GLENDALE, Calif.--(BUSINESS WIRE)--
Public Storage (NYSE:PSA) announced today that the Board of Trustees
elected Ronald L. Havner, Jr. as Chairman of the Board, effective
immediately. Mr. Havner has been a member of the Board of Trustees since
2002 and will continue to serve as Chief Executive Officer and President
of the company. B. Wayne Hughes, founder of Public Storage, resigned as
Chairman, but will continue as a trustee of the company.
Mr. Havner said, "I am pleased to be named Chairman of Public Storage. I
would like to thank Wayne at this time, on behalf of Public Storage's
current and former employees, its shareholders and its partners, for his
immeasurable contributions to the company and the industry he founded
almost 40 years ago. There could be no bigger shoes to fill."
Ronald L. Havner, Jr., age 53, has been the Vice-Chairman, Chief
Executive Officer and a member of the Board of Public Storage since
November 2002 and President since July 1, 2005. Mr. Havner joined Public
Storage in 1986 and held a variety of senior management positions until
his appointment as Vice-Chairman and Chief Executive Officer in 2002.
Mr. Havner has been Chairman of Public Storage's affiliate, PS Business
Parks, Inc. (PSB), since March 1998 and was Chief Executive Officer of
PSB from March 1998 until August 2003. He is also a member of the Board
of Governors and the Executive Committee of the National Association of
Real Estate Investment Trusts, Inc. (NAREIT), serving as Treasurer and a
member of its Audit and Investment Committee. He is also a member of the
NYU REIT Center Board of Advisors and a director of Business Machine
Security, Inc.
B. Wayne Hughes, age 77, has been a member of the Board of Public
Storage since its organization in 1980. Mr. Hughes was President and
Co-Chief Executive Officer from 1980 until November 1991 when he became
Chairman of the Board and sole Chief Executive Officer. Mr. Hughes
retired as Chief Executive Officer in November 2002. Mr. Hughes
currently operates a horse farm in Kentucky and is engaged in
philanthropic activities. Mr. Hughes has been active in the real estate
investment field for over 40 years. He is the father of B. Wayne Hughes,
Jr. and Tamara Hughes Gustavson, who are also members of the Public
Storage Board. The Hughes family together owns approximately 17% of the
outstanding common shares of Public Storage.
Company Information
Public Storage, a member of the S&P 500, The Forbes Global 2000 and FT
Global 500, is a fully integrated, self-administered and self-managed
real estate investment trust that primarily acquires, develops, owns and
operates self-storage facilities. The Company’s headquarters are located
in Glendale, California. At June 30, 2011, the Company had interests in
2,054 self-storage facilities located in 38 states with approximately
130 million net rentable square feet in the United States and 189
storage facilities located in seven Western European nations with
approximately ten million net rentable square feet operated under the
“Shurgard” brand. The Company also owns a 41% common equity interest in
PS Business Parks, Inc. (NYSE:PSB) which owned and operated
approximately 21.9 million rentable square feet of commercial space,
primarily flex, multi-tenant office and industrial space, at June 30,
2011.
Additional information about Public Storage is available on the
Internet. The Company’s web site is www.publicstorage.com.
Source: Public Storage
Contact:
Public Storage
Clemente Teng
(818) 244-8080, Ext. 1141