outstanding - basic 23,005 1 Effect of dilutive securities: Weighted average OP units outstanding 22,235 — Weighted average DownREIT OP unit equivalents outstanding 1,835 — Weighted average LTIP units outstanding 2,151 — Subordinated performance units and DownREIT subordinated performance unit equivalents 18,768 — Weighted average shares outstanding - diluted 67,994 1 Earnings (loss) per share - basic $ 0.10 $ — Earnings (loss) per share - diluted $ 0.07 $ — As discussed in Note 3 , the Company did not have an ownership interest or share in its operating partnership's profits and losses prior to the completion of the Company's initial public offering. As a result, all of the operating partnership's profits and losses for the three months ended March 31, 2015 were allocated to noncontrolling interests. Outstanding equity interests of the 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 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 the 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, which are exchangeable for common shares as described above. Certain LTIP units vested prior to or upon the completion of the Company's initial public offering and certain LTIP units will vest upon the satisfaction of a future service condition. 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 three months ended March 31, 2016 , 128,087 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. In addition, certain LTIP units vest upon the future acquisition of properties sourced by PROs. For the three months ended March 31, 2016 , 397,600 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 periods. 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 prior to and since the completion of the Company's initial public offering on April 28, 2015, and as a result, is not necessarily indicative of the subsequent results of operations, cash flows or financial position of the Company following the initial public offering or upon expiration of the two-year lock out period on conversions. 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Supervisory and Administrative Fees The Company has entered into asset management agreements with the PROs to continue providing leasing, operating, supervisory and administrative services related to the self storage properties contributed by and acquired from the PROs. The asset management agreements generally provide for fees ranging from 5% to 6% of gross revenue for the managed self storage properties. During the three months ended March 31, 2016 and 2015 , the Company incurred $2.2 million and $1.6 million , respectively, for supervisory and administrative fees to the PROs. Such fees are included in general and administrative expenses in the accompanying consolidated statements of operations. Affiliate Payroll Services The employees responsible for operation of the self storage properties are employees of the PROs who charge the Company for the costs associated with the respective employees. For the three months ended March 31, 2016 and 2015 , the Company incurred $4.0 million and $2.9 million , respectively, for payroll and related costs reimbursable to these affiliates. Such costs are included in property operating expenses in the accompanying consolidated statements of operations. Affiliate Call Center Services On April 1, 2015, the Company acquired a centralized call center for 50,000 OP units from SecurCare. Because the Company and SecurCare are under common control, the assets acquired and liabilities assumed were recorded at SecurCare's historical carrying value, which was a nominal amount as of the acquisition date. SecurCare continues to manage call center services to support self storage property operations and the fees paid to SecurCare for these services for the three months ended March 31, 2016 are included in the supervisory and administrative fees discussed above. The call center utilizes approximately 1,500 square feet in one of the Company's self storage properties acquired from SecurCare for annual rent of approximately $25,000 . Prior to the acquisition, for the three months ended March 31, 2015 , the Company incurred call center charges of $0.2 million . Such call center costs are included in property operating expenses in the accompanying consolidated statements of operations. Due Diligence Costs During the three months ended March 31, 2016 , the Company incurred $0.1 million 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. These expenses are included in acquisition costs in the accompanying statements of operations. There were no such reimbursements during the three months ended March 31, 2015.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	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 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 Non-hedge Accounting Interest Rate Swaps Total Fair value at December 31, 2014 $ (865 ) $ (207 ) $ (1,072 ) Unrealized losses included in interest expense — (121 ) (121 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 385 — 385 Unrealized losses included in accumulated other comprehensive loss (1,166 ) — (1,166 ) Fair value at March 31, 2015 $ (1,646 ) $ (328 ) $ (1,974 ) Fair value at December 31, 2015 $ (972 ) $ — $ (972 ) Swap ineffectiveness 7 — 7 Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 403 — 403 Unrealized losses included in accumulated other comprehensive loss (1,895 ) — (1,895 ) Fair value at March 31, 2016 $ (2,457 ) $ — $ (2,457 ) As of March 31, 2016 and December 31, 2015 , the Company had outstanding interest rate swaps with aggregate notional amounts of $199.4 million designated as cash flow hedges. As of March 31, 2016 , the Company's swaps had a weighted average remaining term of approximately 2.1 years . The fair value of these swaps are presented within accounts payable and accrued liabilities and other assets in the Company's balance sheets, and the Company recognizes any changes in the fair value as an adjustment of accumulated other comprehensive loss within equity to the extent of their effectiveness. If the forward rates at March 31, 2016 remain constant, the Company estimates that during the next 12 months , the Company would reclassify into earnings approximately $1.3 million of the unrealized losses included in accumulated other comprehensive loss. If market interest rates increase above the 1.25% weighted average fixed rate under these interest rate swaps the Company will benefit from net cash payments due to it from the counterparty to the interest rate swaps. There were no transfers between levels during the three months ended March 31, 2016 and 2015 . 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 March 31, 2016 , 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. Fair Value Disclosures The carrying values of cash and cash equivalents, restricted cash, trade receivables, and accounts payable and accrued liabilities reflected in the balance sheets at March 31, 2016 and December 31, 2015 , 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 March 31, 2016 and December 31, 2015 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 $172.2 million as of March 31, 2016 with a fair value of approximately $188.1 million . In determining the fair value, the Company estimated a weighted average market interest rate of approximately 2.96% , compared to the weighted average contractual interest rate of 5.07% . The combined principal balance of the Company's fixed rate mortgages was approximately $176.9 million as of December 31, 2015 with a fair value of approximately $189.3 million . In determining the fair value as of December 31, 2015 , the Company estimated a weighted average market interest rate of approximately 3.41% , compared to the weighted average contractual interest rate of 5.10% .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Self Storage Property Acquisitions In April and May 2016, the Company acquired 22 self storage properties for approximately $173.8 million . This included 14 self storage properties from parties related to Hide-Away, which the Company added as its seventh PRO. Consideration for these acquisitions included approximately $43.3 million of cash (including $6.3 million of debt assumed and repaid in the days immediately following an acquisition), OP equity of approximately $79.9 million (consisting of the issuance of 2,348,464 OP Units and 1,467,386 subordinated performance units) and the assumption of $49.5 million of mortgage indebtedness and $1.1 million of other working capital liabilities. Of these acquisitions, 15 were acquired by the Company from its PROs and seven were acquired by the Company from third-party sellers. In connection with these acquisitions, the Company incurred $0.1 million of expenses, payable to certain PROs, for due diligence costs related to the self storage properties sourced by the PROs. Changes to the Company's Credit Facility On May 6, 2016 , the Company entered into an amended and restated credit facility with a syndicated group of lenders. The amendment increased the credit facility's total borrowing capacity, extended the maturity dates, and reallocated borrowings among term loan tranches and a revolving line of credit. The amendment increased the borrowing capacity of the credit facility by $125.0 million for a total credit facility of $675.0 million , consisting of three components: (i) a revolving line of credit which provides for a total borrowing commitment up to $350.0 million (the "Revolver"), whereby the Company may borrow, repay and re-borrow amounts under the revolving line of credit, (ii) a $225.0 million tranche A term loan facility (the "Term Loan A"), and (iii) a $100.0 million tranche B loan facility (the "Term Loan B" and together with the Revolver and the Term Loan A, the "Facilities"). The Revolver matures in four years ; provided that the Company may elect to extend the maturity to five years by paying an extension fee of 0.15% 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 five years and the Term Loan B matures in six years . None of the Facilities is subject to any scheduled reduction or amortization payments prior to maturity. Interest rates applicable to loans under the Facilities 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 Facilities are leverage based and range from 1.35% to 2.15% for LIBOR loans and 0.35% to 1.15% 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 Facilities are subject to the rating based on applicable margins ranging from 0.85% to 2.30% for LIBOR Loans and 0.00% to 1.30% for base rate loans. The Company is also required to pay the following usage based fees ranging from 0.15% to 0.25% with respect to the unused portion of the Revolver; provided that if the Company makes an investment grade pricing election as described in the preceding sentence, 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. As of May 6, 2016 , $225.0 million was outstanding under the Term Loan A, $100.0 million was outstanding under the Term Loan B, and $181.5 million was outstanding under the Revolver and the Company would have had the capacity to borrow the full remaining Revolver commitments of $168.5 million while remaining in compliance with the Facilities' financial covenants described in the following paragraph. The Company is required to comply with the following financial covenants under the Facilities: • Maximum total leverage ratio not to exceed 60% • Minimum fixed charge coverage ratio of at least 1.5 x • Minimum net worth of at least $682.6 million plus 75% of future equity issuances • Maximum unsecured debt to unencumbered asset value ratio not to exceed 60% • Unencumbered adjusted net operating income to unsecured interest expense of at least 2.0 x In addition, the terms of the Facilities 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.

