CPI IQ Real Return ETF

EAST PROVIDENCE, R.I., Oct. 31 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. (AMEX:CPI) reported net income of $373,000 and $946,000, respectively, for the three and nine months ended September 30, 2006, resulting in a basic income per common share of $.11 and $.28, respectively. For the three months and nine months ended September 30, 2005, the Company had reported net income of $330,000 and $1,381,000, respectively, which resulted in a basic income per common share of $.10 and $.42, respectively. The principal reasons for the decrease of $435,000 in net income for the nine months ended September 30, 2006 from 2005 were two non-recurring gains from sales: (1) the sale of a parking garage in the Capital Center Project area by the Company in March 2005, resulting in a gain of $1,057,000 and (2) the sale of a billboard permit for $100,000 in July 2005. For the three and nine months ended September 30, 2006, revenue from the petroleum storage facility increased $154,000 and $410,000, respectively, from 2005 due principally to rental income with respect to the new 152,000 barrel tank commencing December 2005 and the new 175,000 barrel tank commencing August 2006, and higher monthly rents resulting from the annual cost-of-living adjustment. For the three months and nine months ended September 30, 2006, expenses applicable to petroleum storage facility remained approximately at the 2005 level. Lower insurance costs and a decrease in levels of scheduled repairs and maintenance were offset in part by higher depreciation expense related principally to the new tanks. For the three and nine months ended September 30, 2006, general and administrative expense decreased $57,000 and $90,000, 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. Financial Summary Three Months Ended Nine Months Ended September 30 September 30 2006 2005 2006 2005 Revenues and other income: Leasing $653,000 $622,000 $1,839,000 $2,043,000 Petroleum storage facility 792,000 638,000 2,338,000 1,928,000 Gain on sale of parking garage -- -- -- 1,057,000 Gain on sale of billboard permit -- 100,000 -- 100,000 Interest 26,000 32,000 83,000 65,000 Total revenues and other income $1,471,000 $1,392,000 $4,260,000 $5,193,000 Total expenses $846,000 $859,000 $2,674,000 $2,861,000 Income before income taxes $625,000 $533,000 $1,586,000 $2,332,000 Net income $373,000 $330,000 $946,000 $1,381,000 Basic income per common share $.11 $.10 $.28 $.42 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, Inc., +1-401-435-7171

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