Capital Properties see 3Q profit decrease

EAST PROVIDENCE – Capital Properties Inc., the landlord of most of Providence’s Capital Center, reported a profit of $139,000 for the three months ended Sept. 30, down from $267,000 a year earlier.
Total revenue and other income was $1.97 million, up from $1.81 million a year earlier.
The company reported Thursday that leasing revenue in the quarter rose $159,000 in the third quarter from $839,000 thanks to scheduled rent increases under long-term land leases.
Leasing expenses increased $68,000 due to an increase in professional fees and an increase in operating costs and depreciation associated with the Steeple Street Building.
For the nine months, profit increased to $1.28 million from $1.06 million a year earlier; revenue increased to $6.24 million from $5.19 million.
Capital Properties also noted that its petroleum storage facility expense for the first three quarters increased $279,000 due to $355,000 recorded in connection with a pipeline rupture in August 2011 and an ultra low-sulfur diesel incident that occurred in March 2011. It said it intends to pursue the responsible party for damages it incurred in connection with the pipeline rupture and has made claims under its insurance policy for the diesel event.