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP") and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included.
Principles of Consolidation and Noncontrolling Interest	Noncontrolling Interests All of the limited partner equity interests in the 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 operating partnership or its subsidiaries. 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 interest is adjusted is reflected as an adjustment to additional paid-in capital on the consolidated balance sheets. Principles of Consolidation The Company's 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.
Variable Interest Entity	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. During the three months ended March 31, 2016, the Company adopted ASU 2015-02 and concluded that although its operating partnership and certain DownREIT partnerships now meet the criteria as a VIE, no change was required to the Company's accounting for any of its interests in less than wholly owned DownREIT partnerships or its operating partnership. 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. Accordingly, there has been no change to the recognized amounts in the Company's consolidated balance sheets and statements of operations or amounts reported in the Company's consolidated statements of cash flows.
Allocation of Net Income (Loss)	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 unitholders. Accordingly, the Company allocates GAAP income (loss) utilizing the hypothetical liquidation at book value ("HLBV") method, in which the Company allocates income or loss based on the change in each unitholders’ claim on the net assets of its operating partnership at period end after adjusting for any distributions or contributions made during such period. 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. 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 loss than what may be received in the event of an actual liquidation. Additionally, the HLBV method could result in net income attributable to National Storage Affiliates Trust during a period when the Company reports a consolidated net loss, or net income attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income.
Other Comprehensive Income (Loss)	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 loss within equity, as discussed further in Note 11 . 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).
Use of Estimates	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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. ASU 2014-09 is effective for the Company on January 1, 2018, with early application permitted for the Company on January 1, 2017. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which modifies the current consolidation guidance. Under this guidance, limited partnerships may no longer be viewed as VIEs if the limited partners hold certain rights over the general partner. Alternatively, limited partnerships not previously viewed as VIEs may now be considered VIEs in the absence of such rights. The Company adopted ASU 2015-02 during the three months ended March 31, 2016, as more fully described above, see " –Principles of Consolidation". In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest, which requires the presentation of debt issuance costs as a direct deduction from the carrying amount of the related debt liabilities. In August 2015, the FASB issued ASU 2015-15 that permits debt issuance costs related to line-of-credit arrangements to be presented as an asset and amortized over the term of the line-of-credit arrangement regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted ASUs 2015-03 and 2015-15 during the three months ended March 31, 2016. The adoption resulted in the reclassification of certain debt issuance costs from assets to a reduction in the carrying amount of the Company's debt financings applied retrospectively to all periods. These reclassifications totaled $2.6 million and $2.8 million as of March 31, 2016 and December 31, 2015, respectively. Debt issuance costs related to the Company's senior revolving credit facility (the "revolving line of credit") remain classified within "Debt issuance costs, net" in the Company's consolidated balance sheets. In February 2016, the FASB issued ASU 2016-02, Leases, which amends the existing guidance for accounting for leases, including requiring lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases and lessees to recognize most leases on-balance sheet as lease liabilities with corresponding right-of-use assets. ASU 2016-02 is effective for the Company on January 1, 2019, with early application permitted. ASU 2016-02 requires a modified retrospective approach, with entities applying the new guidance at the beginning of the earliest period presented in the financial statements in which they first apply the new standard, with certain elective transition relief. The Company is evaluating the effect that ASU 2016-02 will have on its operating leases, consolidated financial statements and related disclosures.

