East Providence, Rhode Island: Today, Capital Properties, Inc. (OTCQX: CPTP) reported net income of $535,000 and $400,000 for the three months ended March 31, 2016 and 2015, respectively. Based upon 6,599,912 shares outstanding, the basic income per common share for the three months ended March 31, 2016 and 2015 was $.08 and $.06, respectively.

For the three months ended March 31, 2016, leasing revenue increased $71,000 from 2015 due to scheduled increases in rents under long-term land leases. Leasing expense decreased due to lower maintenance costs at the Steeple Street Building.

For the three months ended March 31, 2016, petroleum storage facility revenue remained approximately at the same level as 2015. Petroleum storage facility expense decreased $105,000 from 2015 due to lower depreciation expense due to certain assets becoming fully depreciated in 2015 and a decrease in repairs and maintenance.

For the three months ended March 31, 2016, general and administrative expense remained approximately at the same level as 2015.

For the three months ended March 31, 2016 and 2015, the interest expense on the dividend notes payable remained at the same level. In November 2015, the Company paid its bank loan in full. The interest expense on the bank loan for the three months ended March 31, 2015 was $25,000.

As previously reported, on April 28, 2016 the Company received notice from Sprague Operating Resources, LLC, the current tenant of the petroleum storage facility, that, effective April 30, 2017, it has elected to terminate its Agreement.

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