Storage Equities’ Profit Drops 30% in Quarter
Storage Equities, a real estate investment trust based in Glendale, reported a 30% decline in net income to $2.8 million in the fourth quarter that ended Dec. 31 from $4 million a year earlier. The 1989 quarter included a $1.8-million gain on the sale of some of its properties.
For all of 1990, Storage Equities earned $12 million, up 8% from $11.1 million in the prior year.
The company said it would not disclose revenue figures for the latest year and quarter until the Securities and Exchange Commission decides whether it will require Storage Equities to consolidate with certain affiliated partnerships.