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The company's own RELP, called Public Storage Partners Ltd, was formed in 1975 [9] and closed its first deal for $3 million in investments two years later. [7] Public Storage paid cash to acquire property and build a self-storage facility, then used the property's income to pay investors back and earn a portion as profit. [7]
Bradley Wayne Hughes (September 28, 1933 – August 18, 2021) was an American billionaire businessman, the founder and chairman of Public Storage, [1] the largest self-storage company in the U.S. doing business as a real estate investment trust (REIT). [2] At the time of his death, Hughes had an estimated net worth of US$3.3 billion. [3]
Public Storage operates storage facilities across the United States and Europe as a member of the S&P 500 and FT Global 500. [4] At present (2016), he is a member of the Board of Trustees of Public Storage, alongside his sister Tamara Gustavson. [5] In 2005, Hughes Jr. founded American Commercial Equities.
Gustavson joined Public Storage in 1983. She worked at the company for twenty years, rising to senior vice president before leaving in 2003. [2] [7] She joined the company’s board of trustees in 2008 [7] and, as of 2022, was the largest shareholder with an 11% stake. [2]
The company was formed in 1990 as a division of Public Storage. [4]In 1998, the company was spun-off from its parent. [5]In 2002, the company acquired Metro Park North, a 17-building business park in Rockville, Maryland for $125 million.
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Self storage (a shorthand for "self-service storage") is an industry that rents storage space (such as rooms, lockers, shipping containers, and/or outdoor space), also known as "storage units," to tenants, usually on a short-term basis (often month-to-month). Self-storage tenants include businesses and individuals.
In 1995, the company became a public company through an initial public offering. By the end of 1996, the company operated 111 self-storage facilities in 15 states along the East Coast and Texas, eventually growing to 222 facilities by 1999, all of which used "Uncle Bob's" name. [6] [8] Five years later, the company operated facilities in 21 ...
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related to: public storage company wikipediaRanked #1 Self Storage Operator in 2016 - Inside Self Storage