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Schedule of outstanding equity interests	As of March 31, 2016 and December 31, 2015 , units reflecting noncontrolling interests consisted of the following: March 31, December 31, 2016 2015 OP units 22,528,274 21,556,006 Subordinated performance units 9,441,708 9,302,989 LTIP units 2,947,837 2,784,761 DownREIT units DownREIT OP units 1,834,786 1,834,786 DownREIT subordinated performance units 4,386,999 4,386,999 Total 41,139,604 39,865,541

SELF STORAGE PROPERTIES (Tables

SELF STORAGE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Schedule of self storage properties	Self storage properties are summarized as follows (dollars in thousands): March 31, December 31, 2016 2015 Land $ 332,912 $ 315,867 Buildings and improvements 899,272 829,093 Furniture and equipment 2,357 2,241 Total self storage properties 1,234,541 1,147,201 Less accumulated depreciation (76,810 ) (68,100 ) Self storage properties, net $ 1,157,731 $ 1,079,101

SELF STORAGE PROPERTY ACQUISI23

SELF STORAGE PROPERTY ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Schedule of business combinations	The following table summarizes the consideration for the business combinations completed by the Company during the three months ended March 31, 2016 (dollars in thousands): Acquisitions Closed During the Three Months Ended: Summary of Consideration Number of Properties Value of OP Equity (1) Liabilities Assumed (Assets Acquired) Total Fair Value Cash Mortgages Other March 31, 2016 17 $ 63,300 $ 19,068 $ 5,861 $ 584 $ 88,813 (1) Value of OP equity represents the fair value of OP units, subordinated performance units and LTIP units.
Schedule of pro forma information	The following table summarizes on a pro forma basis the results of operations for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended 2016 2015 Pro forma revenue: Historical results $ 39,649 $ 28,291 Acquisitions subsequent to March 31, 2016 4,702 4,212 Acquisitions during the three months ended March 31, 2016 (1) 842 1,759 Acquisitions during the three months ended March 31, 2015 (excluding those in historical results) — 86 Total $ 45,193 $ 34,348 Pro forma net income (loss): (2) Historical results $ 4,802 $ (2,771 ) Acquisitions subsequent to March 31, 2016 1,181 (741 ) Acquisitions during the three months ended March 31, 2016 (1) 1,592 (1,708 ) Acquisitions during the three months ended March 31, 2015 (excluding those in historical results) — 891 Total $ 7,575 $ (4,329 ) (1) Reflects 15 of the 17 self storage properties acquired during this period because the information required with respect to the two remaining acquisitions during this period is not available to the Company. (2) Significant assumptions and adjustments in preparation of the pro forma information include the following: (i) for the cash portion of the purchase price, the Company assumed borrowings under the Company's revolving line of credit with interest computed based on the effective interest rate of 2.04% as of March 31, 2016 ; (ii) for assumed debt financing directly associated with the acquisition of specific self storage properties, interest was computed for the entirety of the periods presented using the effective interest rates under such financings; and (iii) for acquisition costs of $1.3 million incurred during the three months ended March 31, 2016 , pro forma adjustments give effect to these costs as if they were incurred on January 1, 2015.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets	Other assets consist of the following (dollars in thousands): March 31, December 31, 2016 2015 Customer in-place leases, net of accumulated amortization of $5,195 and $4,312, respectively $ 4,199 $ 4,209 Receivables: Trade, net 1,013 1,093 PROs and other affiliates 165 232 Property acquisition deposits 229 763 Interest rate derivative assets — 331 Prepaid expenses and other 2,926 1,486 Corporate furniture, equipment and other, net 683 534 Total $ 9,215 $ 8,648

