B. Wayne Hughes

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B. Wayne Hughes
Born (1933-09-28) September 28, 1933 (age 86)
Alma materUniversity of Southern California
OccupationBusinessman
Net worthUS$2.3 billion (March 2020)[1]
ChildrenTamara Gustavson
B. Wayne Hughes, Jr.

Bradley Wayne Hughes (born September 28, 1933) is an American billionaire businessman, the founder and chairman of Public Storage,[2] the largest self-storage company in the U.S. doing business as a REIT or real estate investment trust.[3] As of March 2020, Hughes is worth $2.3 billion.[1]

Career[edit]

Known all his life by his middle name, Hughes was the company's president and co-CEO from 1980 to November 1991 when he became chairman and sole CEO.[citation needed] He retired as CEO in November 2002 and remains chairman.[citation needed]

He was chairman and CEO from 1990 to March 1998 of Public Storage Properties XI, Inc, which was renamed PS Business Parks, Inc (PSB), an affiliated REIT.[citation needed] From 1989-90 until the respective dates of merger, he was chairman and CEO of 18 affiliated REITs that were merged into the company between September 1994 and May 1998.[citation needed]

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.[4][5][6][7] After a $5 million donation to his alma mater, the Galen Center's basketball court was named after high school classmate and longtime friend Jim Sterkel.[citation needed]

Politics[edit]

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.[8]

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.[citation needed] In June 2004 he acquired the historic 700-acre (2.8 km2) Spendthrift Farm near Lexington, Kentucky.[citation needed] In 2013, his filly Beholder won the Breeders' Cup Distaff and was voted the Eclipse Award for American Champion Three-Year-Old Filly.[citation needed]

Personal life[edit]

He is married to Patricia Whitcraft.[9][10][11]

References[edit]

  1. ^ a b "Forbes profile: B. Wayne Hughes". Forbes. Retrieved 21 March 2020.
  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. ^ "Scientists bioengineer a protein to fight leukemia". sciencedaily.com. Retrieved 24 September 2017.
  5. ^ "Way to overcome radiation resistance in leukemia discovered". sciencedaily.com. Retrieved 24 September 2017.
  6. ^ "The Saban Research Institute Distributes $700,000 in Merit Awards to Support Scientific Progress". chla.org. Archived from the original on 14 April 2013. Retrieved 24 September 2017.
  7. ^ "Theweekly.usc.edu". usc.edu. Retrieved 24 September 2017.[permanent dead link]
  8. ^ 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.
  9. ^ "American buyers return to Sydney's Easter Sale in greater numbers - Topics: Al Shaqab Racing, S.F. Bloodstock, Spendthrift Farm, Inglis, Merriebelle Stables - Thoroughbred Racing Commentary". Thoroughbred Racing Commentary. Retrieved 24 September 2017.
  10. ^ "Bradley Wayne Hughes, Patricia Whitcraft Sighting in Gold Coast, Australia on 01/10/15 at 10:00 AM at Gold Coast Racecourse". PulseCelebrity. Archived from the original on 24 September 2017. Retrieved 24 September 2017.
  11. ^ "The Guest List". 7 November 2007. Retrieved 24 September 2017 – via www.washingtonpost.com.

External links[edit]