Capital Properties reports $466K profit in Q2

CAPITAL PROPERTIES reported a profit of $466,000 in the second quarter of 2019.
CAPITAL PROPERTIES reported a profit of $466,000 in the second quarter of 2019.

PROVIDENCE – Capital Properties Inc. reported a $466,000 profit in the second quarter of 2019, a 9.9% decline year over year.

Earnings per diluted share were 7 cents for the quarter, compared with 8 cents one year prior. The company, which owns and leases a number of properties in Downtown Providence, paid 7 cents per share as a dividend in the quarter. Through the first six months of the year, Capital Properties has paid 26 cents per share in dividends.

Revenue for the second quarter was $1.5 million, an increase from $1.4 million one year prior.

The company said that its properties and equipment were valued at $6.9 million at the end of the quarter. Cash and cash equivalents at that time totaled $2.6 million.

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The company generates revenue from long-term leases, with leases ranging up to 149 years. It owns a significant amount of land in the Capitol Center district. The company also said that it leases 23 outdoor advertising locations containing 44 billboard faces along interstate and primary highways in Rhode Island and Massachusetts.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.

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