B. Wayne Hughes

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B. Wayne Hughes
Born (1933-09-28) September 28, 1933 (age 80)
Gotebo, Oklahoma, United States
Occupation Entrepreneur, businessman
Net worth US$2.2 billion (2014)[1]

Bradley Wayne Hughes (born September 28, 1933 in Gotebo, Oklahoma) is the founder and chairman of Public Storage,[2] the largest self-storage company in America doing business as a REIT or real estate investment trust.[3] As of 2010, Hughes is worth $3.9 billion.[4] Known all his life by his middle name, B. Wayne Hughes was the company's President and Co-Chief Executive Officer from 1980 until November 1991 when he became Chairman of the Board and sole Chief Executive Officer. He retired as Chief Executive Officer in November 2002 and remains Chairman of the Board. He was Chairman of the Board and Chief Executive Officer from 1990 until March 1998 of Public Storage Properties XI, Inc., which was renamed PS Business Parks, Inc. ("PSB"), an affiliated REIT. From 1989-90 until the respective dates of merger, he was Chairman of the Board and Chief Executive Officer of 18 affiliated REITs that were merged into the Company between September 1994 and May 1998 (collectively, the "Merged Public Storage REITs"). B. Wayne Hughes has been active in the real estate investment field for over 30 years.

Philanthropy[edit]

Hughes created and funds the Parker Hughes Cancer Center in Minnesota that undertakes the research to develop drugs and treatment for children's leukemia and cancer.[5][6][7][8]

Hughes is the largest donor to American Crossroads, a conservative political organization started by Karl Rove. As of 2010, Hughes has contributed $1.55 million to the organization.[9]

Thoroughbred horse racing[edit]

An owner of thoroughbred racehorses since 1972, his colt Action This Day won the 2003 Breeders' Cup Juvenile and was voted the Eclipse Award for Outstanding 2-Year-Old Male Horse. In June 2004 he acquired the historic 700-acre (2.8 km2) Spendthrift Farm near Lexington, Kentucky. In 2013, his filly Beholder won the Breeders' Cup Distaff and was voted the Eclipse Award for American Champion Three-Year-Old Filly.

References[edit]

  1. ^ "#816 B. Wayne Hughes". Forbes. 2014-05-26. Retrieved 2014-05-26. 
  2. ^ Jon Ronson. "Amber Waves of Green". GQ. 
  3. ^ Under U.S. tax law, REITs are required to pay out at least 90% of their incomes to unitholders (the equivalent of shareholders). These amounts are taxed to the unitholder as ordinary income. "The Basics of REIT Taxation," Investopedia, at http://www.investopedia.com/articles/pf/08/reit-tax.asp
  4. ^ "#232 Bradley Hughes". Forbes. March 10, 2010. Archived from the original on 26 July 2010. Retrieved July 23, 2010. 
  5. ^ Scientists bioengineer a protein to fight leukemia - Science Daily
  6. ^ Way to overcome radiation resistance in leukemia ... - Science Daily
  7. ^ The Saban Research Institute Distributes $700,000 in Merit Awards to Support Scientific Progress
  8. ^ Theweekly.usc.edu
  9. ^ Elliott, Justin (July 23, 2010). ""Grassroots" Karl Rove group funded almost entirely by billionaires". Salon. Archived from the original on 25 July 2010. Retrieved July 23, 2010. 

External links[edit]