DEBT FINANCING (Tables)

DEBT FINANCING (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of debt	The Company's outstanding debt as of March 31, 2016 and December 31, 2015 is summarized as follows (dollars in thousands): Interest March 31, December 31, Rate (1) 2016 2015 Credit Facility: Revolving line of credit 2.04% $ 259,475 $ 187,975 Term loan 2.74% 200,000 200,000 Fixed rate mortgages payable 3.97% 172,201 176,911 Total principal 631,676 564,886 Unamortized debt issuance costs and debt premium, net 2,636 2,909 Total debt $ 634,312 $ 567,795 (1) Represents the effective interest rate as of March 31, 2016 . 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.
Schedule of future debt maturities	Based on existing debt agreements in effect as of March 31, 2016 , the scheduled principal and maturity payments for outstanding borrowings under the Company's credit facility and fixed rate mortgages 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 Remainder of 2016 $ 9,420 $ 645 $ 10,065 2017 275,629 322 275,951 2018 209,191 621 209,812 2019 3,468 713 4,181 2020 37,635 360 37,995 2021 5,798 2 5,800 After 2022 90,535 (27 ) 90,508 $ 631,676 $ 2,636 $ 634,312

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of elements used in calculating basic and diluted earnings per common share	The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three months ended March 31, 2016 and 2015 , respectively (in thousands, except per share amounts): Three Months Ended 2016 2015 Earnings (loss) per common share - basic and diluted Numerator Net income (loss) $ 4,802 $ (2,771 ) Net (income) loss attributable to noncontrolling interests (2,592 ) 2,771 Net income (loss) attributable to National Storage Affiliates Trust 2,210 — Distributed and undistributed earnings allocated to participating securities (4 ) — Net income (loss) attributable to common shareholders - basic 2,206 — Effect of assumed conversion of dilutive securities 2,571 — Net income (loss) attributable to common shareholders - diluted $ 4,777 $ — Denominator Weighted average shares outstanding - basic 23,005 1 Effect of dilutive securities: Weighted average OP units outstanding 22,235 — Weighted average DownREIT OP unit equivalents outstanding 1,835 — Weighted average LTIP units outstanding 2,151 — Subordinated performance units and DownREIT subordinated performance unit equivalents 18,768 — Weighted average shares outstanding - diluted 67,994 1 Earnings (loss) per share - basic $ 0.10 $ — Earnings (loss) per share - diluted $ 0.07 $ —

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of interest rate swap derivatives fair value	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 Non-hedge Accounting Interest Rate Swaps Total Fair value at December 31, 2014 $ (865 ) $ (207 ) $ (1,072 ) Unrealized losses included in interest expense — (121 ) (121 ) Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 385 — 385 Unrealized losses included in accumulated other comprehensive loss (1,166 ) — (1,166 ) Fair value at March 31, 2015 $ (1,646 ) $ (328 ) $ (1,974 ) Fair value at December 31, 2015 $ (972 ) $ — $ (972 ) Swap ineffectiveness 7 — 7 Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss 403 — 403 Unrealized losses included in accumulated other comprehensive loss (1,895 ) — (1,895 ) Fair value at March 31, 2016 $ (2,457 ) $ — $ (2,457 )

