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Capital Properties, Inc. Announces Third Quarter 2004 Results EAST PROVIDENCE, R.I., Nov. 1 /PRNewswire-FirstCall/ -- Today, Capital Properties, Inc. (AMEX:CPI) reported net income of $189,000 and $1,588,000, respectively, for the three and nine months ended September 30, 2004. For the three and nine months ended September 30, 2003, the Company had reported net income of $960,000 and $944,000, respectively. In September 2003, the Company received $1,700,000 from the City of Providence in an omnibus settlement of all property tax disputes. In March 2004, the Company received $1,622,000 from National Railroad Passenger Corporation (Amtrak) for the condemnation of certain of its properties in Providence, Rhode Island in 1999 and 2001. In the first quarter of 2004, the Company also received $258,000 from the City of Providence for attorneys fees. Exclusive of the $1,700,000 received in September 2003 in the omnibus tax settlement and the $258,000 received in March 2004 for the attorney fees, for the three and nine months ended September 30, 2004, revenue from leasing decreased $131,000 and $137,000, respectively, from 2003. Option payments decreased due to the termination of two option agreements, one of which is offset by lease payments which commenced April 1, 2004; this decrease was offset in part by higher contingent revenues and renewals of short-term parking leases. For the three and nine months ended September 30, 2004, expenses applicable to leasing decreased $321,000 and $588,000, respectively, from 2003 due principally to a decrease in real property taxes. For the three months ended September 30, 2004, revenue from petroleum storage facilities increased $7,000 from 2003 resulting principally from a scheduled annual fee increase. For the nine months ended September 30, 2004, revenue from petroleum storage facilities decreased $36,000 from 2003 due principally to lower contingent revenues resulting from the Amended Agreement effective May 1, 2003 which provided for higher monthly fees and a change in the basis for calculating contingent fees. For the three months ended September 30, 2004, expenses applicable to petroleum storage facilities decreased $146,000 from 2003 principally due to a decrease in repairs and maintenance expense. For the nine months ended September 30, 2004, expenses applicable to petroleum storage facilities decreased $396,000 from 2003 principally due to lower legal fees associated with the Wilkesbarre Pier litigation and a decrease in repairs and maintenance expense. For the three months and nine months ended September 30, 2004, general and administrative expenses remained approximately at the 2003 level. Capital Properties, Inc.'s business consists of leasing (a) real property located in downtown Providence, Rhode Island for commercial development by third parties, and (b) locations along interstate and primary highways in Rhode Island and Massachusetts for outdoor advertising purposes, and the operation of a petroleum storage facility located in East Providence, Rhode Island. Financial Summary Three Months Ended Nine Months Ended September 30 September 30 2004 2003 2004 2003 Income: Leasing revenue $729,000 $860,000 $2,329,000 $2,466,000 Attorneys fees judgment -- -- 258,000 -- Property tax settlement 1,700,000 1,700,000 Petroleum storage facilities 465,000 458,000 1,532,000 1,568,000 Condemnation proceeds 50,000 -- 1,672,000 -- Interest 6,000 2,000 13,000 5,000 Total revenue $1,250,000 $3,020,000 $5,804,000 $5,739,000 Total expenses $932,000 $1,423,000 $3,174,000 $4,182,000 Income before income taxes $318,000 $1,597,000 $2,630,000 $1,557000 Net income $189,000 $960,000 $1,588,000 $944,000 Basic income per common share $.06 $.29 $.48 $.29 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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