Just to note that B Wayne Hughes has died.
B Wayne Hughes was the founder of giant self storage REIT Public Storage (PSA) and PS Business Parks (PSB) and heavily part of the single family rental company American Homes 4 Rent (AMH).
To us preferred stock buyers PSA and PSB provided lots of income over the years and is one of the very few REITs that used preferred equity instead of debt to fund their business.
An article summarizing his life is here.
Until a few years ago was a pdf holder of both PSA and PSB over 20+ years – comfortable holdings.
I am a big horse racing fan and he was huge in thoroughbred racing. Didn’t realize this is where the money came from. So his death impacts more than one different industry.
Incredible man and incredible company. $100 invested on 11/18/1980 is worth $11,862 today. That’s a 118 “bagger.” Works out to an IRR=12.42% for 40 YEARS! Made a lot of money for himself and many investors.
In the REIT community, his legendary status will never be surpassed. Not even by Sam Zell.
He made a $400 million donation to USC in 2019? My goodness.
So when can we see the football team return to glory? Tired of seeing SEC teams like Alabama continue to excel while the Pac-12 becomes a laughingstock.
Done well with a couple of preferred PSA issues and was always comfortable knowing the safety and efficiency of this well run company.