08/19/2021 | by

B. Wayne Hughes, co-founder of Public Storage (NYSE: PSA) and founder of American Homes 4 Rent (NYSE: AMH), passed away on Aug. 18.

Hughes was chairman emeritus of Public Storage, a REIT he co-founded in 1972 with Kenneth Volk, Jr.

Ron Havner, chair of the Public Storage board of trustees, described Hughes as “my mentor in every sense of the word. His practical, no nonsense approach to business and natural ability to ‘think outside the box’ were the keys to Public Storage’s success. He continually pushed us to innovate, so we made lots of mistakes, but we learned, kept growing, and improved the business.”

Hughes was also a dedicated family man and a generous philanthropist, Havner said. He noted that his charitable contributions span numerous organizations and beneficiaries, with finding a cure for childhood leukemia as his greatest passion.

Meanwhile, American Homes 4 Rent called Hughes “an iconic and visionary leader in the real estate industry.”

American Homes 4 Rent was founded in 2011 through Hughes’ “vision of offering families across the United States more desirable and affordable housing choices. That vision revolutionized the homebuilding industry and his legacy now extends far beyond our company, as evidenced by the ever-growing multibillion-dollar single family rental industry,” the company said.

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