CPI IQ Real Return ETF

EAST PROVIDENCE, R.I., July 31 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. (AMEX:CPI) reported net income of $489,000 and $869,000 for the three and six months ended June 30, 2007, resulting in a basic income per common share of $.15 and $.26, respectively. For the three and six months ended June 30, 2006, the Company had reported net income of $252,000 and $573,000, respectively, which resulted in a basic income per common share of $.07 and $.17, respectively. For the three and six months ended June 30, 2007, leasing revenues increased $277,000 and $304,000, respectively, from 2006. In June 2007, the Company entered into a settlement agreement with a former tenant concerning amounts due the Company resulting from the tenant's prematurely terminating its lease with the Company in 2003; the Company received $100,000 in settlement. Effective June 1, 2006, the Company entered into an Amended and Restated Agreement of Lease with Lamar Outdoor Advertising, which changed the contractual rental payments thereby extending the date on which the actual revenues would exceed revenues on a straight-line basis to 2022. As a result, the Company concluded that it should not presently record the receivable resulting from reporting leasing revenue on a straight-line basis. Prior to June 1, 2006, the Company had been recognizing revenue on this lease on a straight-line basis and, accordingly, recorded a reduction in leasing revenue of $170,000 and $187,000 for the three and six months ended June 30, 2006, which amounts in part related to periods prior to 2006. Therefore, as compared to 2006, leasing revenues in 2007 increased in part because the Company is no longer recognizing revenue on this lease on the straight-line basis. For the three and six months ended June 30, 2007, leasing expense decreased $62,000 and $96,000, respectively, from 2006, principally due to lower real property taxes due to an existing tenant's assumption of all real property taxes on its parcel as of January 1, 2007. For the three and six months ended June 30, 2007, petroleum storage facility revenue increased $171,000 and $339,000, respectively, from 2006, due principally to rent for a new 175,000 barrel tank effective August 2006, higher monthly rent resulting from the annual cost-of-living adjustments and higher contingent revenues. For the three and six months ended June 30, 2007, petroleum storage facility expense increased $109,000 and $219,000, respectively, from 2006, due principally to higher depreciation related principally to the new tank and the hiring of a new employee. For the three months and six months ended June 30, 2007, general and administrative expense increased $17,000 and $35,000, respectively, from 2006 due principally to higher professional fees incurred in connection with the Company's filing status changing from a small business issuer to a non-accelerated filer for the year ended December 31, 2006. Capital Properties, Inc. Announces Second Quarter 2007 Results Financial Summary Three Months Ended Six Months Ended June 30 June 30 2007 2006 2007 2006 Revenues and other income: Revenues: Leasing $832,000 $555,000 $1,491,000 $1,187,000 Petroleum storage facility 910,000 739,000 1,885,000 1,546,000 1,742,000 1,294,000 3,376,000 2,733,000 Other income, interest 34,000 26,000 65,000 57,000 Total revenues and other income 1,776,000 1,320,000 3,441,000 2,790,000 Expenses: Leasing 123,000 185,000 261,000 357,000 Petroleum storage facility 548,000 439,000 1,103,000 884,000 General and administrative 288,000 271,000 623,000 588,000 959,000 895,000 1,987,000 1,829,000 Income before income taxes $817,000 $425,000 $1,454,000 $961,000 Net income $489,000 $252,000 $869,000 $573,000 Basic income per common share $.15 $.07 $.26 $.17 Capital Properties, Inc. and its subsidiaries operate in two segments: (1) Leasing and (2) Petroleum Storage. The leasing segment consists of the long-term leasing of certain of its real estate interests in downtown Providence, Rhode Island for commercial development and the leasing of locations along interstate and primary highways in Rhode Island and Massachusetts for outdoor advertising purposes. The petroleum storage segment consists of the operating of its petroleum storage facility in East Providence, Rhode Island. Certain written statements made in this press release may contain "forward-looking statements" which represent the Company's expectations or beliefs concerning future events. Certain risks, uncertainties and other important factors are detailed in reports filed by the Company with the Securities and Exchange Commission, including Forms 8-K, 10-K and 10-Q. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. CONTACT: Barbara J. Dreyer, Treasurer (401) 435-7171 DATASOURCE: Capital Properties, Inc. CONTACT: Barbara J. Dreyer, Treasurer of Capital Properties, Inc., +1-401-435-7171

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