ORGANIZATION AND NATURE OF OP28

ORGANIZATION AND NATURE OF OPERATIONS (Details) $ / shares in Units, storage_unit in Thousands, ft² in Millions, $ in Millions	Apr. 28, 2015USD ($)$ / sharesshares	Jun. 07, 2013shares	Feb. 13, 2013	Mar. 31, 2016ft²storage_unitstateproperty$ / shares	Dec. 31, 2015$ / shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common shares of beneficial interest, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Number of self storage properties owned | property				293
Number of states that self storage properties are owned in | state				17
Total rentable square feet in self storage properties | ft²				16.8
Number of storage units owned | storage_unit				130
National Storage Affiliates Holdings LLC [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of NSA owned by NBSA Holdings prior to IPO			100.00%
OP units [Member] | NSA OP, LP [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Amount of OP units issued in exchange for common shares from initial public offering (in shares)	23,000,000
OP units [Member] | National Storage Affiliates Holdings LLC [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
OP Units owned by NSA Holdings prior to IPO (in shares)		126,400
Common Shares [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Shares offered during initial public offering		1,000
Common shares of beneficial interest, par value (in dollars per share) | $ / shares				$ 0.01
Net proceeds from issuance of common shares in IPO | $	$ 278.1
Common Shares [Member] | IPO [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Shares offered during initial public offering	23,000,000
IPO share price (in dollars per share) | $ / shares	$ 13
Common Shares [Member] | Over-Allotment Option [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Shares offered during initial public offering	3,000,000

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	Mar. 31, 2016USD ($)partnershipproperty	Dec. 31, 2015USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs reclassed from assets to liabilities following adoption of ASU 2015-03	$ 1,530	$ 1,923
Variable Interest Entity [Line Items]
Number of self storage properties owned | property	293
Self storage properties, net	$ 1,157,731	1,079,101
Debt	$ 631,676	564,886
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number Of Partnerships Considered Variable Interest Entities | partnership	21
Number of self storage properties owned | property	34
Self storage properties, net	$ 260,600	262,600
Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Debt	42,800
Mortgages [Member] | Fixed Rate Mortgages [Member]
Variable Interest Entity [Line Items]
Debt	172,201	176,911
Mortgages [Member] | Fixed Rate Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Debt		43,200
Accounting Standards Updated 2015-03 [Member] | Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs reclassed from assets to liabilities following adoption of ASU 2015-03	(2,600)	(2,800)
Accounting Standards Updated 2015-03 [Member] | Debt Financing [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs reclassed from assets to liabilities following adoption of ASU 2015-03	$ 2,600	$ 2,800

NONCONTROLLING INTERESTS - Equi

NONCONTROLLING INTERESTS - Equity Interests (Details) - shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Partnership Subsidiaries [Member]
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	41,139,604	39,865,541
OP units [Member] | NSA OP, LP [Member]
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	22,528,274	21,556,006
OP units [Member] | DownREIT Partnership [Member]
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	1,834,786	1,834,786
Subordinated performance units [Member] | NSA OP, LP [Member]
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	9,441,708	9,302,989
Subordinated performance units [Member] | DownREIT Partnership [Member]
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	4,386,999	4,386,999
LTIP units [Member]
Noncontrolling Interest [Line Items]
Compensatory LTIPs issued (in shares)	163,076
LTIP units [Member] | NSA OP, LP [Member]
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	2,947,837	2,784,761

SELF STORAGE PROPERTIES (Detail

SELF STORAGE PROPERTIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Real Estate [Abstract]
Land	$ 332,912		$ 315,867
Buildings and improvements	899,272		829,093
Furniture and equipment	2,357		2,241
Total self storage properties	1,234,541		1,147,201
Less accumulated depreciation	(76,810)		(68,100)
Self storage properties, net	1,157,731		$ 1,079,101
Depreciation expense related to self storage properties	$ 8,600	$ 6,300

SELF STORAGE PROPERTY ACQUISI32

SELF STORAGE PROPERTY ACQUISITIONS - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	May. 10, 2016property	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)property
Business Acquisition [Line Items]
Number of self storage properties acquired | property		17	6
Number of Businesses Acquired for which Pro Forma Financial Information is Not Available | property		2
Estimated fair value of acquired self storage properties		$ 88,800
Recognized fair value allocated to real estate		86,700
Revenue from acquired properties since acquisition		1,100
Operating income (loss) from acquired properties since acquisition		100
Acquisition costs		$ 1,288	$ 599
Number of Businesses Acquired for which Pro Forma Financial Information is Available | property		15	5
Leases, Acquired-in-Place [Member]
Business Acquisition [Line Items]
Recognized fair value allocated to in-place leases		$ 2,100
Participating Regional Operator [Member] | Affiliated Entity [Member]
Business Acquisition [Line Items]
Number of self storage properties acquired | property		4
Estimated fair value of acquired self storage properties		$ 18,400
Subsequent Event [Member] | Subsequent Acquisitions [Member]
Business Acquisition [Line Items]
Number of self storage properties acquired | property	22

SELF STORAGE PROPERTY ACQUISI33

SELF STORAGE PROPERTY ACQUISITIONS - Business Combination Consideration (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)property	Mar. 31, 2015property
Business Combinations [Abstract]
Number of self storage properties acquired | property	17	6
Consideration given, cash	$ 63,300
Consideration given, value of OP Equity	19,068
Liabilities assumed, mortgages	5,861
Liabilities assumed, other	584
Total consideration given and liabilities assumed	$ 88,813

