B. Wayne Hughes,billionaire who founded self-storage real estate investment trust (REIT) Public Storage Inc., led his newest venture, American Homes 4 Rent, into an initial public offering on Wednesday, selling 44.1 million shares and raising $705.9 million.
The Hughes-led REIT is the second largest company in the United States homes-for-rent marketing, with nearly 18,000 properties.
American Homes 4 Rent owns properties in 41 markets covering 21 states. Hughes’ experience with Public Storage should make this publicly traded REIT attractive to investors, according to Dave Bragg, an analyst with Green Street Advisors Inc.
Public Storage was founded in 1972 by Hughes and Kenneth V. Volk Jr. Hughes served as a company trustee from 1980 to 2012, retiring as chief executive officer in November 2002. In 2008, Hughes and two children sold 5.4 million Public Storage shares on the open market for $342 million.
The executive-management team of American Homes 4 Rent also has strong ties to Public Storage. Many members of the executive team have also worked for either Public Storage or Public Storage Canada.
Based in Glendale, Calif., Public Storage has interests in more than 2,000 self-storage facilities in 38 states with approximately 133 million net rentable square feet. Operating under the Shurgard brand name, the company also has 188 facilities in seven European countries, with approximately 10 million net rentable square feet.
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