B. Wayne Hughes
B. Wayne Hughes
|Born||September 28, 1933|
Gotebo, Oklahoma, U.S.
|Alma mater||University of Southern California|
|Net worth||US$2.3 billion (March 2020)|
B. Wayne Hughes, Jr.
Bradley Wayne Hughes (born September 28, 1933) is an American billionaire businessman, the founder and chairman of Public Storage, the largest self-storage company in the U.S. doing business as a REIT or real estate investment trust. As of March 2020, Hughes is worth $2.3 billion.
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. He retired as CEO in November 2002 and remains chairman.
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. 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.
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. 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.
Thoroughbred horse racing
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.
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- 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
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