Capital Properties profit up in 2Q

EAST PROVIDENCE – Capital Properties Inc. – an oil-terminal operator and landlord of much of Providence’s Capital Center – reported net income of $426,000 in the second quarter of 2010, up from $372,000 from the same period last year. For the first half of 2010, the company reported income of $790,000, up from $738,000 in 2009.
Leasing revenue increased approximately $15,000 from 2009 because of the termination of a rent-relief agreement reached with one tenant in 2009, as well as scheduled increases in rentals under long-term land leases. The company said that petroleum-storage facility revenue remained at the same level as 2009 in both the quarter and the first half of the year. •