Storage Equities Inc. Sells 2.3 Million Shares of Stock

Storage Equities Inc., a Glendale real estate investment trust that owns self-service storage facilities, said it has sold 2.3 million shares of 9.2% cumulative preferred stock at $25 per share.

The company expects to raise a total of $55.5 million in net proceeds from the stock sale, which it would use to repay its $928,000 in bank debt and to purchase new warehouses.