CPI IQ Real Return ETF

EAST PROVIDENCE, R.I., March 28 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. (AMEX:CPI) reported net income of $1,319,000 for the year ended December 31, 2006, resulting in a basic income per common share of $.40. For the year ended December 31, 2005, the Company had reported net income of $1,663,000, or $.50 per share. Total revenues for 2006 as compared to total revenues for 2005 declined $884,000. The 2005 revenues included one-time gains from the sale of the Company's parking garage and a billboard permit totaling $1,157,000. In addition, leasing revenues decreased $170,000 from 2005. During 2005, the Company was receiving option payments on Parcel 2 and revenue from a short- term surface parking lease on Parcel 6 but was paying all real property taxes. Upon commencement of the Parcel 2 and Parcel 6 long-term leases, the Company receives an annual rental which is lower during the construction and lease-up periods (approximately five years) than the amount received from the short- term parking lease. Leasing expenses declined in 2006 by $115,000 due to lower legal fees and the Parcel 2 and Parcel 6 tenants paying the real estate taxes on those parcels. Petroleum storage facility revenues for 2006 increased $638,000 from 2005 due principally to rent for a new 152,000 barrel tank effective December 2005 and a new 175,000 barrel tank effective August 2006, and the annual cost-of- living adjustment effective May 1, 2006. Petroleum storage facility expenses increased $85,000 from 2005 due principally to higher depreciation related principally to the new tanks offset by lower insurance costs and a decrease in scheduled repairs and maintenance. General and administrative expenses decreased $103,000 from 2005 due principally to lower professional fees. In 2005, the Company incurred costs in connection with (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 Years Ended December 31, 2006 and 2005 2006 2005 Revenues and other income: Revenues: Leasing $2,493,000 $2,663,000 Petroleum storage facility 3,187,000 2,549,000 5,680,000 5,212,000 Other income: Gain on sale of parking garage -- 1,057,000 Gain on sale of billboard permit -- 100,000 Interest 109,000 94,000 Total revenues and other income 5,789,000 6,463,000 Expenses: Leasing 663,000 778,000 Petroleum storage facility 1,798,000 1,713,000 General and administrative 1,113,000 1,216,000 Total expenses 3,574,000 3,707,000 Income before income taxes $2,215,000 $2,756,000 Net income $1,319,000 $1,663,000 Basic income per share $ .40 $ .50 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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