Leasing, terminal revenues increase for Capital

EAST PROVIDENCE – Capital Properties Inc. – an East Providence company that operates an oil terminal and owns about 18 acres in the downtown area known as Capital Center – reported a net income of $489,000 for the second quarter of 2007 Tuesday.
The company also reported a six-month net income of $869,000.
The figures are up from 2006, when the company reported a second quarter net income of $252,000 and a six-month net income of $573,000.
Leasing revenues led the rise in revenue, the company said in a statement, stating that the revenues jumped $277,000 and $304,000 for the quarter and the first half of 2007 respectively.
According to the statement, the company entered into a $100,000 settlement agreement in June with a former tenant regarding amounts due to Capital after the tenant prematurely vacated its lease. Revenue at the oil terminal also increased $171,000 and $339,000 respectively for the quarter and six-month period.
Before Providence’s renaissance, Capital Properties was known as the parent company of the Providence and Worcester Railroad Co. Land the company owns now and leases tenants includes GTECH Corp.’s new downtown headquarters and the Intercontinental Real Estate Corp.’s 193-condominium development along Park Row West and Exchange Street.