Capital Properties reports 2014 results: Profit, revenue increase

CAPITAL PROPERTIES INC. reported increases in revenue and profit in 2014. Pictured is its petroleum storage facility in East Providence. / PILLSBURY ASSOCIATES AERIAL PHOTOGRAPHY/DON PILLSBURY
CAPITAL PROPERTIES INC. reported increases in revenue and profit in 2014. Pictured is its petroleum storage facility in East Providence. / PILLSBURY ASSOCIATES AERIAL PHOTOGRAPHY/DON PILLSBURY

PROVIDENCE – Capital Properties, which owns a substantial part of the capital center area in Providence, as well as a petroleum storage facility in East Providence, reported a 101 percent increase in profit year over year to $1.4 million in 2014 from $711,000 in 2013.
Earnings per share were 22 cents in 2014, compared with 11 cents in 2013, the company said in its 2014 earnings results release.
The company said that leasing revenue for 2014 increased $198,000, or 4.4 percent, to $4.7 million due to scheduled increases in rentals under long-term land leases, increases under short-term leases and an increase in percentage rent under the company’s lease with Lama Outdoor Advertising LLC.
Revenue from the petroleum storage facility, which also includes the Wilkesbarre Pier in East Providence, was $3 million, a 41 percent increase compared with 2013.
Combined, revenue from leasing and the petroleum storage facility, was $7.8 million, 16 percent higher than the prior year.
Leasing expenses increased $25,000 from 2013 due to more repairs and maintenance, but it was offset partially due to a decrease in rent expense resulting from the cancellation in 2013 of a third-party lease in connection with a billboard location.

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