East Providence, Rhode Island:  Today, Capital Properties, Inc. (OTCQX: CPTP) reported net income of $529,000 and $1,647,000 for the three and nine months ended September 30, 2016.  Based upon 6,599,912 shares outstanding, the basic income per common share for the same periods was $.08 and $.25, respectively.  For the three and nine months ended September 30, 2015, the Company had reported net income of $576,000 and $1,550,000, respectively.  Based upon 6,599,912 shares outstanding, the basic income per common share for the same periods in 2015 was $.08 and $.23, respectively.

For the three months ended September 30, 2016, leasing revenue decreased $7,000 from 2015 due to the termination of a lease at Steeple Street, offset in part by scheduled increases in rentals under long-term land leases.  For the nine months ended September 30, 2016, leasing revenue increased $97,000 from 2015 due to scheduled increases in rentals under long-term land leases, offset in part by a decrease in 2016 in the percentage rent under the lease with Lamar Outdoor Advertising, LLC.  For the three and nine months ended September 30, 2016, leasing expense decreased $14,000 and $31,000, respectively, from 2015 due to an decrease in repairs and maintenance at the Steeple Street Building and a decrease in insurance premiums, offset in part by an increase in the City of Providence real estate taxes.

For the three and nine months ended September 30, 2016, petroleum storage facility revenue increased $9,000 and $26,000, respectively, from 2015 due to a scheduled cost-of-living rent adjustment under the Agreement with Sprague Operating Resources LLC.  For the three months ended September 30, 2016, petroleum storage facility expense increased $87,000 from 2015 due to increases in repairs and maintenance expense and legal fees incurred in connection with consideration of strategic alternatives for the Terminal, offset in part by a decrease in insurance premiums.  For the nine months ended September 30, 2016, petroleum storage facility expense decreased $51,000 from 2015 due to lower depreciation expense due to certain assets becoming fully depreciated in 2015 and a decrease in insurance premiums, offset in part by legal fees incurred in connection with consideration of strategic alternatives for the Terminal.

For the three and nine months ended September 30, 2016, general and administrative expense increased $39,000 and $113,000, respectively, from 2015 due to an increase in legal fees and costs incurred in connection with the partial redemption of the Dividend Notes.

On June 15, 2016, the Company made a partial redemption payment of $1,179,000 on its dividend notes.  For the three and nine months ended September 30, 2016, the interest expense, dividend notes was $132,000 and $445,000, respectively.  For the three and nine months ended September 30, 2015, the interest expense, dividend notes was $147,000 and $442,000, respectively.  In November 2015, the Company paid the bank loan in full.  The interest expense, bank loan for the three and nine months ended September 30, 2015, was $14,000 and $62,000, respectively.

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