Capital Properties, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2019
November 05, 2019 at 03:34 am IST
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Capital Properties, Inc. announced earnings results for the third quarter ended September 30, 2019. For the third quarter, the company announced total revenue was USD 1.177 million compared to USD 1.345 million a year ago. Net income was USD 544,000 compared to USD 562,000 a year ago. Basic earnings per share was USD 0.08 compared to USD 0.09 a year ago. For the nine months, total revenue was USD 3.907 million compared to USD 4.037 million a year ago. Net income was USD 2.261 million compared to USD 2.172 million a year ago. Basic earnings per share was USD 0.34 compared to USD 0.33 a year ago. Basic earnings per share from continuing operations was USD 0.28 compared to USD 0.24 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. 
