CPI IQ Real Return ETF

EAST PROVIDENCE, R.I., July 31 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. (AMEX:CPI) reported net income of $252,000 and $573,000, respectively, for the three and six months ended June 30, 2006, resulting in a basic income per common share of $.07 and $.17, respectively. For the three months and six months ended June 30, 2005, the Company had reported net income of $241,000 and $1,051,000, respectively, which resulted in a basic income per common share of $.07 and $.32, respectively. The principal reason for the decrease of $478,000 in net income for the six months ended June 30, 2006 from 2005 was the sale of a parking garage in the Capital Center Project area by the Company in March 2005, resulting in a non-recurring gain of $1,057,000. For the three and six months ended June 30, 2006, revenue from the petroleum storage facility increased $107,000 and $256,000, respectively, from 2005 due principally to fees for the new 152,000 barrel tank effective December 2005, higher monthly fees resulting from the annual cost-of-living adjustment and higher contingent revenue. For the three months and six months ended June 30, 2006, expenses applicable to petroleum storage facility remained approximately at the 2005 level. However, lower legal fees in connection with the Wilkesbarre Pier litigation, lower insurance costs and a decrease in expenses relating to security maintenance were offset in part by higher depreciation expense related principally to the new 152,000 barrel tank constructed in 2005 and higher payroll and related costs. For the three months ended June 30, 2006, interest income remained at the 2005 level. For the six months ended June 30, 2006, interest income increased $24,000 from 2005 resulting from higher levels of cash available for short-term investments. For the three and six months ended June 30, 2006, general and administrative expense decreased $60,000 and $31,000, respectively, from 2005 due principally to lower professional fees; in 2005, the Company incurred costs in (1) the conversion of its Class B common stock to Class A common stock and (2) responding to a tender offer to acquire shares of the Company's stock. The decreases were offset in part by higher payroll and related costs. Financial Summary Three Months Ended Six Months Ended June 30 June 30 2006 2005 2006 2005 Revenues and other income: Leasing........... $ 555,000 $ 726,000 $1,187,000 $1,421,000 Gain on sale of parking garage... -- -- -- 1,057,000 Petroleum storage facility......... 739,000 632,000 1,546,000 1,290,000 Interest.......... 26,000 24,000 57,000 33,000 Total revenues and other income........ $1,320,000 $1,382,000 $2,790,000 $3,801,000 Total expenses...... $895,000 $ 959,000 $1,829,000 $2,002,000 Income before income taxes....... $ 425,000 $ 423,000 $ 961,000 $1,799,000 Net income.......... $ 252,000 $ 241,000 $ 573,000 $1,051,000 Basic income per common share....... $ .07 $ .07 $ .17 $ .32 Capital Properties, Inc.'s business consists of the leasing of certain of its real estate interests in downtown Providence, Rhode Island for commercial development and locations along interstate and primary highways in Rhode Island and Massachusetts for outdoor advertising purposes, and the operation of its petroleum storage facilities 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-KSB and 10-QSB. 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, +1-401-435-7171

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