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.