Storage Equities Posts 19% Rise in Quarterly Profit

Storage Equities Inc., a real estate investment trust based in Glendale, said its third-quarter profit rose 19% from a year earlier, to $3.09 million from $2.59 million.

Storage Equities is one of several affiliates of Public Storage Inc., a Glendale-based operator of self-storage warehouses that invest in such facilities. In recent months, Storage Equities has also been buying stakes in other Public Storage affiliates, and it now owns more than 50% of one, PS Partners Ltd. As a result, it has merged the partnership’s financial results with its own, and it restated its year-earlier results to reflect the change.

In the quarter that ended Sept. 30, Storage Equities’ higher profit came despite a slight decline in revenue, to $8.66 million from a restated $8.77 million a year earlier.

For the first nine months of 1990, the company’s profit rose 30%, to $9.18 million from $7.07 million, and its nine-month revenue fell to $24.9 million from $26.3 million.