Storage Properties Posts $690,000 Quarterly Income

Storage Properties Inc., a real estate investment trust that invests primarily in self-storage warehouses, reported net income of $690,000 on revenue of $790,000 in the third quarter ended Sept. 30.

There are no comparable year-earlier figures, because Storage Properties began operations on Sept. 12, 1989. The publicly held company is headed by B. Wayne Hughes, who is also chairman of Public Storage Inc., a major operator of self-storage facilities.

In the first nine months of 1990, Storage Properties earned $1.80 million on revenue of $2.06 million.

Separately, Storage Properties’ directors also authorized the company to buy back up to 200,000 of its common shares in periodic open-market purchases. Storage Properties completed its initial public stock offering only a few weeks ago.