Capital Properties, Inc. reported a net loss of $410,000 and $441,000 for the three and nine months ended Sept. 30, resulting in a basic loss per common share of $0.14 and $0.15, respectively. For the three months ended Sept. 30, 2000, the Company had reported a net loss of $7,000. For the nine months ended Sept. 30, 2000, the Company had reported net income of $213,000.
Exclusive of the gain on permanent condemnation of $300,000, for the three and nine months ended Sept. 30, total income increased 13 percent from the 2000 level.
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For the three months ended Sept. 30, leasing revenue increased 7 percent from the 2000 level due to increased rentals from short-term leases. For the nine months ended Sept. 30, leasing revenue increased 6 percent from the 2000 level due to the recognition of the remaining deferred condemnation proceeds and increased rentals from short-term leases. For the three and nine months ended Sept. 30, expenses applicable to leasing increased 40 percent and 57 percent from the 2000 level due principally to the City of Providence property tax increase offset, in part, by lower professional fees.
