Capital Properties profits rise in 3Q

By PBN Staff
Twitter: @ProvBusNews

EAST PROVIDENCE – Capital Properties Inc. reported a 2.7 percent rise in profit to $514,000, or 7 cents per share, during the 2012 third quarter compared with earnings of $139,000, or 2 cents per share, during the same 2011 period.

The company’s revenue rose 4 percent from $1.97 million to $2.05 million during its third quarter.

For the nine months ended Sept. 30, Capital Properties saw a 25 percent increase in net income to $1.6 million, or 24 cents per share, compared with $1.3 million, or 19 cents per share, reported during the nine months ended Sept. 30, 2011.

During the first three quarters of the year, the company’s revenue dropped 2.1 percent to $6.1 million from the $6.2 million reported during the same period in 2011.

During the third quarter, leasing revenue increased $53,000 from the same 2011 period primarily due to scheduled increases in rentals under long-term land leases as well as increases in rentals and reimbursements for common-area costs under short-term leases.

Excluding costs related to a pipeline breach in August 2011, Capital Properties saw facility expenses increase $59,000 on the year.