Capital Properties sees 420% net income gain in 1Q

CAPITAL PROPERTIES posted a nearly 420 percent increase in net income in the 2015 first quarter, thanks in large measure to leasing its million-barrel petroleum storage facility in East Providence to Portsmouth, N.H.-based Sprague Operating Resources for the entire period. / PILLSBURY ASSOCIATES AERIAL PHOTOGRAPHY/DON PILLSBURY
CAPITAL PROPERTIES posted a nearly 420 percent increase in net income in the 2015 first quarter, thanks in large measure to leasing its million-barrel petroleum storage facility in East Providence to Portsmouth, N.H.-based Sprague Operating Resources for the entire period. / PILLSBURY ASSOCIATES AERIAL PHOTOGRAPHY/DON PILLSBURY

PROVIDENCE – Capital Properties Inc., the owner of a significant portion of the Capital Center Special Development District in Providence as well as a petroleum storage facility in East Providence, posted a more than 400 percent increase in net income in the first quarter to $400,000.
Total revenue for the period increased 22.2 percent to $2.1 million.
The gain in profitability, which produced 6 cents earnings per share, was driven by a $303,000 increase in petroleum storage facility revenue, as Sprague Operating Resources LLC leased the entire facility for the quarter, which was not fully leased in the 2014 period. In addition, expenses on the storage facility declined due to fewer repairs and maintenance, insurance, and professional fees, which were offset by larger payroll and related costs.
At the same time, real estate leasing revenue increased 6.4 percent to $1.1 million, as the result of schedule rent increases. In addition to the downtown Providence land it leases out, the company leases locations near interstate and primary highways in Rhode Island and Massachusetts for outdoor advertising use.

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