Projo Biz Blog

Capital Properties, Inc. (CPI:Amex) reported net income of $1.39 million for the year ended December 31, 2007, or 42 cents a share, compared with $1.32 million, or 40 cents a share, for the prior year.

Leasing revenues for 2007 increased $360,000 from 2006. The increase is due, in part, to the $100,000 received for a settlement of a dispute with a former tenant and increases in rentals under the company’s short-term leases, including rentals from the building acquired by the company in November 2007. Leasing expense decreased $97,000 due principally to lower real property taxes resulting from an existing tenant’s assumption of all real property taxes on its parcel as of January 1, 2007.

Petroleum storage facility revenues for 2007 increased $527,000 from 2006 due principally to rent for a new 175,000 barrel tank.

Petroleum storage facility expenses increased $653,000 from 2006 due principally to payroll and related costs resulting from the hiring of a new employee and the payment of a bonus to the retiring president, higher depreciation related to the new tank built in 2006, higher real estate taxes resulting principally from an increased assessment, and higher legal fees.

General and administrative expenses increased $258,000 from 2006 due principally to payroll and related costs resulting from the payment of a bonus to the retiring president of the company and higher professional fees.

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