Capital Properties, Inc. Announces First Quarter 2015 Results

East Providence, Rhode Island: Today, Capital Properties, Inc. (OTCQX: CPTP) reported net income of $400,000 and $77,000 for the three months ended March 31, 2015 and 2014, respectively. Based upon 6,599,912 shares outstanding, the basic income per common share for the three months ended March 31, 2015 and 2014 was $.06 and $.01, respectively.

For the three months ended March 31, 2015, leasing revenue increased $71,000 from 2014 due to scheduled increases in rents under both short-term leases and long-term land leases. Leasing expense remained at the same level as 2014.

For the three months ended March 31, 2015, petroleum storage facility revenue increased $303,000 from 2013 due to Sprague Operating Resources LLC leasing the entire Facility. During the first quarter of 2014, the Company leased a portion of the storage capacity of the Facility to Atlantic Trading & Marketing, Inc. Petroleum storage facility expense decreased $154,000 from 2014 due to a decrease in repairs and maintenance, insurance and professional fees, offset in part by an increase in payroll and related costs.

For the three months ended March 31, 2015, general and administrative expense increased $24,000 due to an increase in payroll and related costs.

For the three months ended March 31, 2015 and 2014, the interest expense on the bank loan payable was $25,000 and $47,000, respectively. In June and December 2014, the Company prepaid $1,000,000 and $1,300,000, respectively, on its bank loan payable. For the three months ended March 31, 2015 and 2014, the interest expense on the dividend notes payable remained at the same level as 2014.

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