East Providence, Rhode Island: Today, Capital Properties, Inc. (OTCQX: CPTP) reported net income of $77,000 for the three months ended March 31, 2014; the net income for the three months ended March 31, 2013 was $340,000. Based upon 6,599,912 shares outstanding, the basic income per common share for the three months ended March 31, 2014 and 2013 was $.01 and $.05, respectively.

For the three months ended March 31, 2014, leasing revenue increased $45,000 from 2013 due to scheduled increases in rentals under both short-term leases and long-term land leases. Leasing expense decreased $57,000 from 2013 principally due to a decrease in real property taxes resulting from a reassessment of the downtown Providence parcels in 2013.

For the first four months of 2013, the Company operated the petroleum storage facility (“the Facility”) for Global Company, LLC (“Global”) under a lease which expired on April 30, 2013. Effective September 1, 2013, the company entered into a through-put agreement with Atlantic Trading & Marketing, Inc. (“ATMI”) for approximately 44% of the Facility’s shell barrel capacity for a term of eight months; the agreement expired April 30, 2014. On April 18, 2014, the Company entered into a Petroleum Storage Services Agreement with Sprague Operating Resources LLC (“Sprague), a wholly-owned subsidiary of Sprague Resources LP, for its entire storage capacity for five years commencing today.

For the three months ended March 31, 2014, petroleum storage facility revenue decreased $427,000 from 2013 due to the expiration of the Global lease on April 30, 2013, offset in part by revenue from the ATMI agreement. Petroleum storage facility expense increased $176,000 from 2013 due to expenses incurred in the marketing of the terminal and an increase in repairs and maintenance.

For the three months ended March 31, 2014, general and administrative expense decreased $59,000; in 2013, the Company had incurred consulting fees in connection with the marketing of the Facility.

For the three months ended March 31, 2014 and 2013, interest expense was $195,000 and $201,000, respectively.

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