Private company
Who owns Dropdown JV (unnamed joint venture holding former NSA properties)
One company in the researched set discloses a stake in Dropdown JV (unnamed joint venture holding former NSA properties), worth $200m between them. Dropdown JV (unnamed joint venture holding former NSA properties) is private, so no 13F reports it: a 13F covers exchange listed positions only. These figures exist because each holder disclosed the stake in its own filings.
Dropdown JV (unnamed joint venture holding former NSA properties) - Profile
- Type
- joint venture
- Based in
- United States
- Founded
- 2026
The Dropdown JV is a self storage joint venture created at the closing of Public Storage's acquisition of National Storage Affiliates Trust, which completed on 22 July 2026. It holds 313 self storage properties contributed out of the National Storage Affiliates operating partnership, valued at roughly 3.2 billion dollars and capitalised with about 2.2 billion dollars of debt. Its purpose is to give operating partnership unitholders who did not want Public Storage units a continuing property interest instead: each unit contributed converted into a Dropdown JV unit worth 0.1400 of a Public Storage operating partnership unit, held indirectly through an aggregator vehicle. A Public Storage subsidiary acts as managing member and administers the venture for customary fees, subject to investor consent rights over major decisions. Distributions are intended to run at no less than 2.28 dollars per unit a year for the first three years, with Public Storage providing support, and after the seventh anniversary either side may force a sale of the portfolio subject to a right of first offer, with unit redemption rights also opening up.
Source
Dropdown JV (unnamed joint venture holding former NSA properties) files nothing with the SEC, so none of this comes from a filer record. The description was written for this site in August 2026 from National Storage Affiliates Trust Form 8-K and related Rule 425 filing, 17 March 2026 (SEC), National Storage Affiliates Trust Form 10-Q for the quarter ended 31 March 2026 (SEC) and Public Storage Announces Closing of National Storage Affiliates Acquisition (Form 8-K exhibit, 22 July 2026, SEC). The ownership figures below come from the holders' filings instead, and are sourced row by row.
The disclosed stakes
One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.
Where each figure comes from
A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.
- Public Storage, as of 22 Jul 2026. Formed on 22 Jul 2026 concurrently with the closing of Public Storage's merger with National Storage Affiliates Trust (NSA). NSA OP contributed 313 real estate assets (valued at approximately $3.2 billion per the 8-K) to this newly formed JV. Public Storage holds a $200 million equity interest (20% of the $1.0 billion total JV equity, alongside $800 million held by participating former NSA OP unitholders) and provided an additional $237 million mezzanine loan as part of the JV's initial capitalization. Public Storage manages the portfolio and earns property/asset management and tenant reinsurance income; it does not consolidate the JV. This is a private, unnamed vehicle (referred to in the 8-K only as 'the Dropdown JV'), not a public company, so no share count or ticker applies. sourcesource 2
What this page is not
It is not a complete register. It lists the holders who happen to be inside the researched set and disclosed the stake themselves. A private company can have many other shareholders, and nothing here rules them out: venture investors, founders and employees usually appear in no public filing at all. Percentages are of Dropdown JV (unnamed joint venture holding former NSA properties) where a holder stated one, and are missing where no holder did.