SELF STORAGE PROPERTY ACQUISI34

SELF STORAGE PROPERTY ACQUISITIONS - Pro Forma Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)property	Dec. 31, 2015
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of Businesses Acquired | property	17	6
Number of Businesses Acquired for which Pro Forma Financial Information is Available | property	15	5
Pro forma revenue	$ 45,193	$ 34,348
Pro forma net income (loss)	7,575	(4,329)
Pro forma net income (loss)	1,288	599
Subsequent Acquisitions [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma revenue	4,702	4,212
Pro forma net income (loss)	1,181	(741)
2016 Acquisitions [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma revenue	842	1,759
Pro forma net income (loss)	1,592	(1,708)
2015 Acquisitions [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma revenue	0	86
Pro forma net income (loss)	0	891
Consolidated Entities Excluding Acquirees [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma revenue	39,649	28,291
Pro forma net income (loss)	$ 4,802	$ (2,771)
Credit Facility [Member] | Line of Credit [Member] | Revolving line of credit [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Effective interest rate	2.04%		2.04%

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Customer in-place leases, net of accumulated amortization of $5,195 and $4,312, respectively	$ 4,199	$ 4,209
Receivables:
Trade, net	1,013	1,093
PROs and other affiliates	165	232
Property acquisition deposits	229	763
Interest rate derivative assets	0	331
Prepaid expenses and other	2,926	1,486
Corporate furniture, equipment and other, net	683	534
Total	9,215	8,648
Customer in-place leases, accumulated amortization	$ 5,195	$ 4,312

DEBT FINANCING - Debt Summary (

DEBT FINANCING - Debt Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total principal	$ 631,676	$ 564,886
Unamortized debt issuance costs and debt premium, net	2,636	2,909
Total debt	$ 634,312	$ 567,795
Line of Credit [Member] | Credit Facility [Member] | Revolving line of credit [Member]
Debt Instrument [Line Items]
Effective interest rate	2.04%	2.04%
Total principal	$ 259,475	$ 187,975
Line of Credit [Member] | Credit Facility [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Effective interest rate	2.74%	2.74%
Total principal	$ 200,000	$ 200,000
Mortgages [Member] | Fixed Rate Mortgages [Member]
Debt Instrument [Line Items]
Effective interest rate	3.97%	3.97%
Total principal	$ 172,201	$ 176,911

DEBT FINANCING - Future maturit

DEBT FINANCING - Future maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Scheduled Principal and Maturity Payments
Remainder of 2016	$ 9,420
2,017	275,629
2,018	209,191
2,019	3,468
2,020	37,635
2,021	5,798
After 2,022	90,535
Total contractual principal	631,676
Premium Amortization and Unamortized Debt Issuance Costs
Remainder of 2016	645
2,017	322
2,018	621
2,019	713
2,020	360
2,021	2
After 2,022	(27)
Total premium amortization and unamortized debt issuance costs	2,636
Total
Remainder of 2016	10,065
2,017	275,951
2,018	209,812
2,019	4,181
2,020	37,995
2,021	5,800
After 2,022	90,508
Total debt	$ 634,312	$ 567,795

DEBT FINANCING - Narrative (Det

DEBT FINANCING - Narrative (Details)	Aug. 13, 2015USD ($)componentfinancial_institution	Apr. 01, 2014USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Debt financing			$ 634,312,000	$ 567,795,000
Line of Credit [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Number of financial institutions in lender agreement | financial_institution	11
Increase in credit facility	$ 125,000,000
Current borrowing capacity	$ 550,000,000
Number of lender agreement components | component	2
Line of Credit [Member] | Credit Facility [Member] | Revolving line of credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 350,000,000	$ 90,525,000
Borrowing base calculation, minimum occupancy rate of property		75.00%
Revolver extension fee, percent			0.20%
Line of Credit [Member] | Credit Facility [Member] | Revolving line of credit [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Borrowing rate spread			1.60%
Line of Credit [Member] | Credit Facility [Member] | Revolving line of credit [Member] | Minimum [Member]
Debt Instrument [Line Items]
Unused borrowing capacity, percent		0.20%
Line of Credit [Member] | Credit Facility [Member] | Revolving line of credit [Member] | Maximum [Member]
Debt Instrument [Line Items]
Unused borrowing capacity, percent		0.25%
Line of Credit [Member] | Credit Facility [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 200,000,000
Line of Credit [Member] | Credit Facility [Member] | Term Loan [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Borrowing rate spread			1.50%
Line of Credit [Member] | Amended Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 700,000,000
Mortgages [Member] | Fixed Rate Mortgages [Member]
Debt Instrument [Line Items]
Minimum effective interest rate			2.43%
Maximum effective interest rate			5.00%

