CPI IQ Real Return ETF

Capital Properties, Inc. Board Of Directors Assesses Likelihood Of REIT Election and Declares Dividend EAST PROVIDENCE, R.I., Oct. 27 /PRNewswire-FirstCall/ -- Capital Properties, Inc. (AMEX:CPI) today announced that at its regular quarterly meeting on October 26, 2004, its Board of Directors discussed the Company's conversion to a real estate investment trust ("REIT"). Based upon the facts presented to it, the Board concluded that the Company is unlikely to qualify to be taxed as a REIT prior to March 31, 2005 due to a failure to meet the shareholder ownership test. In light of the fact that the American Stock Exchange has refused to permit the Company to extend the time for making the REIT election, if the REIT election is not made by March 31, 2005, the Company's Class B stock will automatically convert into Class A common stock and the restrictions on ownership contained in the Company's charter will automatically lapse, both effective on April 1, 2005. At the same meeting, the Board of Directors declared a dividend of $.03 per share on the Company's outstanding Class A and Class B common stock payable on November 17, 2004 to shareholders of record as of the close of business on November 3, 2004. 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 Capital Properties, Inc. DATASOURCE: Capital Properties, Inc. CONTACT: Barbara J. Dreyer, Treasurer, +1-401-435-7171, Capital Properties, Inc.

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