EAST PROVIDENCE – Capital Properties Inc., which owns a large portion of the Capital Center Special Development District in Providence as well as a petroleum storage facility in East Providence, reported third-quarter net income of $576,000, or 8 cents per share, a 28.6 percent increase over the prior-year quarter, when the firm reported net income of $448,000, or 7 cents per share.
Revenue for the quarter that ended Sept. 30 was $2.1 million, 5.9 percent more than the prior-year period, boosted by a $119,000 increase in leasing revenue thanks to scheduled rent hikes in short-term and long-term land leases. Leasing expenses also decreased $9,000, due to lower depreciation expense, to $207,000.
Petroleum storage facility revenue was essentially flat at $883,000, compared with $884,000 a year ago. Petroleum storage expenses also declined $44,000 to $561,000.
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