EARNINGS PER SHARE - Basic and

EARNINGS PER SHARE - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 4,802	$ (2,771)
Net (income) loss attributable to noncontrolling interests	(2,592)	2,771
Net income (loss) attributable to National Storage Affiliates Trust	2,210	0
Distributed and undistributed earnings allocated to participating securities	(4)	0
Net income (loss) attributable to common shareholders - basic	2,206	0
Effect of assumed conversion of dilutive securities	2,571	0
Net income (loss) attributable to common shareholders - diluted	$ 4,777	$ 0
Weighted average shares outstanding - basic (in shares)	23,005	1
Weighted average shares outstanding - diluted (in shares)	67,994	1
Earnings (loss) per share - basic (in dollars per share)	$ 0.10	$ 0
Earnings (loss) per share - diluted (in dollars per share)	$ 0.07	$ 0
OP units [Member] | NSA OP, LP [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	22,235	0
OP units [Member] | DownREIT Partnership [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	1,835	0
LTIP units [Member] | NSA OP, LP [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	2,151	0
Subordinated performance units [Member] | NSA OP, LP And DownREIT Partnership [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	18,768	0

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details)	3 Months Ended
	Mar. 31, 2016unit / sharesshares
NSA OP, LP [Member] | OP units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
DownREIT Partnership [Member] | OP units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
NSA OP, LP And DownREIT Partnership [Member] | Subordinated performance units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Minimum conversion period	2 years
Unit conversion ratio	1
Long-Term Incentive Plan Unit Based On Service [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average outstanding equity interests excluded from computation of earnings (in units) | shares	128,087
Long-Term Incentive Plan Unit Based On Future Acquisitions [Member] | Participating Regional Operator [Member] | Management [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average outstanding equity interests excluded from computation of earnings (in units) | shares	397,600

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	Apr. 01, 2015shares	Mar. 31, 2016USD ($)ft²	Mar. 31, 2015USD ($)
Related Party Transaction [Line Items]
General and administrative expenses		$ 4,335,000	$ 3,613,000
Property operating expenses		13,277,000	9,842,000
Supervisory and Administrative Fee Agreement [Member] | Participating Regional Operator [Member] | Management [Member]
Related Party Transaction [Line Items]
General and administrative expenses		$ 2,200,000	1,600,000
Supervisory and Administrative Fee Agreement [Member] | Participating Regional Operator [Member] | Minimum [Member] | Management [Member]
Related Party Transaction [Line Items]
Fee agreement on gross revenue, percent		5.00%
Supervisory and Administrative Fee Agreement [Member] | Participating Regional Operator [Member] | Maximum [Member] | Management [Member]
Related Party Transaction [Line Items]
Fee agreement on gross revenue, percent		6.00%
Payroll Services [Member] | Participating Regional Operator [Member] | Management [Member]
Related Party Transaction [Line Items]
Property operating expenses		$ 4,000,000	2,900,000
Call Center Services [Member] | SecuCare Self Storage Inc. [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Property operating expenses			200,000
Area occupied by related party | ft²		1,500
Annual rent		$ 25,000
Call Center Services [Member] | SecuCare Self Storage Inc. [Member] | Affiliated Entity [Member] | Call Center [Member]
Related Party Transaction [Line Items]
Issuance of OP units and subordinated performance units for acquisition of call center | shares	50,000
Acquisition Costs [Member] | Due Diligence Costs [Member] | Participating Regional Operator [Member] | Management [Member]
Related Party Transaction [Line Items]
Due diligence expenses payable to the PROs		$ 100,000	$ 0

FAIR VALUE MEASUREMENTS - Inter

FAIR VALUE MEASUREMENTS - Interest Swap Derivatives (Details) - Interest Rate Swap [Member] - Level 2 [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis [Roll Forward]
Fair value at beginning of period	$ (972)	$ (1,072)
Unrealized losses included in interest expense		(121)
Swap ineffectiveness	7
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	403	385
Unrealized losses included in accumulated other comprehensive loss	(1,895)	(1,166)
Fair value of end of period	(2,457)	(1,974)
Designated as Hedging Instrument [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis [Roll Forward]
Fair value at beginning of period	(972)	(865)
Unrealized losses included in interest expense		0
Swap ineffectiveness	7
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	403	385
Unrealized losses included in accumulated other comprehensive loss	(1,895)	(1,166)
Fair value of end of period	(2,457)	(1,646)
Not Designated as Hedging Instrument [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis [Roll Forward]
Fair value at beginning of period	0	(207)
Unrealized losses included in interest expense		(121)
Swap ineffectiveness	0
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive loss	0	0
Unrealized losses included in accumulated other comprehensive loss	0	0
Fair value of end of period	$ 0	$ (328)

