Storage Equities’ Profit Leaps on 18% Revenue Gain

Storage Equities Inc., a Glendale real estate investment trust that owns self-service storage facilities and business parks, said its second-quarter profits nearly doubled from a year earlier on a 18% revenue gain. The company’s net income rose to $6.88 million in the three months that ended June 30 from $3.51 million in the same period last year. Revenue in the latest quarter climbed to $18.14 million from $15.43 million a year earlier.

For the six months, Storage Equities’ net income jumped 84% to $11.91 million from $6.46 million last year. Revenue rose 16% to $34.94 million from $30.16 million a year ago.

A Storage Equities’ spokesman said the company’s revenue and expenses for both the second quarter and first six months of 1992 were restated to account for Storage Equities’ purchase of the general-partner interests in some PS Partners limited partnerships. Storage Equities and the limited partnerships jointly own some properties.