Storage Equities Plans Preferred Stock Offering

Storage Equities Inc., a Glendale-based real estate investment trust, said it plans a public offering of 1.83 million shares of cumulative preferred stock.

The company, an affiliate of Public Storage Co. that invests primarily in self-storage warehouses, already has publicly held common stock outstanding.

Storage Equities said it plans to use about $42 million of the net proceeds from the preferred stock sale to repay existing bank and mortgage debt, subject to lenders’ approvals. Salomon Bros. will be the lead manager of the offering.