Capital Properties, Inc. reported today a net income of $884,000 for the year ended December 31, 2003, resulting in a basic income per common share of $.27. The Company reported a net loss of
$673,000 for that year.
Capital Properties, Inc. leases certain real estate interests in downtown Providence and locations along interstate and primary highways in Rhode Island and Massachusetts for outdoor advertising purposes, and the operation of its petroleum storage facilities in East Providence.
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In September 2003 the Company and the City of Providence agreed to an omnibus settlement pursuant to which the City paid the Company $1,700,000 in settlement of all litigation resulting from tax appeals filed by the Company from as far back as 1995. Exclusive of that settlement, revenue from leasing for 2003 was $3,190,000, an increase of $412,000 from 2002. This 15 percent increase was due principally to higher option payments received on leases which have been entered into by the Company with developers but which will not commence until construction begins, renewals of short-term parking leases, and the commencement of contingent rentals relating to one developed parcel, according to the release.
Exclusive of a $92,000 settlement of an electricity issue in the Company’s parking garage with National Railroad Passenger Corporation (Amtrak) in 2002, leasing expenses remained at the 2002 level. An increase in property tax expense was offset in part by a decrease in legal fees, according to a press release.
Revenue from petroleum storage facilities for 2003 was $2,021,000, an
increase of $164,000 from 2002, the release states.
Exclusive of $94,000 of interest on income tax refunds which the Company received in 2002, interest income remained similar to the 2002 level of $7,000, according to the release.
General and administrative expenses for 2003 were $1,093,000, an increase of $95,000 from 2002 due to higher professional fees and an increase in payroll and related costs, the company reports.
