EAST PROVIDENCE – Capital Properties Inc., the landlord of most of Providence’s Capital Center, reported net income fell to $372,000 during the second quarter from $461,000 during the same period last year.
The company, which also owns an East Providence petroleum storage facility, attributed the 19 percent decrease to temporary rent relief granted to two tenants, legal woes and the hiring of a part-time employee.
The company also reported revenue had declined by $2,000 at the petroleum facility, but said increased rent that coincided with cost of living increases offset a greater loss.
Expenses at the facility rose by $102,000 due to scheduled maintenance on the tank, the hiring of an employee and legal fees associated with Wilkesbarre Pier litigation. The company is also in court against Power Test Realty Partnership in connection with an environmental incident in 2002. The company said it is seeking remediation of the site or money to pay for the cost of remediation.
Capital Properties Inc. (Amex: CPI) and its subsidiaries operate in two segments: leasing, of both commercial real estate in downtown Providence and outdoor advertising sites along highways in Rhode Island and Massachusetts; and petroleum storage, at the Capital facility in East Providence. Additional information can be found at www.prnewswire.com.
