Serial Entrepreneur Wayne Hughes Dies

B. Wayne Hughes, the entrepreneur behind three publicly traded companies in the Valley region, died Aug. 18 at age 87.Glendale-based Public Storage announced the passing of its co-founder and chairman emeritus. American Homes 4 Rent Inc. in Calabasas, another Hughes company, also issued a tribute to its founder and former chairman.Hughes’ other companies include PS Business Parks Inc. in Glendale; Spendthrift Farm, the thoroughbred racehorse facility in Kentucky where he died; and American Commercial Equities, a real estate company with properties in California and Hawaii.Spendthrift Farms bred Authentic, winner of the 2020 Kentucky Derby.

Hughes and partner Kenneth Volk Jr. founded Public Storage in 1972. The company has grown into the world leader in self-storage, with equity interests in more than 3,000 properties with 184 million square feet.“On behalf of the over 5,000 employees of Public Storage, I want to acknowledge Wayne’s invaluable contributions,” Chief Executive Joseph Russell said in a statement. “His legacy at Public Storage lives on through our culture of integrity and our commitment to our customers. … We send our deepest condolences to Wayne’s entire family, including his daughter Tamara Hughes Gustavson, who serves on our board, and his son B. Wayne Hughes Jr., who is a former board trustee.”