EAST PROVIDENCE – Capital Properties Inc. saw revenue and profit increase 9.6 percent and 27.6 percent, respectively, for the second quarter that ended June 30.
The company owns a significant portion of the Capital Center Special Development District in Providence as well as a petroleum storage facility in East Providence.
Capital Properties’ revenue climbed to $2.2 million, driven by a $46,000 gain in leasing revenue and $148,000 hike in petroleum storage facility revenue.
The company said leasing revenue was boosted by scheduled increases in rents under both short- and long-term land leases, which was offset in part by a decrease in 2015 in the percentage rent under the lease with Lamar Outdoor Advertising LLC. Leasing expense increased $20,000, however, due to an increase in repairs and maintenance at the Steeple Street building in Providence.
Profit grew to $574,000, or 9 cents per share, compared with $450,000, or 7 cents per share, in the year-ago period.
Petroleum storage facility revenue grew $148,000 due to Sprague Operating Resources LLC leasing the entire facility, Capital Properties said. Until April 2014, Atlantic Trading & Marketing Inc. had leased only a portion of the facility, the company said.
The company also leases locations near interstate and primary highways in Rhode Island and Massachusetts for outdoor advertising use.
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