Capital Properties, Inc. Reports Earnings Results for the Second Quarter Ended June 30, 2020
August 13, 2020 at 01:48 am IST
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Capital Properties, Inc. announced earnings results for the second quarter ended June 30, 2020. For the second quarter, the company announced total revenue was USD 1.256 million compared to USD 1.450 million a year ago. Net income was USD 552,000 compared to USD 466,000 a year ago. Basic earnings per share was USD 0.08 compared to USD 0.07 a year ago. Basic earnings per share from continuing operations was USD 0.08 compared to USD 0.11 a year ago. For the half year, total revenue was USD 2.451 million compared to USD 2.730 million a year ago. Net income was USD 1.115 million compared to USD 1.717 million a year ago. Basic earnings per share was USD 0.17 compared to USD 0.26 a year ago. Basic earnings per share from continuing operations was USD 0.17 compared to USD 0.2 a year ago.
Capital Properties, Inc. is engaged in the business of leasing the Company-owned land in Capital Center (Capital Center) and property adjacent to Capital Center (Parcel 20) in downtown Providence, Rhode Island under long-term ground leases with terms of 99 years or more. The Companyâs real properties are leased either under long-term leases or short-term leases. The Company owns approximately 18 acres in Capital Center consisting of 13 individual parcels. Capital Center, which is approximately 77 acres of land, is the result of a development project undertaken by the state of Rhode Island, the City of Providence, and the National Railroad Passenger Corporation (Amtrak). The Company also owns or controls 23 locations in Rhode Island and Massachusetts on which 44 billboard faces have been constructed. The Company also leases Parcels 3E, 3W, 4E, 4W and a portion of Parcel 20 in the Capital Center Area for public parking purposes to Metropark, Ltd.
CAPITAL PROPERTIES, INC. 
