Group Raises Stake in Storage Equities

An investor group led by Storage Equities Inc. Chairman B. Wayne Hughes raised its stake in Storage Equities to 7.2% of its total stock from 6.8%.

Storage Equities, a real estate investment trust that invests in self-storage facilities, is an affiliate of Public Storage Inc., a major operator of self-storage sites. Both companies are based in Glendale, and Hughes is also chairman of Public Storage.

In a filing with the Securities and Exchange Commission, the Hughes group said it bought an additional 50,050 Storage Equities shares between Oct. 1 and Oct. 22 for $6.37 to $7.12 a share. The group now owns 882,061 of the company’s 12.3 million total shares outstanding.