Capital Properties 1Q earnings total $380,000

EAST PROVIDENCE – Capital Properties Inc. reported net income of $380,000 for the three months ended March 31, resulting in a basic income per common share of $0.12. For the same period in 2006 the company had reported net income of $321,000, or $0.10 per share.
First quarter leasing revenues increased $27,000 from 2006. Leasing expense decreased, mainly because of lower real property taxes due to a tenant’s assuming real taxes on its parcel as of January 1, 2007.
Petroleum storage facility revenue was up $168,000 from 2006. Contributing factors were the higher monthly rental rates being charged beginning in May and the rental of a new 175,000 barrel tank in August. However, expenses increased for the petroleum storage facility because of higher depreciation on the new tank and legal fees associated with Wilkesbarre Pier.
General and administrative expenses increased $18,000.
Capital Properties and its subsidiaries operate in two segments: leasing and petroleum storage.