Capital Properties profit up 12.5% in 2011

By PBN Staff

EAST PROVIDENCE – Capital Properties Inc. reported net income of $2.03 million in 2011, a 12.5 percent increase from the $1.5 million it reported in 2010.

The basic earnings per common share for stockholders of the leasing and petroleum storage company increased to $0.31, from $0.23 per share in 2010.

Revenue from the company’s leasing and petroleum storage businesses increased 18.6 percent to $8.3 million, including a one-time gain of $511,000 for reimbursements associated with cleanup, inspection and repairs of two tanks from the tenant of the terminal.

Leasing expenses increased $740,000 for the company during 2011 due to scheduled increases in long-term land leases.

In April 2010, the East Providence-based company borrowed a 10-year, $6 million, fixed-interest rate loan from a local bank. In 2011, Capital Properties made principal payments totaling $1.8 million, including $1.5 million in prepayments.