EAST PROVIDENCE – Capital Properties, Inc. reported a net loss of $556,000 for the year ended Dec. 31, resulting in a basic loss per common share of $.17. Capital Properties, Inc.’s business consists of the leasing of certain of its 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.
Leasing revenue for 2001 increased 16 percent from 2000 principally due to a preconstruction payment of $278,000 and revenue from renewals of short-term parking leases. The expenses applicable to the leasing segment increased 66 percent from the 2000 level principally as a result of the City of Providence property tax increase, which was, in part, offset by lower professional fees.
Revenue from petroleum storage facilities for 2001 increased 35 percent from the 2000 level due principally to an increase in the minimum monthly fee resulting from new tanks placed in service in the fourth quarter of 2000 and higher contingent revenues based upon the throughput at the facility. Expenses applicable to petroleum storage facilities for 2001 increased 57 percent from the 2000 level principally due to additional depreciation expense in connection with the construction of the new tanks and terminal equipment placed in service in the latter part of 2000, scheduled maintenance and repair expenses and legal fees associated with litigation related to the Wilkesbarre Pier.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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