EAST PROVIDENCE, R.I. — Real estate lessor Capital Properties, Inc. posted a loss of $87,000, or 3 cents per share, compared to income of $126,000, or 4 cents per share, a year ago.
In a statement accompanying the quarterly results, Capital Properties noted its 2001 leasing expenses increased due to an increase in property taxes in Providence and “fluctuations in professional fees.”
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In addition, the company said expenses related to its petroleum storage facilities increased due to depreciation and professional fees associated with litigation related to its Wilkesbarre Pier in East Providence, which is connected by pipeline to the company’s petroleum storage facilities.
Capital Properties is involved in a dispute with an oil company that uses the facilities concerning the City of East Providence’s findings that there is a lack of fire protection at the pier. According to Capital Properties, under its contract with the oil company, it is the oil company’s responsibility to perform the work and supply the materials necessary for compliance with the city’s fire protection regulations.
Capital Properties leases real estate in downtown Providence, and locations along interstate and primary highways in Rhode Island and Massachusetts for outdoor advertising purposes. The company also operates petroleum storage facilities in East Providence.
