Storage Equities’ Profit Reaches $7.9 Million

Storage Equities Inc., a Glendale-based real estate investment trust, reported that its third-quarter profit almost doubled to $7.9 million, including a $398,000 gain from the sale of properties.

The company’s net income for the three months ended Sept. 30 compares with net income of $4.4 million in the year-earlier quarter. Revenue rose 21% in the latest quarter to $30.4 million from $25.2 million a year ago.

For the nine months, Storage Equities earned $19.8 million, or nearly double the $10.8 million it earned in the same period in 1992 on a 19% rise in revenue to $83.8 million from $72.5 million.