Storage Properties Profits Rise 1% for Quarter

Storage Properties Inc., a Glendale real estate investment trust that invests primarily in self-storage warehouses, said its profits for the second quarter that ended June 30 rose 1% to $751,000 from $742,000 a year earlier, while revenues increased 8% to $909,000 from $839,000.

For the six months that ended June 30, net income increased 36% from a year earlier, to $1.5 million from $1.1 million. Revenues during the same period rose 42% to $1.8 million from $1.3 million.

Separately, the company said it purchased 15,900 shares of its common stock during the second quarter, for a total purchase of 32,500 shares as of June 30. The stock was bought at an average price of $6.91 per share, the company said. Storage Properties’ board of directors has authorized the purchase of 200,000 shares of its common stock on the open market.