EAST PROVIDENCE – Capital Properties Inc. – an oil-terminal operator and landlord of much of Providence’s Capital Center – reported net income of $1.50 million for 2010, up from $1.43 million in 2009.
Earnings per share for 2010 was 23 cents, up 1 cent from the previous year.
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Leasing revenue advanced $227,000 to $3.14 million year-over-year on scheduled increases in rentals under long-term land leases. Leasing expense increased $16,000 from 2009 on legal fees related to two leases, an increase in property taxes and depreciation on the Steeple Street building, which was partially offset by “the reversal of an allowance for a doubtful account of $40,000.”
Its petroleum storage facility revenue increased to $3.81 million from $3.76 million, due to the May 1 annual cost-of-living adjustment of $82,000, in accordance with the lease agreement; the facility’s expenses increased by $542,000 in 2010 due to a tank leak in August 2010.
Capital Properties said it borrowed $6 million in April 2010 with an annual interest rate of 6 percent and the interest expense on the loan was $248,000.
The company released its full-year financial results on Thursday but did not include a separate fourth-quarter note.