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized losses forecasted to be included in earnings transferred from AOCI in the next twelve months	$ 1.3
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate mortgages, fair value	172.2	$ 176.9
Level 2 [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate mortgages, fair value	$ 188.1	$ 189.3
Weighted average market interest rate	2.96%	3.41%
Weighted average contractual interest rate	5.07%	5.10%
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 199.4	$ 199.4
Weighted average remaining term	2 years 1 month
Weighted average fixed rate	1.25%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	May. 06, 2016USD ($)component	Aug. 13, 2015USD ($)component	May. 10, 2016USD ($)propertyshares	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)property	Dec. 31, 2015USD ($)	Apr. 01, 2014USD ($)
Subsequent Event [Line Items]
Number of self storage properties acquired | property				17	6
Cash consideration for acquired self storage properties				$ 62,669,000	$ 6,991,000
Consideration given, value of OP Equity				19,068,000
Debt outstanding				634,312,000		$ 567,795,000
Credit Facility [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Increase in credit facility		$ 125,000,000
Current borrowing capacity		$ 550,000,000
Number of lender agreement components | component		2
Credit Facility [Member] | Revolving line of credit [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity				$ 90,525,000			$ 350,000,000
Revolver extension fee, percent				0.20%
LIBOR [Member] | Credit Facility [Member] | Revolving line of credit [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Borrowing rate spread				1.60%
Subsequent Event [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Subsequent Event [Line Items]
Number of self storage properties acquired | property			22
Aggregate purchase price of self storage properties acquired subsequent to period end			$ 173,800,000
Cash consideration for acquired self storage properties			43,300,000
Debt assumed in connection with self storage property acquisition			6,300,000
Consideration given, value of OP Equity			79,900,000
Other working capital liabilities assumed			$ 1,100,000
Subsequent Event [Member] | Series of Individually Immaterial Business Acquisitions [Member] | HIde-Away [Member]
Subsequent Event [Line Items]
Number of self storage properties acquired | property			14
Subsequent Event [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Participating Regional Operator [Member]
Subsequent Event [Line Items]
Number of self storage properties acquired | property			15
Subsequent Event [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Unidentified Third Parties [Member]
Subsequent Event [Line Items]
Number of self storage properties acquired | property			7
Subsequent Event [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Mortgages [Member]
Subsequent Event [Line Items]
Debt assumed in connection with self storage property acquisition			$ 49,500,000
Subsequent Event [Member] | Credit Facility [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Increase in credit facility	$ 125,000,000
Current borrowing capacity	$ 675,000,000
Number of lender agreement components | component	3
Debt instrument, covenant compliance, maximum leverage ratio	60.00%
Debt instrument, covenant compliance, minimum interest coverage ratio	1.5
Debt instrument, covenant compliance, required minimum net worth	$ 682,600,000
Debt instrument, covenant compliance, required minimum net worth, addition to base, percent of equity issuances	75.00%
Debt instrument, covenant compliance, maximum unsecured debt to unencumbered asset ratio	60.00%
Debt instrument, covenant compliance, unencumbered net operating income to unsecured interest expense ratio	2
Subsequent Event [Member] | Credit Facility [Member] | Revolving line of credit [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 350,000,000
Revolver maturity period	4 years
Revolver, extension maturity period	5 years
Revolver extension fee, percent	0.15%
Debt outstanding	$ 181,500,000
Remaining borrowing capacity	168,500,000
Subsequent Event [Member] | Credit Facility [Member] | Tranche A Term Loan [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 225,000,000
Revolver maturity period	5 years
Debt outstanding	$ 225,000,000
Subsequent Event [Member] | Credit Facility [Member] | Tranche B Term Loan [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 100,000,000
Revolver maturity period	6 years
Debt outstanding	$ 100,000,000
Subsequent Event [Member] | Prime Rate [Member] | Credit Facility [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Borrowing rate spread	0.50%
Subsequent Event [Member] | LIBOR [Member] | Credit Facility [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Borrowing rate spread	1.00%
Minimum [Member] | Subsequent Event [Member] | Credit Facility [Member] | Revolving line of credit [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Elective unused borrowing capacity fee	0.15%
Unused borrowing capacity fee	$ 0.00125
Minimum [Member] | Subsequent Event [Member] | LIBOR [Member] | Credit Facility [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Leverage based margin threshold	1.35%
Elective leverage based margin threshold	0.85%
Minimum [Member] | Subsequent Event [Member] | Base Rate [Member] | Credit Facility [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Leverage based margin threshold	0.35%
Elective leverage based margin threshold	0.00%
Maximum [Member] | Subsequent Event [Member] | Credit Facility [Member] | Revolving line of credit [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Elective unused borrowing capacity fee	0.25%
Unused borrowing capacity fee	$ 0.003
Maximum [Member] | Subsequent Event [Member] | LIBOR [Member] | Credit Facility [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Leverage based margin threshold	2.15%
Elective leverage based margin threshold	2.30%
Maximum [Member] | Subsequent Event [Member] | Base Rate [Member] | Credit Facility [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Leverage based margin threshold	1.15%
Elective leverage based margin threshold	1.30%
OP units [Member] | Subsequent Event [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Subsequent Event [Line Items]
Number of units issued for acquisitions | shares			2,348,464
Subordinated performance units [Member] | Subsequent Event [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Subsequent Event [Line Items]
Number of units issued for acquisitions | shares			1,467,386
Due Diligence Costs [Member] | Management [Member] | Subsequent Event [Member] | Participating Regional Operator [Member]
Subsequent Event [Line Items]
Due diligence expenses payable to the PROs			$ 100,000