Storage Equities’ Profit Declines 8% in 3rd Quarter

Storage Equities, a real estate investment trust in Glendale, said its third-quarter profit fell 8% from a year earlier on a 7% decline in revenue.

The company said net income in the quarter that ended Sept. 30 fell to $2.59 million from $2.80 million, and its revenue dropped to $7.05 million from $7.57 million. Storage Equities blamed the lower earnings on higher interest costs related to its refinancing of 19 properties in its investment portfolio.

For the first nine months of 1989, Storage Equities’ profit fell to $7.07 million from $7.64 million, and its revenue slipped to $21.2 million from $21.4 million.