Capital Properties net income falls

Capital Properties, the landlord of most of Providence’s Capital Center, reported net income fell to $341,000 during the third quarter from $478,000 during the same period last year. Year-to-date net income fell to $1,079,000 compared to $1,343,000 at this time last year.
The company said leasing revenue declined $12,000 during the quarter compared with 2008 due to temporary rent relief granted to two tenants. Leasing expenses also increased during the quarter, rising by $125,000 compared with last year. The company attributed the increase to legal fees in connection with two leases and the hiring of a part-time employee.
The company also reported that quarterly revenue from its East Providence petroleum storage facility remained at the 2008 level but was down on a year-to-date basis. The company said its expenses for the facility rose because of litigation and repairs at the Wilkesbarre Pier.
Separately, the company said its interest income for the first nine months of the year decreased by $18,000 over last year. The company said it decided in February 2009 to move all its cash into a non-interest bearing checking account that is fully insured by the Federal Deposit Insurance Corporation.