B. Wayne Hughes

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B. Wayne Hughes
Born (1933-09-28) September 28, 1933 (age 87)
Alma materUniversity of Southern California
OccupationBusinessman
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.[4]

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.[5][6][7][8] 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.[9]

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.[10]

Thoroughbred horse racing[edit]

An owner of Thoroughbred racehorses since 1972, his horse Authentic won the 2020 Kentucky Derby and Breeders' Cup Classic.

In June 2004 he acquired the historic 700-acre (2.8 km2) Spendthrift Farm near Lexington, Kentucky.[11]

His other notable horses are Action This Day who won the 2003 Breeders' Cup Juvenile and was voted the Eclipse Award for Outstanding 2-Year-Old Male Horse,[citation needed] and Beholder who won the 2012 Breeders' Cup Juvenile Fillies and was voted American Champion Two-Year-Old Filly of 2012, won the 2013 Breeders' Cup Distaff and was voted American Champion Three-Year-Old Filly for 201, was voted American Champion Older Dirt Female Horse for 2015, and won the 2016 Breeders' Cup Distaff over champion filly Songbird and was voted American Champion Older Dirt Female Horse for 2016.

Personal life[edit]

He is married to Patricia Whitcraft.[12][13][14]

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. ^ "Warehouse Company's Founder, CEO to Retire". Los Angeles Times. 2002-11-08. Retrieved 2021-02-03.
  5. ^ "Scientists bioengineer a protein to fight leukemia". sciencedaily.com. Retrieved 24 September 2017.
  6. ^ "Way to overcome radiation resistance in leukemia discovered". sciencedaily.com. Retrieved 24 September 2017.
  7. ^ "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.
  8. ^ "Theweekly.usc.edu". usc.edu. Retrieved 24 September 2017.[permanent dead link]
  9. ^ "Floored". Los Angeles Times. 2006-12-20. Retrieved 2021-02-03.
  10. ^ 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.
  11. ^ "Hughes Buys Spendthrift; Stallion Operation to Continue". www.bloodhorse.com. Retrieved 2021-02-03.
  12. ^ "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.
  13. ^ "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.
  14. ^ "The Guest List". 7 November 2007. Retrieved 24 September 2017 – via www.washingtonpost.com.

External links[edit]