National Storage Affiliates (NSA) is a self-storage REIT that owns and operates 1,063 properties across 37 states and Puerto Rico, totaling roughly 69.4M rentable square feet and ~548,000 units. NSA rents individual storage units — ranging from small lockers to large drive-up bays — to residential and commercial customers on a month-to-month basis. Rental revenue represents over 95% of same-store revenue, with the remainder coming from tenant insurance, truck rentals, and packing supplies. NSA's portfolio is split between ~801 wholly-owned properties and ~262 properties held through unconsolidated joint ventures with institutional partners, in which NSA holds a 25% interest and earns property and asset management fees. NSA operates under several regional brands — iStorage, Move It, SecurCare, and others — concentrated in the top 100 MSAs. Profitability is driven by occupancy, rental rates, and expense management; NSA uses a centralized revenue management system and an existing customer rate increase program to optimize in-place rents. Customers are acquired primarily through digital marketing, with ~65% of rentals initiated digitally. NSA's growth strategy combines organic improvement following its 2024 internalization of its former "PRO" regional operator structure, capital recycling through property sales and JV contributions, and capital-light acquisitions via institutional JV structures. NSA also recently launched a preferred equity program targeting value-add properties at a 10% preferred return with upside participation.