Capital Properties posts 7% profit gain

EAST PROVIDENCE – Capital Properties Inc., the landlord of most of Providence’s Capital Center, reported net income of $790,000 during the first half of the year, up $52,000 – or 7 percent – from the same period last year.
The company said that leasing revenue increased to $1.49 million from $1.47 million at the same point last year, after rent relief agreements expired and scheduled rent increases occurred. Capital Properties said revenue at its East Providence petroleum-storage facility increased by $4,000 to $1.8 million.
On the expense side, the company reported higher legal fees because of litigation with two tenants and the hiring of a new employee. Administrative expenses remained the same.
Capital Properties also said it took out a $6 million loan in April to pay a special dividend to shareholders totaling $5.5 million. The loan, with a 6 percent interest rate, has a term of 10 years, with repayments on a 20-year amortization schedule.